The Project is an early-stage gold/silver exploration project in
The Project comprises approximately 600km2 of contiguous licences in the prolific Deseado Massif region, roughly 45km from
The 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 details of which were announced on
At the time the JV commenced, the Project was an almost untouched grass roots gold/silver exploration project. Some historical sampling and geophysics had been done in the southeast of the Project, but 80% of the Project area had never been explored and no drilling has ever been undertaken anywhere within the Project area.
The Company entered the JV on the basis of regional geological data that indicated the potential for a major, previously unknown district-scale low-sulphidation epithermal system. In addition to the highly prospective geology, the Project also offered a large contiguous land package, zero entry cost, and a low-cost pathway to 100% ownership.
Post signing the Agreement, the Company immediately began the process of geological mapping and geochemical sampling across the licence package. This process is now largely complete, and data collected have supported the Company's initial view of the Project's prospectivity. It is now planned to move to the next phase of direct targeting. Environmental permits have been submitted which would allow for drilling by the year end.
Mineralisation in the region is related to the Jurassic break up of Gondwana and opening of the
Extension associated with this volcanism created regional scale SE-NW striking rifts that acted as conduits for metal bearing fluids that were the source of most significant mineral deposits. These rifts can be tens of km long and several km wide and in cross section can be presented as 'flower' structures as the rifts widen out toward the surface and the binding pressure of surrounding rocks decreases (Fig 3). Importantly this same reduction of pressure allows the metal bearing fluids to boil, and it is this boiling that is the primary mechanism for gold deposition. Above this boiling zone, the fluids continue upward, but may be now devoid of gold, being reflected as barren quartz veins, hot spring systems and other forms of pervasive surface silicification.
As a result, gold surface geochemistry is often not an effective indicator of underlying potential. Attention must instead be focused on geochemical sampling of more mobile pathfinder elements (such as arsenic ('As'), mercury ('Hg') and base metals) and mapping of silica textures that give guidance as to the vertical level within the epithermal system.
Results
Since early 2022, the Company's geological teams have been slowly working across the large licence holding carrying out reconnaissance exploration activities including ground magnetics, geological mapping and surface geochemistry.
The last phase of work was completed at the end of
Examination of these data have supported the Company's original thesis as to the prospectivity of
Widespread areas of pervasive silicification and hot spring occurrences were identified, with textures indicative of being above the boiling zone, which is important for the preservation of any mineralisation that may have formed.
Swarms of quartz veins have been mapped over wide areas providing evidence of a highly active epithermal system.
High level geochemical anomalism was recorded in all key pathfinder elements (As, Hg, Pb, Zn, Cu) along the rift structure, especially at the eastern and western ends of the structure that were not covered by later cretaceous sediments. Of these anomalous elements, arsenic was the most diagnostic (Fig 4) as gold bearing low-sulphidation epithermal fluids are generally also enriched in arsenic but which is not precipitated by fluid boiling and so is evident at the surface.
Next Phase
The Company is optimistic that it has identified a major, hitherto unknown low-sulphidation epithermal system, potentially similar in scale to that which produced the giant precious metal deposits at Cerro Negro,
The objective of the next phase of work will be to focus down to areas within this rift system that may be the most attractive structural conduits for fluid flow and mineral deposition. Work programs may include more detailed geochemistry, electrical geophysics (resistivity and IP) and reconnaissance drilling. Data will be assessed further, and options developed over the winter recess.
In the meantime, the Company has completed and submitted all the necessary environmental studies that are required as part of the
Shift focus to
Field work at El Pantano has now wound down for the winter and technical teams will shift focus to the Company's Anza gold project in
As has been announced, the Company is in the process of reassuming 100% ownership of the Anza project from its joint venture partners. While this complex commercial process continues, Orosur geologists are currently in
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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
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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
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