LONDON: Orosur Mining Inc. (TSXV/AIM:OMI) has successfully completed the first phase of a two-phase exploration joint venture for the El Pantano gold project in Santa Cruz province, Argentina, marking a significant milestone in the project’s development.
After investing $1 million over three years, Orosur has earned a 51% interest in Deseado Dorado S.A.S, the Argentine company that owns the project’s exploration licenses. Orosur now plans to move to the second phase, which could see it gain 100% ownership of Deseado with an additional $2 million investment over two years. If successful, the original vendors will retain a 2% NSR royalty, with Orosur having the option to repurchase 1% for $1 million.
El Pantano, an early-stage gold and silver exploration project, spans approximately 560 square kilometers in the Deseado Massif geological province, which hosts world-class gold and silver deposits like Newmont’s Cerro Negro mine and Anglo Gold’s Cerro Vanguardia operation.
Since the joint venture began in early 2022, Orosur’s geological teams have conducted ground magnetics, geological mapping, and surface geochemistry surveys, uncovering a 25-kilometer rift structure with significant silicification, quartz veining, and geochemical anomalies. Induced polarization surveys to define drill targets are set to begin soon.
Orosur CEO Brad George expressed his excitement about reaching this stage in the exploration agreement, emphasizing the value of grassroots exploration and transforming the region into an exciting prospect amid record gold prices. The company and its partners are preparing for Phase 2 of the project, with plans for accelerated exploration activities.