Orsu Metals Corporation (TSX-V: OSU) (“Orsu” or the “Company”) reports that based on the excellent drill results achieved so far in 2018 it has decided to increase its drill program by an additional 2,000 to 2,500 meters at its Sergeevskoe Gold Project in Russia.
By the beginning of September, Orsu had completed 10,562.4 meters of drilling in 48 holes and 2,500 meters of trenching of the 2018 exploration works. Orsu then paused the program for a few weeks to allow the rest of the assays to be received. The drill program re-started recently with an additional 2,000 to 2,500 meters of drilling to fill in gaps in the existing grid and to drill additional targets. Assays will continue to be announced.
The program is designed to deliver an estimation of a maiden resource in Q4 2018 to be followed by a preliminary economic assessment in Q1 2019.
Concurrent with the 2018 exploration work program the Company has begun early discussions with the Russian owner of a newly expanded gold plant at the adjacent Aleksandrovskoe open pit mine that is located about 7 to 8 kilometers from the Company’s Zone 23 of the Sergeevskoe gold project or 12 kilometers by truck. The plant has excess capacity and is looking for amenable feed that can be processed on a toll mill basis.
To determine if the Sergeevskoe gold-mineralized material is amenable for processing as mill feed at the plant, the Company has applied for a permit to allow the excavation and shipment of a bulk sample to the plant for testing. If the Sergeevskoe mineralized material is amenable, and it can be determined that enough mill feed can be excavated and shipped run-of-mine to the plant on an economic basis, and if the scheme is successful it would allow the Company to generate early cash-flow. The Company commissioned and has posted a video on its web site that provides context for this concept.
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