#Mining #Stock
News: O2GOLD (TSXV: $OTGO.V) Begins Drilling New Brownfield and Continues
Recuperation of the Aurora Mine;
@otgo_v
TORONTO, Ontario - October 26, 2021 (Investorideas.com Newswire) O2Gold Inc. ("O2Gold" or the "Company") (TSXV: OTGO) (FRA: 6210.F) is pleased to announce that it has begun drilling at its Aparecida brownfield area. Approximately 5 km from the Aurora tunnels, the Aparecida brownfield has been the site of artisanal production going back more than a century.
Read this
news, featuring OTGO in full at https://www.investorideas.com/CO/OTGO/news/2021/10261Brownfield-Aurora-Mine.asp
The systematic exploration of the Aparecida area
has indicated an anastomosed pattern, with vein mineralization in close
proximity. The Company has documented five gold veins in the area and three
veinlets at surface. The Fortaleza Vein, the Company's first target, has a
projected extension of at least 400 meters, and rock channel samples have
returned maximum values of 42.3 g/t Au and 49.6 g/t Ag. Figure 1 shows the
drill targets for the planned 2,000 meters of drilling. Additional geophysics
will further detail projected vein extensions.
Figure 1: La
Aparecida brownfield area, with observed veins and drill collars
In the Aurora area, the Company continues to drill
the main Aurora vein to prove its extension along dip and strike; there are
indications that its continuity reaches into the Quintanillo brownfield to the
south, where an additional 2,000 meters of scout drilling is planned to
delineate the vein system.
Preparing the Aurora Tunnels for Production
Throughout Q3 and continuing into Q4 2021, the
Company has been recuperating the formerly productive Aurora mining tunnels,
and its two mine entrances. Figure 2 below shows a cross section of the
tunnels, which have a maximum depth of 150 meters, and the results of the
extensive rock sampling done inside the mine. Note that there are several samples
collected from the tunnels showing grades equal to or greater than 30 g/t Au,
which indicates a variability to the mineralization seen in the Company's drill
results.
Figure 2:
The Aurora mine tunnels with rock channel sampling data
The Company has reinforced both adits and tunnels
of the Aurora mine, with electricity and ventilation in place for when the
tunnels reopen. The Company's aim is to begin draining the tunnels in Q4 2021
and management expects the mine to be fully accessible in Q1 of 2022. O2Gold
has a thirty-year exploitation license at the Aurora mine and must meet minimum
production requirements in 2022. For more information, please see the Company's
press release dated July 15, 2021, which is available on O2Gold's SEDAR profile
at www.sedar.com.
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.
About O2Gold
O2Gold is a mineral exploration company with
activities in Colombia. The Company's contiguous 30,000 ha land package
includes several brownfields and largely under-explored greenfields.
For additional information, please contact:
Jaime Lalinde, President and CEO
Phone: (57) 312 350 5864
Email: jlalinde@fmresources.ca
Cautionary Notes
Management is not basing the Company's production
decision at the Aurora mine on a feasibility study of mineral reserves
demonstrating economic and technical viability; as a result, there may be
increased uncertainty of achieving any particular level of recovery of minerals
or the cost of such recovery, which include increased risks associated with
developing a commercially mineable deposit. Historically, such projects have a
much higher risk of economic and technical failure. There is no guarantee that
anticipated production costs will be achieved. Failure to achieve the anticipated
production costs would have a material adverse impact on the Company's cash
flow and future profitability. Readers are cautioned that there is increased
uncertainty and higher risk of economic and technical failure associated with
such production decisions.
The content and grades of any mineral deposits at
the Company's properties are conceptual in nature. There has been insufficient
exploration to define a mineral resource on the properties and it is uncertain
if further exploration will result in any target being delineated as a mineral
resource.
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 business and operations and its planned work and exploration
activities, particularly the forthcoming drill results at its Aurora property.
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, including
but not limited to: receipt of necessary approvals; general business, economic,
competitive, political and social uncertainties; future mineral prices;
accidents, labour disputes and shortages and other risks of the mining
industry. 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.
O2Gold is a
featured Mining stock on Investorideas.com
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