Orosur Mining upbeat on recent progress in Colombia

22nd Oct 2024 11:43

(Sharecast News) - Orosur Mining updated the market on exploration activities at its Anzá Project in Colombia on Tuesday, reporting significant progress at the Pepas Prospect and promising results from historical sampling at the El Cedro and El Roble prospects.

The AIM-traded firm said the Pepas Prospect, located in the northern part of the project area, continued to show high-grade mineralisation with rock chip and soil sampling yielding highly anomalous gold results over a wide area.

Since fieldwork began at Pepas in 2021, the company had identified a small outcrop with gold assays ranging from 3.41 to 95.5 grams of gold per tonne, leading to initial drill results in 2022 that included a 150.9 metre intersection at three grams of gold per tonne from surface.

Additional drill results confirmed the potential, with PEP-005 returning 35.5 metres at 2.12 grams of gold per tonne, and PEP-007 showing 80.55 metres at 3.05 grams per tonne.

Recent sampling efforts further defined the prospect, including two abandoned artisanal tunnels where high-grade gold was discovered, with channel samples in tunnel B reaching up to 195 grams of gold per tonne.

The company said it was now planning additional drilling at Pepas to better define the orientation and scale of the mineralisation.

At the same time, geological teams were continuing detailed mapping and sampling to support future exploration.

Orosur said it was also optimistic about the El Cedro and El Roble prospects, located to the south of the Anzá Project.

Initial mapping and sampling suggested the areas could form part of a larger porphyry system, with gold values up to 10 grams per tonne.

The company said it planned to conduct further geological mapping to identify potential drill targets at the sites.

Following the recent signing of a share purchase agreement (SPA) that would return Orosur to 100% ownership of the Anzá Project, the company said it was well-positioned to advance exploration across its promising prospects.

"Mapping and sampling by ourselves and our previous joint venture partners are showing the enormous potential across the Anzá project," said chief executive officer Brad George.

"Pepas particularly is showing excellent numbers and we are aiming to be drilling here in the short term."

At 1047 BST, shares in Orosur Mining were flat at 2.9p.

Reporting by Josh White for Sharecast.com.