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.