LONDON - Orosur Mining Inc. ('Orosur' or the 'Company') (TSX-V/AIM: OMI), is pleased to announce that results from the first reconnaissance geochemical soil sampling program at the La Esfinge prospect at El Pantano have returned highly anomalous results in Gold and several other pathfinder elements, over a 3.3km strike length of the target, with moderate level anomalism over an additional 3.4km of the target.
Gold anomalism in soil samples have returned results in excess of 100ppb Au across the western half of the La Esfinge target, with highly significant anomalies from other elements such as Arsenic (As), Silver (Ag), Bismuth (Bi), Indium (In) and Copper (Cu) across the entire length of the target of almost 7km.
Anomalism remains open to the west.
While widely spaced and preliminary in nature, these results are highly encouraging from a first pass program and are in accordance with the geochemical responses we would expect to see from an epithermal gold system in this environment.
As a result of these positive results, the Company's geological teams have returned to El Pantano to carry out a short in-fill program to better define the scale and nature of the key anomalies before the approaching winter. Due to time constraints associated with short days, this infill will concentrate on the western half of the target with the most anomalous gold values.
The El Pantano Project is subject to an Exploration & Joint Venture ('JV') agreement ('Agreement') with private Argentinean company DESEADO DORADO S.A.S and its shareholders ('Deseado').
The general terms of the Agreement allow for the Company to earn 100% equity in the Project by investing US$3m over five years in two phases: Phase 1, earn 51% by investing US$1m over an initial 3-year period.
Phase 2, move to 100% ownership by investing an additional US$2m over a subsequent 2-year period and granting Deseado a residual 2% net smelter return royalty on the Project.
Orosur CEO Brad George commented: 'While preliminary and reconnaissance in nature, these positive results are highly encouraging from a first pass program on a virgin prospect. We targeted La Esfinge not only because of its positive geological indicators, but also its very large size. To now see geochemical anomalism along almost the entire 8km strike gives us much to work with moving forward.'
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
About Orosur Mining Inc.
Orosur Mining Inc. (TSX-V: OMI; AIM: OMI) is a minerals explorer and developer focused on identifying and advancing projects in South America. The Company currently operates in Colombia, Argentina, Brazil and Uruguay.
Forward Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute 'forward looking statements' within the meaning of applicable securities laws, including but not limited to the 'safe harbour' provisions of the United States Private Securities Litigation Reform Act of 1995 and are based on expectations estimates and projections as of the date of this news release.
Forward-looking statements include, without limitation, the exploration plans in Colombia and the funding from Monte Aguila of those plans, Monte Aguila's decision to continue with the Exploration and Option agreement, the ability for Loryser to continue and finalize with the remediation in Uruguay, the ability to implement the Creditors' Agreement successfully as well as continuation of the business of the Company as a going concern and other events or conditions that may occur in the future. The Company's continuance as a going concern is dependent upon its ability to obtain adequate financing, to reach profitable levels of operations and to reach a satisfactory implementation of the Creditor's Agreement in Uruguay. These material uncertainties may cast significant doubt upon the Company's ability to realize its assets and discharge its liabilities in the normal course of business and accordingly the appropriateness of the use of accounting principles applicable to a going concern. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such forward looking statements. Such statements are subject to significant risks and uncertainties including, but not limited, those as described in Section 'Risks Factors' of the MDA and the Annual Information Form. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events and such forward-looking statements, except to the extent required by applicable law.
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