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Orea Drills 5.39 g/t Gold Over 24.3 Meters at the Maripa Gold Project in French Guiana
Vancouver, BC, Canada, February 22, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQX) (3CG: FSE) is pleased to report on the first results of the 2022 diamond drilling program at the Maripa Gold Project (“Maripa”), located in eastern French Guiana, France. As announced on February 15, 2022, Orea has entered into an agreement with a subsidiary of IAMGOLD Corporation (“IAMGOLD”) to purchase a 100% interest in Maripa.
Permits for 10,000 meters of diamond drilling on Maripa were approved by the Direction Générale des Territoires et de la Mer (“DGTM”), which regulates mining and exploration activities in French Guiana;
Orea completed 6 diamond drill holes as an initial reconnaissance of the Changement Gold Zone, which has been traced over a strike extent of 1.5 km;
Gold assay results were received for a fence of 4 drill holes centered on the main pit of the former Changement mine; and
Drill holes CHT-22-060B and CHT-22-061 returned important gold mineralized intersections below the main pit:
4.13 g/t gold over 8.1 meters (CHT-22-060B from 27.4 to 35.5 m);
5.39 g/t gold over 24.3 meters (CHT-22-061from 106.4 to 130.7 m); and
Visible gold (“VG”) was observed in both intersections.
Rock Lefrancois, President & CEO of Orea commented “We are extremely pleased with the initial drill results, which have confirmed significant economic potential at Changement, one of the five identified targets at Maripa.”
Changement Gold Zone
The Changement Gold Zone, located at the northern end of Maripa, is one of five partially drill-defined gold zones at Maripa. The Changement area was subject to placer gold mining from 1859 to 1950. All creeks peripheral to the deposit have been worked over time. Underground hard rock mining was recorded as early as 1880 and the deposit was exploited at surface by three shallow open pits from 1985 to 1996. Total declared historical placer and hard rock gold production is estimated to be approximately 100,000 ounces, with 42,000 ounces from hard rock. The Changement gold mineralization was interpreted to be localized within two subparallel north-northwest striking, moderately west dipping, shear zones of 10 to 25 meters in width cutting Paramaca Formation mafic volcano-sedimentary sequences. Gold mineralization is associated with quartz veining and sulfides, mainly as pyrite. The deposit has been traced by drilling to shallow depths over a lateral (strike) distance of 1,250 meters. A total of 63 diamond drill holes (4,500 meters) were completed by the French geological survey (BRGM, 1978-1998) and by IAMGOLD (2002-2004). Most of the drilling was confined to the weathered saprolite layer.
Prospecting by Orea in 2019 identified numerous abandoned mine shafts and adits excavated by illegal artisanal miners, located some 650 to 850 meters to the south of the former Changement mine main pit. Stockpiles of rock extracted from the mine workings consist of mineralized quartz-pyrite veins and mafic volcanic wall rock. Select samples of the mineralized material returned numerous high-grade assays including 115.70, 83.48, 68.43, 42.60, 29.57, 15.51, 14.70, 9.42, 6.05, 5.98, 52.33, 17.20, 16.99, 14.64, 14.50, 9.75, 9.00, 7.36 and 6.83 g/t gold (see news releases dated November 26, 2019). The discoveries extended the Changement gold mineralized trend another 250 meters to the south.
2022 Drilling Program
As announced on January 14, 2022, Orea commenced a diamond drilling program at the Changement Gold Zone, with 1,000 meters of drilling to be completed in January and February. This initial drilling phase was conducted between January 15th and February 8th. Six (6) drill holes, for a total of 911.5 meters, were completed (refer to the Changement Drill Hole Location and Changement Drill Hole Section 1100 maps at the links below).
CHT-22-059, -060, -060B and -061 served as a continuous fence of drill holes centred on the former Changement mine main pit with the objective to trace at depth the principal gold mineralized structure exploited at surface and to test for any subsidiary gold mineralized zones. Hole CHT-22-060B was drilled as a twin of hole CHT-22-060 due to poor core recovery in quartz veining zones within the weathered saprolite layer.
Gold assay results were received for drill holes CHT-22-059, -060, -060B and -061 (up to 130.7 m). Drill holes CHT-22-060B and CHT-22-061 confirmed the depth extension of the principal gold mineralized structure exploited in the main pit:
CHT-22-060B cut a sulfide mineralized quartz veining zone from 28 to 49 meters (21 m) hole depth within the weathered saprolite layer. Specks of VG were observed at one location. The zone returned an intersection averaging 4.13 grams per tonne (g/t) gold over 8.1 meters from 27.4 to 35.5 meters hole depth (25 meters vertical depth).
CHT-22-061 cut a shear zone with intense alteration from 67 to 130 meters (63 m) hole depth containing two sections of sulfide mineralized quartz veins from 67 to 93 meters (26 m) and 106 to 130 meters (24 m). Specks of VG were observed at three locations in the latter section, which returned an intersection averaging 5.39 g/t gold over 24.3 meters from 106.4 to 130.7 meters hole depth (90 meters vertical depth).
The dominant structural fabric in drill hole CHT-22-061 is close to 90° to the core axis indicating that the true width of the gold mineralized zone approximates core length. Oriented core measurements confirmed that the dominant structural fabric in the gold mineralized zone strikes northwest-southeast and dips moderately to the west.
Highlights of results received for drill holes CHT-22-059, -060, -060B and -061 are as follows (true width = approximate core length):
HOLE #
INTERCEPT (M)
GRADE
CORE LENGTH
COMMENTS
FROM
TO
(G/T GOLD)
(M)
CHT-22-059
no significant results
CHT-22-060
0
13.5
1.30
13.5
45% core recovery
19.8
25.0
3.54
5.2
60% core recovery
CHT-22-060B
2.5
11.2
1.04
8.7
45% core recovery
27.4
35.5
4.13
8.1
80% core recovery
46.8
57.0
1.15
10.2
95% core recovery
CHT-22-061
106.4
130.7
5.39
24.3
100% core recovery
incl.
106.4
111.5
7.70
5.1
incl.
119.6
120.6
71.41
1.0
CHT-22-062 and CHT-22-063, drilled 850 meters and 650 meters south of the main pit, respectively, targeted high-grade gold veins exploited by artisanal miners and the southern extent of the principal gold mineralized structure exploited by open pit. Gold assay results are pending for these holes.
Maripa and Changement maps are available at the following links:
Orea Project Locations:
www.oreamining.com/i/nr/2022-02-22-map-maripa-location.pdf
Maripa Project Geology:
www.oreamining.com/i/nr/2022-02-22-map-maripa-geo.pdf
Changement Drill Hole Location:
www.oreamining.com/i/nr/2022-02-22-map-maripa-changement.pdf
Changement Drill Hole Section 1100:
www.oreamining.com/i/nr/2022-02-22-map-maripa-changement-section1100.pdf
About Maripa
Maripa is located in eastern French Guiana along a paved national road, approximately 60 kilometers south of the capital city of Cayenne. The project is comprised of up to five contiguous exploration permits that cover an area of 120 square kilometers, namely the Changement, Maripa, Orapu, Crique Véoux (pending) and Maripa Sud-Est permits.
Past exploration at Maripa includes 134 diamond drill holes, for a total of 9,000 meters, which partially defined 5 broad gold zones; namely, from north to south, Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and Filon Scieur. Drilling was limited to shallow depths within the weathered saprolite layer with all 5 prospects returning drill hole intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Gold mineralization is associated with shear-tension quartz vein systems and vein stockworks localized along major fault zones marking a regional deformation corridor known as the Northern Guiana Trough (“NGT”).
Initial prospecting by Orea in 2019 and 2020 in the northern half of Maripa led to the discovery of 5 new quartz-gold vein systems with high-grade gold potential in the vicinity of the Changement and Filon Dron gold zones.
In October-November 2020, Orea completed 8 diamond drill holes, for 1,168 meters, which tested 4 separate targets identified in the central part of the Maripa Gold Project (see news release date January 27, 2021). Six (6) of the 8 drill holes served to test the depth and lateral extent of 3 gold mineralized shear-hosted vein systems traced at surface in and around the Filon Dron gold zone. Four (4) drill holes intersected wide shear zones marked by quartz veining, strong hydrothermal alteration, and sulfide mineralization over 18 to 27 meters, which returned gold values.
Technical Info, QA/QC and Qualified Person
Orea obtained all permits required to conduct drilling operations on Maripa. Mining work declarations (“DOTM”) to conduct 10,000 meters of diamond drilling on Maripa were submitted to and approved by the DGTM.
Diamond drill holes were bored with HQ-size core (63.5 mm) in the upper weathered saprolite zone and telescoped to NQ size core (47.6 mm) in fresh rock. The core was placed in heavy PVC plastic core boxes with covers and transported by Orea personnel to the Company’s Matoury logging facilities, located at the outskirts of Cayenne along National Road 2 (RN2), 65 km by road north of the Maripa project. Orea personnel were present on site at all times during the drilling program.
The core was photographed for reference and logged by Orea geologists who also identified the sampling intervals. Samples were collected by sawing the core in half; sample lengths vary between 0.7 and 1.3 meter. Individual half-core samples were sealed in heavy duty cellophane plastic bags and placed by batch in sealed polypropylene bags and delivered by Orea personnel to the Filab Amsud depot in Cayenne for trucking to Filab Amsud laboratory in Paramaribo, Suriname, an ISO 9001:2015 accredited laboratory. The remaining half-core is stored in sturdy core racks at the Matoury logging facility. Samples were assayed for gold by the fire-assay method using an atomic absorption finish on a 50-gram pulp split. Samples assaying above 5 g/t gold are systematically re-analyzed with gravimetry finish. Mineralized sections were also analyzed by ICP-MS multi-element analysis, including copper.
A quality assurance and quality control program (QA/QC) was implemented by Orea and Filab Amsud to ensure the accuracy and reproducibility of the analytical method and results. The QA/QC program includes the insertion of gold standards, blanks and field duplicates in each laboratory assay batch. Check assaying of select gold mineralized sections was performed by screen metallics method for better reproducibility when metallic gold is present in the sample to overcome the “nugget effect”. In this method, a 500g sample is screened to 140 mesh (106µ). The fraction plus fraction is fire assayed for gold and a duplicate assay is performed on the minus fraction. The size fraction weights, coarse and fine fraction gold content and total gold content are reported.
The drilling program was conducted under the supervision Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa and Suriname gold exploration projects.
For more about Orea visit the company’s website at www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1 888-818-1364
ir@oreamining.com
And, I'm not too sure there was an issue with "automatic" with Orea. They still have to comply with all permitting and licensing requirements, etc
agree, I'm still trying to wrap my noggin around it myself.
That seemed like a lot of doublespeak to me.
February 18, 2022 - 3:48 pm
Vancouver, BC, Canada, February 18, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQX) (3CG: FSE) reports that today the French Constitutional Court (Conseil Constitutionnel) deliberated on a section of the French Mining Code relating to the renewal of historical mining titles and ruled that the “automatic” renewal provision associated with these mining titles does not comply with the French Constitution.
This ruling was issued in response to a constitutional law question raised in unrelated proceedings, brought before the Constitutional Court by NGO France Nature Environnement (“FNE”), in relation to another mining company, and is NOT related to the current proceeding before the French courts concerning the renewal of the Montagne d’Or gold project mining titles owned 44.99% by Orea and 55.01% by Nord Gold plc (the “JV”).
Four companies currently hold 16 historical mining titles in French Guiana, including the JV controlling the Montagne d’Or gold project, and are therefore potentially impacted by the Constitutional Court decision; however, in its ruling the Constitutional Court also indicated that its ruling will only apply to pending judicial proceedings where a definitive decision has not been issued.
It is therefore possible that the above noted ruling does not invalidate previous judicial decisions in favour of Orea and the JV, concerning the Montagne d’Or gold project, specifically the decision of the Court of Appeal in Bordeaux rejecting the French Government’s appeal and request for a stay of execution of the court rulings of December 24, 2020, which ordered the renewal of the Montagne d’Or gold project mining titles (see new release dated July 22, 2021).
Orea and the JV’s case concerning the Montagne d’Or mining titles is presently at the French Supreme Court. There is no certainty that the Supreme Court will not consider the Constitutional Court’s ruling, when deciding if it should hear the final attempt for an appeal that was requested by the French Government against the decision of the Court of Appeal in Bordeaux (see new release dated October 7, 2021), concerning the Montagne d’Or gold project; however, the Supreme Court has already denied a petition by FNE to join the French Government’s appeal (see new release dated January 10, 2022).
Additional updates will be provided by Orea when available.
OREAF Security Details
Share Structure
Market Cap Market Cap
17,964,883
02/15/2022
Authorized Shares
Unlimited
01/31/2022
Outstanding Shares
212,100,158
01/31/2022
Restricted
Not Available
Unrestricted
Not Available
Held at DTC
22,456,714
01/31/2022
Float
185,510,000
07/20/2021
Orea to Acquire 100% of Maripa Gold Project in French Guiana
Vancouver, BC, Canada, February 15, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQX) (3CG: FSE) is pleased to announce it has entered into an agreement (the “Purchase Agreement”) with a subsidiary of IAMGOLD Corporation (“IAMGOLD”) (IMG: TSX) to acquire an undivided 100% interest in the Maripa Gold Project (“Maripa”), located in French Guiana, France.
As announced on August 14, 2018, Orea entered into an Option Agreement with IAMGOLD to acquire up to a 70% interest in Maripa conditional upon fulfilling certain requirements, including incurring US$5 million in exploration expenditures within 5 years to acquire the initial 50% interest. As of December 31, 2021, Orea had incurred approximately US$2.6 million in expenditures on Maripa.
The Purchase Agreement now allows Orea to acquire 100% interest in Maripa by issuing 6 million common shares to IAMGOLD. Upon closing of the transaction, IAMGOLD will retain a 1.5% net smelter return royalty and Orea will have no further obligations under the Option Agreement. All shares issued will be subject to a 4 month plus one day hold period from the date of issuance. The closing of the transaction is subject to regulatory approval including, notably, the approval of the Toronto Stock Exchange (“TSX”).
Rock Lefrancois, President & CEO of Orea commented “Maripa is a quality gold exploration project with high potential and exceptional geological setting. We are excited to accelerate outright acquisition on simple, low cost and non-cash terms and flexibility on the development of the project”.
About Maripa
Maripa is located in eastern French Guiana along a paved national road, approximately 60 kilometers south of the capital city of Cayenne. The project is comprised of up to five contiguous exploration permits that cover an area of 120 square kilometers, namely the Changement, Maripa, Orapu, Crique Véoux (pending) and Maripa Sud-Est permits.
Past exploration at Maripa includes 134 diamond drill holes, for a total of 9,000 meters, which partially defined 5 broad gold zones; namely, from north to south, Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and Filon Scieur. Drilling was limited to shallow depths within the oxidized saprolite layer with all 5 prospects returning drill hole intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Gold mineralization is associated with shear-tension quartz vein systems and vein stockworks localized along major fault zones marking a regional deformation corridor known as the Northern Guiana Trough (NGT).
Initial prospecting by Orea in 2019 and 2020 in the north half of Maripa led to the discovery of 5 new quartz-gold vein systems with high-grade gold potential in the vicinity of the Changement and Filon Dron gold zones.
In October-November 2020, Orea completed 8 diamond drill holes, for 1,168 meters, which tested 4 separate targets identified in the central part of the Maripa (see news release date January 27, 2021). Six (6) of the 8 drill holes served to test the depth and lateral extent of 3 gold mineralized shear-hosted vein systems traced at surface in and around the Filon Dron gold zone. Four (4) drill holes intersected wide shear zones marked by quartz veining, strong hydrothermal alteration, and sulfide mineralization over 18 to 27 meters, which returned gold values.
As announced on January 14, 2022, Orea commenced a diamond drilling program on the promising Changement gold zone, with 1,000 meters of drilling to be completed in January and February. Results will be provided when available.
Qualified Person
Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.
About Orea Mining Corp.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa and Suriname gold exploration projects.
For more about Orea visit the company’s website at www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1 888-818-1364
ir@oreamining.com
Ouch, should have had GOFF..
OREAF moving up on tiny volume, sellers ran dry
Orea Announces Closing of Oversubscribed Non-Brokered Private Placement
January 26, 2022
View PDF
Vancouver, BC, Canada, January 26, 2022, Orea Mining Corp. (“Orea”) (OREA: TSX) (OREAF: OTCQX) (3CG: FSE) is pleased to announce that it has closed its non-brokered private placement (the “Private Placement”) previously announced on January 18, 2022.
The Private Placement was oversubscribed, raising gross proceeds of CAD$800,000 through the issuance of 6,666,667 units at a price of CAD$0.12 per unit. Each unit is comprised of one common share of Orea (a “Share”), and a half warrant. Each full warrant entitles the holder, on exercise, to purchase one Share at a price of CAD$0.18 for a period of 18 months from the closing date of the Private Placement. An aggregate of 291,067 shares and CAD$12,672 has been paid in finders’ fees. The securities issued in the Private Placement are subject to a hold period expiring on May 26, 2022.
Orea intends to use the proceeds of the Private Placement for general working capital purposes.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. State Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor any other jurisdiction.
About Orea Mining Corp.
Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa and Suriname gold exploration projects.
For more about Orea visit the company’s website at www.oreamining.com
ON BEHALF OF THE BOARD:
Rock Lefrançois
President & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1 888-818-1364
ir@oreamining.com
OREAF Security Details
Share Structure
Market Cap Market Cap
18,965,417
01/26/2022
Authorized Shares
Unlimited
01/13/2022
Outstanding Shares
205,142,425
01/13/2022
Restricted
Not Available
Unrestricted
Not Available
Held at DTC
22,456,714
12/31/2021
Float
185,510,000
07/20/2021
OREAF moved some of my CGLD profits into this one, looks like she can run with any updates
Caught some air near the end
Quite a bit of news this week:
11:24 AM EST, 01/18/2022 (MT Newswires) -- Orea Mining Corp.(OREAF) on Tuesday reported a non-brokered private placement to raise gross proceeds of up to $500,000.
The company's stock slipped 6.9% on last look on Tuesday.
The private placement is for up to 4.2 million units at $0.12 per unit. Each unit is comprised of one common share of Orea and a half warrant.
The company plans to use the proceeds for general working capital purposes.
VANCOUVER, BC , Jan. 17, 2022 /PRNewswire/ -Orea Mining Corp.(OREAF) ("Orea") (FSE: 3CG) provides an update on the request for a final appeal filed by the French Government on the renewal of the 5-million-ounce Montagne d'Or Gold Deposit mining titles, located in French Guiana, France, owned 44.99% by Orea and 55.01% by Nord Gold plc (the "JV").
As announced on October 7, 2021, the French Government filed a request before the Supreme Court of France (Conseil d'Etat) to hear a final appeal on the renewal of the Montagne d'Or project mining titles, which are renewable for a term of up to 25 years. Two French courts previously ruled in favor of the JV and ordered the renewal of the mining titles.
The Supreme Court is to decide on whether to admit and hear the appeal. In principle, an appeal before the Supreme Court has no suspensive effect, therefore the initial court rulings to renew the mining titles should, in theory, be upheld and implemented, even if a final appeal is allowed.
Orea and the JV believe that a decision by the Supreme Court could be expected sometime after the French Presidential election. The second and final round of voting to select the next President of France is scheduled for April 24, 2022.
Furthermore, the JV filed additional pleadings before the Court of Appeal in Bordeaux to issue an injunction ordering the French Government to pay a fine of 20,000 Euro(~US$23,000) per day to the JV, retroactive to the date of the initial court ruling of December 24, 2020.
I like buying severely undervalued stocks, but maybe that's just me.
+0.0065 (+6.60%)German exchange closes in 1 hr,we will close good also, imo
Thats another good one..
I’m with you on that. I like what I see with AMIH
Shorts trying to shake tree to cover shorts... no worries.
$OREA. We are still waiting on a decision whether or not the SC will hear the petition from the French Government. We are still waiting like we have been for 4 months. The SC denied a NGO joining the petition. Tick tok tick tick. Hopefully we hear something soon
Let's push to close above 15 today
We just need you to be right once Or, the 1/10% of times that you are correct
8.17% % of Shares Held by All Insider
0.08% % of Shares Held by Institutions
0.09% % of Float Held by Institutions
1 Number of Institutions Holding Shares
I have a feeling this is going to be EPIC, but I'm wrong 99.9% of the time.
Company is very quiet and I guess a major deal is brewing.
We do know that Nordgold wants to go public, or at least wanted to previously. Orea's TSX listing may be of interest as the vehicle to going public
It is highly possible that Norgold could plan to reverse mergere to oreaf, given they owns 55% the goldmine.
Norgold is a private company as far as I know.
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