VANCOUVER, British Columbia, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") is pleased to provide an update on results from the ongoing diamond drill program at its wholly owned Cerro Quema project in Panama. Highlights include two Cu-Au intercepts in the Caballito Copper zone 100 metres apart averaging 0.43 g/t Au and 0.64% Cu over 53.0m and 0.13 g/t Au and 0.80% Cu over 50.7m. Additionally, an oxide gold intercept in the Quemita zone returned 1.02 g/t Au over 69.4m that is largely below the current oxide reserves.
Results for 19 holes, CQDH17-117 through CQDH17-135, are reported herein (see table below for full results):
At Caballito, four holes were drilled to follow up on previously reported CQDH-17-116 which intersected 49.0m @ 0.50 g/t Au and 1.39% Cu and 55.8m @ 0.28 g/t Au and 1.99% Cu in two intercepts separated by 28.7m of low grade material. (See News Release dated Sept. 15, 2017). Holes CQDH17-127 and CQDH132, drilled 150m east and 200m northeast of CQDH17-116, intersected similar styles of mineralization. The intersection in CQDH17-127 averaged 50.7m @ 0.13 g/t Au and 0.80% Cu from 111.2 to 161.9m. Hole 127 also intersected two oxide intervals higher up in the hole: 24.1 m @ 1.14 g/t Au starting at 4.5m and 17.4m @ 0.42 g/t Au starting at 58.9m. CQDH17-132 intersected 53.0m @ 0.43g/t Au and 0.64% Cu from 111.0 to 164.0m, including 13.0 m @ 1.09 g/t Au and 0.85% Cu from 111.0 to 124.0m. It also had an oxide gold intercept with 34.5m @ 0.24 g/t Au starting at the top of the hole. The sulphide material in these holes is similar to that in CQDH17-116 and is relatively low in arsenic.
Hole CQDH17-130, drilled south from the same pad as CQDH17-127, had an oxide intercept of 30.0m @ 1.49 g/t Au starting near surface, but no significant sulphide intercept. Hole CQDH17-121, drilled approximately 100m west of the bottom of the intersection in CQDH17-116, did not intersect the Cu-Au mineralization.
The orientation and true thickness of the Caballito Copper-Gold Zone is still unknown. Ongoing drilling is planned to help define the geometry and extent of mineralization. The relationship between the lower arsenic material in the Caballito zone and the more typical high-sulphidation style mineralization with higher arsenic found to the north of these holes in Idaida still needs to be determined. (See attached map).
Seven holes were drilled in the Quemita area testing for potential extensions to depth and along strike to the reserves established in the project Pre-feasibility Study. CQDH17-126, which intersected 69.4m grading 1.02 g/t Au of oxide material mostly below the main Pre-feasibility Pit, is particularly interesting. Grade continued below the oxide/sulphide boundary with an additional 42.8 m grading 0.90 g/t Au and 1.11% Cu. Interestingly, not all the high copper values have associated high arsenic, suggesting copper minerals besides enargite. Other results presented in the table below show potential for increased resources in other areas below the pre-feasibility study pit and small increases in the eastern part of the deposit.
Three holes were drilled in Idaida. CQDH17-120 had 36.0 m of oxide from surface grading 0.60 g/t Au. The two other holes did not intersect much oxide, but CQDH17-125 intersected 109.2 m grading 0.22 g/t Au and 0.54% Cu. However, in this hole there is a strong correlation between arsenic and copper.
Four holes were drilled in the Chontal zone, located between the Quemita and La Pava zones. Holes were targeted on a resistive anomaly outlined in the recent IP survey. Results indicate low potential for a mineralized zone in this area.
Marc Prefontaine, Orla CEO noted, “Orla’s primary goals for our first year of exploration at Cerro Quema were to increase the oxide resource and to test the sulphide potential within the large mineral system covered by the property. We have made good progress on both goals. In addition to continuing to follow up on the successful intercepts described, we plan to drill six holes this year to obtain material for additional metallurgical test work on oxide material as there are some potential improvements over the Pre-feasibility Study estimates that would be positive for project economics.”
Results for CQDH17-117 through 135 are given on the table below. A map showing the hole location is posted on the Company’s website at www.orlamining.com
|Au g/t||Cu %|
|CQDH-17-118||Idaida||554353||835055||721||320||-50||130.5||No significant intercept|
|CQDH-17-131||Chontal||551455||835245||488||325||-60||177||No significant intercept|
|CQDH-17-135||Chontal||551585||835361||529||325||-60||154.5||No significant intercept|
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 National Instrument 43-101 (“NI 43-101”) and industry best practices. Standards, blanks and duplicates are included approximately one in 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. ALS Laboratories is independent of the Company.
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 can 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. Camino Rojo is an advanced gold and silver project located in Zacatecas State, Central Mexico. The project is 100% owned and has historical oxide reserves along with historical sulphide resources. It covers over 200,000 hectares and the Company believes it has exploration potential for additional oxide and sulphide mineral resources. Access and infrastructure are excellent with a paved highway and powerline nearby. A NI 43-101 Technical Report on Camino Rojo is available on SEDAR under the profile of Canplats Resources Corporation (acquired by Goldcorp in 2010).
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 results of exploration and planned exploration programs, the potential for discovery of additional mineral resources and 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.
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President & Chief Executive Officer
Maps showing the hole locations