VANCOUVER, BC -- (Marketwired – January 19, 2017) – Orla Mining Ltd. (TSX VENTURE: OLA) ("Orla" or the "Company") has commenced a drilling program at its 100% owned Cerro Quema project in Panama. The initial holes will be targeted on areas proximal to the existing oxide gold resource that have a high potential to host additional resources. Success in this part of drilling program may provide material to incorporate into the current Pre-Feasibility Study mine plan and potentially result in a near-term increase in the estimated Net Present Value of the project.
As well as drilling, a property-wide geological mapping and sampling program is underway and an IP geophysical survey will be undertaken on priority targets in late January and February. This work is expected to provide new drilling targets for high-sulphidation (HS) related gold along a 15km trend identified to date. There is also excellent potential for other styles of mineralization coincident with the HS mineralization on the 14,800 hectare concession area.
"We are excited to start drilling on new concepts so soon after acquiring the project in December 2016. We believe we have excellent opportunities for increasing the current resource zones and for new discoveries at our largely untested Cerro Quema project," commented Marc Prefontaine, Orla’s President and Chief Executive Officer. "We are very systematic in our approach and have identified a series of geological, geochemical and geophysical anomalies that we consider to be highly prospective targets."
A contract for a minimum of 8,000 metres of diamond drilling has been awarded to Energold de Panama, S.A. One drill has commenced drilling and two more will arrive on the property in early February. The Company has budgeted for 25,000 metres of drilling in 2017.
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 Director, 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 operation. 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.
The company is actively evaluating other opportunities.
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 potential results of exploration, including increases to the net present value, any increase to the mineral resource estimate and the ability to incorporate the results into a mine plan, future drill programs and exploration programs, including the timing of such plans and programs, as well as 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 with respect to the results of the current exploration program, expectations regarding mineral exploration and development costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource estimates; 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.
For further information, please contact:
Orla Mining Ltd.
President & Chief Executive Officer