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Orla Mining Ltd.
Summary
| Project: | Cerro Quema | |
|---|---|---|
| Deposit: | Caballito | |
| Location: | Panama | |
| Commodities: | Gold-Copper | |
| Date: | 5/23/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-5-2018: Orla Mining Ltd. announces an Exploration/Drilling Update report for its Caballito deposit at the Cerro Quema project. Drilling results incl. 85.8m @ 0.39g/t Au, 1.44% Cu from 39.6m. Vancouver, British Columbia--(Newsfile Corp. - May 23, 2018) | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Hans Smit (Internal) | |
| ABSTRACT: | Vancouver, British Columbia--(Newsfile Corp. - May 23, 2018) - Orla Mining Ltd. (TSXV: OLA) (or the "Company") is pleased to report another high grade intercept in the Caballito copper-gold zone at its wholly owned Cerro Quema project in Panama. The Company also reports that it has recently received a permit to drill in the Sombrero area located just to the north of the Caballito zone. This will allow drilling to test for potential extensions to the copper-gold mineralization to the north of the area drilled to date. Recent results include drill hole CQDH-18-160 that intersected 85.8 metres grading 0.39 g/t Au and 1.44% Cu from 39.6 m to 125.4 m depth. The average was calculated after cutting two very high copper values (36.0% and 7.0%) to the value of the third highest copper value of 3.4%. Two other holes, CQDH-18-159 and CQDH-18-161, did not intersect significant values. Hole CQDH-18-159 was drilled underneath the zone on the south end of a chargeability high outlined in an Induced Polarization ("IP") survey completed earlier this year. Hole CQDH-18-161, drilled 100 metres north of CQDH-18-160, was in the chargeability anomaly but in an area with moderate resistivity (see figure 1). This confirms the interpretation that the zone with high copper and gold values is characterized by moderate chargeability and low resistivity. The low resistivity is believed to be related to the very high sulphide content of the material which results in good conductivity. To the northwest of the 600 metre strike length of Caballito style mineralization identified to date, the IP shows a similar but steeper dipping chargeability high and resistor low at depth (200 metres) that could be a down-faulted continuation of the same mineralization. With the newly acquired drill permit, this high priority target can now be tested. Drilling in this area, known as Sombrero, will also target near-surface oxide mineralization which outcrops at surface. Company geologists have re-examined core from sulphide intercepts below the Quemita oxide gold reserve located 1.2 km to the northwest of Caballito and have found indications of Caballito style copper-gold mineralization with low arsenic. Further work is underway, including extending the 2018 IP grid northward through the area. "Drilling at Caballito continues to demonstrate a shallow west dipping zone of high grade copper-gold mineralization which has been defined for 600 metres along a northwest trend" stated Marc Prefontaine, President and Chief Executive Officer. "The recently acquired drill permit is important as it now allows us to test targets which have indicated mineralization is likely continuing to the northwest. The permit is also important as it demonstrates government support as we move the Cerro Quema project forward." | |
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