Orsu Metals Corporation has filed a technical report regarding the Sergeevskoe Gold Project in Russia. The report, authored by Phil Newall of Wardell Armstrong International Ltd (WAI) supports the indirect acquisition by Orsu of the initial 30% of the project.
Highlights of the Sergeevskoe Report include:
• The major ore-controlling faults at Kluchevskoye pass westwards into the Sergeevskoe license and it is quite clear that the mineralising structures that were mined at Kluchevskoye are continuous to a greater or lesser extent into the Sergeevskoe area.
• In total, and to varying degrees of study, more than 10 gold occurrences and numerous mineralised points for gold, molybdenum and copper have been identified at the Sergeevskoe property. Numerous geochemical anomalies of gold, copper and molybdenum were also delineated in the area.
• Orsu has possession of a highly attractive exploration license containing many of the structural, mineralogical and lithological controls as are seen at Kluchevskoye, but with the added advantage of a number of drill-ready targets. It is likely that some of these will be mineralised extensions from ore zones mined at the western end of the Kluchevskoye pit whilst others might represent faulted continuations of the same Kluchevskoye system.
Either way, the magnitude of the Kluchevskoye body should not be underestimated and as such, Sergeevskoe presents an excellent opportunity to develop near surface oxide mineralisation with the possibility of deeper primary mineralisation development.
• Furthermore, WAI believes that the budgeted work programs put forward by Orsu are both practical and prudent and will greatly enhance the understanding of this exciting area.
The Sergeevskoe licence covers an area of 7.6sqkm and is approximately 40km southwest of the town of Mogocha, Zabaikal’skiy Region of the Russian Federation. Mogocha is an administrative centre of the Mogocha District and hosts a large railway station on the Trans-Siberian Railway which runs within approximately 35km of the licence area. The newly built Chita-Khabarovsk motorway (M58) is approximately 8km to the south of the licence area.
The Sergeevskoe licence area is immediately west of the Klyuchevskoe gold deposit, which is owned by Sun Gold Ltd, while the Alexandrovskoe gold mine, which was commissioned in September 2013, lies to the west of the Sergeevskoe licence area.
The Sergeevskoe project area hosts numerous gold occurrences, discovered and partially drill tested in the 1950s and 1960s, with geophysical and geochemical works performed in the 1970s. No field exploration activity was undertaken from the mid-1980s until 2013, when the sellers acquired the project via public auction from the Government of the Russian Federation.
On July 7, 2016 the Technical Board for the Department of Subsoil Usage, Zabaikal’skiy Subsection, Central Siberian Region, Russian Federation approved Protocol N81 with the Russian-style P1 to P3 categories, containing a total of 29.736 million tonnes of mineralisation in several prospects within the Sergeevskoe licence area with a total of 59.31 tonnes for approximately 1.91 million ounces of gold, calculated to a depth of 100 metres. The mineralised system in all prospects remains open to depth.
All potential quantities and grades are conceptual in nature; there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Further analysis will be required, including confirmatory drilling and/or trenching and assays of the core plus updated analysis and assessment of the historical data in order to verify the estimates as current mineral resources or reserves.