Orsu Metals Commences a $2.35 Million Exploration Program Aiming to Deliver a Maiden NI 43-101 Compliant Mineral Resource and to Test New Targets at the Sergeevskoe Gold Project, Russia
White Rock, British Columbia (FSCwire) - Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) is pleased to report the commencement of the 2018 exploration program, to test new targets and to culminate in an estimation of a maiden resource at the Sergeevskoe Gold Project in Russia.
- A total of 10,000 m of diamond drilling is planned, including 6,500-7,000 m of drilling at Zone 23, Adit 5 and Klyuchi West for maiden Inferred resource and 3,000-3,500 m allocated for new targets
- A total of 2,000 m of bulldozer trenching is planned at Zone 23, Adit 5 and Klyuchi West, with approximately 500 m allocated for new targets
Dr. Alexander Yakubchuk, Director of Exploration of Orsu commented: “In 2018, Orsu is planning to outline a maiden Inferred resource at Zone 23, Adit 5 and Klyuchi West. The Company will also undertake a metallurgy test of the primary sulphide mineralization, test new exploration targets and is planning to conduct a preliminary economic assessment of the Sergeevskoe Gold Project before the end of 2018.”
The license of the Sergeevskoe Gold Project occurs immediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining Ltd and to the west from the Klyuchevskoe gold license owned by Sun Gold Mining (Figure 1). The Klyuchevskoe (Klyuchi) gold deposit represents a +6 Moz gold endowment (see Orsu press-release dated September 21, 2016). Orsu owns a 90% interest in the Sergeevskoe Gold Project (see press release December 1, 2017).
During 2018, Orsu will focus its efforts on three main target areas (Zone 23, Adit 5 and Klyuchi West), allocating some 6,500-7,000 m of drilling and 2,000 m of trenching. These works will be accompanied by metallurgical testing of the primary sulphide mineralization. As a result, Orsu aims to outline a maiden Inferred resource by the end of Q3 2018, to be followed by a preliminary economic assessment before the end of 2018.
Figure 1. An outline of the 7.6 sq km Sergeevskoe license area with location of principal gold prospects and two adjacent open pits. (To view the graphic in its original size, please click here)
The Company is also planning to test new targets (Sergeeva, Karamaevskoe – Figure 1) via 3,000-3,500 m of diamond drilling and some 500 m of trenching. These targets were tested in the 1950-60s, when the presence of gold mineralization was identified, but remain underexplored. The Sergeeva Prospect occurs at the immediate western strike extension of Zone 23, with potentially the same style of mineralization. The Karamaevskoe prospect hosts a swarm of quartz veins in the granite, which were historically drilled and trenched for molybdenum mineralization, with gold assayed in collective samples. These works are planned during Q3 2018 upon completion of resource drilling at Zone 23, Adit 5 and Klyuchi West.
This release and the technical data reported have been reviewed and approved by Alexander Yakubchuk, Director of Exploration of the Company, also a Qualified Person as defined in NI 43-101.
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 release.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information, please contact:
Alexander Yakubchuk, Director of Exploration, Orsu Metals Corporation
Doris Meyer, Corporate Secretary, Orsu Metals Corporation
Tel: +1-604-536-2711 ext 6
Source: Orsu Metals Corporation (TSX Venture:OSU, OTC Bulletin Board:ORSUF)
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