VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ - Orea Mining Corp. ("Orea" or the "Company") (TSX: OREA) (OTCQX: OREAF) (FRA: 3CG) is pleased to provide an update on the drilling program at the Maripa gold project ("Maripa") located in French Guiana, France.
- The core drilling program investigating the promising Filon Dron and subsidiary gold mineralized shear zones is underway;
- Drill pad and access track building for the Phase 1 program was completed;
- 600 meters of drilling in 4 drill holes have been completed to date;
- All drill holes intersected the targeted shear zones injected with quartz veins and associated sulfide mineralization over core lengths of 20-30 meters;
- Specks of visible gold were observed in 2 drill holes; and
- The drilling has confirmed a 450-meter wide NNW-trending deformation corridor defined by 3 major veined and mineralized shear zones.
Filon Dron Drill Program
To date a total 592 meters of drilling were completed in 4 drill holes and hole #15 is in progress:
- Hole MAR-20-011 (#11) tested the shear-vein system exposed by artisanal mine workings at Site #4 and was drilled to a final depth of 115.8 meters;
- Hole MAR-20-012 (#12) tested the shear-vein system exposed by artisanal mine workings at Site #1 and was drilled to a final depth of 184.8 meters;
- Hole MAR-20-013 (#13) tested the Filon Dron shear-vein system and was drilled to a final depth of 133.8 meters;
- Hole MAR-20-014 (#14) tested the Site #1 shear-vein system 300 meters southeast of the intersection obtained in drill hole #12 and was drilled to a final depth of 157.5 meters; and
- Hole MAR-20-015 (#15) is testing the Filon Dron shear-vein system 100 meters south of the intersection obtained in hole #13 and 50 meters down dip of the intersection in historical hole MAR–06–008 of 4.18 g/t Au over 36.0 meters including 7.17 g/t Au over 18.0 meters.
Refer to the following links to view the Filon Dron drill hole location map and table:
| Maripa Project Location: | www.oreamining.com/i/nr/2020-11-12-map-maripa.pdf |
| Filon Dron Drill Hole Locations: | www.oreamining.com/i/nr/2020-11-12-map-filondron.pdf |
| Filon Dron Drilling Table | www.oreamining.com/i/nr/2020-11-12-table-filondron.pdf |
All drill holes intersected the targeted shear zones over core lengths of 19 to 27 meters. True widths are estimated at 80% of core length based on core angles with the dominant structural fabric. The drilling has confirmed a 450-meter wide NNW-trending deformation corridor defined by 3 major shear zones cutting intermediate volcanic assemblages of the Paramaca Formation. The intersections were obtained in fresh rock, with the exception of hole #14, where the surface alteration saprolite horizon was thicker than projected.
The shear zones are characterized by a penetrative structural fabric, strong sericite-carbonate alteration and injected with a network of shear and tension veins composed of an assemblage of quartz, carbonate and lesser tourmaline. The veins and wallrock are mineralized with up to 2% to 7% sulfides as pyrite and lesser chalcopyrite. Specks of visible gold were observed in drill holes #12 and #13.
The mineralized shear zones are being prioritized for sampling and gold assaying. The samples are dispatched by Orea personnel to the Filab-Amsud depot in Cayenne for trucking to the Filab-Amsud laboratory in Paramaribo, Suriname.
About Filon Dron
The promising Filon Dron prospect is one of the five partially drill-defined gold zones at Maripa. Filon Dron is located in the central part of Maripa centred over a 2,800 meter by 800 to 1,100 meter gold-in-soil anomaly straddling a faulted contact between volcanic assemblages and younger pull-apart basin sediments, marking a regional deformation corridor known as the Northern Guiana Trough (NGT) extending west into neighboring Suriname. The geological setting at Maripa is similar to the Rosebel gold mine (15.2 Moz gold) in Suriname.
The initial discovery drill program at Filon Dron, consisting of 7 shallow core holes carried-out by IAMGOLD Corporation in 2006, was limited to a 400 meter by 200 meter area of the extensive gold-in-soil anomaly. Two (2) of the 7 cored holes returned important gold mineralized intersections within the surface weathered saprolite layer of 2.45 g/t gold over 25.5 meters, including 3.17 g/t gold over 13.5 meters (MAR-06-007), and 4.18 g/t gold over 36.0 meters, including 7.17 g/t gold over 18.0 meters (MAR-06-008), defining a wide veined and gold mineralized shear zone striking north-northwest, parallel to the local stratigraphic and structural trends. Several other subparallel gold mineralized structures untested by drilling are interpreted from the surface geochemical data.
Prospecting by Orea in 2019 and 2020 led to the discovery of 3 additional shear-hosted vein systems exposed by artisanal mine workings (Sites #1, #4 and #5) in proximity to Filon Dron. Select samples of quartz veins and wallrock collected from the artisanal mine workings and ore stockpiles returned high-grade gold values at all 3 prospects, including: 5.84, 11.45 and 86.80 g/t gold at Site #1; 6.36, 6.60, 9.70, 11.08, 13.07 and 15.22 g/t gold at Site #4; and 38.87 g/t gold at Site #5 (see Orea's news release dated September 26, 2019, November 26, 2019 and May 12, 2020).
About Maripa
Orea entered into an agreement in July 2018 with IAMGOLD Corporation to acquire up to a 70% interest in Maripa. Maripa is located in eastern French Guiana along a paved national road, approximately 60 kilometers by road south of the capital city of Cayenne. The project is comprised of up to 5 contiguous exploration permits that cover an area of 120 square kilometers, namely the Changement, Maripa, Orapu, Crique Véoux and Maripa Sud-Est permits.
Past exploration at Maripa includes 134 core holes, for a total of 9,000 meters, which partially defined 5 broad gold zones; namely Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and Filon Scieur. Drilling was limited to shallow depths within the oxidized saprolite layer with all 5 prospects returning drill hole intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Gold mineralization is associated with shear-tension quartz vein systems and vein stockworks localized along major fault zones marking a regional deformation corridor known as the Northern Guiana Trough (NGT).
Initial prospecting by Orea in 2019 and 2020 in the north half of Maripa led to the discovery of 5 new quartz-gold vein systems (Sites #1 to #5) with high-grade potential in the vicinity of the Changement and Filon Dron gold zones (see Orea's news release dated September 26, 2019, November 26, 2019 and May 12, 2020).
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining
Orea Mining is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea Mining holds a major interest in the world-class Montagne d'Or mine development project. It is also advancing the Maripa gold exploration project.
For more about Orea Mining visit the company's website at www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrancois
President & CEO
Forward-looking statements
Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding: the Company's plans, or modifications thereunder, to develop Montagne d'Or; the construction and development plans for the Montagne d'Or gold mine, including anticipated timing thereof; the satisfaction of additional requirements to the construction of the Montagne d'Or gold mine, including but not limited to, the submission and processing of mine permit applications; the Company's ability to renew the concessions for the Montagne d'Or project and to comply with the conditions thereof, the timing and rendering of a decision regarding the development of the gold mining industry in French Guiana; the earning into of the Maripa gold exploration project and related exploration objectives and plans; the objective of the Company to become an emerging gold producer; the acquisition of an advanced-stage gold project in South America including its terms, subsequent plans, intentions to acquire additional interests and resulting effects; objectives for any projects Orea may acquire, including completion of related feasibility studies. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled "Risk Factors" in the Annual Information Form of Orea Mining Corp, (formerly Columbus Gold Corp.), available on SEDAR under Orea's (formerly Columbus Gold Corp.) profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Orea undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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SOURCE Orea Mining Corp.
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