Cerro Quema, positioned on the Azuero Peninsula in Los Santos province, is an oxide heap-leach gold mission containing 560,000 ounces of whole 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 mission 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, positioned 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 government officer, acknowledged 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 also drill take a look at a number of newly outlined targets.
“Our regional work has highlighted coincident geophysical and geochemical anomalies in an analogous geological context in targets resembling La Pelona and Quemita and outlined a extremely potential porphyry goal at La Prieta, which we intend to drill take a look at in 2022. We’ve additionally recognized copper-gold mineralization under each of the La Pava and Quemita gold-oxide pits, requiring further 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.