Cerro Quema, situated on the Azuero Peninsula in Los Santos province, is an oxide heap-leach gold venture containing 560,000 ounces of complete possible reserves (21.7 Mt at 0.80 g/t).
The 2021 PFS contemplates an open-pit operation able to producing 81,000 oz per 12 months over a six-year mine life, recovering 489,000 oz of gold. The venture can be developed in a number of phases, with ore mined from the La Pava and Quema-Quemita pits.
Caballito is a brand new zone comprised of low-arsenic copper-gold mineralization, situated south of the Quemita reserve that was found in 2017. The deposit regionally outcrops at floor, and the mineralization has been intersected over an estimated strike size of roughly 800 m and a vertical extent of roughly 400 m. It stays open alongside strike and at depth.
The preliminary mineral useful resource estimate for Caballito consists of 31.95 Mt of sulphide indicated sources at a mean grade of 0.96% CuEq (for 676 Mlb of CuEq), plus about 22.57 Mt of sulphide inferred sources at a mean grade of 0.85% CuEq (for 425 Mlb of CuEq).
“Caballito is a grassroots discovery that has the potential to remodel our future within the nation. We first found this high-grade copper-gold mineralization in 2017, and have continued to systematically discover the area, having now drilled over 40 extra holes in Caballito,” Jason Simpson, Orla’s president and chief govt officer, said in a information launch.
Orla is now concentrating on a 2022 drill program geared toward increasing the identified sources at Caballito, in addition to the Idaida zone to the northwest. The corporate may even drill check a number of newly outlined targets.
“Our regional work has highlighted coincident geophysical and geochemical anomalies in an analogous geological context in targets similar to La Pelona and Quemita and outlined a extremely potential porphyry goal at La Prieta, which we intend to drill check in 2022. We now have additionally recognized copper-gold mineralization beneath each of the La Pava and Quemita gold-oxide pits, requiring extra follow-up work,” Simpson mentioned.
Shares of Orla Mining rose 3.8% by 12:10 p.m. in Toronto following launch of the Caballito useful resource estimate. The corporate has a market capitalization of C$1.4 billion.