#Colombian #Gold
#Stock News: O2GOLD (TSXV: $OTGO.V) INTERCEPTS
THE MAIN AURORA VEIN AT UP TO 19 g/t au, INCREASES PROVEN VEIN DEPTH AND
UPDATES EXPLORATION FROM BROWNFIELDS; @otgo_v
Toronto, Ontario – October
4, 2021 – (Investorideas.com Newswire) O2Gold Inc. ("O2Gold" or the "Company") (TSXV:OTGO) (FRA: 6210.F) is pleased to
announce that the latest results from its ongoing drill program confirm the
mineralized system of the main Aurora vein located at its property in Colombia at
depth.
Read this news,
featuring OTGO in full at https://www.investorideas.com/CO/OTGO/news/2021/10041Colombia-Main-Aurora-Vein.asp
Highlights
·
AUR-21-002, located 100 meters north of
hole AUR-21-001, intercepted the main Aurora vein and showed the following
results: 0.7m @ 19.26 g/t Au and 10.5 g/t Ag from 23.10m to 23.80m.
·
The gold-silver intercept of hole AUR-21-003
was between 159.20 to 163.20 meters, equaling 2 meters of true thickness.
·
The Company’s drill program is soon
expected to expand to its nearby brownfields of Aparecida and Quintanillo,
where ongoing exploration work has identified at least 9 separate veins, one
with a projected extension of 1.2km.
Drilling
Holes
AUR-21-002 and AUR-21-003 both targeted
the main Aurora vein. The intercept from AUR-21-002, which was 18m from the
surface, confirms the high-grade gold result seen in the Company’s first drill
hole. Figure 1 shows the mineralized interval with portions of quartz veins
intercalated in mylonitic and porphyroblastic rocks altered by weathering.
Figure 1: Hole
AUR-21-002 with 0.70 meters @ 19.26 g/t Au and 10.5 g/t Ag from 23.10 to 23.80
meters.
AUR-21-003 intercepted approximately 150 meters from
the surface. The intercept was between 159.20 to 163.20 meters, totaling 4.00
meters of apparent thickness, with weighted average grades of 0.71 g/t Au and
5.09 g/t Ag. The richest interval occurs between 159.20 and 160.40 meters,
totaling 1.20 meters of apparent thickness and grades of 1.71 g/t Au and 14.20
g/t Ag.
The intercepted interval confirms the mineralization
seen in holes AUR-21-001 and AUR-21-002 and shows the extent of the vein at the
projected down dip. Figure 2 shows in sections the main results of holes
AUR-21-001 and AUR-21-003, as well as hole AUR-21-002.
Figure 2: Top, Relative locations and depths of holes
AUR-21-001 and AUR-21-003 (Section 01-C). Bottom, Location and trajectory of
hole AUR-21-002 (Section 01-D).
Following
the Company’s report of an intercept with 20.11 g/t Au (for more information,
please see the Company’s press release dated September 20, 2021), these results
show that more drilling is needed to understand average values for the main
Aurora vein’s width and grade. When the Aurora mine begins small-scale
production, a large volume sample will be important for this definition and additional
forthcoming drill results are expected to reveal its minimum extension.
Exploration of Aparecida, Quintanillo, and Botella
In
addition to the five indicated or observed veins near the Aurora tunnel, the
Company’s ongoing rock channel sampling, geophysics, and mapping of the other
brownfield targets has yielded many more areas of interest that need to be
confirmed with drilling. In Aparecida, five veins have been indicated, with
average projected extensions of at least 300m. The anastomosed pattern is
characterized by the opening and closing of the mineralized structures. Aparecida’s
Fortaleza vein has a projected extension of at least 400m, and rock channel
sampling returned maximum values of 42.3 g/t Au and 49.6 g/t Ag (for more
information, please see the Company’s press release dated July 06, 2021).
In
Quintanillo, which is directly south of the Aurora area, four distinct veins
have been indicated, with the primary vein projected to have an extension of at
least 1.2km.
Finally,
in Botella, five distinct veins have been observed or indicated, with an average
projected extension of at least 200m. The Esmeralda vein has an observed
width of 1m, and several rock channel samples showed grades of more than 30 g/t
Au (for more information, please see the Company’s press release dated July
06, 2021).
Quality Assurance and Quality Control
All
samples were shipped to SGS Colombia S.A.S. (“SGS”)’s 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.
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.
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