#Colombian #Gold #Stock news: O2Gold Inc.
(TSXV: $OTGO.V) Begins Drilling and New Ground Geophysics Results Extend the
Projected Vein Mineralization of Aurora-Quintanillo
TORONTO, ON, August 17, 2021 – (Investorideas.com Newswire) - O2Gold Inc. (“O2Gold” or the “Company”) (TSXV:OTGO) is pleased to announce that it has begun drilling at the Aurora mine targets, the site of an expected 2,000 meters of drilling. The Company has also received the results of additional geophysics surveying in the Aurora project area.
Read this news,
featuring OTFO in full at https://www.investorideas.com/CO/OTGO/news/2021/08171Aurora-Quintanillo.asp
Key Highlights
·
The
ground geophysics survey allowed the interpretation of the Quintanillo mine’s
vein structure of 1.2 km, which had already been identified in surface mapping
but whose extent was unknown.
·
In
addition to showing the continuity of this vein, the survey also indicated the
possibility of two more associated orthogonal vein structures and two
structures that could be extensions of the Aurora vein system.
·
The
integration of the Aurora-Quintanillo target shows a projected vein system of
almost 4 km in length along strike.
Methodology
The
geoelectrical survey methodology was chosen because it is known to identify
vein structures in the same geological context successfully. The methods are as
follows:
·
Spontaneous
Potential (SP): measures the spontaneous polarization due to electrochemical
reactions existing at the host rock vein interface.
·
Electrical
Resistivity Profiling (ERP): measures the lateral variations of resistivity,
trying to delimit the sub-vertical veins by contrast with host rocks.
·
Vertical
Electrical Sounding (VES): measures the behavior of the resistivity
distribution with depth, defining the thickness of the weathered rock and
adjusting the frequency used in Electrical Resistivity Tomography.
·
Electrical
Resistivity Tomography (ERT): measures the lateral and vertical variations of
contacts related to the vein system due to its low resistivity characteristics.
The
grids used were perpendicular to the vein structures, with variable spacing
between 100 and 200 meters and with measuring points every 20 meters.
Results
The
geological mapping and sampling on the Quintanillo target identified
occurrences beyond those known from the artisanal production works in the
Quintanillo mine. Due to the coverage by colluvial material and weathered
rocks, these occurrences could not be followed in the field, hence the choice
of geophysical methods to verify their continuity.
As
shown in Figure 1A, the interpretation of spontaneous potential anomalies
(zones of low resistivity, shown in blue) allows drawing lines interpreted as
veins, previously known only as points with gold occurrences. It was impossible
to identify their continuity and extension in the field (Figure 1B).
Figure
1: (A) Spontaneous potential anomaly map and associated vein projections and
(B) map of gold results in veins collected during mapping and their possible
projections.
For
the Quintanillo target area, 1,000 meters of scout drilling is planned to
verify the extension, depth, thickness, and grade of gold of the vein system.
The
geoelectric results for the Aparecida target area, which is also scheduled to
be drilled in 2021, are expected in the coming weeks.
Quality Assurance
and Quality Control
All
samples were shipped to the SGS Colombia S.A.S.’s (“SGS”) lab facility in
Medellin, Colombia, where they were prepared and analyzed. They were analyzed
using SGS procedure FAA515 to gold (fire-assay on a 50-gram sample with AAS
finish) and AAS12C to silver (multi-acid digestion with AAS finish). Over the
limit gold was determined by SGS procedure FAG505 (using standard fire-assay on
a 50-gram sample with a gravimetric finish).
In
line with QAQC best practices, approximately 10% of a 78-sample batch are
control samples (three Au-Ag standards: High/Medium/Low grades, two fine
blanks, one project blank, and two field duplicates).
SGS
is independent of O2Gold. The Company is not aware of any other factors that
could materially affect the accuracy or reliability of the data referred to
herein.
Qualified Person
The
scientific and technical information contained herein has been reviewed and
approved by Marcelo Albuquerque, MAIG, a “qualified person” as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Stock Options Grant
Subject
to regulatory approval, the Company has granted 400,000 stock options of the
Company to Mr. Alimohamed in accordance with the Company’s stock option plan.
The options vest immediately and may be exercised at a price of $0.24 per
option for a period of five years from the date of grant. The options and
underlying common shares of the Company are subject to a four month hold period
in accordance with the policies of the TSX Venture Exchange.
About O2Gold
O2Gold
is a mineral exploration company with activities in Colombia.
For additional
information, please contact:
Jaime
Lalinde, President and CEO
Phone:
(57) 312 350 5864
Email:
jlalinde@fmresources.ca
Cautionary
Note Regarding Forward-looking Information
This
press release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, statements with respect to the
Company’s planned work and exploration activities at its properties, particularly
the exploratory drilling, geological mapping and sampling at the Aurora,
Quintanillo and Aparecida sites. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company, as the case may be, to be
materially different from those expressed or implied by such forward-looking
information. Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
NEITHER
THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) HAS REVIEWED OR ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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