|
Continued Positive Drill Results from follow up
drilling
at the Vaca Muerta Project, Uruguay
MONTEVIDEO, Uruguay 02 December, 2010. Orosur Mining
Inc. (�OMI� or �the Company�) (TSX-V: OMI) (AIM: OMI), a South
American-focused gold producer and explorer, announces new drill results and
the extension of the mineralized zone at the Vaca Muerta project in northern
Uruguay.
Highlights
- Best gold intercepts from the
follow-up drilling at Vaca Muerta include 24 meters at 1.65g/t from 26
meters in hole VMRC024, 19 meters at 1.78g/t from 6m in hole VMRC025, 15
meters at 3.38g/t from 50 meters in hole VMRC026, 10m at 1.65g/t from
56m and 12m at 1.96g/t from 69m respectively in hole VMRC027 and 12m at
1.42g/t from 32m in hole VMRC034.
- The follow-up drilling in
October and November has provided additional information on the dip and
width of the mineralized zone, expanded the strike length of significant
gold mineralization to 425 meters, and extended down dip continuation to
120m vertical from surface. Mineralization continues to be open down dip
and along strike to the NW.
David Fowler, CEO of the Company commented:
�The follow up drilling at Vaca Muerta confirmed and expanded on the results
we announced early in October. The Company plans to restart drilling in
January 2011 to target a 43-101 compliant resource by mid 2011 which we
expect to have significant potential to add to the San Gregorio mine plan.
Additional exploration around Vaca Muerta and in the eastern end of the Isla
Cristalina belt will continue in 2011 to investigate other gold targets.�
Vaca Muerta Drill Results
Some 18 holes have been assayed in the follow-up
round of drilling and the Company has completed a total of 25 holes (21
reverse circulation (�RC�) and 4 diamond (�DD�)) to date at Vaca Muerta
totaling some 2,324 meters (1,758m RC, 566m DD). All 25 holes encountered
anomalous gold values. The best intercepts, (results shown in the table
below) demonstrate strong, shallow gold mineralization that remains open
along strike to the NW as well as down dip. Note assays for holes VMDD02
through VMDD04 are pending.
Results for holes VMRC016, 018, and 019 were
previously reported on October 5th 2010. The rest are from the recent follow up drilling.
|
Hole
|
From
|
To
|
Interval (m)
|
Gold
Au g/t
|
|
VMRC016
|
43
|
64
|
21
|
2.15
|
|
VMRC018
|
53
|
54
|
1
|
1.82
|
|
VMRC018
|
63
|
69
|
6
|
1.53
|
|
VMRC019
|
49
|
79
|
30
|
2.16
|
|
Hole
|
From
|
To
|
Interval (m)
|
Gold
Au g/t
|
|
VMRC021
|
19
|
20
|
1
|
4.57
|
|
VMRC021
|
30
|
32
|
2
|
1.53
|
|
VMRC024
|
26
|
50
|
24
|
1.65
|
|
VMRC024
|
56
|
60
|
4
|
1.83
|
|
VMRC025
|
0
|
2
|
2
|
1.17
|
|
VMRC025
|
6
|
25
|
19
|
1.78
|
|
VMRC026
|
9
|
12
|
3
|
1.19
|
|
VMRC026
|
50
|
65
|
15
|
3.38
|
|
VMRC026
|
70
|
75
|
5
|
1.47
|
|
VMRC027
|
56
|
66
|
10
|
1.65
|
|
VMRC027
|
69
|
81
|
12
|
1.96
|
|
VMRC028
|
63
|
68
|
5
|
1.34
|
|
VMRC028
|
74
|
75
|
1
|
1.22
|
|
VMRC028
|
79
|
81
|
2
|
1.07
|
|
VMRC029
|
69
|
77
|
8
|
1.28
|
|
VMRC030
|
13
|
17
|
4
|
1.08
|
|
VMRC030
|
37
|
38
|
1
|
1.03
|
|
VMRC034
|
32
|
44
|
12
|
1.42
|
|
VMDD001
|
65.75
|
72.70
|
6.95
|
2.19
|
|
VMDD001
|
88.15
|
93.45
|
5.30
|
1.80
|
|
VMDD001
|
114.70
|
118.15
|
3.45
|
1.23
|
Weighted intercept grades were calculated using an
external cutoff of 0.5g/t Au and up to 3m of internal dilution is reported.
Samples were processed using OMI's in house laboratory using fire assay with
atomic absorption finish. For quality control purposes 5% of samples are
re-analyzed at external laboratories.
About Vaca Muerta
Vaca Muerta is located 85 kilometers east of the
Company's San Gregorio gold mine in northern Uruguay in the Isla Cristalina
Belt. Vaca Muerta is one of three prospects in the eastern portion of the
Isla Cristalina Belt, including Vichadero and Curtume, identified by historic
steam sediment sampling and follow-up mapping, rock/soil sampling and
geophysics. Earlier drilling at Vaca Muerta by Crystallex in 1999 (18 holes
for 1,378 meters) encountered only weak mineralization, with the best
intercept being 37 metres at 0.5 g/t Au.
Vaca Muerta mineralization is similar in style to
the San Gregorio deposits. Host rock granites are strongly foliated,
fractured and sheared and contain zones of Quartz/Hematite/Sericite/Pyrite
veining as well as disseminated pyrite mineralization.
The 18 additional holes drilled in October and
November comprised both infill and extension holes on fences 25m apart in the
350m long central zone and extension drilling on 50m fences along strike in
both directions. The mineralization is strongly structurally controlled
and drilling to date indicates the zone strikes 295 degrees and dips 80
degrees SW. This additional drilling has expanded the strike length of the
mineralization to 425m and although the mineralized zone appears to be
weakening to the southeast, it is still open to the northwest and down dip.
Next Steps
Three additional holes are in progress to complete
the current program and when all assay results are in, the Company plans to
compile and evaluate all geological data, begin metallurgical studies and
continue infill and extension drilling in January 2011 to target a 43-101
compliant resource by mid 2011.
Qualified Person's Statement
The information presented in this press release has
been reviewed by William F. Lindqvist, a director of OMI. Dr. Lindqvist holds
a Ph.D. in Applied Geology from Imperial College, London, has been a member
of the AusIMM for 46 years, and has had 40 years of experience in
international minerals exploration and property evaluation.
Forward-Looking Statements
All statements, other than statements of historical
fact, contained or incorporated by reference in this news release, including
any information as to the future financial or operating performance of the
Company, constitute "forward-looking statements" within the meaning
of certain securities laws, including the "safe harbour" provisions
of the Securities Act (Ontario) and 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. There can be no assurance
that such statements will prove to be accurate; such statements are subject
to significant risks and uncertainties, and actual results and future events
could differ materially from those anticipated in such statements.
Forward-looking statements include, without limitation success of exploration
activities; permitting time lines; the failure of plant; equipment or
processes to operate as anticipated; accidents; labour disputes; requirements
for additional capital title disputes or claims and limitations on insurance
coverage. 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.
ENDS
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
About Orosur Mining Inc.
Orosur Mining Inc. is a fully integrated gold
producer and exploration company focused on identifying and developing gold
projects in Latin America. The Company operates the only producing gold mine
in Uruguay (San Gregorio), and has assembled an exploration portfolio of high
quality assets in Uruguay and Chile. The Company is quoted in Canada
(TSX-Venture Exchange: OMI) and London (AIM: OMI).
For further information, please contact:
Orosur Mining Inc
David Fowler, CEO
Ignacio Salazar, CFO + 598 2601 6354; info@orosur.ca
Matrix Corporate Capital LLP (Nominated Adviser
& Broker)
Louis Castro, +44 (0) 203 206 7209
Tim Graham, +44 (0) 203 206 7206
Blythe Weigh Communications (Public Relations and
Investor Relations)
Tim Blythe: +44 (0) 207 138 3205
Ana Ribeiro: +44 (0) 207 138 3206
Matthew Neal: +44 (0) 207 138 3224
|