Orla Intersects 102.5 Metres Grading 0.46 g/t Au and 1.21% Cu at the Cerro Quema Project, Panama
VANCOUVER, British Columbia, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") is pleased to provide new results from the 2017 drill program at its wholly owned Cerro Quema project in Panama. Highlights are from the last two holes drilled in the Caballito Copper-Gold zone. Hole CQDH17-148 intersected 102.5 metres grading 0.46 g/t Au and 1.21% Cu and hole CQDH17-142 intersected 87.9m grading 0.36 g/t Au and 0.74% Cu and 52.8m grading 0.2 g/t Au and 0.52% Cu.
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Results from holes CQDH17-142 through 150 are reported herein.
Hole CQDH17-142 was drilled 100m north of previously reported CQDH17-136 which intersected 158.7 metres grading 0.62 g/t Au and 0.62% Cu (see NR dated November 30, 2017). In CQDH17-142, an upper intersection from 81.1 to 169.0m averaged 0.36 g/t Au and 0.74% Cu. This included two intervals of high copper values; 9.5m @ 0.61 g/t Au and 2.07% Cu and 4.1m @ 0.59 g/t Au and 3.29% Cu. A weakly mineralized dyke separated the upper intersection from a lower intersection from 194.7 to 247.5m averaging 0.2 g/t Au and 0.52% Cu.
Hole CQDH17-148 was drilled to test the core of a geophysical EM anomaly. The collar of this hole was 115 metres southwest of the collar of CQDH17-136 and 120 metres west of previously reported CQDH17-116 (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). CQDH17-148 had an upper oxide intersection from 6.0 to 16.0 that averaged 0.70 g/t Au over 11.0m. From 71.5 to 174.0 m, the hole intersected 102.5m averaging 0.46 g/t Au and 1.21% Cu, including a higher-grade portion with 8.1m @ 2.31 g/t Au and 3.21% Cu. The hole then went into an 81.1 m lower grade interval from 174.0 to 255.1m that averaged 0.2 g/t Au and 0.24% Cu.
The geometry, and thus true width, of mineralization is still unknown. Copper-gold mineralization encountered in CQDH17-142 and 148 appears to include both low and moderate arsenic sub-types, with most higher-grade zones having relatively low arenic. This suggests the existence of two overlapping metal-bearing systems, but further work is required to refine the geologic model for the zone. Additional drilling is required to determine the orientation and extent of the copper-gold values and distribution of mineral types. A 30 line-km grid with 100m spaced lines is currently being established to allow an IP survey over the area. Drilling will resume in mid-January.
Marc Prefontaine, Orla CEO stated, “The Caballito Cu-Au zone was an exciting discovery for Orla in 2017 and highlighted the potential for new discoveries at Cerro Quema that add value on top of the existing oxide reserve. We look forward to continued success on this project in 2018.”
Holes CQDH17-143 and 144 were drilled in the far western portion of the proposed Quemita pit outlined in the project Pre-Feasibility Study (PFS) to see if any of the material modeled as waste had gold values. Neither had a significant intersection. Hole CQDH17-147 intersected 41.5m of oxide averaging 0.31 g/t Au below the central portion of the PFS pit. Holes CQDH17-150, 152 and 153 were drilled to the north and downslope of the PFS pit. Results from CQDH17-150 showed only weakly anomalous gold. Results from the other 2 holes are pending.
Six holes were drilled to acquire material for additional metallurgical column test work. Holes CQDH17-145, 146 and 149 were drilled in the Quemita zone. Holes CQDH17-151, 154 and 155, the last hole drilled in 2017, were drilled in the La Pava zone.
A total of 11,895 metres were drilled in 91 holes at Cerro Quema in 2017.
Table of Drill Holes released on January 8th, 2018
| Hole | Area | East | North | Az | Dip | Depth | Intercepts | ||||
| From | to | Width | Au g/t | Cu % | |||||||
| CQDH-17-142 | Caballito | 554406 | 834808 | 245 | -60 | 279.0 | 81.1 | 169.0 | 87.9 | 0.36 | 0.74 |
| including | 81.1 | 90.6 | 9.5 | 0.61 | 2.07 | ||||||
| including | 100.9 | 105.0 | 4.1 | 0.59 | 3.29 | ||||||
| 194.7 | 247.5 | 52.8 | 0.20 | 0.52 | |||||||
| CQDH-17-143 | Quemita | 552900 | 835759 | 180 | -50 | 171.0 | No sig int | ||||
| CQDH-17-144 | Quemita | 552900 | 835679 | 180 | -50 | 150.0 | No sig int | ||||
| CQMET-17-145 | Quemita | 553073 | 835766 | 180 | -50 | 79.3 | Met Drill Hole | ||||
| CQMET-17-146 | Quemita | 552996 | 835720 | 180 | -60 | 88.5 | Met Drill Hole | ||||
| CQDH-17-147 | Quemita | 553038 | 835840 | 180 | -50 | 97.5 | 36.0 | 77.5 | 41.5 | 0.31 | |
| CQDH-17-148 | Caballito | 554355 | 834631 | 280 | -75 | 277.5 | 6.0 | 17.0 | 11.0 | 0.70 | |
| 71.5 | 174.0 | 102.5 | 0.46 | 1.21 | |||||||
| including | 81.4 | 89.5 | 8.1 | 2.31 | 3.21 | ||||||
| 174.0 | 255.1 | 81.1 | 0.19 | 0.24 | |||||||
| CQMET-17-149 | Quemita | 553132 | 835816 | 180 | -60 | 115.8 | Met Drill Hole | ||||
| CQDH-17-150 | Quema Bajo | 553000 | 836217 | 125 | -50 | 100.5 | No sig int | ||||
| CQMET-17-151 | La Pava | 549766 | 835038 | 180 | -60 | 129.6 | Met Drill Hole | ||||
| CQDH-17-152 | Quema Bajo | 553210 | 86360 | 125 | -50 | 102.0 | Assays Pending | ||||
| CQDH-17-153 | Quema Bajo | 553467 | 836397 | 150 | -60 | 100.5 | Assays Pending | ||||
| CQMET-17-154 | La Pava | 549682 | 835017 | 180 | -70 | 93.7 | Met Drill Hole | ||||
| CQMET-17-155 | La Pava | 550054 | 834858 | 180 | -60 | 69.0 | Met Drill Hole | ||||
A map showing the location of Caballito holes is attached to this press release and posted on the website.
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.
Qualified Person
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.
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).
Forward-looking Statements
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.
For further information, please contact:
Marc Prefontaine
President & Chief Executive Officer
www.orlamining.com
info@orlamining.com
A map accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/54597bc6-d55f-41ad-9738-0f52ba8905d9