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.