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.
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.
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