Proactiveinvestors USA & Canada Orsu Metals Corp https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Orsu Metals Corp RSS feed en Sun, 26 May 2019 10:56:23 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Orsu Metals files technical report on maiden inferred mineral resource for Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/news/220893/orsu-metals-files-technical-report-on-maiden-inferred-mineral-resource-for-sergeevskoe-gold-project-220893.html Orsu Metals Corporation (CVE:OSU) announced Thursday that it has filed a technical report that supports the maiden resource estimate for its Sergeevskoe gold project in the Zabaikalsky region.

The inferred resource was put at 25.09 million tonnes, at a grade of 1.47 g/t (grams per ton) gold and containing 1.19 Moz (million ounces) gold at a 0.5 g/t gold cut-off. This is based on an open pit, which is constrained by the license boundary at Sergeevskoe.

In particular, the firm said there was a strong possibility to identify new mineralization at the western continuation of Klyuchi West and Intermediate domains, and only partly drill-tested mineralization in between these domains and the Kozie domain.

READ: Orsu Metals has the ambition, funding and geology to grow the Sergeevskoe resource

The western extension of Zone 23 remains open, with some gold mineralization recognized in historical holes and by Orsu during scout sampling at the Sergeeva prospect some 500 m west. Peak Klyuchi also requires additional attention, the company noted. 

There are numerous occurrences of gold mineralization and anomalies not yet tested by Orsu beyond the area of detailed works within the  7.6 sq km license area of the Sergeevskoe project.

Orsu shares were at $0.26 on Thursday. 

Contact Katie Lewis at katie@proactiveinvestors.com

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Thu, 23 May 2019 19:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/220893/orsu-metals-files-technical-report-on-maiden-inferred-mineral-resource-for-sergeevskoe-gold-project-220893.html
<![CDATA[News - Orsu Metals has the ambition, funding and geology to grow the Sergeevskoe resource ]]> https://ca.proactiveinvestors.com/companies/news/220251/orsu-metals-has-the-ambition-funding-and-geology-to-grow-the-sergeevskoe-resource-220251.html Orsu Metals Corporation (CVE:OSU) is focused on advancing its 90% owned Sergeevskoe gold project in the Mogocha district of the Zabaikal’skiy region of the Russian Federation. The licence covers an area of 7.6 sq km and lies around 40 km southwest of the town of Mogocha. The district hosts a large railway station on the Trans-Siberian Railway which runs within around 35km of the licence area.

Notably, Sergeevskoe's eastern boundary lies just 300 metres west of  past producing gold mine Klyuchevskoe, which has historically produced over 1.3 million ounces of gold from an open pit.

The Klyuchevskoe deposit has estimated mineral resources containing 47.8 tonnes of gold in Russian style A+B+C1 categories and 26.6 tonnes of gold in Russian style C2 category. In Addition, the Alexandrovskoe gold mine, owned by Zapadnaya Gold Mining, lies to the west of the license area and produced 38,000 ounces of the yellow metal in 2018.

How it's doing

A major milestone was reached in April this year, when a maiden resource was announced for the project from scratch and after US$4 million of investment in two years.The pit-constrained inferred resource was put at 25.09 million tonnes, at a grade of 1.47 g/t (grams per ton) gold, containing 1.19 Moz (million ounces) gold. The firm added there was strong potential to grow the resource further.

"Given that only less than one square kilometer of Orsu's 7.6 square kilometer property has been drilled so far, a maiden pit and license constrained resource makes an excellent start.

Our recent work has generated an abundance of additional targets to be tested in 2019," said the group's executive chairman Dr. Sergey V Kurzin.

Meanwhile, Sergei Stefanovich, managing director at Orsu, and who owns 20% of the firm, was quoted in a recent interview with The Northern Miner, as saying: "It’s a good number to start, and the plan, of course, would be to see if we can grow it to north of 2.5 million or 3 million oz. over the next two to three years, and uplift the quality, moving it from inferred to measured and indicated."

His comments were echoed by director of Exploration Dr Alexander Yakubchuk, who recently told Proactive Investors: "Our mission does not stop at 1.19 ounces." He added: "The system is open. Doubling (it) is not a difficult thing to do. Its realistically possible."

In particular, the firm wants to test the western continuation and also where it remains open to the north. The group is waiting for approval to expand its deforestation permit and expects to restart exploration drilling in June.

Yakubchuk reckons by late September or October following the latest drill program, Orsu should know whether 3 million ounces could be possible. It wants to do a preliminary feasibilty study within the first half of 2021.

The company also plans to do some bulk tests potentially, subject to negotiations and approvals, at a mill 5 km away that is part of the operating Alexandrovskoe gold mine.

Adding another dimension to the Orsu story is that Sun Gold is currently selling a 70% stake in the Klyuchevskoe project to China National Gold Group, one of the largest miners on the planet. The titan plans to restart the mine as a large-tonnage open pit, so acquiring the nearnby Sergeevskoe would make sense.

Inflection points More drill results Preliminary Economic Assessment result What the managing director said

In an 'In the Pit' interview for The Independent Speculator, Sergei Stefanovich said: "I run the company very, very frugally. Our G&A is low. Essentially all the money goes into the project."

"We're spending money specifically on exploration. We are not in the business of raising cash from the shareholders and recycling this into salaries in the pockets of the management."
Fleshing out some numbers on the maiden resource, he noted that US$4million (the amount the firm has spent on exploration) divided by 1.2 million ounces "in the optimized pit" works out to be something like  US$3.5 per ounce. "That's like 50% of what the benchmark would be for an inferred ounce across the world."

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Tue, 14 May 2019 14:46:00 -0400 https://ca.proactiveinvestors.com/companies/news/220251/orsu-metals-has-the-ambition-funding-and-geology-to-grow-the-sergeevskoe-resource-220251.html
<![CDATA[Media files - Orsu Metals Corp - Mining Capital Conference May 2019 ]]> https://ca.proactiveinvestors.com/companies/stocktube/13282/orsu-metals-corp---mining-capital-conference-may-2019-13282.html Thu, 09 May 2019 08:02:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13282/orsu-metals-corp---mining-capital-conference-may-2019-13282.html <![CDATA[Media files - Orsu Metals looks to PEA and further drilling at its Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/stocktube/13090/orsu-metals-looks-to-pea-and-further-drilling-at-its-sergeevskoe-gold-project-13090.html Wed, 24 Apr 2019 13:26:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13090/orsu-metals-looks-to-pea-and-further-drilling-at-its-sergeevskoe-gold-project-13090.html <![CDATA[News - Orsu Metals reports maiden mineral resource for Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/news/218784/orsu-metals-reports-maiden-mineral-resource-for-sergeevskoe-gold-project-218784.html Orsu Metals Corporation (CVE:OSU) has made an "excellent" exploration start in Russia, unveiling a maiden resource estimate for its Sergeevskoe gold project in the Zabaikalsky region.

Moreover, Orsu reckons there is strong potential to now grow the mineralization envelope at the property beyond that identified in this maiden estimate, with mineralization open both along the westward strike and downdip.

WATCH: Orsu Metals looks to PEA and further drilling at its Sergeevskoe gold project

The inferred resource was put at 25.09 million tonnes, at a grade of 1.47 g/t (grams per ton) gold and containing 1.19 Moz (million ounces) gold at a 0.5 g/t gold cut-off.

Using a 0.8 g/t cut-off, the estimate was put at 18.64 million tonnes at a grade of 1.75 g/t gold, containing 1.05 million ounces gold.

This is based on an open pit, which is constrained by the license boundary at Sergeevskoe.

Dr Alexander Yakubchuk, director of exploration at Orsu, pointed out that this maiden resource had been identified by the company from scratch during just two years of work within around 900x600-meter area.

"Orsu now has a robust understanding of the gold grade distribution at Sergeevskoe and will specifically target higher grade areas in order to improve the geostatistical parameters in the higher grade shoots and therefore the average gold grade of the system," he said.  "While the gold-mineralized system is constrained by the license boundary in the east, it remains widely open westward and to the north. Furthermore, the constructed block model clearly indicates a grade increase with depth in excess of 3 g/t gold."

Executive chairman Dr. Sergey V Kurzin added: "Given that only less than one square kilometer of Orsu's 7.6 square kilometer property has been drilled so far, a maiden pit and license constrained resource makes an excellent start. Our recent work has generated an abundance of additional targets to be tested in 2019."

New mineralization 

In particular, the firm said there was a strong possibility to identify new mineralization at the western continuation of Klyuchi West and Intermediate domains, and only partly drill-tested mineralization in between these domains and the Kozie domain.

The western extension of Zone 23 remains open, with some gold mineralization recognized in historical holes and by Orsu during scout sampling at the Sergeeva prospect some 500 m west. Peak Klyuchi also requires additional attention, said Orsu.

In addition, there are numerous occurrences of gold mineralization and anomalies not yet tested by Orsu beyond the area of detailed works within the  7.6 sq km license area of the Sergeevskoe project.

Shares added over 8% to stand at $0.26 each.

--Updates with share price move--

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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Wed, 17 Apr 2019 09:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/218784/orsu-metals-reports-maiden-mineral-resource-for-sergeevskoe-gold-project-218784.html
<![CDATA[Media files - ORSU Metals Corp hoping to move to PEA stage at their Siberian Gold Project ]]> https://ca.proactiveinvestors.com/companies/stocktube/11911/orsu-metals-corp-hoping-to-move-to-pea-stage-at-their-siberian-gold-project-11911.html Sun, 20 Jan 2019 23:03:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11911/orsu-metals-corp-hoping-to-move-to-pea-stage-at-their-siberian-gold-project-11911.html <![CDATA[News - Orsu Metals reports up to 89% gold recovered in tests of sulfide samples from Sergeevskoe project in Russia ]]> https://ca.proactiveinvestors.com/companies/news/211424/orsu-metals-reports-up-to-89-gold-recovered-in-tests-of-sulfide-samples-from-sergeevskoe-project-in-russia-211424.html Tue, 18 Dec 2018 10:26:00 -0500 https://ca.proactiveinvestors.com/companies/news/211424/orsu-metals-reports-up-to-89-gold-recovered-in-tests-of-sulfide-samples-from-sergeevskoe-project-in-russia-211424.html <![CDATA[News - Orsu Metals making headway at Sergeevskoe gold project; starts work on maiden resource ]]> https://ca.proactiveinvestors.com/companies/news/211157/orsu-metals-making-headway-at-sergeevskoe-gold-project-starts-work-on-maiden-resource-211157.html Orsu Metals Corp (CVE:OSU) is rapidly advancing its Sergeevskoe gold project in Russia and has now started work on a maiden resource estimate, it told investors Thursday.

The report is expected to be completed in January 2019, followed by a preliminary economic assessment in March-April 2019 pending metallurgical test results.

Today's regulatory statement also contained the final assay results for the zone 23 part of the project, which excitingly extended the strike length there to 900 meters (m) from 740m previously.

READ: Orsu Metals issues shares to settle debt by insider

Highlight assays included 2.15 g/t (grams per ton) of gold over 4.9 m from 116.7m in one hole and 0.91 g/t of the yellow metal over 19.45m in another.

"In September 2018, due to the positive results obtained Orsu decided to expand the 2018 exploration campaign, which ultimately reached a total of 13,463.8 meters drilled in order to more precisely delineate the four exploration targets," Dr Sergey Kurzin, the group's executive chairman said.

"I am pleased that our exploration team together with our consultant Wardell Armstrong International has started the maiden resource estimation work, which we expect to complete in January 2019, followed by a preliminary economic assessment in March-April 2019 pending metallurgical test results."

Dr Alexander Yakubchuk, director of exploration at Orsu, added: "The final batch of assays from 2018 drill holes helped to better constrain the eastern part of Zone 23, which can be now traced for 900 m from the west to the east, where it merges with gold mineralization of Adit 5.

"Along with the previously reported 750 m long stockwork at Kozie-Klyuchi West, a maiden resource will be estimated for all four mineralized clusters to a depth of drilling within 1 sq km of the 7.6 sq km Sergeevskoe license area where Orsu so far undertook all exploration work."

The Sergeevskoe license covers an area of 7.6 square kilometres (sq km) and lies 40 kilometres to the southwest of the town of Mogocha, in the Zabaikal’skiy Region of the Russian Federation.

It sits west of the Klyuchevskoe gold deposit, which is owned by Sun Gold, which has historically produced over 1.3mln ounces of gold from an open pit.

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Thu, 13 Dec 2018 08:33:00 -0500 https://ca.proactiveinvestors.com/companies/news/211157/orsu-metals-making-headway-at-sergeevskoe-gold-project-starts-work-on-maiden-resource-211157.html
<![CDATA[News - Orsu Metals exploration makes breakthrough in Russia ]]> https://ca.proactiveinvestors.com/companies/news/210593/orsu-metals-exploration-makes-breakthrough-in-russia-210593.html Exploration work by Orsu Metals Corporation (CVE:OSU) has made something of a breakthrough in terms of understanding a key area of its Sergeevskoe Gold Project in Russia.

The company published assay results from an extended 2018 drill program that confirms the Klyuchi West and Kozie areas are part of a 250-metre wide stockwork, extending 750 metres. A stockwork is simply a mesh of mineralized veins.

READ: Orsu Metals completes 2018 exploration at exciting Sergeevskoe gold project in Russia

The drill core from the program, meanwhile, delivered some robust gold grades.

The best interval returned 17.5 metres at 6.86 grams per tonne (g/t) of gold from 104 metres. Within that was a 1.8-metre section at 35.15 grams and 1.2 metres at 20.8 grams.

“While Kozie was known before, Klyuchi West is a brand-new discovery by Orsu,” said chairman Dr. Sergey Kurzin.

“Now the exploration team has been able to demonstrate that both occurrences form a single system.”

The Sergeevskoe license covers an area of 7.6-square kilometres and is located 40 kilometres to the southwest of the town of Mogocha, in the Zabaikal’skiy Region of the Russian Federation.

It sits west of the Klyuchevskoe gold deposit, which is owned by Sun Gold, which has historically produced over 1.3mln ounces of gold from an open pit.

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Wed, 05 Dec 2018 08:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/210593/orsu-metals-exploration-makes-breakthrough-in-russia-210593.html
<![CDATA[News - Orsu Metals issues shares to settle debt by insider ]]> https://ca.proactiveinvestors.com/companies/news/208922/orsu-metals-issues-shares-to-settle-debt-by-insider-208922.html The TSX Venture Exchange has accepted for filing the proposal by Orsu Metals Corp (TSX-V:OSU) to issue 168,282 shares to settle an outstanding debt of $27,768.18.

The debt is by insider Sergei Stefanovich, the statement said. The 168,282 shares will be issued at $0.165 per share. The shares closed on Thursday at $0.19, off 2.56% on the day.

READ: Orsu Metals completes 2018 exploration at exciting Sergeevskoe gold project in Russia

The company will issue a news release when the shares are issued and the debt extinguished.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

 

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Fri, 09 Nov 2018 08:11:00 -0500 https://ca.proactiveinvestors.com/companies/news/208922/orsu-metals-issues-shares-to-settle-debt-by-insider-208922.html
<![CDATA[News - Orsu Metals completes 2018 exploration at exciting Sergeevskoe gold project in Russia ]]> https://ca.proactiveinvestors.com/companies/news/207581/orsu-metals-completes-2018-exploration-at-exciting-sergeevskoe-gold-project-in-russia-207581.html  

Orsu Metals Corp (CVE:OSU) told investors it had completed its extended 2018 exploration program at the Sergeevskoe project in Russia, which it says, should form a "solid" foundation for the maiden resource estimate earmarked for the  fourth quarter of 2018.

The firm (on October 17) completed 17,107.9 meters of drilling and 5,293.5 meters of trenching and some assays are pending, while some samples are on the way to the lab.

The Sergeevskoe gold project occurs immediately east from the Alexandrovskoe open pit and plant owned by Zapadnaya Gold Mining Ltd and to the west from the Klyuchevskoe license owned by Sun Gold Mining.

The Klyuchevskoe (Klyuchi) gold deposit represents a plus 6 Moz (million ounce) gold endowment. Orsu owns a 90% interest in the project.

The average drill depth of the 2018 program was around 220 m (meters), with individual depths varying from 18 to 421 m, the firm noted.

The results are expected to qualify for an inferred resource category.

In addition, five drill fences at Zone 23 and three fences at Klyuchi West were drilled 40 meters apart.

Orsu expects that these areas will be classified as higher resource categories.

There's been a flurry of positive results stories from Sergeevskoe this year.

The most recent  came from Tuesday last week, when the group reported "excellent" drill results from the project.

The assays come from infill holes at zone 23 and a highlights in one hole included:

 - 1.81 grams per tonne (g/t) gold and 167.55 g/t silver over 17.9 metres (m) from 8.5 m, including 4.46 g/t gold and 981.48 g/t silver over 2.7 m.

Another hole showed 4.62 g/t gold over 0.8 m from 40.2 m.

Shares in Orsu were unchanged at $0.235 each.

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Mon, 22 Oct 2018 09:50:00 -0400 https://ca.proactiveinvestors.com/companies/news/207581/orsu-metals-completes-2018-exploration-at-exciting-sergeevskoe-gold-project-in-russia-207581.html
<![CDATA[News - Orsu Metals finds more high grade gold and silver at Sergeevskoe project ]]> https://ca.proactiveinvestors.com/companies/news/207214/orsu-metals-finds-more-high-grade-gold-and-silver-at-sergeevskoe-project-207214.html Orsu Metals Corp (CVE:OSU) reported new "excellent" drill results from the Sergeevskoe gold project in Russia.

The assays come from infill holes at zone 23 and a highlight hole returned the following intercepts.

 - 1.81 grams per tonne (g/t) gold and 167.55 g/t silver over 17.9 metres (m) from 8.5 m, including 4.46 g/t gold and 981.48 g/t silver over 2.7 m.

Another hole showed 4.62 g/t gold over 0.8 m from 40.2 m.

"We are extremely pleased with a flow of excellent drill intercepts, confirming high-grade gold shoots and adding silver as byproduct at zone 23," said Dr Alexander Yakubchuk, the director of exploration at Orsu.

"Very high-grade silver intercepts demonstrate that some parts of the system are enriched in this important byproduct metal, which will be further assayed and explored."

Orsu executive chairman Dr. Sergey V. Kurzin added: "It is the first time that we hit some truly high silver grades at Sergeevskoe.

"We have been systematically assaying but largely ignoring the potential economic value of silver until now and concentrated on gold.

"But one can't ignore 5.5 ounces of silver, a rough equivalent of two grams of gold, crossed over almost 18 metres.

"We need to understand this silver occurrence, conceptualize it and test our emerging understanding of silver at Sergeevskoe while doing the next stage of exploration.

"I also note that we have already completed some infill drilling which means that even in our maiden National Instrument 43-101 resource to be prepared later in 2018 we expect to have some resources in measured and indicated categories, not just inferred."

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Tue, 16 Oct 2018 12:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/207214/orsu-metals-finds-more-high-grade-gold-and-silver-at-sergeevskoe-project-207214.html
<![CDATA[News - Orsu Metals shares tick north as it unveils more encouraging drill assays from Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/news/207110/orsu-metals-shares-tick-north-as-it-unveils-more-encouraging-drill-assays-from-sergeevskoe-gold-project-207110.html Shares in Orsu Metals Corp (CVE:OSU) ticked up in Toronto as it unveiled more encouraging exploration results from the Sergeevskoe gold project in Russia ahead of the maiden resource estimate targeted for the fourth quarter.

The firm said 15 drill holes and three trenches at what's called Adit 5 revealed 15 northwest- to northeast-striking gold-mineralized veins.

The gold grades from the holes ranged from 0.52 g/t (grams per ton)  to 3.07 g/t of the yellow metal over a variable drill width of between 2 to 21.8 meters in primary quartz-sulfide veins, with higher grade mineralization, grading up to 6.49 g/t gold over 11.5 m, intercepted in oxidized material in trenches.

"Results from the Adit 5 zone nicely complement the adjacent Zone 23 area, the backbone of the Sergeevskoe project, and will likely add to Orsu's maiden mineral resource estimate," said Dr Sergey V. Kurzin, executive chairman at Orsu.

"Our drilling contractors completed the work last week and are demobilizing now. Our geological team expects to receive all pending assays shortly and, supported by Orsu's competent person, Wardell Armstrong International will immediately get down to work of estimating the maiden NI43-101 resource."

Dr Alexander Yakubchuk added: "Instead of finding the historically anticipated presence of 4 to 5 northwest-trending gold-quartz-sulfide veins at Adit 5, Orsu identified gold in 15 closely-spaced fan-shaped northwest to northeast-striking mineralized zones within a 450x250 m area."

Orsu noted it had now received assays for all 2018 drill holes and trenches at Adit 5.

Sergeevskoe occurs immediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining and to the west from the Klyuchevskoe gold license owned by Sun Gold Mining.

The Klyuchevskoe (Klyuchi) gold deposit represents a plus 6 Moz (million ounce) gold endowment. Orsu owns a 90% interest in the project.

Orsu Metals shares added 4.35% to $0.24.

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Mon, 15 Oct 2018 11:52:00 -0400 https://ca.proactiveinvestors.com/companies/news/207110/orsu-metals-shares-tick-north-as-it-unveils-more-encouraging-drill-assays-from-sergeevskoe-gold-project-207110.html
<![CDATA[News - Orsu Metals celebrates with gold prize for Sergeevskoe project in Russian competition ]]> https://ca.proactiveinvestors.com/companies/news/206822/orsu-metals-celebrates-with-gold-prize-for-sergeevskoe-project-in-russian-competition-206822.html Orsu Metals Corp (CVE:OSU) said its Sergeevskoe gold exploration project in Russia’s Transbaikalian region had won gold at the Russian MineVenture competition for the best mining investment project.

The firm entered the project at the 14th Russian mining and exploration forum Minex Russia 2018 that took place in Moscow between October 2 and 4 this year.

The aim of the MineVenture competition was to provide a platform for independent evaluation of early stage and developing mining projects and to discuss opportunities for their accelerated implementation. 

Orsu owns 90% of the project, which is leased from the Russian Government until 2031 when it can be extended for an additional 10 years when the mine starts producing.

The Sergeevskoe license area is comprised of 7.6 square kilometres (sq km) and has excellent access to the infrastructure needed to develop the property.

Notably, it sits between SUN Gold's  Klyuchevskoe past producing gold mine and the producing Aleksandrovskoe gold mine owned by Zapadnaya Gold Mining Limited.

The two mines have reported resources over 5.5 million ounces and 2.2 million ounces gold, respectively.

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Wed, 10 Oct 2018 13:51:00 -0400 https://ca.proactiveinvestors.com/companies/news/206822/orsu-metals-celebrates-with-gold-prize-for-sergeevskoe-project-in-russian-competition-206822.html
<![CDATA[News - Orsu Metals shares gain ground after "excellent" drill results from Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/news/206114/orsu-metals-shares-gain-ground-after-excellent-drill-results-from-sergeevskoe-gold-project-206114.html Shares in Orsu Metals Corp (CVE:OSU) raced up over 11% Monday in Toronto as it released what it called "excellent" drilling results from further holes at zone 23 of its Sergeevskoe gold project in Russia.

Assays have been received for four holes in the western part of the zone with gold mineralization in all of them, the company said.

The holes are part of the firm's now expanded 12,500m drilling program, aimed at generating a maiden mineral resource in the fourth quarter of 2018.

READ: Orsu Metals set to expand drill programme at Sergeevskoe gold project; in talks with gold plant owner

Highlight intercepts in one hole were 4.12 g/t (grams per ton) gold  over 10.25 m from 57.5 m, which included 7.25 g/t  gold over 6.2 m from 60.10m.

"Excellent holes and excellent news," said Dr Sergey V Kurzin, the executive chairman of Orsu.

"We reported earlier drill-proven strike length of over 600 m in Zone 23 and now we have been able to grow it to 740 meters.

"As a reminder, Zone 23 is a major building block of the company's maiden 43-101 resource expected in Q4 2018.

"The thickness and the grades behave consistently in Zone 23 and are at the higher end of our expectations.

"We intend to finish this year's exploration program within 3-4 weeks and will commit fully to producing a maiden resource immediately followed by the preliminary economic assessment. I am quite pleased with the pace of our work on Sergeevskoe."

Orsu highlighted that the drill-proven strike length of gold mineralization at Zone 23 now reached 740m to a variable depth of between 150 and 250m, averaging 1.86 g/t (grams per ton) gold over a combined drill width of 24.4 m in the main and southern stockworks.

As previously noted, the Sergeevskoe gold project licence occurs immediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining and to the west from the Klyuchevskoe gold license owned by Sun Gold Mining.

READ: China National Gold’s US$420mln Russian investment has a positive read-across for Orsu Metals

The Klyuchevskoe (Klyuchi) gold deposit represents a plus 6 Moz (million ounce) gold endowment. Orsu owns a 90% interest in the project.

And China National Gold’s US$420mln investment in the development of Klyuchi has a positive read-across for Orsu.

All the signs at Sergeevskoe show Orsu could be sitting on a resource amounting to up to 2.5mln ounces.

If so, the project could become of real interest to China National Gold, and to its Indian partner SUN, which is putting up an additional US$65mln for the development of Klyuchevskoye.

Orsu shares added nearly 12% to $0.19 on the day.

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Mon, 01 Oct 2018 10:17:00 -0400 https://ca.proactiveinvestors.com/companies/news/206114/orsu-metals-shares-gain-ground-after-excellent-drill-results-from-sergeevskoe-gold-project-206114.html
<![CDATA[News - China National Gold’s US$420mln Russian investment has a positive read-across for Orsu Metals ]]> https://ca.proactiveinvestors.com/companies/news/205743/china-national-golds-us420mln-russian-investment-has-a-positive-read-across-for-orsu-metals-205743.html China National Gold’s US$420mln investment in the development of the Klyuchevskoye gold deposit in Russia has an interesting read-across for Orsu Metals Corp (CVE:OSU), which has the neighbouring Sergeevskoe gold project.

Orsu is currently drilling at Sergeevskoe and all the signs are that it could be sitting on a resource amounting to up to 2.5mln ounces.

READ: Orsu Metals well set to prove up to 2.5mln ounces of gold at Sergeevskoe and PEA due by the end of the year

If so, the project could become of real interest to China National Gold, and to its Indian partner SUN, which is putting up an additional US$65mln for the development of Klyuchevskoye.

Current thinking is that the Chinese will look to establish a 300,000 ounce per year operation at Klyuchevskoye, and that although there is ore to support that sort of operation at the moment, at some point China National Gold and SUN are likely to want more.

That’s where Orsu could enter the picture.

Orsu’s Sergeevskoe project runs right up to the boundary of Klyuchevskoye, and with work on a preliminary economic assessment well underway, the economic potential will shortly be on view for all to see. The economies of scale that would be on offer are likely to be quite significant, and would save Orsu developing a standalone operation.

It's still hypothetical at this stage, of course, and Orsu will continue to work towards developing its own mine independently. But it doesn't do any harm to know a cash-rich mining giant with acquisitive tendencies is sitting just across the tenement border.

China National Gold is one of the largest gold mining companies in the world, with operations stretching across Africa and Asia, and has a representative on the board of the World Gold Council.

 

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Wed, 26 Sep 2018 10:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/205743/china-national-golds-us420mln-russian-investment-has-a-positive-read-across-for-orsu-metals-205743.html
<![CDATA[News - Orsu Metals set to expand drill programme at Sergeevskoe gold project; in talks with gold plant owner ]]> https://ca.proactiveinvestors.com/companies/news/205345/orsu-metals-set-to-expand-drill-programme-at-sergeevskoe-gold-project-in-talks-with-gold-plant-owner-205345.html Due to the "excellent" results seen so far, Orsu Metals Corp (CVE:OSU) will increase its drill program by between a further 2,000 to 2,500 metres at its key Sergeevskoe gold project in Russia, it told investors.

The aim of the work is to deliver a maiden resource estimate in the fourth quarter of 2018, which will be followed by a preliminary economic assessment (PEA) in the first quarter of 2019.

The resource firm revealed that by the beginning of this month (September), Orsu had completed 10,562.4 meters of drilling in 48 holes and 2,500 meters of trenching.

Additional drilling

The drill programme re-started recently with an additional 2,000 to 2,500 meters of drilling to fill in gaps in the existing grid and to drill additional targets. Assays will continue to be announced.

Orsu also revealed that it had begun early discussions with the Russian owner of a newly expanded gold plant at the adjacent Aleksandrovskoe open pit mine, which lies 12km by truck from the Company's Zone 23 of the Sergeevskoe gold project.

The plant has excess capacity and is looking for an amenable feed that can be processed on a toll mill basis.

To that end, to determine if the  Sergeevskoe gold-mineralized material is amenable for processing as mill feed,  Orsu has applied for a permit to allow the excavation and shipment of a bulk sample to the plant for testing.

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Thu, 20 Sep 2018 08:54:00 -0400 https://ca.proactiveinvestors.com/companies/news/205345/orsu-metals-set-to-expand-drill-programme-at-sergeevskoe-gold-project-in-talks-with-gold-plant-owner-205345.html
<![CDATA[News - Orsu Metals shares race up on more "excellent" drill results from Sergeevskoe ]]> https://ca.proactiveinvestors.com/companies/news/203417/orsu-metals-shares-race-up-on-more-excellent-drill-results-from-sergeevskoe-203417.html Shares in Orsu Metals Corp (CVE:OSU) galloped up 10% on Wednesday as it reported more "excellent" drill results from zone 23 at the  Sergeevskoe gold project in Russia.

Earlier this month it posted results from one hole at this zone, which showed 22.2m (metres) at 2.62 g/t (grams per ton) of the yellow metal.

Today, the firm said it had received assays for more holes, and said the drill-proven strike length of mineralisation at zone 23 is now more than 600 metres, with assays received for six sections over a strike length of 400m and to a depth of 150m to 250m, averaging 1.86 g/t (grams per ton) gold over a combined drill width of 24.96 m (meters) in two stockworks.

Outlook

The company aims to deliver a maiden resource estimate by the fourth quarter of 2018.

"Zone 23 is a major building block of Orsu's maiden mineral resource statement expected in the fourth quarter of 2018," said Dr. Sergey V. Kurzin, executive chairman of Orsu.

"As the company reported earlier, we expected that we might be able to extend the Main and Southern stockworks at zone 23."

Director of exploration, Dr Alexander Yakubchuk, said: "Orsu successfully extended the gold mineralization both westward and eastward at zone 23. Both stockworks remain open downdip and to the west of Section 9220E, where Orsu has already drilled two drill fences up to the westernmost Section 9010."

The Sergeevskoe gold project licence occurs immediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining Ltd,  and to the west from the Klyuchevskoe gold licence owned by Sun Gold Mining.

The Klyuchevskoe (Klyuchi) gold deposit represents a plus-six-million-ounce gold endowment. Orsu owns a 90% interest in the Sergeevskoe gold project.

Shares gained over 13% to stand at C$0.21.

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Wed, 22 Aug 2018 10:31:00 -0400 https://ca.proactiveinvestors.com/companies/news/203417/orsu-metals-shares-race-up-on-more-excellent-drill-results-from-sergeevskoe-203417.html
<![CDATA[News - Orsu Metals hails "excellent" drill assays from Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/news/202974/orsu-metals-hails-excellent-drill-assays-from-sergeevskoe-gold-project-202974.html Orsu Metals Corp (CVE:OSU) has posted "excellent" drilling results from one hole at the Sergeevskoe gold project in Russia, which showed 22.2m (metres) at 2.62 g/t (grams per ton) of the yellow metal.

The assay is from the main stockwork at zone 23 at the project and the work is designed to deliver a maiden resource estimate by the fourth quarter.

"Orsu successfully started testing the western extent of gold mineralisation at zone 23," said Dr Alexander Yakubchuk, the director of exploration.

"It is encouraging to see that SDH18-43 returned 22.2 m grading 2.62 g/t Au versus the previously reported total average drill width of the main stockwork of 16.5 m at 2.23 g/t of Au.

"This hole lifts the average gold grade in the main stockwork to 2.45 g/t Au (gold), demonstrating the consistent presence of the higher gold grades in the system.

"Both main and southern stockworks of zone 23 continue to the west, totalling 280 m vis-a-vis 240 m reported by Orsu only three weeks ago.

READ: Orsu Metals hails "excellent drill results" from its Sergeevskoe gold project

"Their average combined drill width reaches 33.08 m averaging 1.89 g/t Au at the upper range of the 1.5 to 2.0 g/t Au guidance estimated based on 2017 drilling and trenching results prior to the commencement of the 2018 programme."

He said the company continues to carry out step out drilling at zone 23 both eastwards and westwards and expects to report further results for gold mineralisation at the western and eastern extents of the zone shortly.

Kurzin added: "We have historical evidence to believe that zone 23 can reach 500 to 600 metres along the strike vis-a-vis currently drill proven 280 m and this is what we focus on now at zone 23."

He added that the firm sees continuing exploration success at Klyuchi West where the company hit over 200 m of mineralisation.

"We are continuing to drill with a growing confidence in the quality of the soon to be delivered maiden mineral resource statement."

The Sergeevskoe gold project licence occurs immediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining Ltd,  and to the west from the Klyuchevskoe gold licence owned by Sun Gold Mining.

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Wed, 15 Aug 2018 10:09:00 -0400 https://ca.proactiveinvestors.com/companies/news/202974/orsu-metals-hails-excellent-drill-assays-from-sergeevskoe-gold-project-202974.html
<![CDATA[News - Orsu Metals hails "excellent drill results" from its Sergeevskoe gold project ]]> https://ca.proactiveinvestors.com/companies/news/202494/orsu-metals-hails-excellent-drill-results-from-its-sergeevskoe-gold-project-202494.html Orsu Metals Corp (CVE:OSU) has released what it described as “excellent drill results” from the Klyuchi West zone of its Sergeevskoe gold project in Russia.

Drilling identified a steeply-dipping gold stock-work 200 metres wide in the north of Klyuchi West.

READ: Orsu Metals impressed with Sergeevskoe gold project assays, which extend mineralization

Highlights from the drilling include:

Hole SDH18-39, which intercepted 2.03 grams per tonne (g/t) gold (Au) over 10.15 metres; 5.83 g/t Au over 5.55 metres; and 2.64 g/t Au over 10.55 metres. Hole SDH18-40 intercepted 0.82 g/t Au over 46.45 metres; 2.3 g/t Au over 9.4 metres and 1.76 g/t Au over 10.9 metres. Hole SDH18-34 intercepted 1.17 g/t Au over 31.75 metres, including 2.06 g/t Au over 9 metres. Hole SDH18-35 intercepted 1.27 g/t Au over 58.5 metres, including 2.63 g/t Au over 10.5 metres. Hole SDH18-41 intercepted 1.0 g/t Au over 41.1 metres; 1.5 g/t Au over 15.9 metres and 3.33 g/t Au over 9.85 metres.

"Although Orsu identified a gold-mineralized stock-work at Klyuchi West in 2017, its extent remained unknown. New drilling in 2018 intercepted a 200-m-wide envelope with voluminous disseminated porphyry-like gold mineralization, superimposed by a linear 75-m-wide stock-work of north-west-trending gold-quartz veins. The highest gold grades tend to appear near the contact between granite and granodiorite porphyry intrusions,” explained Dr Alexander Yakubchuk, the director of exploration at Orsu.

“The stock-work trends towards the central part of the Kozie prospect, located some 250 m north-west from Klyuchi West. The area in between was never drilled or trenched in the past, and Orsu is currently drill-testing this area," he added.

Dr Sergey Kurzin, the executive chairman of the company, said the drilling results were “great news”.

“It is hoped that results from further drilling will connect this stock-work with the Kozie occurrence, to potentially double the expected size and tonnage of the Klyuchi West zone,” Dr Kurzin said.

“We are nearing completion of the 2018 exploration program having drilled 8 000 out of 10 500 planned metres. I am very happy with what we have seen so far. All three zones that we worked on this year - Zone 23, Adit 5 and Klyuchi West - comfortably met and more often exceeded our expectations by a margin. Orsu is firmly on track to deliver the resource statement in Q4 2018," Kurzin said.

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Wed, 08 Aug 2018 09:29:00 -0400 https://ca.proactiveinvestors.com/companies/news/202494/orsu-metals-hails-excellent-drill-results-from-its-sergeevskoe-gold-project-202494.html
<![CDATA[News - Orsu Metals poised for boost from China National Gold's acquisition of neighbouring Siberia mine ]]> https://ca.proactiveinvestors.com/companies/news/202136/orsu-metals-poised-for-boost-from-china-national-gold-s-acquisition-of-neighbouring-siberia-mine-202136.html News that gold mining giant China National Gold is now moving to take over the Kluchi mine in Siberia, which lies right next to Orsu Metals Corp's (CVE:OSU) Sergeevskoe gold project augurs well for the mining junior.

It had been agreed two years ago that India's Sun Gold would sell a 70% stake in the Kluchevskoye gold deposit to China National Gold, but the deal hit the buffers for various reasons, including bureaucratic issues in Russia.

But now it's been ratified by the Russian Duma.

Pre-production investment

A pre-production investment of up to US$500 million is planned, the partners revealed last week, and an open pit mine is expected to be built at the Kluchevskoye deposit producing 6.5 tonnes of gold a year.

There is no date, as yet, for a first gold pour.

That a highly experienced mine developer is moving into the area underlines the excitement about exploiting this area - the Mogocha mineral district in south-eastern Siberia -  and could mean the Chinese are keen to get in on the ground further and consolidate other assets.

Sergeevskoe lies just 300 metres west of the 5.5mln ounce-plus Kluchi gold mine and 5km east of the 2.2mln ounce-plus Aleksandrovskoe gold mine. 

The Mogocha mineral district has thus far already accounted for more than 18mln ounces of gold production.

The mineralisation of the Kluchi mine comes right up to the licence edge of Sergeevskoe.

Maiden resource eyed

At Sergeevskoe, Orsu is aiming for a maiden resource by the fourth quarter this year and the target is for between 1.8mln and 2.5mln ounces gold in hypogene and oxide material, which is contained in between 30mln tonnes and 36mln tonnes grading between 1.5  and 2.0 g/t (grams per ton) gold.

Orsu’s director of exploration Dr Alexander Yakubchuk has said: “We plan to deliver a 2.5mln ounce resource. And if we get this it would mean our discovery costs would be in the region of US$2.00 per ounce.”

This is very low, not least because Sergeevskoe is a project that was previously explored.

Much work has been done there over the years, but the ground has been untouched since the 1960s.

Therefore any existing data for Sergeevskoe, once checked, can just be rolled into any updated Orsu model.

Orsu Metals shares are unchanged on Thursday at C$0.21 in Toronto.

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Thu, 02 Aug 2018 12:03:00 -0400 https://ca.proactiveinvestors.com/companies/news/202136/orsu-metals-poised-for-boost-from-china-national-gold-s-acquisition-of-neighbouring-siberia-mine-202136.html
<![CDATA[News - Orsu Metals impressed with Sergeevskoe gold project assays, which extend mineralization ]]> https://ca.proactiveinvestors.com/companies/news/200873/orsu-metals-impressed-with-sergeevskoe-gold-project-assays-which-extend-mineralization-200873.html Orsu Metals Corporation (CVE:OSU) has hailed latest drill results from the Sergeevskoe gold project in Russia, which has extended  the area of gold minerlization and shown good grades ahead of a potential maiden resource by the fourth quarter this year.

The assays from three further drill sections extend the gold mineralization of zone 23 for 240 metres to the east of the previously reported section.

The firm's target is a maiden resource of between 1.8mln and 2.5mln ounces gold in hypogene and oxide material, which is contained in between 30mln tonnes and 36mln tonnes grading between 1.5  and 2.0 g/t (grams per ton) gold.

"Orsu successfully extended the gold mineralization eastward in three drill sections spaced 80 m in addition to the previously reported Section 9300E," noted director of exploration Dr Alexander Yakubchuk.

"The main and southern stockworks can be consistently traced across four sections from the west to the east for a total of 240 m along the strike.

"Mineralization was drill confirmed to a depth of 200 to 250 m. Its eastern extents limited by mineralized zones of adit 5, and such relationships are being tested as part of the program.

"At zone 23, the mineralized zones remain open downdip and to the west, where mineralization becomes wider and can be seen in historical trenches for additional 300 m westward," he said.

Orsu noted that it was currently drilling follow-up holes at the western continuation of zone 23. If successful, this would extend the strike of zone 23 to more than 600 metres.

Orsu's executive  chairman Sergey Kurzin said the firm had made a "great deal" of progress quickly.

"Zone 23 is only one of the three drill zones that we are working on this year. I count that we meet a similarly exciting mineralization in the other two zones: adit 5 and Kluchi west, bringing us to an anticipated combined maiden resource of 1.8 [million ounces] to 2.5 million ounces of gold in our first maiden 43-101 resource statement.

"The results so far exceeded expectations in terms of both thickness and grades."

The Sergeevskoe gold licence lies mmediately east from the Alexandrovskoe open pit and gold plant owned by Zapadnaya Gold Mining and west of the Klyuchevskoe gold licence owned by Sun Gold Mining.

The Klyuchevskoe (Klyuchi) gold deposit represents a plus 6mln ounce gold endowment. Significantly, Orsu owns 90% interest in the project.

Orsu identified gold mineralization at zone 23 in four sections to the south of the Shirotnyi fault.

Orsu Metals shares were unchanged at C$0.19.

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Mon, 16 Jul 2018 11:02:00 -0400 https://ca.proactiveinvestors.com/companies/news/200873/orsu-metals-impressed-with-sergeevskoe-gold-project-assays-which-extend-mineralization-200873.html
<![CDATA[News - Orsu Metals Corp unveils "significant" results from first three holes of Sergeevskoe gold project program ]]> https://ca.proactiveinvestors.com/companies/news/199145/orsu-metals-corp-unveils-significant-results-from-first-three-holes-of-sergeevskoe-gold-project-program-199145.html Orsu Metals Corporation (CVE:OSU) unveiled "significant" drill results from its 10,000-metre drilling program at its Sergeevskoe gold project in Russia, which doubled the vertical extent of gold mineralisation in the main stockwork.

These results hail from the first three holes, the group said, and the work is designed to test new targets and result ultimately in a maiden mineral resource.

The assays, says Orsu, confirm that there is a between 210 and 230 m vertical extent from surface of gold mineralization in the main stockwork, averaging 2.09 g/t (grams per ton) gold (Au) over 24m (meters).

The semi-blind Southern stockwork averages 1.38 g/t  of the yellow metal over 20 m, starting from 1-2-m-thick veins near surface and exceeding 23m in drill width at a depth of 260-280m from surface.

"In section 9300E in the central part of the 530x120 m west-east trending Zone 23, Orsu was able almost to double the vertical extent of gold mineralization in the Main stockwork from the previously reported 125-150 m to 210-230 m vertically from the surface," said Dr Alexander Yakubchuk, director of exploration of Orsu."

Notably, the director said that if one were to exclude narrow and relatively low grade mineralized zones, the average grade of the three intercepts across the thickest and most consistent part of the Main stockwork in the 2017 and 2018 holes was 2.09 g/t of gold over 24 m.

Orsu said the most significant intercepts of the batch released today (June 19) were 1.04 g/t (grams per ton) gold over 8.4 m from 242.3 m, 0.94 g/t gold over 2.75 m from 269.5m, and 0.94 g/t gold over 12.45m from 274.65m.

Orsu shares closed in Toronto at C$0.19 on Monday.

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Tue, 19 Jun 2018 09:36:00 -0400 https://ca.proactiveinvestors.com/companies/news/199145/orsu-metals-corp-unveils-significant-results-from-first-three-holes-of-sergeevskoe-gold-project-program-199145.html
<![CDATA[Media files - Orsu Metals kicks off 2018 exploration programme at Sergeevskoe project ]]> https://ca.proactiveinvestors.com/companies/stocktube/9241/orsu-metals-kicks-off-2018-exploration-programme-at-sergeevskoe-project-9241.html Wed, 09 May 2018 13:29:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/9241/orsu-metals-kicks-off-2018-exploration-programme-at-sergeevskoe-project-9241.html <![CDATA[News - Orsu Metals fires the starting pistol for its 2018 exploration programme at Sergeevskoe ]]> https://ca.proactiveinvestors.com/companies/news/196270/orsu-metals-fires-the-starting-pistol-for-its-2018-exploration-programme-at-sergeevskoe-196270.html Orsu Metals Corporation (CVE:OSU) has kicked off its 2018 exploration programme at the Sergeevskoe gold project in Russia.

The drilling campaign is to test new targets and build towards an estimation of a maiden resource at the project.

WATCH: Orsu Metals kicks off 2018 exploration programme at Sergeevskoe project

A total of 10,000 metres (m) of diamond drilling is planned, including 6,500-7,000 m of drilling at Zone 23, Adit 5 and Klyuchi West for a maiden inferred resource and 3,000-3,500 m allocated for new targets.

“In 2018, Orsu is planning to outline a maiden inferred resource at Zone 23, Adit 5 and Klyuchi West. The company will also undertake a metallurgy test of the primary sulphide mineralization, test new exploration targets and is planning to conduct a preliminary economic assessment of the Sergeevskoe gold project before the end of 2018,” disclosed Dr Alexander Yakubchuk, the director of exploration of Orsu.

 

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Wed, 02 May 2018 11:03:00 -0400 https://ca.proactiveinvestors.com/companies/news/196270/orsu-metals-fires-the-starting-pistol-for-its-2018-exploration-programme-at-sergeevskoe-196270.html
<![CDATA[News - Orsu Metals well set to prove up to 2.5mln ounces of gold at Sergeevskoe and PEA due by the end of the year ]]> https://ca.proactiveinvestors.com/companies/news/193878/orsu-metals-well-set-to-prove-up-to-25mln-ounces-of-gold-at-sergeevskoe-and-pea-due-by-the-end-of-the-year-193878.html How much potential gold is Orsu Metals Corp (CVE:OSU) sitting on at the Sergeevskoe gold project in southern-eastern Siberia?

At the moment the answer to that most pertinent of questions remains a matter of conjecture. But it won’t be too long now before we have some more definitive answers. And recent drilling assays have certainly been cause to be optimistic.

Orsu’s Director of Exploration Dr Alexander Yakubchuk reckons Sergeevskoe could end up yielding somewhere in the range of 30mln-to-36mln tonnes of ore grading between 1.5 and 2 grams of gold per tonne. That nets out at a prospective target amounting to between 1.8mln and 2.5mln ounces of gold in hypogene and oxide material with likely further upside in the follow-on exploration programs.

It’s now up to Orsu to get on and drill the property and prove its case. It has more than US$6mln to do so, including the funds delivered from the sale last year of an old Kazakh copper project.

2018 exploration started

And so in May this year, the firm kicked off its 2018 exploration program and results so far have been highly encouraging.

The most recent assays announced in July extended the area of gold minerlization at what's called the zone 23 for 240m and also showed good grades

"Zone 23 is only one of the three drill zones that we are working on this year. I count that we meet a similarly exciting mineralization in the other two zones: adit 5 and Kluchi west, bringing us to an anticipated combined maiden resource of 1.8 [million ounces] to 2.5 million ounces of gold in our first maiden 43-101 resource statement,"  Yakubchuk had said.

"The results so far exceeded expectations in terms of both thickness and grades."

But for investors interested in getting in on the ground floor rather than waiting for the market to price in all the upside, there are several additional salient facts worth noting.

Highly experienced

The first is that Orsu’s team is highly experienced. Founder and chairman Sergey Kurzin is an experienced minefinder who put some of Kinross’s biggest Russian mines onto the map.

Managing director Sergei Stefanovich was a director of strategy for Norilsk and a board member of Gold Fields (JSE:GFI), and is the man who brought the Sergeevskoe project into Orsu.

And the aforementioned Alexander Yubchuk managed exploration for Gold Fields in the Former Soviet Union, and has previously worked with BHP, Goldcorp, Gold Fields and several other major mining names.

What’s more, the non-execs are top-rank collection of Canadian and British corporate faces, like former chief financial officer of B2Gold Mark Corra and David Rhodes, one of the managing directors at well-known boutique finance house Endeavour Financial.

So these are people who know a thing or two about mining and who are more than familiar with how to get things done in Russia.

Add into that mix the location of Sergeevskoe, just 300 metres west of the 5.5mln ounce-plus Kluchi gold mine and 5 kilometres east of the 2.2mln ounce-plus Aleksandrovskoe gold mine, and the brew begins to look might tasty indeed.

Overall, the Mogocha mineral district in which Sergeevskoe lies, has thus far accounted for more than 18mln ounces of gold production.

And there will clearly be plenty more to come. China National Gold is now moving in to take over the Kluchi mine, and the mineralisation there comes right up to the license edge of Sergeevskoe.

So what are the chances that these two operations end up combining in the near future?

The answer is probably fair-to-very good, although it’s still early days for the Chinese at this project, and much work would need to be done first before either side would be in a position to sit around a negotiating table.

But the word is that the Chinese are looking to put a 300,000 ounce per year operation into production, and the thinking would have to be that at some stage they will come looking for more ore.

All that’s hypothetical and some way in the future, but it gives an indication of the prospectivity and levels of activity that Orsu is becoming a part of, following its exit from Kazakhstan.

The plan now is to move Sergeevskoe from concept to actuality by undertaking around 10,000 metres of drilling this year, alongside 2,000 metres of trenching. And metallurgical and other types of testwork remains ongoing.

Sergei Stefanovich is only too aware of the attractions of the Orsu project, but he is under no illusions that the company may still need to put it into production itself.

PEA on its way

And so, this year’s drilling should allow for the publication of Yakubchuk’s mooted resource by the end of this year, as well as a preliminary economic assessment.

“The PEA should come out strong,” says Sergei Stefanovich.

“We plan to deliver a 2.5mln ounce resource. And if we get this it would mean our discovery costs would be in the region of US$2.00 per ounce.”

Sharp-eyed investors will notice that that’s an almost unfeasibly low number, but the reason is simple enough. Sergeevskoe is a project that was previously explored. Much work has been done on it over the years, but the ground has been untouched since the 1960s. Arguably though, Sergeevskoe counts as a brownfield site, and any existing data, once checked, can just be rolled into any updated Orsu model.

And what of that fabled Russian risk that sometimes puts investors off? Sergei Stefanovich will have no truck with that. He recognises that there are political issues at the very highest level, but as far as economics and the business climate are concerned, Russia is very open.

He cites favourable rankings from the Fraser Institute and positive noises from the World Bank. Indeed, Fraser ranks Russia ahead of Mexico, Indonesia and even Nova Scotia and Alberta as a place to do business.

It seems inevitable that there will always be some sort of modest Russian discount, but with Orsu racing to move Sergeevskoe from a relatively blank page to a major resource in a matter of months now, the shares could re-rate dramatically anyhow, discount or no discount

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Tue, 27 Mar 2018 12:36:00 -0400 https://ca.proactiveinvestors.com/companies/news/193878/orsu-metals-well-set-to-prove-up-to-25mln-ounces-of-gold-at-sergeevskoe-and-pea-due-by-the-end-of-the-year-193878.html
<![CDATA[Media files - Orsu Metals a 'lean and focused' gold explorer advancing key project in Russia ]]> https://ca.proactiveinvestors.com/companies/stocktube/8888/orsu-metals-a-lean-and-focused-gold-explorer-advancing-key-project-in-russia-8888.html Fri, 16 Mar 2018 10:38:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/8888/orsu-metals-a-lean-and-focused-gold-explorer-advancing-key-project-in-russia-8888.html <![CDATA[News - European Minerals acquires Lero Gold ]]> https://ca.proactiveinvestors.com/companies/news/69456/european-minerals-acquires-lero-gold-0471.html
European Minerals will also change its name to Orsu Metals Corporation. Separately, Lero Gold announced that a "bought deal" financing with Cannacord Adams for C$40 million, of which $25 million would be lent to European Minerals. Endeavour Mining Capital also agreed to provide a US$5 million bridge loan to European Minerals for working capital.

The combined entity will own the Varvarinskoye gold-copper project in Kazakhstan which is expected to move into production in the third quarter of 2008, plus advanced gold-copper and copper assets in Kyrgyzstan and Kazakhstan.


Sergey Kurzin, Executive Chairman of Lero, said:

"Combining the Varvarinskoye cashflow and expansion potential with the Lero growth opportunities will position Orsu Metals Corporation to be a premier growth company with the ability to be a regional consolidator. The benefits of the strategic fit between Lero and EMC is something that I look forward to bringing to fruition for all shareholders. As global demand for gold and base metals remains strong, a well-funded Orsu Metals Corporation has a stable foundation from which to launch its growth and consolidation platform."

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Fri, 18 Apr 2008 00:00:00 -0400 https://ca.proactiveinvestors.com/companies/news/69456/european-minerals-acquires-lero-gold-0471.html