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Orsu Metals shares race up on more "excellent" drill results from Sergeevskoe

The drill-proven strike length of mineralization at zone 23 was now more than 600 metres

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Orsu Metals shares headed north on Wednesday

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.

Quick facts: Orsu Metals Corporation

Price: 0.21 CAD

TSX-V:OSU
Market: TSX-V
Market Cap: $7.97 m
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Orsu Metals Corp - Mining Capital Conference May 2019

Orsu Metals Corporation's (CVE:OSU) Dr Alexander Yakubchuk presents to investors at the Proactive Mining Capital Conference in London. More more information visit: www.orsumetals.com

on 9/5/19

2 min read