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 September 2022
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: September 12, 2022 |
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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 Advances Exploration & Growth
Pipeline
Continued Definition of Higher-Grade
Zones at Camino Rojo Sulphides
VANCOUVER, BC, Sept. 12, 2022 /CNW/ - Orla Mining
Ltd. (TSX: OLA) (NYSE: ORLA) ("Orla" or the "Company") is pleased to provide an update on the Company's 2022 exploration
program including drilling completed in the second quarter of 2022.
"Now in production, we are pleased to have finally
begun exploration across our large prospective portfolio covering three countries and 200,000 hectares. Since April, we have been making
great strides in advancing our key exploration growth opportunities. Most notably, Phase 2 drilling at the Camino Rojo Sulphides continues
to intersect wide, higher-grade mineralization. As a result of the success and prospectivity encountered across the portfolio, we have
increased our planned exploration spending in 2022. Exploration is a tenet of our value creation strategy."
- Jason
Simpson, President and Chief Executive Officer of Orla
HIGHLIGHTS:
| • | Camino Rojo Sulphides (Mexico): Phase 2 drilling continues
to return wide, higher-grade intercepts, supporting Orla's geological model and mineral resource estimate. The recent, south-oriented
drilling is providing greater understanding of the geological controls, continuity, and distribution of gold grades versus historical
drilling. This new information is proving to be critical in determining the preferred mining option and mine design, which will support
the most economic resource extraction method. Intercept highlights include: |
| • | Hole CRSX22-06 : 2.56 g/t Au over 41.5m, incl. 4.00 g/t
Au over 19.5m |
| • | Hole CRSX22-08A : 3.08 g/t Au over 52.5m, incl. 4.37 g/t
Au over 28.5m |
| • | Cerro Quema - La Pelona Oxides (Panama): The two diamond
drill holes completed at this target returned significant widths of oxide-gold mineralization, including 0.27 g/t gold over 113.7m, and
0.46 g/t gold over 104.8m, indicating potential for additional oxide-gold mineralization to expand upon the plan outlined in the Cerro
Quema Pre-Feasibility Study (as defined below) (Figure 6). |
| • | Cerro Quema - La Prieta Sulphides (Panama): The first
three drill holes testing the large intrusion-related gold-copper target returned intercepts of significant gold and anomalous copper
mineralization, including 27.3 g/t gold and 0.91% Cu over 0.75m and 1.01 g/t gold over 13.5m, associated with pyrite, chalcopyrite and
bornite hosted in hydrothermal breccias and veins. The results are encouraging and indicate potential for gold-copper intrusion-related
mineralization. |
| • | South Railroad - Sulphides/Oxides (Nevada): Orla continues
the 2022 sulphide exploration program started by Gold Standard Ventures Corp. ("GSV") and is increasing exploration spending
by $1.5 million to accelerate the upgrade and definition of new oxide resources. |
CAMINO ROJO (MEXICO) EXPLORATION:
The Company's 2022 exploration program in Mexico is
multi-faceted with focus on the advancement of the Camino Rojo Sulphides project, which represents Orla's greatest opportunity for value
creation outside of a new discovery. In 2021, Orla drilled its first campaign into the Sulphides in the opposite orientation of most historical
drillholes. The results from that Phase 1 program demonstrated wide zones of higher-grade mineralization which confirmed that the new
drill orientation could identify key mineralized zones within the broader sulphide mineral resource while reinforcing the geological model.
This led to a second phase of the oriented diamond drilling program, currently in progress, which continues to target higher-grade sulphide
mineralization. This new geological information implies the possibility of continuous, higher-grade domains, which could be amenable to
underground mining. Historical drilling, conducted by the previous project owners, indicated the grade of the ore body to be widely disseminated
and a large, open-pit mining scenario was the favoured development pathway. However, the newly oriented drilling has demonstrated the
potential for a more targeted mining method which may focus on priority extraction of the higher-grade material. Phases 1 and 2 of the
oriented diamond drill program have been successfully targeting the higher-grade mineralization in the Sulphides and as such, additional
drilling at reduced spacing will be required to increase confidence in new mineral resource estimations. While the 350,000 metres of historical
drilling demonstrated the scale and strength of the ore body, the additional drilling is expected to support a new development scenario.
Based on the recent results, the Company is establishing a multi-year drill plan to advance the Sulphides towards a development decision.
In addition to advancing the development of the Sulphides,
first steps were taken away from the known Camino Rojo deposit into the surrounding, largely unexplored, land package. Reverse circulation
("RC") drilling of regional exploration targets began in the second quarter. Both programs will continue through the second
half of 2022 with regional RC drilling testing high priority exploration targets along the identified northeast mine trend pending receipt
of necessary drill permits.
Camino Rojo Sulphide Drill Program:
Program: Camino Rojo Sulphides continue
to demonstrate potential for higher-grade zones and a targeted mining method. A Phase 2, 15-hole (8,775 metre) oriented diamond drill
program at the Camino Rojo Sulphides began in April 2022 with five holes completed to date. The current program is designed to infill
between the Phase 1 north-to-south drill holes, reducing the spacing between the south-azimuth drill holes to 150-200 metres. The Phase
2 drill program is targeting structurally controlled higher-grade gold mineralization within the sulphide portion of the deposit to determine
the potential economic strength of a sulphide underground mining scenario at Camino Rojo.
Results and Next Steps: This current Phase
2 drilling continues to return wide, higher-grade intercepts of gold mineralization associated with identifiable structures in the deposit.
The improved understanding of grade distribution and continuity is critical to the progress of the Camino Rojo Sulphide project and will
be reflected in an updated resource model. Selected significant results from five holes with assays received out of the 15 holes planned
in 2022 include:
| • | Hole CRSX22-05: 1.95 g/t Au over 61.2m, incl. 2.05 g/t
Au over 19.5m |
| • | Hole CRSX22-06: 2.56 g/t Au over 41.5m, incl. 4.00 g/t
Au over 19.5m |
| • | Hole CRSX22-07A: 3.20 g/t Au over 36.6m |
| • | Hole CRSX22-07B: 2.13 g/t Au over 27.0m, incl. 4.43 g/t
Au over 9.5m |
| • | Hole CRSX22-08A: 3.08 g/t Au over 52.5m, incl. 4.37 g/t
Au over 28.5m |
The implications of these drill results are as follows:
(1) The recent drilling
continues to support and improve Orla's understanding of the sulphide deposit, including geological controls, distribution and continuity
of higher-grade (>2 g/t) gold mineralization.
(2) The mineability of the
updated resource is expected to improve, owing to demonstrable continuity and control on the distribution of auriferous vein domains.
(3) New geological domains
controlling mineralization have been defined (e.g., northwest dipping auriferous domains). Detail of the results are illustrated in Figures
1-3 and presented in Table 1.
Phase 2 directional drilling at the Camino Rojo Sulphides
is expected to be completed in the fourth quarter of 2022 with final results expected in early 2023. The additional drill data will support
the Company's multi-year plan which is expected to be outlined in the fourth quarter.
Figure 1: Camino Rojo Sulphides Long Section (CNW
Group/Orla Mining Ltd.)
Figure 2: Camino Rojo Sulphides Cross Section (CRSX22-05)
(CNW Group/Orla Mining Ltd.)
Figure 3: Camino Rojo Sulphides Cross Section (CRSX22-07)
(CNW Group/Orla Mining Ltd.)
Camino Rojo Regional Program:
Program: RC drilling of high priority, near-mine
target areas including along the Camino Rojo mine trend is underway, with 40% of the program completed. Discovery of new deposits is the
objective, and this could include oxide deposits that support mine life extension or additional sulphide deposits that expand the already
impressive sulphide endowment.
Results: Drilling in the second quarter
has focused on the Centro and Represa Sur targets, in addition to the SF, SFSW, CRSW, and Las Catas targets (Figure 4). Anomalous gold
results (up to 0.31 g/t Au over 1.5m or 0.11 g/t Au over 6.0m) with associated pathfinder elements such as antimony (up to 2720 ppm over
1.5m) generated along the Camino Rojo Mine Trend at Centro. Multiple regional targets will be tested in the second half of 2022 and beyond,
pending receipt of necessary drill permits.
Next Steps: In the second half of 2022,
soil sampling, drone mag, and IP will be conducted over the northeast mine trend area to refine exploration targets in the El Bocho, Guanamero,
and Monterilla areas. Drill testing priority exploration targets in these areas, including those with significant and anomalous gold results
in the 2021 regional rotary air blast ("RAB") drill holes at the Guanamero target area (including 1.94 g/t Au over 3 m in hole
RABCR21-106b and 0.13 g/t Au over 17 m in RABCR21-105B (see March 14, 2022, Press Release - Orla Mining Commences
Near Mine and Regional Exploration at Camino Rojo and Cerro Quema for further details), is expected to be completed during the
remainder of the year.
Figure 4: Camino Rojo - 2022 Target Areas (CNW Group/Orla
Mining Ltd.)
For additional information on previous drill results
on Guanamero, please refer to the Company's press release dated March 14, 2022 - Orla Mining Commences Near Mine and Regional Exploration
at Camino Rojo and Cerro Quema. All other previous drill results presented in Figure 4 are historical in nature and are not treated by
the Company as current. Such results were completed by Goldcorp Inc., a prior owner of the Camino Rojo Project.
CERRO QUEMA (PANAMA) EXPLORATION:
In the second quarter, drilling at Cerro Quema focused
on the La Prieta and La Pelona targets. Both target areas returned significant Au and anomalous Cu results and follow-up drilling in both
areas is expected for early 2023. Diamond drilling at Cerro Quema will continue through the second half of the year, with drill rigs moving
to metallurgical, infill, and expansion drilling at Caballito and Quemita.
Figure 5: Cerro Quema - 2022 Target Areas (CNW Group/Orla
Mining Ltd.)
La Pelona:
Program: Two diamond drill core holes,
totalling 540 metres, have been completed at La Pelona. These two drill holes followed up on historical diamond drill holes that returned
lower grade oxide gold intersections of 0.15 to 0.41 g/t over large drill intervals ranging from 76 to 144 metres.
Results and Next Steps: Both recent drill
holes intersected styles of alteration and sulphide mineralization similar to that observed at Caballito and suggests potential for additional
oxide and sulphide mineralization. Drilling results are illustrated in Figure 6 and assay results are presented in Table 4, drill highlights
include:
| • | Hole CQDH-22-187: 0.27 g/t Au over 113.7m (from 5.2m in
oxide) |
| • | Hole CQDH-22-189: 0.46 g/t Au over 104.8m, incl. 0.70
g/t Au over 46.5m (from 18.3m in oxide) |
The near surface oxide drill results support the exploration
model and indicate the potential to add oxide mineralization at the Cerro Quema project.
Additional drilling is being considered for early
2023 with the goal of testing and expanding Au-Cu mineralization at La Pelona.
Figure 6: La Pelona Cross-Section with results (Cerro
Quema) (CNW Group/Orla Mining Ltd.)
La Prieta:
Program: Three diamond drill core holes,
totalling 1,494 metres have been completed at La Prieta. These first drill holes tested a large (1.2 km2) soil, rock and geophysical
IP anomalies consistent with intrusion-related Au-Cu mineralization.
Results and Next Steps: All three holes
intercepted anomalous gold-copper mineralization and significant Au intercepts in hole 188. Mineralization is associated with pyrite,
chalcopyrite, and bornite in quartz stockworks, quartz veins and hydrothermal magnetite-pyrite matrix breccias. This mineralization provides
strong indicators of high potential for an Au-Cu intrusion-related system discovery. Drilling results are illustrated in Figure 7 and
assay results are presented in Table 4. Drill highlights include:
| • | Hole CQDH-22-186: 0.50 g/t Au and 0.32% Cu over 10.5m |
| • | Hole CQDH-22-188: 1.01 g/t Au over 13.5m, 27.3 g/t Au
and 0.91% Cu over 0.75m |
These first drill results demonstrate that La Prieta
mineralized intrusive system has generated anomalous to significant gold grades over significant widths (e.g., 0.23 g/t Au over
35.95m, 0.31 g/t Au over 17.75m, 1.01 g/t Au over 13.5m) as well as narrow high-grade intervals (e.g., 27.3 g/t Au
and 0.91% Cu over 0.75m). The results justify follow-up drilling over the target area.
Additional drilling will be considered for early 2023
to continue to test and evaluate the economic potential of Au-Cu mineralization at La Prieta.
Figure 7: La Prieta Cross-Section with results (Cerro
Quema) (CNW Group/Orla Mining Ltd.)
SOUTH RAILROAD (NEVADA, USA) EXPLORATION:
Orla recently acquired two projects in Nevada through
its acquisition of GSV: The South Railroad Project, located on the Carlin Trend, and the Lewis Project, located on the Battle Mountain
Trend (Figure 8).
Program: Through the remainder of the
year, Orla will continue with GSV's 2022 planned program of resource expansion and exploration drilling at key targets on the South Railroad
Project. The Company will also commence an additional 5,000 metre RC and core drill program at South Railroad for an additional $1.5 million,
bringing the total 2022 planned direct drilling cost spending to $3.0 million across 11,370 metres of drilling. The current and primary
objectives are to upgrade and increase oxide resources at the Pinion SB, LT, POD, Sweet Hollow, Jasperoid Wash, and Dixie targets (Figure
8).
Figure 8: South Railroad Project - target areas for
H2 drilling (CNW Group/Orla Mining Ltd.)
2022 EXPLORATION BUDGET:
The initial 2022 exploration budget totalled $15 million,
with $10 million allocated to Mexico and $5 million allocated to Panama. Supported by the recent exploration success and following the
completion of the acquisition of Gold Standard Ventures, Orla will increase the 2022 spending to $18.0 million.
Qualified Person Statement
The scientific and technical information in this news
release has been reviewed and approved by Mr. Sylvain Guerard, P Geo., SVP Exploration of the Company, who is the Qualified Person as
defined under the definitions of National Instrument 43-101 ("NI 43-101").
To verify the information related to the 2022 drilling
programs at the Camino Rojo and Cerro Quema properties, Mr. Guerard has visited the properties in the past year; discussed logging, sampling,
and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel;
and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations.
Quality Assurance / Quality Control - 2022 Drill Program
Camino Rojo
All gold results at Camino Rojo were obtained by ALS
Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analyzed for multi-elements,
including silver, copper, lead and zinc using an Aqua Regia (ME-ICP61) method at ALS Laboratories in Canada. If samples are returned with
base metal values in excess of 1% by ICP analysis, samples are re-run with AA46 aqua regia and atomic absorption analysis. Drill program
design, Quality Assurance/Quality Control and interpretation of results are performed by qualified persons employing a Quality Assurance/Quality
Control program consistent with NI 43-101 and industry best practices. Standards were inserted at a frequency of one in every 50 samples,
and blanks were inserted at a frequency of one in every 50 samples for Quality Assurance/Quality Control purposes by the Company as well
as the lab. ALS Laboratories is independent of Orla. There are no known drilling, sampling, recovery, or other factors that could materially
affect the accuracy or reliability of the drilling data at Camino Rojo.
Cerro Quema
All gold results for Cerro Quema were obtained by
ALS Minerals (Au-AA23) using fire assay fusion and an atomic absorption spectroscopy finish. All samples are also analyzed for multi-elements,
including copper, using an Aqua Regia (ME-ICP41) method at ALS Laboratories in Peru. If samples are returned with base metal values
in excess of 1% by ICP analysis, samples are re-run with AA46 aqua regia and atomic absorption analysis. If samples are returned
with gold metal values in excess of 10 g/t by fire assay and atomic absorption spectroscopy finish, samples are re-run with Au-GRA21 gravimetric
analysis and atomic absorption analysis. Drill program design, Quality Assurance/Quality Control and interpretation of results are
performed by qualified persons employing a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices.
Standards were inserted at a frequency of one in every 50 samples, and blanks were inserted at a frequency of (at random) one in every
70 samples for Quality Assurance/Quality Control purposes by the Company as well as the lab. ALS Laboratories is independent of
Orla. There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability
of the drilling data at Cerro Quema.
South Railroad Project Technical Information
With respect to the South Railroad Project, the mineral
reserve estimate for: (i) Dark Star consists of 283 koz gold of proven reserves (6,911 k tonnes at 1.27 g/t) and 557 koz gold of probable
reserves (22,247 k tonnes at 0.78 g/t); and (ii) Pinion consists of 50 koz gold of proven reserves (2,049 k tonnes at 0.76 g/t) and 714
koz gold of probable resources (33,992 k tonnes at 0.65 g/t). The mineral resource estimate for (i) Dark Star consists of 288 koz gold
of measured resources (7,225 k tonnes at 1.24 g/t), 625 koz gold of indicated resources (24,567 k tonnes at 0.79 g/t) and 19 koz gold
of inferred resources (1,176 k tonnes at 0.51 g/t); (ii) Pinion consists of 55 koz gold of measured resources (2,336 k tonnes at 0.73
g/t), 816 koz gold of indicated resources (41,193 k tonnes at 0.62 g/t) and 15 koz gold of inferred resources (1,178 k tonnes at 0.40
g/t); (iii) Jasperoid Wash consists of 130 koz gold of inferred resources (11,939 k tonnes at 0.34 g/t); (iv) POD / Sweet Hollow consists
of 142 koz gold of inferred resources (4,654 k tonnes at 0.95 g/t); (v) North Bullion Open Pit consists of 344 koz gold of inferred resources
(2,849 k tonnes at 3.75 g/t); and (vi) North Bullion Underground consists of 66 koz gold of inferred resources (457 k tonnes at 4.49 g/t).
For additional detail, see the South Railroad Feasibility Study (as defined below). Mineral resources are inclusive of mineral reserves.
About Orla Mining Ltd.
Orla is operating the Camino Rojo Oxide Gold Mine,
a gold and silver open-pit and heap leach mine, located in Zacatecas State, Mexico. The property 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. Orla
also owns 100% of Cerro Quema located in Panama which includes a 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 Pre-Feasibility Study on the Cerro Quema oxide
gold project entitled "Project Pre-Feasibility Updated NI 43-101 Technical Report on the Cerro Quema Project, Province of Los
Santos, Panama" dated January 18, 2022 (the "Cerro Quema Pre-Feasibility Study"), is available on SEDAR and EDGAR
under the Company's profile at www.sedar.com and www.sec.gov, respectively. Orla also owns 100% of the South Railroad Project, a
feasibility-stage, open pit, heap leach project located on the Carlin trend in Nevada. The technical report for the 2022 Feasibility Study
entitled "South Railroad Project, Form 43-101F1 Technical Report Feasibility Study, Elko County, Nevada" dated March
23, 2022 (the "South Railroad Feasibility Study"), is available on SEDAR and EDGAR under Gold Standard Venture's profile at
www.sedar.com and www.sec.gov, respectively. The technical reports are 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 2022 drill program, including the expected
timing, benefits and results thereof, and statements regarding potential mineralization at the Company's projects. 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
and mineral reserve 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: uncertainty and variations in the estimation of mineral resources and mineral reserves, including risks that the
interpreted drill results may not accurately represent the actual continuity of geology or grade of the deposit, bulk density measurements
may not be representative, interpreted and modelled metallurgical domains may not be representative, and metallurgical recoveries may
not be representative; the Company's reliance on Camino Rojo and risks associated with its start-up phase; financing risks and access
to additional capital; risks related to natural disasters, terrorist acts, health crises and other disruptions and dislocations, including
by the COVID-19 pandemic; risks related to the Company's indebtedness; success of exploration, development, and operation activities;
foreign country and political risks, including risks relating to foreign operations and expropriation or nationalization of mining operations;
concession risks; permitting risks; environmental and other regulatory requirements; delays in or failures to enter into a subsequent
agreement with Fresnillo Plc with respect to accessing certain additional portions of the mineral resource at Camino Rojo and to obtain
the necessary regulatory approvals related thereto; the mineral resource estimations for Camino Rojo being only estimates and relying
on certain assumptions; the Layback Agreement with Fresnillo Plc remaining subject to the transfer of surface rights; delays in or failure
to get access from surface rights owners; risks related to guidance estimates and uncertainties inherent in the preparation of feasibility
and pre-feasibility studies, including but not limited to, assumptions underlying the production estimates not being realized, changes
to the cost of production, variations in quantity of mineralized material, grade or recovery rates, geotechnical or hydrogeological considerations
during mining differing from what has been assumed, failure of plant, equipment or processes, changes to availability of power or the
power rates, ability to maintain social license, changes to exchange, interest or tax rates, cost of labour, supplies, fuel and equipment
rising, changes in project parameters, delays, and costs inherent to consulting and accommodating rights of local communities; uncertainty
in estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold, silver,
and copper; global financial conditions; uninsured risks; competition from other companies and individuals; uncertainties related to title
to mineral properties; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of
the Company's securities; assessments by taxation authorities in multiple jurisdictions; foreign currency fluctuations; the Company's
limited operating history; risks related to the Company's history of negative operating cash flow; litigation risks; intervention by non-governmental
organizations; outside contractor risks; risks related to historical data; unknown labilities in connection with acquisitions; the Company's
ability to identify, complete, and successfully integrate acquisitions; dividend risks; risks related to the Company's foreign subsidiaries;
risks related to the Company's accounting policies and internal controls; the Company's ability to satisfy the requirements of the Sarbanes-Oxley
Act of 2002; enforcement of civil liabilities; the Company's status as a passive foreign investment company for U.S. federal income tax
purposes; information and cyber security; gold industry concentration; shareholder activism; risks associated with executing the Company's
objectives and strategies, 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 18, 2022, which are 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
This news release has been prepared in accordance
with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current
standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral
reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated
mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein and the documents
incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National
Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy
and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended (the "CIM Definition Standards").
For United States reporting purposes, the United
States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization
Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the
Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements
and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace
the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required
to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer
that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Corporation 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. Accordingly, mineral reserve and mineral resource information contained or incorporated by reference
herein may not be comparable to similar information disclosed by United States companies subject to the United States federal securities
laws and the rules and regulations thereunder.
As a result of the adoption of the SEC Modernization
Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred
mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral
reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101.
While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral
resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into
a higher category of mineral resources or into mineral reserves without further work and analysis. 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, U.S. investors are cautioned not to assume that all or any measured mineral resources, indicated mineral resources, or inferred
mineral resources that the Company reports are or will be economically or legally mineable without further work and analysis. Further,
"inferred mineral resources" have a greater amount of uncertainty 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 inferred mineral resources will be upgraded to a higher
category without further work and analysis. Under Canadian securities laws, estimates of "inferred mineral resources" may not
form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are "substantially similar"
to CIM Definitions, 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 reserve or resource estimates under the standards adopted under the SEC
Modernization Rules or under the prior standards of SEC Industry Guide 7.
Appendix: Drill Results
Table 1: Camino Rojo Near Mine Composite Drill
Results
| HOLE-ID |
From
(m) |
To
(m) |
Core Length
(m) |
True Width
(m) |
Au g/t |
Ag g/t |
Au GXM |
Au GXM
(TW) |
Including
2.0g/t Au COG |
Including
10g/t Au HG |
Ox / Sx |
| CRSX22-05 |
19.50 |
21.00 |
1.50 |
1.06 |
1.10 |
7.2 |
1.64 |
1.16 |
|
|
Ox |
| CRSX22-05 |
22.50 |
24.00 |
1.50 |
1.06 |
1.69 |
7.9 |
2.53 |
1.78 |
|
|
Ox |
| CRSX22-05 |
43.80 |
45.65 |
1.85 |
1.31 |
1.57 |
9.4 |
2.90 |
2.06 |
|
|
Ox |
| CRSX22-05 |
84.00 |
86.80 |
2.80 |
2.14 |
4.16 |
8.8 |
11.65 |
8.91 |
1.3m @ 7.14g/t Au |
|
Ox |
| CRSX22-05 |
169.50 |
194.75 |
25.25 |
18.14 |
1.03 |
17.7 |
26.09 |
18.74 |
1.5m @ 2.12g/t Au
1.5m @ 2.7g/t Au
1.5m @ 2.32g/t Au |
|
Tr |
| CRSX22-05 |
200.35 |
201.50 |
1.15 |
0.87 |
1.43 |
46.1 |
1.64 |
1.25 |
|
|
Sx |
| CRSX22-05 |
216.80 |
278.00 |
61.20 |
46.37 |
1.95 |
20.4 |
119.52 |
90.56 |
8.55m @ 3.37g/t Au
3m @ 4.24g/t Au
19.45m @ 2.05g/t Au |
|
Sx |
| CRSX22-05 |
300.00 |
301.50 |
1.50 |
1.13 |
1.49 |
13.0 |
2.23 |
1.68 |
|
|
Tr |
| CRSX22-05 |
307.50 |
313.50 |
6.00 |
4.54 |
1.16 |
14.3 |
6.99 |
5.28 |
|
|
Sx |
| CRSX22-05 |
340.50 |
345.00 |
4.50 |
3.40 |
1.56 |
8.9 |
7.03 |
5.30 |
1.5m @ 3.09g/t Au |
|
Sx |
| CRSX22-06 |
184.50 |
186.00 |
1.50 |
1.03 |
1.24 |
20.6 |
1.85 |
1.28 |
|
|
Tr |
| CRSX22-06 |
270.05 |
274.00 |
3.95 |
3.61 |
1.11 |
20.1 |
4.38 |
4.00 |
|
|
Sx |
| CRSX22-06 |
289.50 |
317.00 |
27.50 |
21.31 |
1.89 |
16.6 |
52.11 |
40.38 |
10.85m @ 2.78g/t Au
1.5m @ 2.17g/t Au
4.5m @ 3.01g/t Au |
|
Sx |
| CRSX22-06 |
324.50 |
366.00 |
41.50 |
27.98 |
2.56 |
12.6 |
106.14 |
71.56 |
1.5m @ 4.71g/t Au
19.45m @ 4g/t Au |
0.4m @ 77.5g/t Au |
Sx |
| CRSX22-06 |
372.90 |
393.00 |
20.10 |
13.57 |
2.01 |
13.6 |
40.44 |
27.30 |
18.35m @ 2.09g/t Au |
|
Sx |
| CRSX22-06 |
400.00 |
401.10 |
1.10 |
0.77 |
2.38 |
22.0 |
2.62 |
1.84 |
|
|
Sx |
| CRSX22-07A |
495.70 |
511.00 |
15.30 |
15.00 |
3.28 |
15.0 |
50.16 |
49.18 |
13.8m @ 3.47g/t Au |
|
Sx |
| CRSX22-07A |
521.80 |
527.00 |
5.20 |
5.09 |
8.74 |
26.3 |
45.45 |
44.49 |
5.2m @ 8.74g/t Au |
1.5m @ 21.8g/t Au |
Sx |
| CRSX22-07A |
542.70 |
548.50 |
5.80 |
5.67 |
2.24 |
5.0 |
12.97 |
12.68 |
4.3m @ 2.36g/t Au |
|
Sx |
| CRSX22-07A |
568.00 |
571.00 |
3.00 |
2.93 |
3.30 |
7.7 |
9.89 |
9.66 |
1.5m @ 5.34g/t Au |
|
Sx |
| CRSX22-07A |
583.40 |
620.00 |
36.60 |
35.74 |
3.20 |
9.2 |
117.07 |
114.32 |
36.6m @ 3.2g/t Au |
1.5m @ 15.5g/t Au |
Sx |
| CRSX22-07A |
629.00 |
635.00 |
6.00 |
5.55 |
2.73 |
4.9 |
16.36 |
15.13 |
3m @ 4.73g/t Au |
|
Sx |
| CRSX22-07A |
642.00 |
656.00 |
14.00 |
12.94 |
2.18 |
17.8 |
30.56 |
28.25 |
5m @ 3.64g/t Au
1.5m @ 4.27g/t Au |
|
Sx |
| CRSX22-07A |
666.00 |
671.40 |
5.40 |
5.27 |
2.64 |
18.2 |
14.27 |
13.93 |
2.9m @ 4.14g/t Au |
|
Sx |
| CRSX22-07A |
682.00 |
689.50 |
7.50 |
7.32 |
2.28 |
17.2 |
17.09 |
16.68 |
1.5m @ 6.43g/t Au |
|
Sx |
| CRSX22-07A |
699.90 |
702.50 |
2.60 |
2.53 |
1.18 |
39.4 |
3.07 |
3.00 |
|
|
Sx |
| CRSX22-07A |
713.00 |
720.00 |
7.00 |
6.82 |
2.91 |
6.6 |
20.35 |
19.83 |
7m @ 2.91g/t Au |
|
Sx |
| CRSX22-07A |
735.00 |
750.00 |
15.00 |
14.62 |
1.88 |
3.6 |
28.17 |
27.46 |
10.5m @ 2.34g/t Au
0.8m @ 3.77g/t Au |
|
Sx |
| CRSX22-07A |
760.00 |
760.60 |
0.60 |
0.59 |
2.66 |
23.3 |
1.60 |
1.57 |
|
|
Sx |
| CRSX22-07A |
763.50 |
765.00 |
1.50 |
1.47 |
1.11 |
2.0 |
1.66 |
1.63 |
|
|
Sx |
| CRSX22-07B |
428.50 |
435.50 |
7.00 |
6.40 |
2.28 |
29.1 |
15.93 |
14.57 |
7m @ 2.28g/t Au |
|
Sx |
| CRSX22-07B |
453.00 |
480.50 |
27.50 |
25.04 |
1.34 |
8.2 |
36.92 |
33.61 |
7m @ 2.52g/t Au
1.5m @ 2.51g/t Au |
|
Sx |
| CRSX22-07B |
489.50 |
503.00 |
13.50 |
12.27 |
1.37 |
11.0 |
18.53 |
16.84 |
4.5m @ 3.08g/t Au |
|
Sx |
| CRSX22-07B |
524.00 |
537.55 |
13.55 |
12.27 |
2.72 |
6.0 |
36.81 |
33.33 |
13.55m @ 2.72g/t Au |
|
Sx |
| CRSX22-07B |
556.00 |
557.50 |
1.50 |
1.36 |
3.36 |
11.9 |
5.04 |
4.55 |
1.5m @ 3.36g/t Au |
|
Sx |
| CRSX22-07B |
585.00 |
597.00 |
12.00 |
10.82 |
3.29 |
12.0 |
39.45 |
35.56 |
12m @ 3.29g/t Au |
|
Sx |
| CRSX22-07B |
608.50 |
635.50 |
27.00 |
24.29 |
2.13 |
10.0 |
57.46 |
51.69 |
9.5m @ 4.43g/t Au |
1.5m @ 18.7g/t Au |
Sx |
| CRSX22-07B |
642.40 |
643.90 |
1.50 |
1.21 |
11.75 |
69.2 |
17.63 |
14.26 |
1.5m @ 11.75g/t Au |
1.5m @ 11.75g/t Au |
Sx |
| CRSX22-07B |
665.50 |
683.50 |
18.00 |
14.54 |
1.36 |
16.0 |
24.41 |
19.72 |
1.5m @ 3.48g/t Au |
|
Sx |
| CRSX22-07B |
718.50 |
720.00 |
1.50 |
1.20 |
1.36 |
16.2 |
2.04 |
1.64 |
|
|
Sx |
| CRSX22-07B |
728.00 |
729.50 |
1.50 |
1.20 |
1.08 |
5.5 |
1.62 |
1.30 |
|
|
Sx |
| CRSX22-07B |
745.50 |
748.00 |
2.50 |
2.01 |
5.43 |
13.4 |
13.57 |
10.90 |
2.5m @ 5.43g/t Au |
|
Sx |
| CRSX22-07B |
755.50 |
757.00 |
1.50 |
1.21 |
1.02 |
1.7 |
1.52 |
1.22 |
|
|
Sx |
| CRSX22-07B |
758.50 |
760.00 |
1.50 |
1.21 |
1.51 |
0.5 |
2.26 |
1.81 |
|
|
Sx |
| CRSX22-07B |
767.50 |
769.00 |
1.50 |
1.20 |
1.45 |
2.1 |
2.17 |
1.74 |
|
|
Sx |
| CRSX22-07B |
775.00 |
776.50 |
1.50 |
1.25 |
1.17 |
9.7 |
1.76 |
1.46 |
|
|
Sx |
| CRSX22-08A |
512.90 |
514.40 |
1.50 |
1.44 |
5.32 |
7.0 |
7.98 |
7.66 |
1.5m @ 5.32g/t Au |
|
Sx |
| CRSX22-08A |
537.00 |
552.00 |
15.00 |
14.37 |
1.01 |
5.8 |
15.20 |
14.57 |
1.5m @ 3.5g/t Au
1.5m @ 2.49g/t Au |
|
Sx |
| CRSX22-08A |
560.90 |
601.00 |
40.10 |
38.37 |
2.65 |
12.9 |
106.12 |
101.53 |
4.2m @ 5.31g/t Au
23.5m @ 3.09g/t Au |
1.1m @ 13.05g/t Au
1.5m @ 19.25g/t Au |
Tr |
| CRSX22-08A |
608.50 |
661.00 |
52.50 |
50.11 |
3.08 |
5.9 |
161.79 |
154.41 |
28.5m @ 4.37g/t Au
7.5m @ 3.36g/t Au |
1.5m @ 37.2g/t Au
0.5m @ 13.9g/t Au |
Sx |
| CRSX22-08A |
686.50 |
688.00 |
1.50 |
1.43 |
2.99 |
5.0 |
4.49 |
4.27 |
1.5m @ 2.99g/t Au |
|
Sx |
| CRSX22-08A |
705.50 |
708.50 |
3.00 |
2.85 |
1.14 |
1.5 |
3.41 |
3.24 |
|
|
Tr |
| CRSX22-08A |
738.00 |
759.50 |
21.50 |
18.95 |
1.88 |
4.4 |
40.52 |
35.71 |
4.5m @ 3.07g/t Au
7.5m @ 2.57g/t Au |
|
Tr |
| CRSX22-08A |
767.00 |
773.70 |
6.70 |
5.90 |
1.14 |
10.7 |
7.61 |
6.70 |
1.2m @ 3.39g/t Au |
|
Tr |
| CRSX22-08A |
776.50 |
778.65 |
2.15 |
1.89 |
1.28 |
8.2 |
2.76 |
2.43 |
|
|
Tr |
| CRSX22-08A |
789.50 |
809.50 |
20.00 |
17.59 |
5.25 |
57.7 |
104.96 |
92.30 |
5.7m @ 15.45g/t Au |
2.7m @ 29.94g/t Au |
Sx |
| CRSX22-08A |
817.00 |
818.50 |
1.50 |
1.32 |
1.06 |
12.2 |
1.59 |
1.40 |
|
|
Sx |
| CRSX22-08A |
832.00 |
833.50 |
1.50 |
1.32 |
1.27 |
47.2 |
1.90 |
1.67 |
|
|
Sx |
| Criteria: Cut off grade 1g/t Au, minimum length 1.5m, maximum consecutive internal waste 6m, if Au grade x length > 1.5 the composite will be added |
Table 2: Camino Rojo Regional Composite Drill Results
| HOLE-ID |
From
(m) |
To
(m) |
Core Length
(m) |
Au g/t |
Ag g/t |
Sb ppm |
Au GXM |
Best Au Sample
(g/t) |
Best Ag Sample
(g/t) |
Best Sb Sample
(ppm) |
| CREI22-18A |
No Significant Intercepts |
|
|
|
|
|
|
0.008 |
0.8 |
8 |
| CREI22-19 |
No Significant Intercepts |
|
|
|
|
|
|
0.011 |
0.5 |
8 |
| CREI22-20 |
No Significant Intercepts |
|
|
|
|
|
|
0.007 |
0.25 |
6 |
| CREI22-21 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| CREI22-22 |
No Significant Intercepts |
|
|
|
|
|
|
0.007 |
0.5 |
6 |
| CREI22-23 |
307.50 |
313.50 |
6.00 |
0.11 |
2.5 |
13.8 |
0.65 |
0.297 |
3.7 |
2720 |
| CREI22-23 |
324.00 |
325.50 |
1.50 |
0.30 |
1.8 |
21.0 |
0.45 |
0.297 |
3.7 |
2720 |
| CREI22-23A |
No Significant Intercepts |
|
|
|
|
|
|
0.028 |
2.7 |
1185 |
| CREI22-24 |
No Significant Intercepts |
|
|
|
|
|
|
0.019 |
1 |
227 |
| CREI22-24A |
Assays Pending |
|
|
|
|
|
|
0.021 |
1 |
17 |
| CREI22-25 |
208.50 |
210.00 |
1.50 |
0.11 |
1.3 |
5.0 |
0.16 |
0.107 |
1.3 |
16 |
| CREI22-25A |
Assays Pending |
|
|
|
|
|
|
0.043 |
0.6 |
6 |
| CREI22-26 |
64.50 |
66.00 |
1.50 |
0.31 |
0.3 |
27.0 |
0.46 |
0.307 |
0.9 |
161 |
| CREI22-26A |
No Significant Intercepts |
|
|
|
|
|
|
0.008 |
0.5 |
116 |
| CREI22-27 |
No Significant Intercepts |
|
|
|
|
|
|
0.04 |
0.25 |
147 |
| CREI22-27A |
No Significant Intercepts |
|
|
|
|
|
|
0.007 |
0.5 |
22 |
| CREI22-27B |
No Significant Intercepts |
|
|
|
|
|
|
0.008 |
0.6 |
71 |
| CREI22-28 |
No Significant Intercepts |
|
|
|
|
|
|
0.033 |
1.5 |
282 |
| CREI22-28A |
No Significant Intercepts |
|
|
|
|
|
|
0.024 |
1.5 |
88 |
| CREI22-29 |
No Significant Intercepts |
|
|
|
|
|
|
0.013 |
0.25 |
8 |
| CREI22-30 |
No Significant Intercepts |
|
|
|
|
|
|
0.007 |
0.25 |
8 |
| CREI22-30A |
No Significant Intercepts |
|
|
|
|
|
|
0.009 |
0.25 |
5 |
| CREI22-31 |
No Significant Intercepts |
|
|
|
|
|
|
0.027 |
0.25 |
5 |
| CREI22-31A |
No Significant Intercepts |
|
|
|
|
|
|
0.009 |
0.5 |
6 |
| CREI22-32 |
No Significant Intercepts |
|
|
|
|
|
|
0.006 |
0.5 |
2.5 |
| CREI22-33 |
No Significant Intercepts |
|
|
|
|
|
|
0.01 |
0.6 |
2.5 |
| CREI22-33A |
No Significant Intercepts |
|
|
|
|
|
|
0.01 |
0.25 |
2.5 |
| CREI22-34 |
Geologist decided not to send for analysis |
|
|
|
|
|
|
- |
- |
- |
| RABCR22-274 |
No Significant Intercepts |
|
|
|
|
|
|
0.005 |
0.25 |
2.5 |
| RABCR22-274A |
No Significant Intercepts |
|
|
|
|
|
|
0.007 |
0.25 |
2.5 |
| RABCR22-275 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| RABCR22-276 |
No Significant Intercepts |
|
|
|
|
|
|
0.018 |
0.25 |
5 |
| RABCR22-277 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| RABCR22-278 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| RABCR22-279 |
No Significant Intercepts |
|
|
|
|
|
|
0.006 |
0.25 |
6 |
| RABCR22-280 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| RABCR22-281 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
1.2 |
2.5 |
| RABCR22-282 |
No Significant Intercepts |
|
|
|
|
|
|
0.069 |
0.6 |
2.5 |
| RABCR22-283 |
No Significant Intercepts |
|
|
|
|
|
|
0.01 |
0.25 |
2.5 |
| RABCR22-284 |
No Significant Intercepts |
|
|
|
|
|
|
0.005 |
0.25 |
6 |
| RABCR22-285 |
No Significant Intercepts |
|
|
|
|
|
|
0.005 |
0.9 |
5 |
| RABCR22-286 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| RABCR22-287 |
No Significant Intercepts |
|
|
|
|
|
|
0.006 |
0.25 |
12 |
| RABCR22-288 |
No Significant Intercepts |
|
|
|
|
|
|
0.006 |
0.25 |
9 |
| RABCR22-289 |
No Significant Intercepts |
|
|
|
|
|
|
0.022 |
0.25 |
6 |
| RABCR22-290 |
No Significant Intercepts |
|
|
|
|
|
|
0.005 |
0.25 |
7 |
| RABCR22-291 |
No Significant Intercepts |
|
|
|
|
|
|
0.006 |
0.25 |
5 |
| RABCR22-292 |
No Significant Intercepts |
|
|
|
|
|
|
0.0025 |
0.25 |
2.5 |
| Criteria: Cut off grade 0.1g/t Au, minimum length 1.5m, maximum consecutive internal waste 6m. |
Table 3: Camino Rojo Drill Collars
| Drillhole |
Easting |
Northing |
Elevation |
Azimuth |
Dip |
Depth (m) |
| CREI22-18A |
244150 |
2672553 |
1920 |
180 |
-60 |
291 |
| CREI22-19 |
244394 |
2672790 |
1919 |
200 |
-60 |
267 |
| CREI22-20 |
243898 |
2672294 |
1920 |
180 |
-60 |
236 |
| CREI22-21 |
243901 |
2672049 |
1919 |
0 |
-60 |
210 |
| CREI22-22 |
244149 |
2672300 |
1918 |
0 |
-60 |
216 |
| CREI22-23 |
247786 |
2678734 |
1959 |
180 |
-60 |
338 |
| CREI22-23 |
247786 |
2678734 |
1959 |
180 |
-60 |
338 |
| CREI22-23A |
247782 |
2678746 |
1965 |
0 |
-60 |
200 |
| CREI22-24 |
247781 |
2678998 |
1965 |
180 |
-60 |
300 |
| CREI22-24A |
247784 |
2679007 |
1969 |
0 |
-60 |
200 |
| CREI22-25 |
247798 |
2679263 |
1962 |
180 |
-60 |
278 |
| CREI22-25A |
247797 |
2679273 |
1972 |
0 |
-60 |
170 |
| CREI22-26 |
247501 |
2679260 |
1978 |
180 |
-60 |
300 |
| CREI22-26A |
247498 |
2679266 |
1978 |
0 |
-60 |
254 |
| CREI22-27 |
247507 |
2679512 |
1985 |
180 |
-60 |
210 |
| CREI22-27A |
247506 |
2679516 |
1986 |
250 |
-60 |
200 |
| CREI22-27B |
247505 |
2679516 |
1985 |
0 |
-60 |
200 |
| CREI22-28 |
247514 |
2679741 |
1977 |
180 |
-60 |
281 |
| CREI22-28A |
247512 |
2679746 |
1975 |
0 |
-60 |
200 |
| CREI22-29 |
242190 |
2675202 |
1970 |
20 |
-60 |
180 |
| CREI22-30 |
242187 |
2675447 |
1964 |
180 |
-60 |
200 |
| CREI22-30A |
242188 |
2675449 |
1964 |
0 |
-60 |
200 |
| CREI22-31 |
241937 |
2675701 |
1960 |
0 |
-60 |
200 |
| CREI22-31A |
241941 |
2675699 |
1961 |
180 |
-60 |
200 |
| CREI22-32 |
241195 |
2673501 |
1958 |
0 |
-50 |
150 |
| CREI22-33 |
241191 |
2673745 |
1956 |
0 |
-50 |
150 |
| CREI22-33A |
241201 |
2673747 |
1959 |
180 |
-50 |
150 |
| CREI22-34 |
237240 |
2671211 |
1934 |
0 |
-60 |
204 |
| RABCR22-274 |
252145 |
2658676 |
2202 |
0 |
-60 |
30 |
| RABCR22-274A |
252147 |
2658670 |
2202 |
180 |
-60 |
30 |
| RABCR22-275 |
252034 |
2658787 |
2189 |
180 |
-60 |
30 |
| RABCR22-276 |
252188 |
2658729 |
2209 |
0 |
-60 |
30 |
| RABCR22-277 |
251895 |
2658921 |
2189 |
0 |
-60 |
30 |
| RABCR22-278 |
251643 |
2658928 |
2192 |
0 |
-60 |
30 |
| RABCR22-279 |
251641 |
2659175 |
2199 |
0 |
-60 |
30 |
| RABCR22-280 |
251394 |
2659177 |
2205 |
0 |
-60 |
30 |
| RABCR22-281 |
251392 |
2658934 |
2205 |
0 |
-60 |
30 |
| RABCR22-282 |
251395 |
2658676 |
2196 |
0 |
-60 |
30 |
| RABCR22-283 |
252265 |
2658375 |
2166 |
0 |
-60 |
30 |
| RABCR22-284 |
252119 |
2658145 |
2152 |
0 |
-60 |
30 |
| RABCR22-285 |
252088 |
2657908 |
2146 |
0 |
-60 |
30 |
| RABCR22-286 |
251894 |
2658181 |
2174 |
0 |
-60 |
30 |
| RABCR22-287 |
251893 |
2658429 |
2179 |
0 |
-60 |
30 |
| RABCR22-288 |
251895 |
2658679 |
2186 |
0 |
-60 |
30 |
| RABCR22-289 |
251401 |
2658176 |
2181 |
0 |
-60 |
30 |
| RABCR22-290 |
251646 |
2657928 |
2164 |
0 |
-60 |
30 |
| RABCR22-291 |
251879 |
2657903 |
2161 |
0 |
-60 |
30 |
| RABCR22-292 |
251897 |
2657682 |
2172 |
0 |
-60 |
30 |
| CRSX22-05 |
244113 |
2676078 |
1920 |
147 |
-59 |
350 |
| CRSX22-06 |
244025 |
2676076 |
1947 |
142 |
-65 |
401 |
| CRSX22-07A |
243658 |
2676063 |
1953 |
152 |
-53 |
769 |
| CRSX22-07B |
243658 |
2676063 |
1953 |
152 |
-49 |
781 |
| CRSX22-08 |
243680 |
2676269 |
1954 |
148 |
-73 |
280 |
| CRSX22-08A |
243680 |
2676269 |
1954 |
148 |
-73 |
849 |
Table 4: Cerro Quema Composite Drill Results
| HOLE-ID |
From
(m) |
To
(m) |
Core Length
(m) |
Au g/t |
Cu % |
Sb |
AuEq g/t |
AuEq GXM |
Including
0.5g/t AuEq COG |
Including
1.0g/t AuEq COG |
Ox / Sx |
Area |
Cog AuEq |
| CQDH-22-186 |
0.00 |
1.50 |
1.50 |
0.30 |
0.05 |
1.00 |
0.38 |
0.57 |
|
|
Ox |
La Prieta |
0.2 |
| CQDH-22-186 |
58.50 |
60.00 |
1.50 |
0.43 |
0.23 |
1.00 |
0.76 |
1.14 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
69.00 |
70.50 |
1.50 |
0.52 |
0.03 |
1.00 |
0.56 |
0.85 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
118.50 |
129.00 |
10.50 |
0.25 |
0.21 |
1.00 |
0.55 |
5.74 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
147.00 |
148.50 |
1.50 |
0.21 |
0.24 |
2.00 |
0.56 |
0.84 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
219.00 |
228.00 |
9.00 |
0.33 |
0.26 |
1.00 |
0.71 |
6.36 |
|
1.5m @ 0.78g/t Au & 0.61% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
235.50 |
237.00 |
1.50 |
0.25 |
0.27 |
1.00 |
0.63 |
0.95 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
247.50 |
249.00 |
1.50 |
0.34 |
0.19 |
1.00 |
0.60 |
0.90 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
297.00 |
298.50 |
1.50 |
0.28 |
0.19 |
1.00 |
0.55 |
0.82 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
316.50 |
318.00 |
1.50 |
2.33 |
0.11 |
1.00 |
2.48 |
3.73 |
|
1.5m @ 2.33g/t Au & 0.11% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
343.50 |
345.00 |
1.50 |
0.88 |
0.06 |
1.00 |
0.96 |
1.44 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
355.50 |
366.00 |
10.50 |
0.50 |
0.32 |
1.00 |
0.96 |
10.04 |
|
3m @ 1.08g/t Au & 0.81% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
373.50 |
376.50 |
3.00 |
0.52 |
0.32 |
1.00 |
0.98 |
2.94 |
|
1.5m @ 0.67g/t Au & 0.4% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-186 |
526.00 |
527.50 |
1.50 |
0.34 |
0.14 |
2.00 |
0.54 |
0.81 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-187 |
5.20 |
118.90 |
113.70 |
0.27 |
0.03 |
4.72 |
0.32 |
36.42 |
4.6m @ 0.78g/t Au & 0.03% Cu
2.2m @ 0.78g/t Au & 0.05% Cu
1.5m @ 0.51g/t Au & 0.05% Cu
3m @ 0.5g/t Au & 0.06% Cu |
1.5m @ 1.12g/t Au & 0.03% Cu |
Ox |
Pelona |
0.2 |
| CQDH-22-187 |
310.60 |
312.10 |
1.50 |
0.50 |
0.01 |
1.00 |
0.51 |
0.77 |
|
|
Sx |
Pelona |
0.5 |
| CQDH-22-188 |
0.00 |
4.50 |
4.50 |
1.08 |
0.06 |
1.15 |
1.16 |
5.22 |
1.5m @ 2.91g/t Au & 0.09% Cu |
1.5m @ 2.91g/t Au & 0.09% Cu |
Ox |
La Prieta |
0.2 |
| CQDH-22-188 |
64.10 |
81.85 |
17.75 |
0.31 |
0.20 |
1.03 |
0.59 |
10.52 |
|
1.5m @ 0.74g/t Au & 0.19% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
104.85 |
107.85 |
3.00 |
0.65 |
0.27 |
2.00 |
1.03 |
3.10 |
|
1m @ 1.18g/t Au & 0.29% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
248.35 |
251.85 |
3.50 |
2.62 |
0.15 |
1.00 |
2.84 |
9.95 |
|
3.5m @ 2.62g/t Au & 0.15% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
272.35 |
279.85 |
7.50 |
0.64 |
0.03 |
1.00 |
0.69 |
5.15 |
|
1.5m @ 1.72g/t Au & 0.02% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
308.35 |
311.35 |
3.00 |
0.39 |
0.27 |
1.00 |
0.77 |
2.31 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
326.35 |
362.30 |
35.95 |
0.23 |
0.20 |
1.00 |
0.52 |
18.66 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
363.20 |
363.95 |
0.75 |
27.30 |
0.91 |
1.00 |
28.60 |
21.45 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
369.65 |
372.60 |
2.95 |
0.25 |
0.26 |
1.49 |
0.63 |
1.85 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
421.60 |
423.10 |
1.50 |
0.39 |
0.08 |
4.37 |
0.51 |
0.76 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
442.30 |
443.80 |
1.50 |
0.44 |
0.06 |
4.82 |
0.52 |
0.79 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
446.80 |
448.30 |
1.50 |
0.52 |
0.02 |
3.00 |
0.55 |
0.83 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
463.30 |
476.80 |
13.50 |
1.01 |
0.07 |
12.50 |
1.11 |
14.95 |
|
7.5m @ 1.46g/t Au & 0.09% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-188 |
484.30 |
491.70 |
7.40 |
0.58 |
0.07 |
1.00 |
0.67 |
4.99 |
|
1.4m @ 1.28g/t Au & 0.12% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-189 |
18.30 |
123.10 |
104.80 |
0.46 |
0.03 |
5.99 |
0.51 |
53.11 |
46.5m @ 0.7g/t Au & 0.03% Cu
3m @ 0.57g/t Au & 0.06% Cu
1.5m @ 0.45g/t Au & 0.04% Cu |
3m @ 1.13g/t Au & 0.04% Cu
9m @ 1.15g/t Au & 0.04% Cu |
Ox |
Pelona |
0.2 |
| CQDH-22-189 |
153.00 |
154.50 |
1.50 |
0.18 |
0.47 |
8.00 |
0.86 |
1.29 |
|
|
Tr |
Pelona |
0.5 |
| CQDH-22-189 |
170.56 |
173.35 |
2.79 |
0.25 |
0.30 |
8.49 |
0.69 |
1.91 |
|
|
Sx |
Pelona |
0.5 |
| CQDH-22-190 |
0.00 |
14.20 |
14.20 |
0.29 |
0.17 |
1.00 |
0.53 |
7.59 |
9.8m @ 0.34g/t Au & 0.2% Cu |
1.5m @ 0.67g/t Au & 0.41% Cu |
Ox |
La Prieta |
0.2 |
| CQDH-22-190 |
14.20 |
15.70 |
1.50 |
0.54 |
0.09 |
1.00 |
0.67 |
1.00 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
42.70 |
44.20 |
1.50 |
0.29 |
0.18 |
1.00 |
0.55 |
0.82 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
79.80 |
83.35 |
3.55 |
0.50 |
0.43 |
1.27 |
1.09 |
3.88 |
|
0.95m @ 1.03g/t Au & 1.06% Cu |
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
136.50 |
149.25 |
12.75 |
0.31 |
0.14 |
1.00 |
0.51 |
6.52 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
191.20 |
193.60 |
2.40 |
0.39 |
0.23 |
1.00 |
0.72 |
1.73 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
247.00 |
248.00 |
1.00 |
0.63 |
0.14 |
2.00 |
0.82 |
0.82 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
311.30 |
317.70 |
6.40 |
0.47 |
0.05 |
1.00 |
0.54 |
3.46 |
|
|
Sx |
La Prieta |
0.5 |
| CQDH-22-190 |
432.00 |
433.50 |
1.50 |
0.57 |
0.00 |
1.00 |
0.57 |
0.85 |
|
|
Sx |
La Prieta |
0.5 |
|
Oxides Criteria: Cut off grade 0.2g/t AuEq,
minimum length 1.5m, maximum consecutive internal waste 6m, if AuEq grade x length > 0.3 the composite will be added
Sulfides Criteria: Cut off grade 0.5g/t
AuEq, minimum length 1.5m, maximum consecutive internal waste 6m, if AuEq grade x length > 0.75 the composite will be added |
Table 5: Cerro Quema Drill Collars
| Drillhole |
Easting |
Northing |
Elevation |
Azimuth |
Dip |
Depth (m) |
| CQDH-22-186 |
556006 |
832267 |
470 |
0 |
-60 |
530 |
| CQDH-22-187 |
557685 |
834491 |
557 |
270 |
-60 |
350 |
| CQDH-22-188 |
556006 |
832267 |
470 |
180 |
-60 |
492 |
| CQDH-22-189 |
557685 |
834491 |
557 |
90 |
-60 |
190 |
| CQDH-22-190 |
556011 |
832108 |
467 |
180 |
-60 |
472 |
SOURCE Orla Mining Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/12/c3992.html
%CIK: 0001680056
For further information: Jason Simpson, President & Chief Executive
Officer; Andrew Bradbury, Vice President, Investor Relations & Corporate Development, www.orlamining.com, info@orlamining.com
CO: Orla Mining Ltd.
CNW 16:30e 12-SEP-22
This regulatory filing also includes additional resources:
ex991.pdf
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