UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
UNDER the
Securities Exchange Act of 1934
For the month of December 2021
Commission File Number: 001-39766
ORLA MINING LTD.
(Translation of registrant's name into English)
Suite 202, 595 Howe Street
Vancouver, British Columbia,
V6C 2T5, Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ☐
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ORLA MINING LTD.. |
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Date: December 6, 2021 |
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/s/ Etienne Morin |
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Name: Etienne Morin
Title: Chief Financial Officer
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EXHIBIT INDEX
Exhibit 99.1
Orla Mining Announces Initial Mineral Resource
for Caballito Copper-Gold Deposit in Panama
676 Mlbs CuEq Indicated, 425
Mlbs CuEq Inferred
VANCOUVER, BC, Dec. 6, 2021 /CNW/ - Orla Mining
Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to announce the independent mineral resource
estimate for the Caballito copper-gold deposit at the Company's 100%-owned Cerro Quema project ("Cerro Quema") located in the
Azuero Peninsula, Los Santos Province, Panama. Caballito is a large, copper-gold deposit that represents an opportunity for the Company
to potentially transform the scale and scope of Cerro Quema beyond the separate oxide project outlined in the July 2021 pre-feasibility
study.
The mineral resource estimate for the Caballito copper-gold
deposit consists of the following:
- 31,952,000 tonnes of sulphide indicated mineral resources at an
average CuEq grade of 0.96% (0.83% Cu, 0.31 g/t Au & 2.2 g/t Ag) for 676 Mlbs of CuEq (585 Mlbs Cu, 315 Koz Au and 2,260 Koz Ag).
- 22,569,000 tonnes of sulphide inferred mineral resources at an
average CuEq grade of 0.85% (0.77% Cu, 0.21 g/t Au & 1.2 g/t Ag) for 425 Mlbs of CuEq (381 Mlbs Cu, 155 Koz Au and 856 Koz Ag).
The Caballito deposit, at its nearest point, is approximately
1 kilometre south-east of the Quemita oxide deposit outlined in the July 2021 Pre-Feasibility Study ("PFS"). The Cerro
Quema Project area is outlined below in Figure 2. The Caballito deposit locally outcrops at surface and the copper-gold mineralization
has been intersected over an estimated strike length of approximately 800 metres, a vertical extent of approximately 400 metres, and a
variable thickness ranging from 50 to 150 metres. The mineral resource estimate, prepared by Moose Mountain Technical Service, includes
a total of 62 holes (13,894 metres) of diamond drilling. The deposit remains open along strike and at depth. The Company is targeting
a 2022 drill program aimed at extending known mineralization as well as drilling newly defined targets. Along with the forthcoming exploration
drill program, the Company will commence metallurgical studies and additional infill drilling and technical work to increase its understanding
of the Caballito deposit. See Figure 1 below illustrating a cross-section of the Caballito deposit.
Selected drill results within the resource include
the following:
- Hole CQDH-18-181 (Idaida): 1.87% Cu, 0.30 g/t Au over 27.4m
(22.0m est. true width)
- Hole CQDH-18-179 (Idaida): 3.73% Cu, 0.89 g/t Au over 17.6m
(16.5m est. true width)
- Hole CQDH-18-160 (Caballito): 1.72% Cu, 0.39 g/t Au over 83.5m
(83.3m est. true width)
- Hole CQDH-18-163 (Caballito): 1.78% Cu, 0.33 g/t Au over 89.7m
(89.6m est. true width)
- Hole CQDH-18-157 (Caballito) : 1.63% Cu, 0.51 g/t Au over 102.0m
(102.0m est. true width)
Full drill results are available in the Appendix of
the press release and available on Orla's website at: Caballito Drill Results.
We are incredibly proud of our team and our
partners in Panama; Caballito is a grassroots discovery that has the potential to transform our future in the country. We first discovered
this high-grade copper-gold mineralization in 2017 and have continued to systematically explore the region, having now drilled over 40
more holes in Caballito. Along this underexplored, highly prospective mineralized trend, we see potential for additional exploration success.
We aim to continually work with the Panamanian Government and evaluate the opportunity for a long-life project that can benefit all stakeholders.
- Jason Simpson,
President and Chief Executive Officer
The initial resource at Caballito highlights Orla's
success in Panama, as well as the ongoing evolution of the Cerro Quema project. We believe there is significant potential for new discoveries
within this highly prospective, district-scale, high-sulphidation epithermal system. We will continue to focus on expanding known resources
at Caballito and Idaida with infill and step-out drilling. Our regional work has highlighted coincident geophysical and geochemical anomalies
in a similar geological context in targets such as La Pelona and Quemita and defined a highly prospective porphyry target at La Prieta,
which we intend to drill test in 2022. We have also identified copper-gold mineralization below both of the La Pava and Quemita gold-oxide
pits, requiring additional follow-up work. We are excited with our progress to date and look forward to advancing the new copper-gold
resources, as well as testing new regional early-stage targets.
- Sylvain Guerard,
Senior Vice President, Exploration
In July 2021, the Company released the results of
a PFS and an updated mineral resource and mineral reserve estimate on the Cerro Quema oxide project. Presently, the Cerro Quema oxide
project is estimated to contain 562,000 ounces of gold (21.7 million tonnes at 0.80 g/t Au) in probable mineral reserves and 1.27 million
ounces of gold (56.7 million tonnes at 0.70 g/t Au) in indicated mineral resources, inclusive of mineral reserves. The PFS contemplates
an 81,000 ounce per year gold heap-leach operation over a six-year mine life, recovering 489,000 ounces of gold.
CABALLITO MINERAL RESOURCE eSTIMATE, Effective
Date of November 2, 2021
Table 1a: Caballito Sulphides |
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Class |
Tonnes |
CuEq |
Cu |
Au |
Ag |
CuEq |
Cu |
Au |
Ag |
(000s) |
(%) |
(%) |
(g/t) |
(g/t) |
(Mlbs) |
(Mlbs) |
(koz) |
(koz) |
Indicated |
31,952 |
0.96 |
0.83 |
0.31 |
2.2 |
676 |
585 |
315 |
2,260 |
Inferred |
22,569 |
0.85 |
0.77 |
0.21 |
1.2 |
425 |
381 |
155 |
856 |
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Table 1b: Caballito Oxides |
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Class |
Tonnes |
Au |
Ag |
AuEq |
Au |
Ag |
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(000s) |
(g/t) |
(g/t) |
(g/t) |
(koz) |
(koz) |
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Indicated |
998 |
0.49 |
2.1 |
0.50 |
16 |
67 |
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Inferred |
3,619 |
0.36 |
2.3 |
0.37 |
41 |
268 |
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Mineral Resources Notes:
1. The qualified person responsible for the mineral resource estimate is Sue Bird P.Eng of Moose Mountain Technical Services.
2. The base case cut-off is a net smelter returns ("NSR") of US$6.34/tonne for oxide and US$15.00/tonne for sulphide.
3. Mineral resources are based on a US$1,600/oz gold price, US$3.50/lb copper price and US$20/oz silver price and the following smelter
terms: In the Oxides: 99% payable Au; 98.0% payable Ag; In the Sulphide 90% payable Au and Ag, and 96% payable Cu; Offsite costs of US$1.40/oz
Au and US$1.20/oz Ag in the oxides and offsite costs (refining, transport and insurance) of US$16.30/WMT for Au, US$116.50/WMT for Cu
and US$3.20/WMT for Ag in the sulphides; a 4% NSR royalty for Au and Ag and a 5% NSR royalty for Cu.
4. Metallurgical recoveries have been estimated as 90% for Cu, 55% for Au, and 45% for Ag in the sulphides, and 88% for Au, 45% for Ag
and 0% for Cu in the oxides
5. The mineral resource has been confined by a "reasonable prospects of eventual economic extraction" pit using the base case
NSR inputs with a mining cost of US$2.20/tonne for both materials to be processed and waste at a processing cost of US$6.34/tonne and
US$15.00/tonne for oxides and sulphides respectively.
6. Pit slope angles are assumed at 40º.
7. The bulk density has been assigned values of 2.34 and 2.70 tonnes/m3 in the oxides and sulphides, respectively based on bulk density
measurements.
8. Rounding as required by reporting guidelines may result in summation differences.
The mineral resource estimate includes inferred mineral
resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be
categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The following factors, among others, could affect
the mineral resource estimate: commodity price and exchange rate assumptions; pit slope angles; assumptions used in generating the LG
pit shell, including metal recoveries, and mining and process cost assumptions. See the Project Risks section below for an overview of
the environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially
affect the mineral resource estimate.
CABALLITO GEOLOGY
Orla's Caballito copper-gold deposit is located in
the Cerro Quema district on the Azuero Peninsula, in Panama. Caballito is a high-sulphidation epithermal copper-gold ("Cu-Au")
sulphide deposit in Upper Cretaceous submarine dacitic flow-domes and associated pyroclastic rocks.
During 2017 and 2018, Orla began drilling the Idaida
and Caballito targets to follow-up historical drilling and to explore geophysical anomalies generated from IP, airborne EM, and ground
magnetic surveys. This drilling led to identifying the Caballito Cu-Au deposit.
Figure
1: Caballito Cross-Section (see Figure 2 for regional location) (CNW Group/Orla Mining Ltd.)
The Caballito Cu-Au mineral deposit is a stratiform
breccia with Fe-Cu sulphide and quartz cement. The breccia developed within a zone of high-sulphidation epithermal alteration defined
by a central core of vuggy silica that transitions outward to quartz-dickite, quartz-kaolinite, illite-smectite and illite-smectite-chlorite
to unaltered Rio Quema dacite. Zones of brecciated vuggy silica were preferentially silicified and host pyrite with bornite-chalcopyrite-chalcocite-covellite.
Numerous dikes of quartz diorite, diorite and basaltic-andesite, variably altered to illite-smectite, intruded the breccia. See Figure
3 below outlining the Caballito – Idaida 3D block model. Figure 4 illustrates the distribution of the Classification of the modelled
blocks into Indicated and Inferred.
The high-sulphidation epithermal Caballito Cu-Au deposit
incorporates two distinct mineral zones separated by a NE-striking normal fault. On a CuEq basis (Mlbs), 64% of global resource is from
the Caballito zone and 36% of the global resource is from the Idaida zone.
The Caballito zone, to the southeast (in
the hanging wall), hosts most of the resource and features a gently dipping zone of bornite-chalcopyrite-pyrite and quartz cemented breccia
in vuggy silica. Bornite-chalcopyrite are the dominant Fe-Cu sulphides, and minor chalcocite and covellite replaces bornite. Low-As sulphides
that include spheroidal and colloform-banded pyrite with bornite-chalcopyrite are abundant at Caballito, in contrast to the subhedral
pyrite with high-As in enargite at Idaida.
The Idaida zone, to the northwest (in the footwall),
features a near vertical zone of enargite-pyrite and covellite that developed in vuggy silica altered porphyritic dacite and may represent
the deeper expression of high-sulphidation epithermal mineralization. Below approximately 0-45 metres of low-grade Au in surficial
oxide, enargite-covellite are the dominant Cu sulphides at depth with abundant subhedral pyrite and minor bornite-chalcopyrite-chalcocite.
The average arsenic (As) grades of the Cu-Au mineralization
are estimated as 495 ppm at Caballito and 1,508 ppm at Idaida (at an NSR cut-off of US$15.00/tonne).
Figure
2: Cerro Quema Project (CNW Group/Orla Mining Ltd.)
Figure
3: Caballito – Idaida 3D Block Model and Resource Pit (showing Cu% grade) (CNW Group/Orla Mining Ltd.)
Figure
4: Caballito – Idaida 3D Block Model and Resource Pit (showing Indicated and Inferred Resources Categories) (CNW Group/Orla Mining
Ltd.)
Project Risks
A specific title risk for Minera Cerro Quema is a
failure of the Panamanian government to renew mining concessions and to grant copper extraction rights. Cerro Quema comprises three concession
contracts between the Republic of Panama and Orla's subsidiary, Minera Cerro Quema SA ("MCQ"), that grant exclusive rights for
mineral extraction of class IV metallic minerals (silver and gold) over 14,893 ha, including the area over the oxide mineral reserves
and Caballito mineral resource. The original 20-year term for the concessions has expired and MCQ has applied for the prescribed 10-year
extension to the concessions as it is entitled to under Panamanian mineral law. The extension contracts have been signed by the Ministry
of Commerce & Industry and the Company and the documents are now with the Comptroller General for final release, but the legally
permitted concession renewals have still been delayed.
The Company has also applied for three copper exploration
concessions for the area over the Caballito resource, inclusive of the complete area of the silver and gold concessions. Failure of the
Panamanian government to approve the copper extraction rights for the same exploration contracts for which gold and silver rights were
granted will affect the viability of potential development of the Caballito zone. An Environmental Impact Assessment (EIA) and permits
are in place for a continuous vat leach operation; however, the current project described in the PFS, and development of the Caballito
sulphide resource, requires a separate Environmental and Social Impact Assessment (ESIA) Category III. An application for a permit to
allow mining of the oxides described in the PFS was submitted in 2015 and the Ministry has completed the technical evaluation of the EIA.
Timing of approval is presently not known but the Ministry's response time has exceeded the time periods specified in Article 41 of the
Decree Law 23 applicable to EIA permit resolutions. A modification to the permit would be required to allow development of the Caballito
resource.
In addition to the risks described above, Cerro Quema
is subject to similar risks as comparable projects and Orla believes it will mitigate many of those risks by early engagement with the
stakeholders involved in Cerro Quema, including government permitting agencies and local stakeholders. The mineral resource estimate and
Cerro Quema may be subject to legal, political, environmental or other risks that could materially affect the development of Cerro Quema,
which are unknown at this time but could materialize in the future.
Resource details
The Caballito Cu-Au deposit mineral resource has been
estimated following the 2014 CIM Definition Standards on Mineral Resources and Reserves and the 2019 updated CIM Estimation of Mineral
Resources & Mineral Reserves Best Practice Guidelines. The estimate has been done using ordinary kriging (OK), with outlier restriction
of composites during interpolation used to limit the effect of high-grade outliers for Cu, Au and Ag. Interpolations have been limited
by the geologic modelling of the alteration and by the oxide and sulphide zones. The mineral resource estimate, having an effective date
of November 2, 2021, is summarized in Table 1 above. The mineral resource estimate is reported at a base case NSR cut-off of US$6.34/tonne
for oxide and US$15.00/tonne for sulphide. (The oxide NSR cut-off is calculated as follows: Au*US$48.847/g*88% + Ag* US$0.568/g*45%, while
the sulphide NSR cut-off is calculated as follows: Cu*US$3.128/lb*90% + Au* US$44.028/g*55% + Ag*US$0.503/g*45%).
The independent technical report for the Pre-Feasibility
Study on the Cerro Quema oxide project, prepared in accordance with the requirements of National Instrument ("NI") 43-101 and
entitled "Project Pre-Feasibility NI 43-101 Technical Report on the Cerro Quema Gold Oxide Project, Province of Los Santos, Panama",
was filed under Orla's profiles on SEDAR, EDGAR, and also on the Company's website on September 7, 2021. A revised independent technical
report on Cerro Quema, which will contain the existing PFS, the mineral resource and mineral reserve estimates on the Cerro Quema
oxide project and the Caballito mineral resource estimate discussed in this release, will be filed within 45 days of the date hereof in
accordance with NI 43-101. The technical report is intended to be read as a whole, and sections should not be read or relied upon out
of context.
Data Verification
Sue Bird, M.Sc., P.Eng., the Qualified Person for
the Caballito mineral resource estimate, visited the site on May 4, 2021. During this visit, collar locations were verified, as were the
core storage, security and sampling techniques. Core within mineralized zones at all three deposits; Caballito, Quemita and La Pava, was
examined. The database provided to the qualified person by Orla has been checked with minor corrections made to the database based on
Certificate checks. Check assays and twinned holes were previously completed, as well as check assays done based on Ms. Bird's recommendations
in 2020, concluding that the database is suitable for mineral resource estimation. Historical drilling and RC drilling were statistically
validated and did not show a material bias. Therefore, Ms. Bird has concluded that all past drilling is not biased, and it has been used
for the mineral resource.
The sampling of, and assay data from, the drill core
is monitored through the implementation of a quality assurance-quality control ("QA-QC") program designed to follow industry
best practice. See the technical report entitled "Project Pre-Feasibility NI 43-101 Technical Report on the Cerro Quema Gold Oxide
Project, Province of Los Santos, Panama" dated July 27, 2021, for additional information on the QA-QC program.
Qualified Persons
Sue Bird, M.Sc., P.Eng, has reviewed and approved
the contents of this news release pertaining the Caballito mineral resource estimate. The scientific and technical information in this
news release was also reviewed and approved by Mr. J. Andrew Cormier, P. Eng., Chief Operating Officer of the Company, and Mr. Sylvain
Guerard, P. Geo., Senior Vice President, Exploration of the Company, who are Qualified Persons as defined under NI 43-101 standards.
This press release shall not constitute investment
advice or an offer to sell or the solicitation of an offer to buy securities in the United States.
About Orla Mining Ltd.
Orla is developing the Camino Rojo Oxide Gold Project,
an advanced gold and silver open-pit and heap leach project, located in Zacatecas State, Central Mexico. The project is 100% owned by
Orla and covers over 160,000 hectares. The technical report for the 2021 Feasibility Study on the Camino Rojo Oxide Gold Project entitled
"Unconstrained Feasibility Study NI 43-101 Technical Report on the Camino Rojo Gold Project – Municipality of Mazapil, Zacatecas,
Mexico" dated January 11, 2021, is available on SEDAR and EDGAR under the Company's profile at www.sedar.com and www.sec.gov,
respectively. The technical report is also available on Orla's website at www.orlamining.com. Orla also owns 100% of Cerro Quema located
in Panama which includes a near-term gold production scenario and various exploration targets. Cerro Quema is a proposed open pit mine
and gold heap leach operation. The technical report for the 2021 Pre-Feasibility Study on the Cerro Quema oxide project entitled "Project
Pre-Feasibility NI 43-101 Technical Report on the Cerro Quema Gold Oxide Project, Province of Los Santos, Panama" dated July
27, 2021, is available on SEDAR and EDGAR under the Company's profile at www.sedar.com and www.sec.gov, respectively. The technical
report is also available on Orla's website at www.orlamining.com.
Forward-looking Statements
This news release contains certain "forward-looking
information" and "forward-looking statements" within the meaning of Canadian securities legislation and within the meaning
of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Exchange Act of 1934, as amended,
the United States Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange Commission,
all as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company's properties,
including additional exploration potential and the potential expansion of Cerro Quema, potential quantity and/or grade of minerals, the
potential size of the mineralized zone, metallurgical recoveries, the timing and results of permitting and the Company's exploration and
development plans in Panama and expectations on the potential extension of the expired mineral concessions and granting of new mineral
concessions with respect to Cerro Quema. Forward-looking statements are statements that are not historical facts which address events,
results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain
material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price
of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the
Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political
and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current
levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances
that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in
such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the
preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized
material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes,
changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in
project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title
risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure
to receive access agreements or amended permits, risks inherent in the estimation of mineral resources; and risks associated with executing
the Company's objectives and strategies, including costs and expenses, as well as those risk factors discussed in the Company's most recently
filed management's discussion and analysis, as well as its annual information form dated March 29, 2021, available on www.sedar.com and
www.sec.gov. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no
obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Cautionary Note to U.S. Readers
The disclosure contained or referenced herein uses
mineral reserve and mineral resource classification terms that comply with reporting standards in Canada, and mineral reserve and mineral
resource estimates are made in accordance with Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum —
CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards").
Canadian NI 43-101 establishes standards for all public disclosure an issuer makes of scientific and technical information concerning
mineral projects. These standards differ significantly from the mineral reserve disclosure requirements of the United States Securities
Exchange Commission (the "SEC") set forth in Industry Guide 7. Consequently, information regarding mineralization contained
or referenced herein is not comparable to similar information that would generally be disclosed by U.S. companies under Industry Guide
7 in accordance with the rules of the SEC which applied to U.S. filings prior to the current SEC Modernization Rules (as defined herein).
Further, the SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers
whose securities are registered with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"). These amendments became
effective February 25, 2019 (the "SEC Modernization Rules") and, commencing for registrants with their first fiscal year beginning
on or after January 1, 2021, the SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry
Guide 7. As a foreign private issuer that files its annual report on Form 40-F with the SEC pursuant to the multi-jurisdictional
disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will
continue to provide disclosure under NI 43-101 and the CIM Definition Standards. The SEC Modernization Rules include the adoption of terms
describing mineral reserves and mineral resources that are "substantially similar" to the corresponding terms under the CIM
Definition, but there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly,
there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable
mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources"
under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted
under the SEC Modernization Rules. U.S. investors are also cautioned that while the SEC recognizes "measured mineral resources",
"indicated mineral resources" and "inferred mineral resources" under the Modernization Rules, investors should not
assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources
or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility
than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral
resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally
mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether
they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of the "inferred
mineral resources" exist. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis
of feasibility or pre-feasibility studies, except in rare cases. For the above reasons, information contained or referenced herein
regarding descriptions of our mineral reserve and mineral resource estimates is not comparable to similar information made public by U.S.
companies subject to reporting and disclosure requirements of the SEC under either Industry Guide 7 or SEC Modernization Rules.
Appendix: Caballito Historical Drill Results
holeid |
Area |
From (m) |
To (m) |
metres |
Cu % (WA) |
Au g/t (WA*) |
e_wgs84 |
n_wgs84 |
elev_mts |
azimuth |
dip |
hole length (m) |
CQDH-17-089 |
Caballito |
22.0 |
67.0 |
45.0 |
0.72 |
0.25 |
554663 |
834771 |
663 |
359 |
-60.9 |
100.7 |
CQDH-17-089 |
Caballito |
79.0 |
85.0 |
6.0 |
0.54 |
0.31 |
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CQDH-17-095 |
Caballito |
55.0 |
57.0 |
2.0 |
0.35 |
0.39 |
554864 |
834793 |
755 |
358 |
-61.5 |
77.8 |
CQDH-17-099 |
Caballito |
28.0 |
32.0 |
4.0 |
0.31 |
0.02 |
554646 |
834733 |
657 |
356 |
-61.1 |
106.8 |
CQDH-17-099 |
Caballito |
44.0 |
54.5 |
10.5 |
1.32 |
0.36 |
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CQDH-17-099 |
Caballito |
63.5 |
68.5 |
5.0 |
0.78 |
0.18 |
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CQDH-17-104 |
Caballito |
70.1 |
92.0 |
21.9 |
0.86 |
0.07 |
554639 |
834610 |
633 |
357 |
-60.8 |
171.0 |
CQDH-17-104 |
Caballito |
95.0 |
105.1 |
10.1 |
0.54 |
0.17 |
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CQDH-17-104 |
Caballito |
120.0 |
133.3 |
13.3 |
1.20 |
1.29 |
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CQDH-17-111 |
Idaida |
124.2 |
144.8 |
20.6 |
1.77 |
0.18 |
554408 |
835089 |
756 |
323 |
-50.7 |
166.5 |
CQDH-17-113 |
Caballito |
12.7 |
37.2 |
24.5 |
0.64 |
0.04 |
554541 |
834490 |
544 |
16 |
-61.3 |
100.5 |
CQDH-17-114 |
Idaida |
35.2 |
42.0 |
6.8 |
1.13 |
0.50 |
554367 |
835125 |
730 |
318 |
-50.4 |
100.5 |
CQDH-17-114 |
Idaida |
45.5 |
61.2 |
15.7 |
1.20 |
0.37 |
|
|
|
|
|
|
CQDH-17-114 |
Idaida |
69.4 |
77.0 |
7.6 |
0.27 |
0.73 |
|
|
|
|
|
|
CQDH-17-116 |
Caballito |
41.0 |
66.5 |
25.5 |
1.12 |
0.63 |
554475 |
834623 |
580 |
246 |
-56.7 |
330.0 |
CQDH-17-116 |
Caballito |
69.0 |
90.0 |
21.0 |
1.84 |
0.40 |
|
|
|
|
|
|
CQDH-17-116 |
Caballito |
118.7 |
149.2 |
30.5 |
3.40 |
0.45 |
|
|
|
|
|
|
CQDH-17-116 |
Caballito |
165.5 |
174.5 |
9.0 |
0.66 |
0.13 |
|
|
|
|
|
|
CQDH-17-116 |
Caballito |
188.0 |
198.0 |
10.0 |
0.70 |
0.29 |
|
|
|
|
|
|
CQDH-17-116 |
Caballito |
229.5 |
232.5 |
3.0 |
0.33 |
0.14 |
|
|
|
|
|
|
CQDH-17-118 |
Idaida |
90.0 |
93.0 |
3.0 |
0.35 |
0.02 |
554353 |
835054 |
720 |
320 |
-50.0 |
130.5 |
CQDH-17-118 |
Idaida |
106.5 |
111.0 |
4.5 |
0.65 |
0.16 |
|
|
|
|
|
|
CQDH-17-120 |
Idaida |
52.0 |
58.0 |
6.0 |
0.27 |
0.39 |
554203 |
834944 |
631 |
45 |
-60.0 |
141.0 |
CQDH-17-120 |
Idaida |
67.0 |
69.5 |
2.5 |
0.47 |
0.12 |
|
|
|
|
|
|
CQDH-17-125 |
Idaida |
22.8 |
25.0 |
2.3 |
1.00 |
0.08 |
554419 |
835017 |
683 |
320 |
-50.0 |
132.0 |
CQDH-17-125 |
Idaida |
31.7 |
56.7 |
25.1 |
0.95 |
0.44 |
|
|
|
|
|
|
CQDH-17-125 |
Idaida |
60.6 |
76.5 |
15.9 |
0.50 |
0.15 |
|
|
|
|
|
|
CQDH-17-125 |
Idaida |
81.0 |
91.0 |
10.0 |
0.50 |
0.16 |
|
|
|
|
|
|
CQDH-17-125 |
Idaida |
97.0 |
121.5 |
24.5 |
0.57 |
0.14 |
|
|
|
|
|
|
CQDH-17-125 |
Idaida |
123.0 |
130.5 |
7.5 |
0.32 |
0.14 |
|
|
|
|
|
|
CQDH-17-127 |
Caballito |
112.7 |
160.5 |
47.9 |
0.83 |
0.14 |
554638 |
834608 |
632 |
270 |
-50.0 |
210.0 |
CQDH-17-130 |
Caballito |
58.0 |
61.0 |
3.0 |
0.41 |
0.11 |
554639 |
834607 |
632 |
180 |
-70.0 |
142.5 |
CQDH-17-132 |
Caballito |
111.0 |
160.0 |
49.0 |
0.66 |
0.45 |
554646 |
834730 |
656 |
245 |
-60.0 |
294.0 |
CQDH-17-136 |
Caballito |
31.1 |
38.0 |
6.9 |
2.24 |
0.37 |
554432 |
834716 |
567 |
245 |
-60.0 |
300.0 |
CQDH-17-136 |
Caballito |
50.6 |
65.5 |
14.9 |
0.55 |
0.69 |
|
|
|
|
|
|
CQDH-17-136 |
Caballito |
80.5 |
86.5 |
6.0 |
0.31 |
0.67 |
|
|
|
|
|
|
CQDH-17-136 |
Caballito |
92.0 |
151.5 |
59.5 |
0.92 |
0.52 |
|
|
|
|
|
|
CQDH-17-136 |
Caballito |
154.5 |
168.0 |
13.5 |
0.56 |
0.59 |
|
|
|
|
|
|
CQDH-17-136 |
Caballito |
172.4 |
200.9 |
28.5 |
0.62 |
0.66 |
|
|
|
|
|
|
CQDH-17-136 |
Caballito |
273.3 |
284.4 |
11.1 |
0.44 |
0.30 |
|
|
|
|
|
|
CQDH-17-140 |
Caballito |
103.0 |
105.4 |
2.3 |
1.13 |
0.37 |
554433 |
834716 |
566 |
180 |
-90.0 |
258.0 |
CQDH-17-140 |
Caballito |
160.4 |
172.3 |
12.0 |
0.47 |
0.29 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
81.2 |
90.6 |
9.4 |
2.07 |
0.61 |
554403 |
834808 |
573 |
245 |
-60.0 |
279.0 |
CQDH-17-142 |
Caballito |
98.0 |
115.0 |
17.0 |
1.22 |
0.40 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
132.7 |
158.0 |
25.3 |
0.57 |
0.53 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
159.5 |
169.0 |
9.5 |
0.80 |
0.31 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
176.5 |
179.5 |
3.0 |
0.35 |
0.17 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
194.7 |
206.5 |
11.8 |
1.27 |
0.34 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
212.5 |
222.5 |
10.0 |
0.32 |
0.14 |
|
|
|
|
|
|
CQDH-17-142 |
Caballito |
232.5 |
240.0 |
7.5 |
0.64 |
0.21 |
|
|
|
|
|
|
CQDH-17-148 |
Caballito |
77.4 |
94.0 |
16.6 |
2.01 |
1.35 |
554359 |
834632 |
559 |
285 |
-75.0 |
277.5 |
CQDH-17-148 |
Caballito |
104.5 |
162.0 |
57.5 |
1.50 |
0.27 |
|
|
|
|
|
|
CQDH-17-148 |
Caballito |
209.5 |
224.5 |
15.0 |
0.57 |
0.22 |
|
|
|
|
|
|
CQDH-17-148 |
Caballito |
227.5 |
230.5 |
3.0 |
0.44 |
0.24 |
|
|
|
|
|
|
CQDH-18-156 |
Caballito |
46.2 |
70.0 |
23.8 |
0.53 |
0.16 |
554266 |
834599 |
496 |
90 |
-60.0 |
240.0 |
CQDH-18-156 |
Caballito |
73.0 |
79.0 |
6.0 |
0.25 |
0.13 |
|
|
|
|
|
|
CQDH-18-156 |
Caballito |
89.0 |
92.0 |
3.0 |
0.33 |
0.18 |
|
|
|
|
|
|
CQDH-18-156 |
Caballito |
98.0 |
123.5 |
25.5 |
0.44 |
0.31 |
|
|
|
|
|
|
CQDH-18-156 |
Caballito |
126.5 |
133.5 |
7.0 |
0.37 |
0.24 |
|
|
|
|
|
|
CQDH-18-156 |
Caballito |
139.0 |
155.5 |
16.5 |
0.50 |
0.23 |
|
|
|
|
|
|
CQDH-18-156 |
Caballito |
157.0 |
160.0 |
3.0 |
0.56 |
0.33 |
|
|
|
|
|
|
CQDH-18-157 |
Caballito |
51.0 |
58.5 |
7.5 |
0.42 |
0.07 |
554368 |
834633 |
559 |
90 |
-60.0 |
247.5 |
CQDH-18-157 |
Caballito |
76.5 |
178.5 |
102.0 |
1.63 |
0.51 |
|
|
|
|
|
|
CQDH-18-157 |
Caballito |
180.0 |
199.5 |
19.5 |
1.27 |
0.30 |
|
|
|
|
|
|
CQDH-18-157 |
Caballito |
207.0 |
210.0 |
3.0 |
0.48 |
0.07 |
|
|
|
|
|
|
CQDH-18-159 |
Caballito |
16.5 |
30.0 |
13.5 |
0.41 |
0.00 |
554329 |
834472 |
484 |
70 |
-50.0 |
327.0 |
CQDH-18-159 |
Caballito |
141.5 |
144.0 |
2.5 |
0.91 |
0.69 |
|
|
|
|
|
|
CQDH-18-160 |
Caballito |
39.6 |
123.1 |
83.5 |
1.72 |
0.39 |
554479 |
834625 |
579 |
90 |
-60.0 |
300.0 |
CQDH-18-162 |
Idaida |
170.2 |
174.8 |
4.6 |
1.38 |
0.17 |
554386 |
834898 |
605 |
245 |
-50.0 |
300.0 |
CQDH-18-163 |
Caballito |
42.5 |
67.5 |
25.0 |
0.77 |
0.25 |
554287 |
834704 |
521 |
90 |
-60.0 |
300.0 |
CQDH-18-163 |
Caballito |
100.5 |
190.2 |
89.7 |
1.78 |
0.33 |
|
|
|
|
|
|
CQDH-18-164 |
Idaida |
96.3 |
120.5 |
24.2 |
2.06 |
0.54 |
554203 |
834946 |
628 |
315 |
-60.0 |
232.5 |
CQDH-18-164 |
Idaida |
129.5 |
132.8 |
3.3 |
2.57 |
0.36 |
|
|
|
|
|
|
CQDH-18-164 |
Idaida |
140.0 |
143.0 |
3.0 |
0.35 |
0.40 |
|
|
|
|
|
|
CQDH-18-165 |
Caballito |
56.7 |
65.0 |
8.3 |
0.62 |
0.35 |
554640 |
834609 |
631 |
90 |
-60.0 |
231.0 |
CQDH-18-165 |
Caballito |
68.1 |
78.8 |
10.7 |
0.55 |
0.27 |
|
|
|
|
|
|
CQDH-18-166 |
Caballito |
58.0 |
62.5 |
4.5 |
0.73 |
0.27 |
554651 |
834850 |
673 |
250 |
-65.0 |
285.0 |
CQDH-18-166 |
Caballito |
80.8 |
98.0 |
17.2 |
1.72 |
0.26 |
|
|
|
|
|
|
CQDH-18-166 |
Caballito |
99.2 |
113.7 |
14.6 |
0.53 |
0.22 |
|
|
|
|
|
|
CQDH-18-166 |
Caballito |
119.8 |
140.5 |
20.7 |
0.75 |
0.40 |
|
|
|
|
|
|
CQDH-18-167 |
Idaida |
177.0 |
180.0 |
3.0 |
0.70 |
0.15 |
554156 |
835148 |
673 |
90 |
-50.0 |
295.5 |
CQDH-18-167 |
Idaida |
192.0 |
204.0 |
12.0 |
0.35 |
0.08 |
|
|
|
|
|
|
CQDH-18-167 |
Idaida |
217.2 |
225.0 |
7.8 |
0.59 |
0.12 |
|
|
|
|
|
|
CQDH-18-167 |
Idaida |
229.5 |
234.0 |
4.5 |
1.19 |
0.21 |
|
|
|
|
|
|
CQDH-18-169 |
Idaida |
128.1 |
130.5 |
2.4 |
0.47 |
0.19 |
554155 |
835148 |
673 |
60 |
-50.0 |
300.0 |
CQDH-18-169 |
Idaida |
138.7 |
151.5 |
12.8 |
0.70 |
0.19 |
|
|
|
|
|
|
CQDH-18-169 |
Idaida |
156.0 |
169.5 |
13.5 |
0.38 |
0.18 |
|
|
|
|
|
|
CQDH-18-169 |
Idaida |
173.7 |
186.0 |
12.3 |
0.60 |
0.18 |
|
|
|
|
|
|
CQDH-18-169 |
Idaida |
187.5 |
202.5 |
15.0 |
0.54 |
0.16 |
|
|
|
|
|
|
CQDH-18-169 |
Idaida |
204.0 |
262.0 |
58.0 |
0.85 |
0.12 |
|
|
|
|
|
|
CQDH-18-170 |
Caballito |
28.8 |
36.6 |
7.8 |
0.58 |
0.27 |
554503 |
834913 |
638 |
90 |
-45.0 |
232.5 |
CQDH-18-170 |
Caballito |
40.0 |
42.5 |
2.5 |
1.02 |
0.23 |
|
|
|
|
|
|
CQDH-18-171 |
Caballito |
79.9 |
84.5 |
4.6 |
0.94 |
0.12 |
554505 |
834913 |
638 |
90 |
-70.0 |
201.0 |
CQDH-18-171 |
Caballito |
130.5 |
135.0 |
4.5 |
1.07 |
0.13 |
|
|
|
|
|
|
CQDH-18-177 |
Caballito |
45.5 |
51.7 |
6.2 |
0.28 |
0.00 |
554227 |
834804 |
565 |
90 |
-60.0 |
274.5 |
CQDH-18-177 |
Caballito |
136.6 |
138.8 |
2.2 |
1.02 |
0.18 |
|
|
|
|
|
|
CQDH-18-178 |
Caballito |
22.5 |
26.0 |
3.5 |
0.39 |
0.01 |
554284 |
834704 |
522 |
270 |
-75.0 |
210.0 |
CQDH-18-178 |
Caballito |
67.0 |
101.0 |
34.0 |
1.15 |
0.33 |
|
|
|
|
|
|
CQDH-18-178 |
Caballito |
106.5 |
111.0 |
4.5 |
0.54 |
0.24 |
|
|
|
|
|
|
CQDH-18-179 |
Idaida |
68.7 |
73.0 |
4.3 |
0.58 |
0.40 |
554138 |
835048 |
655 |
90 |
-65.0 |
454.5 |
CQDH-18-179 |
Idaida |
82.0 |
85.0 |
3.0 |
0.57 |
0.23 |
|
|
|
|
|
|
CQDH-18-179 |
Idaida |
97.0 |
109.5 |
12.5 |
0.61 |
0.49 |
|
|
|
|
|
|
CQDH-18-179 |
Idaida |
110.7 |
128.3 |
17.6 |
3.73 |
0.89 |
|
|
|
|
|
|
CQDH-18-179 |
Idaida |
363.0 |
366.0 |
3.0 |
2.29 |
0.31 |
|
|
|
|
|
|
CQDH-18-181 |
Idaida |
104.1 |
111.5 |
7.4 |
1.21 |
0.16 |
554371 |
835160 |
735 |
270 |
-70.0 |
414.0 |
CQDH-18-181 |
Idaida |
134.9 |
151.5 |
16.6 |
1.50 |
0.17 |
|
|
|
|
|
|
CQDH-18-181 |
Idaida |
163.5 |
190.9 |
27.4 |
1.87 |
0.30 |
|
|
|
|
|
|
CQDH-18-181 |
Idaida |
192.0 |
204.6 |
12.6 |
0.50 |
0.16 |
|
|
|
|
|
|
CQDH-18-181 |
Idaida |
213.1 |
216.0 |
2.9 |
0.53 |
0.24 |
|
|
|
|
|
|
CQDH-18-181 |
Idaida |
245.9 |
255.3 |
9.4 |
1.13 |
0.20 |
|
|
|
|
|
|
CQDH-18-181 |
Idaida |
280.0 |
290.5 |
10.5 |
0.59 |
0.14 |
|
|
|
|
|
|
CQDH-18-182 |
Idaida |
317.1 |
320.1 |
3.0 |
0.45 |
0.42 |
554179 |
835298 |
749 |
90 |
-65.0 |
328.5 |
PDH135316 |
Idaida |
98.0 |
159.0 |
61.0 |
1.96 |
0.26 |
554410 |
835090 |
744 |
0 |
-90.0 |
578.8 |
PDH135317 |
Idaida |
64.0 |
97.0 |
33.0 |
2.83 |
0.31 |
554356 |
835052 |
721 |
0 |
-90.0 |
507.4 |
PDH135317 |
Idaida |
131.0 |
143.0 |
12.0 |
0.48 |
0.10 |
|
|
|
|
|
|
PDH135317 |
Idaida |
177.0 |
181.0 |
4.0 |
0.47 |
0.11 |
|
|
|
|
|
|
PDH135317 |
Idaida |
191.0 |
193.0 |
2.0 |
1.18 |
0.12 |
|
|
|
|
|
|
PDH135317 |
Idaida |
394.0 |
400.0 |
6.0 |
0.49 |
0.07 |
|
|
|
|
|
|
PDH135317 |
Idaida |
406.0 |
413.0 |
7.0 |
1.21 |
0.06 |
|
|
|
|
|
|
PDH135317 |
Idaida |
427.0 |
433.0 |
6.0 |
0.88 |
0.06 |
|
|
|
|
|
|
PDH135317 |
Idaida |
442.0 |
445.0 |
3.0 |
0.62 |
0.15 |
|
|
|
|
|
|
PDH14062 |
Idaida |
278.0 |
282.0 |
4.0 |
1.83 |
0.06 |
554154 |
835149 |
673 |
0 |
-90.0 |
893.0 |
PDH93025 |
Idaida |
50.3 |
59.5 |
9.2 |
1.22 |
0.26 |
554340 |
835039 |
717 |
0 |
-90.0 |
59.5 |
PDH93040 |
Idaida |
87.0 |
99.4 |
12.4 |
1.21 |
0.35 |
554412 |
835092 |
756 |
0 |
-90.0 |
99.4 |
PDH93043 |
Idaida |
63.0 |
89.0 |
26.0 |
1.68 |
0.30 |
554357 |
835128 |
718 |
0 |
-90.0 |
89.0 |
PRH12275 |
Idaida |
86.0 |
116.0 |
30.0 |
0.61 |
0.26 |
554413 |
835092 |
759 |
0 |
-90.0 |
142.0 |
PRH12275 |
Idaida |
119.0 |
142.0 |
23.0 |
1.06 |
0.22 |
|
|
|
|
|
|
PRH12279 |
Idaida |
61.0 |
90.0 |
29.0 |
2.11 |
0.17 |
554366 |
835123 |
732 |
0 |
-90.0 |
113.0 |
PRH12279 |
Idaida |
92.0 |
95.0 |
3.0 |
0.49 |
0.05 |
|
|
|
|
|
|
PRH13316 |
Idaida |
85.0 |
96.0 |
11.0 |
0.82 |
0.23 |
554410 |
835090 |
744 |
0 |
-90.0 |
96.0 |
PRH13317 |
Idaida |
51.0 |
63.0 |
12.0 |
1.91 |
0.30 |
554356 |
835052 |
721 |
0 |
-90.0 |
63.0 |
COG= 0.3%Cu |
|
|
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|
|
|
|
|
|
|
|
|
MaxWaste=5m |
|
|
|
|
|
|
|
|
|
|
|
|
Minimum Comp Length =2m
*WA = weighted average
|
|
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SOURCE Orla Mining Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/06/c7914.html
%CIK: 0001680056
For further information: Jason Simpson, President & Chief Executive
Officer, Andrew Bradbury, Director, Investor Relations, www.orlamining.com,info@orlamining.com
CO: Orla Mining Ltd.
CNW 06:00e 06-DEC-21
This regulatory filing also includes additional resources:
ex991.pdf
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