- Stage 1 of the 2019 exploration program will consist of a total of 3,500 m of diamond drilling to test western, northwestern, northern and downdip extensions of mineralization wireframes at Zone 23, Peak Klyuchi, Kozie and Klyuchi West domains
- Stage 1 will also test previously undrilled occurrences
- Additionally, a total of 3,000 m of bulldozer trenching is planned, with approximately 1500 m allocated for new targets
Dr. Sergey Kurzin, Executive Chairman of the Company, noted: “Our objective this year will be to greatly increase, ambitiously double, the size of the mineralized envelope while increasing the overall gold grade. We will start the 2019 exploration season with a limited Stage 1 program (to be completed in September 2019) to demonstrate (1) the enlarged footprint of the deposit and (2) extension of the mineralization at a deeper level under the existing resource. Information obtained in Stage 1 will feed into detailed planning of drilling at Stage 2 later this year. Stage 2 will aim to deliver the upgraded resource by Q1 2020. We are funded for Stage 1 and remain confident of our ability to raise money for Stage 2.”
Orsu reviewed the results of the maiden Inferred Mineral Resource estimate (see press release 17 April 2019) and determined that exploration efforts should be focussed on growing the mineralized envelope in 2019, culminating in revised resource estimate, and to defer the commission of a preliminary economic assessment at this time.
The Company is funded to conduct a 3500 m drilling and 3000 m trenching programme at Sergeevskoe. The mineralization is open both along the westward strike and downdip. In particular, there is a strong possibility to identify new mineralization at the western continuation of Klyuchi West, Intermediate and Zone 23 domains, at whose extension, some 300m (SKZTR17-11) to 500m (Sergeeva) to the west, Orsu drilled in 2017 and 2018 two scout holes and drove two trenches with some gold mineralization identified in them as well as in historical drillholes (Figure 1).
The Company is planning to test the downdip continuation of already identified gold mineralization at Klyuchi West and Zone 23 domains, which indicated an increase in grade potential in excess of 2 and 3 g/t Au. In the Kozie domain, new gold mineralization can be expected to the north of the mineralization wireframes, which are currently constrained to the extent of holes drilled by Orsu and remaining unconstrained by any geologically significant boundary.
In addition, there are numerous occurrences of gold mineralization and geochemical/geophysical anomalies not yet tested by Orsu beyond the area of detailed works within the Company’s 7.6 square km license area of the Sergeevskoe project (see press release dated September 21, 2016).
Results of the Stage 1 2019 exploration program should significantly expand the mineralization envelope at Sergeevskoe. Stage 2, additional drilling and the completion of an updated mineral resource estimate will require the Company raise additional funds, which the Company is confident it can achieve.
Alexander Yakubchuk, the Company’s Director of Exploration, Ph.D., MIMMM, a Qualified Person as defined by NI 43-101, has reviewed and approved the exploration information disclosures contained in this press release.
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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.