Orla Intersects 158.7 Metres Grading 0.62 g/t Au and 0.62% Cu at the Cerro Quema Project, Panama
VANCOUVER, British Columbia, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") is pleased to provide an update on drilling at its wholly owned Cerro Quema project in Panama, and report continued success at the Caballito copper-gold zone. We highlight in particular diamond drill hole CQDH17-136 which intersected 158.7 metres grading 0.62 g/t Au and 0.62% Cu from 50.6 to 209.3 m depth. Lower grade mineralization below this averaged 0.15 g/t Au and 0.17% Cu over 79.9 meters from 209.3 to 289.2 metres. A separate upper intersection graded 0.37 g/t Au and 2.24% Cu over 6.9 metres from 31.1 to 38.0 metres.
|
||||||||||
In the main 158.7 metre intersection, gold grades are fairly uniform throughout. Copper is more variable, ranging from 0.08 to 3.64%. The best copper intercept was 29.5m @ 1.31% Cu and 0.53 g/t Au from 101.0 to 130.5 metres. As with other holes in the Caballito zone, arsenic is at a much lower ratio to copper than in holes further to the north.
CQDH17-136 was drilled at -600. A second hole, CQDH17-140, was drilled at -900 from the same pad. This hole had a narrow section of similar Cu-Au mineralization that averaged 0.29 g/t Au and 0.47% Cu from 160.4 to 172.3 metres. An upper intersection of 2.4m @ 0.37 g/t Au and 1.13% Cu from 103.0 to 105.4 metres had high associated arsenic and thus may be unrelated to what is considered the Caballito Cu-Au Zone.
CQDH17-136 was drilled 100 metres to the northwest of 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). Results from holes CQDH17-116, 136 and 140 suggest a north-north-west control to mineralization. Wide Cu-Au intercepts in holes CQDH17-127 and 132 located to the east of CQDH17-116 released on November 14, 2017 indicate at least some horizontal control to mineralization in that area. Due to the wide spacing of current holes, the geometry and thus true width, of mineralization is uncertain and will require continued drilling to determine. The potential extent of mineralization is also unknown. A hole a further 100 metres to the northwest of CQDH17-136 was recently completed and a hole to test for mineralization to depth closer to CQDH17-116 is in progress.
Marc Prefontaine, Orla CEO noted, “The intersection in CQDH-17-136 really shows the potential of the Caballito Cu-Au zone. We have a lot of work to do to figure out the geology of the area, but we now have several good intercepts. The extent of mineralization horizontally and vertically is unknown. This is a very exciting target and we plan to move another drill into this area early in 2018.”
In addition to the drill working in the Caballito area, a second rig has been drilling in the Quemita area testing for potential extensions to depth and along strike to the reserves contained in a proposed pit outlined in the project Pre-Feasibility Study (PFS). Results from four holes in Quemita are reported herein. Hole CQDH17-137 was drilled quite far below the pit and did not intersect oxide. Holes CQDH17-138, 139 and 141 were drilled on the western margin and to the west of the PFS pit. Oxide intersections of 16.1m @ 0.49 g/t Au in CQDH17-138 and 48.2m @ 0.20 g/t Au in CQDH17-141 show potential for some increase to resources in this area. This drill was recently moved to test prospective targets to the north and downhill of the Quemita resource. Once all results from the Quemita drilling have been received, a new geological model will be created and the need for any additional drilling determined.
A third drill is operating to acquire material for additional metallurgical column test work. Testing will focus on the potential for a larger crush size than in the current PFS model or placing Run of Mine material onto the proposed heap leach pad.
Table of Drill Holes released on November 30, 2017
| Hole | Area | East | North | Elev | Az | Dip | Depth | Intercepts | ||||
| From (m) | To (m) | Width (m) | Au g/t | Cu % | ||||||||
| CQDH-17-136 | Caballito | 554430 | 834721 | 583 | 245 | -60 | 300.0 | 31.1 | 38.0 | 6.9 | 0.37 | 2.24 |
| 50.6 | 209.3 | 158.7 | 0.62 | 0.62 | ||||||||
| including | 101.0 | 130.5 | 29.5 | 0.53 | 1.31 | |||||||
| 209.3 | 289.2 | 79.9 | 0.15 | 0.17 | ||||||||
| CQDH-17-140 | Caballito | 554430 | 834721 | 583 | 0 | -90 | 258.0 | 103.0 | 105.4 | 2.4 | 0.37 | 1.13 |
| 160.4 | 172.3 | 11.9 | 0.29 | 0.47 | ||||||||
| CQDH-17-137 | Quemita | 552976 | 835854 | 755 | 180 | -50 | 102.0 | No significant intercept | ||||
| CQDH-17-138 | Quemita | 552800 | 835752 | 723 | 180 | -50 | 109.5 | 1.5 | 17.6 | 16.1 | 0.49 | |
| CQDH-17-139 | Quemita | 552829 | 835677 | 740 | 180 | -70 | 67.5 | No significant intercept | ||||
| CQDH-17-141 | Quemita | 552850 | 835661 | 751 | 180 | -50 | 25.5 | 27.2 | 75.4 | 48.2 | 0.20 | |
A map showing the Caballito hole locations is attached to this press release.
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).
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
Maps showing the hole locations can be viewed by clicking on the following links:
http://www.globenewswire.com/NewsRoom/AttachmentNg/af015f76-3a2d-4803-af23-7782813a1fe3
http://www.globenewswire.com/NewsRoom/AttachmentNg/f63c88de-cbac-48c5-af27-3d9b667f3941