9th Dec 2024 12:08
(Alliance News) - Orosur Mining Inc shares surged on Monday as it issued a "little short of exceptional" update on the company's flagship Anza project gold mine in Colombia.
The South America-focused minerals exploration company reported on its assays from the second hole of its current drill programme, PEP013. The drilling took place in the Pepas prospect, which is the northern extent of the Anza project in north-west Colombia.
The company said it "entered highly mineralised tuffs almost immediately", similar to those found at PEP012 as noted on December 2.
Shares in Orosur Mining were up 18% to 6.35 pence in London on Monday afternoon. The mining company's share value has more than doubled in the last 12 months.
The company reported a composite intersection of 77.3 metres at 7.68 grams of gold per tonne from the surface. The industry standard for a "high grade" gold deposit is that it contains more than 5 grams of gold per tonne.
Chief Executive Officer Brad George said: "Results from PEP013 are little short of exceptional in terms of thickness and grade, especially from surface. But of equal importance is the information this hole has provided in relation to the form and orientation of the Pepas mineralisation. A few more like this and perhaps we can then start to step out and define its size".
Later drilling of holes PEP014 and PEP015 will aim to define mineralisation and allow more reliable interpretation of the mineralisation trend. PEP016 will begin to assess the wider extent of the Pepas mineralisation.
The company said assays from PEP014 will be available shortly and PEP015 has been dispatched for analysis. Preparation for the drilling of PEP016 is under way.
Last month, Orosur said it now has full ownership of the Anza project following its acquisition of Minera Monte Aguila SAS.
By Michael Hennessey, Alliance News reporter
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