Updated December 4, 2018
Orsu Metals Corporation is a Toronto listed (TMX), London-based precious and base metals exploration and development company which is exploring advanced staged gold deposits in Siberia, Russia. Orsu was formed in June 2008 after the acquisition of Lero Gold Corp. by European Minerals Corporation. The 90% owned Sergeevskoe gold project located in the Mogocha District of the Zabaikal’skiy Region of the Russian Federation is the focus of Orsu’s activities. On October 11, 2017, Orsu completed the sale of its 94.75% interest in the Karchiga, Kazakhstan project for proceeds of US$ 6 million.
Orsu is headed by Dr. Sergey Kurzin, and its Director of Exploration is Alexander Yakubchuk, who is actually from Siberia. Both have outstanding records of developing mines in the the former soviet republics.
Orsu Metals completes 2018 exploration works at the Sergeevskoe Gold Project, Russia.
October 22, 2018
- 13,463.8 m were drilled in 62 holes in 2018
1,577.8 m were excavated in 14 bulldozer trenches in 2018
Dr. Alexander Yakubchuk, Director of Exploration of Orsu commented: “We completed the extended 2018 exploration program and are now working on delineation and correlation of the mineralized intervals, while some assays are still either pending or the samples are on their way to the analytical laboratory. Orsu believes that the results from 17,107.9 m drilling and 5,293.5 m trenching by the Company in 2017 and 2018 will form a solid foundation for the forthcoming resource estimate”.
The license of 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 (Figure 1). The Klyuchevskoe (Klyuchi) gold deposit represents a +6 Moz gold endowment (see Orsu press-release dated September 21, 2016). Orsu owns a 90% interest in the Sergeevskoe Gold Project (see Orsu press-release December 1, 2017).
In May 2018, Orsu announced the beginning of the 10,000 m drilling and 2,000 m trenching program (see press release May 2, 2018), aiming to deliver an estimation of a maiden resource and to test new targets. This program was then extended to drill additional 2,000 to 2,500 m to fill in gaps in the existing grid and to drill additional targets (see press release September 20, 2018). Interview with Alexander Yakubchuk from November 2018, regarding the Sergeevskoe mining project: (lots of details, along with plans for pilot mineing to begin in 2019. http://www.commodity-tv.net/c/mid,39130,Precious_und_Battery_Metals_Summit_Zurich_November_2018/?v=298670 Insiders own about 65% of stock, and Mr. Yakubchuk states in the interview that the company wants to avoid dilution, and wishes to begin producing revenue from a pilot mine in 2019, processing between 200,000- 300,000 tons/year of high grade ore, containing both gold and silver, from the Sergeevskoe mine.
With production from a pilot mine beginning in 2019, and with substantial resource estimate due before the end of 2018, ORSU (TMX: OSU) is extremely undervalued, with a market cap of only $12,322,000CAD or $9,300,000USD.
While there has been some dilution the last few years, the company has approximately $2 million USD in cash, and is not planning further dilution, according to Mr. Yakubchuk