Orosur releases promising assay results from Pepas prospect

(Sharecast News) - Orosur Mining announced promising assay results from the Pepas prospect at its flagship Anzá Project in Colombia on Monday. The AIM-traded firm said the latest results from hole PEP015 indicated a composite intersection of 40.2 metres at 3.75 grams of gold per tonne, including 6.8 metres at 9.02 grams per tonne.

Anzá, located 50 kilometres west of Medellin, is now 100% owned by Orosur following the acquisition of its former joint venture partner Minera Monte Aguila in late November.

The company said the project benefitted from robust infrastructure, including all-weather roads, power, and an established exploration camp.

Drilling at Pepas started in mid-November, shortly before the acquisition was finalised.

Hole PEP015, drilled 45 metres northwest of prior holes PEP013 and PEP014, intersected thick zones of high-grade mineralisation and confirmed the presence of a basement fault that appeared to define the structural trend of the deposit.

While the mineralisation at the northwest end of the zone appeared slightly lower grade and more structurally complex than the southeast end, the board said it aligned with results from earlier drilling in 2022.

The unmineralised surface zone encountered in PEP015 consisted of transported soil and altered tuffs, suggesting a hanging wall fault system that would require further investigation.

Subsequent holes, including PEP016 and PEP017, aimed to probe the features and test the downdip extent of mineralisation.

Assays from PEP016 were pending, while PEP017 drilling was ongoing.

With funds from a recent capital raise, Orosur said it had extended its planned 800-metre drill programme.

After a short break over the holidays, drilling would resume in early 2025.

"Results from the drilling at Pepas continue to be outstanding - but as expected, there are complexities, as there always are," said chief executive officer Brad George.

"One of the objectives of this early, close spaced drilling is to identify and attempt to resolve these complexities early.

"This strategy appears to be working and thus far Pepas has exceeded all expectations."

At 1102 GMT, shares in Orosur Mining were down 5.45% at 7.8p.

Reporting by Josh White for Sharecast.com.