Orsu Metals has launched the 2021 exploration program


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VANCOUVER, BC / ACCESSWIRE / July 19, 2021 / Orsu Metals Corporation (TSXV: OSU) (“Orsu” or the “Company”) provides an update on its exploration activities at the Sergeevskoe project located in Russia.

The Company is conducting a geochemical sampling survey to collect 2,800 soil samples, covering approximately 5.5 square kilometers of the entire license area outside the resource envelope located southeast of the Sergeevskoe license area. As of July 14, 2021, the geochemical survey work is approximately 10% complete.

The geochemical survey is funded by the Company’s share of the proceeds from the sale of gold mined from three open pits on the Sergeevskoe project. The pilot mining program was conducted in 2020 in partnership with the nearby Alexandrovskoe Gold Mine (the “Entrepreneur”). In total, approximately 5,000 ounces were collected and processed at the Alexandrovskoe plant.

The Company’s share of the sale proceeds after deducting the contractor’s processing cost was 198 million Russian rubles (approximately 2.6 million US dollars) of which 78 million (1 million US dollars) was received in 2020 and the remainder of US $ 1.6 million in 2021. In 2020, the Company paid around 69 million Russian rubles (around US $ 0.91 million) in mining tax and may owe pay income taxes on this income stream. Orsu and the Holder have decided by mutual agreement to temporarily suspend the pilot operation given the need for the Holder to return to the exploitation and processing of its own minerals (see press releases of February 3, 2021 and April 6, 2021).

Dr Sergey V Kurzin, Executive Chairman, commented: “Orsu is satisfied with the receipt of all unpaid proceeds from the 2020 Pilot Mining which will be used to fund our exploration activities in 2021. Pilot Mining has been shown to be particularly useful in determining the metallurgical qualities of different types of Although the contractor used a traditional gravitation-flotation-cyanidation treatment, we now believe that the direct cyanidation and heap leach approaches should be investigated as an alternative and, possibly, a more efficient process scheme for extracting gold from oxidized mineralization. “

Dr Alexander Yakubchuk, Director of Exploration, commented: “The geochemical survey is designed to generate new exploration targets and an opportunity for significant expansion of the mineralized envelope, remaining open to the west and north. .

Qualified person

Alexander Yakubchuk, Company Exploration Director, Ph.D., MIMMM, a Qualified Person as defined by NI 43-101, has reviewed, verified and approved the exploration information disclosures contained herein. Press release.

About Orsu Metals Corporation

Orsu Metals Corporation is a mining exploration and development company. The 90% owned Sergeevskoe gold project located in the Mogocha district of the Zabaikal’skiy region of the Russian Federation is at the center of Orsu’s activities. Orsu filed a technical report entitled: “NI43-101 Technical Report on the Updated Mineral Resource Estimate for the Sergeevskoe Property, Zabaikalskiy Krai, Russian Federation” dated January 9, 2020 (the “Sergeevskoe Report”) to substantiate the Inferred Mineral Resources. of 30.42 million tonnes, grading 1.45 g / t gold and containing 1.417 Moz of gold at a cut-off grade of 0.5 g / t gold and US $ 1,450 per troy ounce of gold, optimized in an open pit mine limited by license limits at Sergeevskoe.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution :

This press release contains forward-looking statements based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “Indicate” and other similar words or statements that certain events or conditions “may” or “will occur”. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from the estimated or anticipated events or results implied or expressed in such forward-looking statements. Such information or statements may include, without limitation, statements regarding the results of the geochemical study. There may be other factors that cause actions, events or results not to be as anticipated, estimated or anticipated. Any forward-looking statement is only valid as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement, whether as a result of new information, events or future or other results. Forward-looking statements are not guarantees of future performance and, therefore, one should not place undue reliance on such statements because of the uncertainty inherent in them.

ENDS

For more information, please contact:
Sergei Stefanovich, Managing Director, Orsu Metals Corporation
Doris Meyer, General Secretary, Orsu Metals Corporation
E: [email protected]

SOURCE: Orsu Metals Company

See the source version on accesswire.com:
https://www.accesswire.com/655881/Orsu-Metals-Has-Started-2021-Exploration-Program


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Margie D. Carlisle