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Orosur Mining Announces Operational Update
US$2m Anzá JV option payment received. Anzá JV structuring advancing. Mapping and sampling at El Pantano Project in Argentina yielding positive results. Major r
About this update from Orosur Mining Inc.
[{"type":"text","content":" US$2m Anzá JV option payment received. Anzá JV structuring advancing. Mapping and sampling at El Pantano Project in Argentina yielding positive results. Major regional mapping campaign at Ariquemes Project in Brazil now complete - results pending. LONDON, UK / ACCESSWIRE / January 30, 2023 / Orosur Mining Inc. (\"Orosur\" or the \"Company\") (TSXV/AIM:OMI), is pleased to provide an update on the progress of exploration activities across its project portfolio. Anzá Project - Colombia Anzá is an advanced stage exploration project in the mid-Cauca belt of northern Colombia, that plays host to most of that country's major gold deposits. Anzá comprises a number of contiguous granted exploration titles and applications totalling over 200km2. Since late 2018, Anzá has been the subject of an Exploration Agreement with Venture Option (\"Exploration Agreement\") with Colombian company Minera Monte Águila (\"MMA\"). MMA is itself a 50/50 Joint Venture (\"JV\") between Newmont Corporation (NYSE:NEM, TSX:NEM) and Agnico Eagle Mines Limited (TSX:AEM), and is the Colombian vehicle by which these two companies jointly exercise their rights and obligations with respect to the Exploration Agreement over the Project. The first phase of the Exploration Agreement was completed in September 2022, with MMA spending over US$10m on the project and thereby earning an equity interest of 51% in MMA. MMA has also elected to move to Phase 2 of the JV, that will require it to spend US$20m on the project over a maximum of four years to earn an additional 14% equity, taking its total ownership position to 65%. The process of moving to Phase 2 requires a substantial level of corporate restructuring in order to crystallise MMA's 51% shareholding and to provide a mechanism for Phases 2 and 3 to progress. This process is well underway but is expected to take several months to complete. As part of the move from Phase 1 to Phase 2, a US$2m option payment was payable to Orosur. The Company is pleased to announce these funds have been received, substantially strengthening the Company's balance sheet to over US$4m in cash. Over 40,000m of drilling has been undertaken at Anzá since 2014, with the last holes being completed in late 2022 at the end of Phase 1. Assays from the final two holes have now been received (PEP10 and PEP11). These holes were the last in a program ...