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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 13, 2017) – Orla Mining Ltd. (TSX VENTURE:OLA) (“Orla” or the “Company”) is pleased to report that recent diamond drill hole CQDH-17-116 at its wholly owned Cerro Quema project in Panama intersected a combined total of 104.8 metres grading 0.38 g/t gold and 1.71% copper in two zones separated by lower grade material.
While the current exploration focus at Cerro Quema is on oxide material that could be processed in a proposed heap leach facility, the Company believes there is potential for a copper-gold sulphide deposit within the extensive altered and mineralized zone underlying and peripheral to the current 488,000 ounce Cerro Quema oxide gold reserve (19.7 mT at 0.77 g/t Au – see 2014 N43-101 Technical Report on Orla website). The sulphide potential was highlighted by hole CQDH-17-116 which intersected 49.0m @ 0.50 g/t Au and 1.39% Cu from 41.0 to 90.0 metres and 55.8m @ 0.28 g/t Au and 1.99% Cu from 118.7 to 174.5 metres. The lower interval included a 17.5m section averaging 0.56 g/t Au and 5.26% Cu. Altered and weakly mineralized material separates the two intervals. Lower grade, but locally highly anomalous, material occurs below these intervals, including an 11.5m section @ 0.29 g/t Au and 0.65% Cu from 188.0 to 195.5m. The orientation and true thickness of mineralization is unknown.
The semi massive to massive sulphide material in CQDH-17-116 is pyrite dominant with chalcopyrite, bornite and locally chalcocite, which is interpreted as being of primary (hypogene) origin. Sulphide mineralization is associated with various styles of brecciation, indicating a highly dynamic system. Similar mineralization was previously intersected in CQDH-17-104, located 150 meters to the east, with 10.7m @ 1.69 g/t Au and 1.32% Cu (see August 24, 2017 News Release). These intersections and other previously reported Cu-Au intercepts, including 66.0m @ 0.24 g/t Au and 0.52% Cu in CQDH-17-089 located 250m northeast of CQDH-17-116, are within an 800m NW-SE by 500m NE-SW chargeability anomaly identified in an Induced Polarization (IP) survey.
The style of mineralization encountered in CQDH-17-116 and 104 (termed the Lower Caballito zone) in the southern part of the IP anomaly has lower arsenic values than mineralization in the northern (Idaida) portion of the chargeability anomaly, where enargite mineralization predominates. The semi-massive nature of the Lower Caballito mineralization is assumed to be the cause of a 450m by 350m conductive anomaly outlined in a 2012 airborne Electro Magnetic (EM) geophysical survey that is partly coincident with the IP anomaly. CQDH-17-116 was targeted on this EM anomaly. The relationship between the low arsenic and high arsenic mineralization and the extent of low arsenic mineralization will be tested with additional drilling.
Marc Prefontaine, Orla CEO noted, “The intersection in CQDH-17-116 is very exciting for Orla. It highlights what we saw when we first looked at acquiring Cerro Quema. A very large mineral system with near-term potential to develop a heap leach gold mine and longer-term potential for the discovery of new oxide and sulphide deposits.”
Results from 2017 drilling up to hole CQDH-17-115 were reported on August 24, 2017. Details for CQDH-17-116 are given on the table below.
A map showing the hole location can be found by clicking on the following link: http://media3.marketwire.com/docs/Orla_Map.pdf
|From||to||Width||Au g/t||Cu %|
Drilling continues on the property with three man-portable rigs.
Quality Control Protocols
All gold results were obtained by ALS Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analyzed for multi-elements, including silver and copper, using an Aqua Regia (ME-ICP41) method at ALS Laboratories in Peru. Samples with copper values in excess of 1% by ICP analysis are re-run with Cu AA46 aqua regia and atomic absorption analysis. Drill program design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Standards, blanks and duplicates are included approximately one every 25 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. Approximately 5% of sample pulps are sent to a secondary laboratory for check assays. The HQ diameter core is halved with a diamond saw.
The technical information in this news release has been reviewed and approved by Mr. Hans Smit, P.Geo., Chief Operating Officer of Orla Mining Ltd., who is the Qualified Person for the technical information in this news release under NI 43-101 standards.
On behalf of the Board of Directors,
Marc Prefontaine, M.Sc., P.Geo., President & Chief Executive Officer
About Orla Mining Ltd.
Orla Mining is a mineral exploration company led by a group of seasoned mining executives with strong financial backing. The company’s focus is to acquire mineral exploration opportunities where the Company’s exploration and development expertise and corporate share structure could substantially enhance shareholder value. The 100% owned Cerro Quema project in Panama includes a near-term gold production scenario and significant exploration upside. Cerro Quema’s 14,800 Ha concession boasts paved road access, a supportive local population and private land ownership. The Cerro Quema project is currently in the last stage of the permitting process for a proposed open pit mine and gold heap leach extraction facility. Please refer to the Cerro Quema Project – Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits dated August 22, 2014, which is available on SEDAR.
This news release contains certain “forward-looking statements” within the meaning of Canadian and United States securities legislation, including, without limitation, statements with respect to the Company’s objectives and strategies. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release, including without limitation, assumptions that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of preliminary economic assessments, drill results and the estimation of mineral resources; and risks associated with executing the Company’s objectives and strategies, including costs and expenses. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
Neither the 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 news release.
Orla Mining Ltd.
President & Chief Executive Officer
Wed, 13 Sep 2017 12:00:00 GMT