logo-loader

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

Last updated: 13:54 20 Sep 2018 BST, First published: 08:54 20 Sep 2018 BST

1537448274_GoldPour
Orsu also revealed that it had begun early discussions with the Russian owner of a newly expanded gold plant

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.

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

33 minutes ago