PR Newswire
VANCOUVER, BC
,
March 22, 2022
/PRNewswire/ –
Orea Mining Corp. (“Orea”)
(
TSX:
OREA
) (
OTCQX: OREAF
) (
FSE:
3CG
) is pleased to report on results of the 2022 diamond drilling program at the
Maripa
Gold Project (”
Maripa
“), located in eastern
French Guiana
,
France
. As announced on
February 15, 2022
,
Orea
has entered into an agreement with a subsidiary of
IAMGOLD
Corporation (”
IAMGOLD
“) to acquire a 100% interest in
Maripa
.
-
Orea completed 6 diamond drill holes as an initial reconnaissance of the Changement Gold Zone and one drill hole at the Filon Dron Gold Zone; -
As reported on
February 22, 2022
, drill holes CHT-22-
060B
and CHT-22-061 returned important gold mineralized intersections below the former Changement mine main pit of 4.13 g/t gold over 8.1 meters and 5.39 g/t gold over 24.3 meters, with visible gold observed in both intersections; -
Gold assay results were received for drill hole MAR-22-019 completed at the Filon Dron Gold Zone, which returned yet another impressive intersection of 10.37 g/t gold over 9.2 meters included in a broader gold mineralized interval averaging 5.18 g/t gold over 22.9 meters; and -
Gold assay results are pending for 2 of the 6 drill holes completed at the Changement Gold Zone.
Rock Lefrancois, President & CEO of Orea commented
”
Once again,
we are extremely pleased with the drill results, which have confirmed significant economic potential at Changement and Filon Dron, two of the five identified targets at Maripa
.”
2022 Drilling Program
As reported on
January 22, 2022
, six (6) diamond drill holes (CHT-22-059, -060,
-060B
, -061, -062 and -063), for a total of 911.5 meters, were completed as an initial reconnaissance of the Changement Gold Zone, located at the northern end of Maripa. Gold assay results were received for a fence of 4 drill holes (CHT-22-059, -060,
-060B
, -061) centered on the main pit of the former Changement mine. Drill holes CHT-22-
060B
and CHT-22-061 returned important gold mineralized intersections below the main pit of 4.13 g/t gold over 8.1 meters (CHT-22-
060B
from 27.4 to
35.5 m
) and 5.39 g/t gold over 24.3 meters (CHT-22-061 from 106.4 to
130.7 m
), with visible gold observed in both drill hole intersections. Gold assay results are pending for holes CHT-22-062 and -063.
One drill hole (MAR-22-019) was completed on the Filon Dron Gold Zone as a follow-up to the 2020 diamond drilling program. In October-
November 2020
, Orea completed 8 drill holes, for 1,168 meters, which tested 4 separate targets identified in the central part of Maripa. Six (6) of the 8 drill holes served to test the depth and lateral extent of 3 gold mineralized shear-hosted vein systems traced at surface in and around the Filon Dron Gold Zone. Four (4) drill holes intersected wide shear zones marked by quartz veining, strong hydrothermal alteration, and sulfide mineralization over 18 to 27 meters, which returned gold values, however, failed to return similar results than those obtained in historical drill holes MAR-06-007 and MAR-06-008 of 2.45 g/t gold over 25.5 meters and 4.18 g/t gold over 36.0 meters, respectively (see news release dated
January 27, 2021
).
Hole MAR-22-019 was drilled in proximity to historical hole MAR-06-008 to confirm the location of the important intersection obtained in that hole. MAR-22-019 cut a quartz veining zone from 22 to 40 meters hole depth within the surface weathered saprolite layer, which returned an impressive gold mineralized interval averaging 5.18 g/t gold over 22.9 meters (from 16.1 to
39.0 m
), including a higher-grade section of 10.37 g/t gold over 9.2 meters (from 28.6 to
37.8 m
). Hole MAR-22-019 was drilled perpendicular to the principal structural trend, although the orientation of the gold mineralized zone cut in holes MAR-06-008 and MAR-22-019 cannot be determined as the intersections were obtained within the saprolite layer, where lithological textures and structural fabric have been obliterated. Additional drilling will be required on strike and at depth to determine the orientation and extent of the zone.
Maripa and Changement maps are available at the following links:
Orea Project Locations:
www.oreamining.com/i/nr/2022-03-22-map-maripa-location.pdf
Maripa Project Geology:
www.oreamining.com/i/nr/2022-03-22-map-maripa-geo.pdf
Filon Dron Drill Hole Location:
www.oreamining.com/i/nr/2022-03-22-map-maripa-filondron.pdf
Filon Dron Gold Zone
The promising Filon Dron prospect located in the central part of Maripa, is one of the five partially drill-defined gold zones at Maripa. The initial discovery drill program at Filon Dron, consisting of 7 shallow core holes carried-out by IAMGOLD Corporation in 2006, was limited to a 400-meter by 200-meter area of an extensive gold-in-soil anomaly. Two (2) of the 7 cored holes returned important gold mineralized intersections within the surface weathered saprolite layer of 2.45 g/t gold over 25.5 meters, including 3.17 g/t gold over 13.5 meters, obtained in drill hole MAR-06-007, and 4.18 g/t gold over 36.0 meters, including 7.17 g/t gold over 18.0 meters, obtained in drill hole MAR-06-008, defining a wide gold mineralized zone striking north-northwest, parallel to the local stratigraphic and structural trends.
Prospecting by Orea in 2019 and 2020 led to the discovery of 3 additional shear-hosted vein systems exposed by artisanal mine workings (Sites #1, #4 and #5) in proximity to Filon Dron. Select samples of quartz veins and wallrock collected from the artisanal mine workings and ore stockpiles returned high-grade gold values at all 3 prospects, including: 5.84, 11.45 and 86.80 g/t gold at Site #1; 6.36, 6.60, 9.70, 11.08, 13.07 and 15.22 g/t gold at Site #4; and 38.87 g/t gold at Site #5 (see news releases dated
September 26, 2019
,
November 26, 2019
, and
May 12, 2020
).
Highlights of results received for drill holes MAR-22-019 (true width undetermined):
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About Maripa
Maripa is located in eastern
French Guiana
along a paved national road, approximately 60 kilometers south of the capital city of Cayenne. The project is comprised of up to five contiguous exploration permits that cover an area of 120 square kilometers, namely the Changement, Maripa, Orapu, Crique Véoux (pending) and Maripa Sud-Est permits.
Past exploration at Maripa includes 134 diamond drill holes, for a total of 9,000 meters, which partially defined 5 broad gold zones; namely, from north to south, Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and
Filon Scieur
. Drilling was limited to shallow depths within the weathered saprolite layer with all 5 prospects returning drill hole intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Gold mineralization is associated with shear-tension quartz vein systems and vein stockworks localized along major fault zones marking a regional deformation corridor known as the Northern Guiana Trough (“NGT”).
Initial prospecting by Orea in 2019 and 2020 in the northern half of Maripa led to the discovery of 5 new quartz-gold vein systems with high-grade gold potential in the vicinity of the Changement and Filon Dron gold zones.
Technical Info, QA/QC and Qualified Person
Orea obtained all permits required to conduct drilling operations on Maripa. Mining work declarations (“DOTM”) to conduct 10,000 meters of diamond drilling on Maripa were submitted to and approved by the DGTM.
Diamond drill holes were bored with HQ-size core (63.5 mm) in the upper weathered saprolite zone and telescoped to NQ size core (47.6 mm) in fresh rock. The core was placed in heavy PVC plastic core boxes with covers and transported by Orea personnel to the Company’s Matoury logging facilities, located at the outskirts of Cayenne along National Road 2 (RN2), 65 km by road north of the Maripa project. Orea personnel were present on site at all times during the drilling program.
The core was photographed for reference and logged by Orea geologists who also identified the sampling intervals. Samples were collected by sawing the core in half; sample lengths vary between 0.7 and 1.3 meter. Individual half-core samples were sealed in heavy duty cellophane plastic bags and placed by batch in sealed polypropylene bags and delivered by Orea personnel to the Filab Amsud depot in Cayenne for trucking to Filab Amsud laboratory in
Paramaribo
, Suriname, an ISO 9001:2015 accredited laboratory. The remaining half-core is stored in sturdy core racks at the Matoury logging facility. Samples were assayed for gold by the fire-assay method using an atomic absorption finish on a 50-gram pulp split. Samples assaying above 5 g/t gold are systematically re-analyzed with gravimetry finish. Mineralized sections were also analyzed by ICP-MS multi-element analysis, including copper.
A quality assurance and quality control program (QA/QC) was implemented by Orea and Filab Amsud to ensure the accuracy and reproducibility of the analytical method and results. The QA/QC program includes the insertion of gold standards, blanks and field duplicates in each laboratory assay batch. Check assaying of select gold mineralized sections was performed by screen metallics method for better reproducibility when metallic gold is present in the sample to overcome the “nugget effect”. In this method, a 500g sample is screened to 140 mesh (106µ). The fraction plus fraction is fire assayed for gold and a duplicate assay is performed on the minus fraction. The size fraction weights, coarse and fine fraction gold content and total gold content are reported.
The drilling program was conducted under the supervision Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield,
South America
. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In
French Guiana
, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa gold exploration project. In Suriname, Orea is advancing the Antino gold exploration project through its option agreement to acquire up to a 75% interest.
For more about Orea visit the company’s website at
www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
Forward-looking statements
Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward looking information” within the meaning of applicable Canadian securities legislation (“forward-looking statements”). Forward-looking statements relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “budget”, “plan”, “estimate”, continue”, “forecast”, “believe”, “predict”, “potential”, “target”, “would”, “might”, “will”, and similar words, expressions or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the Company’s plans to purchase a 100% interest in Maripa; the Company’s objective of become an emerging gold producer; the acquisition of exploration projects including terms of acquisition, exploration or development plans, intentions to acquire additional exploration or development interests and the implications thereof; the production capacity and potential of future plant and equipment; future exploration and mine plans, objectives and expectations and corporate planning of the Company, future studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.
Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Such assumptions and analyses are made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. All assumptions and analyses are those of the Company’s. There can be no assurance that such statements will prove to be accurate. Forward-looking statements are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including compliance by the Company with regulatory and permitting requirements applicable in
French Guiana
, the sufficiency of Company’s working capital; the Company’s ability to secure additional funding for the continued exploration and development of its properties; the price of gold and other metals; and the Company’s ability to retain key personnel. You are hence cautioned not to place undue reliance on forward-looking statements.
Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, political and economic risks in
France
, political and economic risks in
French Guiana
, regulatory risk including but not limited to unforeseen changes in regulatory requirements, the Company’s ability to enforce its contractual and other legal rights to explore and exploit its properties, risks related to exploration and development, permitting and licensing risk, future profitability of the Company, the ability to obtain additional financing on a timely basis, the price of gold and marketability thereof, government regulations including with respect to taxes, royalties, land tenure and land use, title to the Company’s properties, currency exchange rates and fluctuations, environmental risks, dilution resulting from the issuance of additional securities of the Company, joint venture risks, the availability of equipment, conflicts of interest, competition in the mining industry, uninsured risks, market fluctuations, global financial conditions, credit risk and risks arising from pandemics and epidemics such as the COVID-19 pandemic. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company’s actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the “Risk Factors” section in Company’s annual information form dated
December 15, 2021
for the year ended
September 30, 2021
(“AIF”).
Readers are further cautioned that the list of factors enumerated in the “Risk Factors” section of the AIF that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.
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SOURCE Orea Mining Corp.
