#Colombian #Gold #Stock
News: O2GOLD (TSXV: $OTGO.V) Increases Proven Extension of the Main Aurora Vein
to 450 Meters, Begins Drilling in Quintanillo, and Provides Update on Work
Towards 43-101 Report; @otgo_v
TORONTO - November 30, 2021 (Investorideas.com Newswire) O2Gold Inc. ("O2Gold" or the "Company") (TSXV: OTGO) (FRA: 6210.F) is pleased to provide an update on its ongoing drill campaign at the Aurora target.
Read this news, featuring OTGO in full at https://www.investorideas.com/CO/OTGO/news/2021/11301Main-Aurora-Vein.asp
Highlights
- All holes drilled to date have crossed a
continuous mineralized zone more than 450 meters in strike, where a quartz
vein with sulfides shows a downdip extension of more than 150
meters. The vein's projected extension is 900 meters.
- So far, the results obtained in the
mineralized quartz vein show an average apparent thickness of 0.71 meters
and a weighted average grade of 6.27 g/t Au, with values in enrichment
zones up to 20.11 g/t Au.
- The recuperation of the Aurora mine is
ongoing, and the tunnels are expected to be drained within 45 days,
following which the Company intends to begin preparing for production.
- Drilling at the Aparecida brownfield has twice
intercepted gold mineralization at the
Fortaleza vein, which has a projected extension of at least 400 meters.
Results from the drilling at Aparecida are expected in the coming weeks.
- Drilling in Quintanillo may extend the length
of the main Aurora vein to more than 2 km.
- The Company's second phase of ground
geophysics is underway, with an additional 8,400 meters expected to
substantially expand the projected extensions of observed and proven gold
mineralization in Aparecida and Botella.
Aurora Mine, Drilling and Production
Drilling within the Aurora mine title
aims to define the extension and depth of the gold-mineralized quartz vein,
which was prospected for artisanal mining years ago, to support a 50 tonnes per
day production plan in the first stage implementation. The Company has secured
all the necessary licenses to operate at this level of production and the mine
plan can be scaled as the mineralization allows.
As shown in the map in Figure 1, at
least two drill holes were, or are expected to be, carried out per section in
50-meter intervals, aiming to reach the mineralized vein at two levels. The
results are anticipated to inform a production plan so as to forecast the rock
tonnage per day.
Executed and planned drilling of the Aurora title
to date.
The sections in Figure 2 show the
mineralized quartz vein with values of Au and Ag obtained (g/t). The table
details each interval that crosses the mineralized quartz vein.
Drilling sections with cut mineralization and
grade.
Drilling in Quintanillo and 43-101
Report
The projected extension of the main
Aurora vein is 900 meters, with 450 meters already proven. Ground geophysics
indicate that it may be continuous with mineralization in Quintanillo, the
brownfield south of the Aurora title; if these structures are continuous,
we project that the extension of the main vein of Aurora would reach 2.1 km.
This first phase of drilling, which
is fully funded, began in August 2021. Though the Company expected 8,000 meters
of drilling to have been completed by the end of 2021 for the purposes of
establishing a mineral resource in a 43-101-compliant report, a heavier than
normal rainy season has delayed completion until Q1 2022.
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.
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
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party
sourced news, articles and equity research as well as creates original content,
including video, interviews and articles. Original content created by
investorideas is protected by copyright laws other than syndication rights. Our
site does not make recommendations for purchases or sale of stocks, services or
products. Nothing on our sites should be construed as an offer or solicitation
to buy or sell products or securities. All investment involves risk and
possible loss of investment. This site is currently compensated for news
publication and distribution, social media and marketing, content creation and
more. Contact each company directly regarding content and press release
questions. Disclosure is posted for each compensated news release, content
published /created if required but otherwise the news was not compensated for
and was published for the sole interest of our readers and followers. O2Gold
Inc. (OTGO.V) is a featured mining company on InvestorIdeas. Please read our
full disclaimer and disclosure regarding specific compensation More disclaimer
info: https://www.investorideas.com/About/Disclaimer.asp Learn more about
publishing your news release on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ Global investors must adhere to
regulations of each country. Please read Investorideas.com privacy
policy: https://www.investorideas.com/About/Private_Policy.asp
Get more mining stock investor ideas- news, articles, podcasts and stock directories
No comments:
Post a Comment