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 October 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.
|
|
ORLA MINING LTD.. |
|
|
Date: October 11, 2022 |
|
/s/ Etienne
Morin |
|
Name: Etienne Morin
Title: Chief Financial Officer
|
|
|
EXHIBIT INDEX
Exhibit
99.1
Orla Mining Provides Third Quarter 2022 Operational Results and
Increases 2022 Annual Production Guidance
VANCOUVER, BC, Oct. 11, 2022 /CNW/ - Orla Mining Ltd. (TSX:
OLA) (NYSE: ORLA) ("Orla" or the "Company") today is pleased to
provide an interim operational update for the third quarter ended
September 30, 2022.
CAMINO ROJO OXIDE MINE OPERATIONAL UPDATE
-
Camino Rojo Oxide Mine gold production totalled 28,876 ounces for
the third quarter 2022, and 77,580 ounces year to date.
-
Gold production guidance for the full year 2022 has been increased
to 100,000 to 110,000 ounces from 90,000 to 100,000 ounces.
-
Camino Rojo's processing throughput for the third quarter averaged
19,200 tonnes per day, exceeding nameplate capacity of 18,000
tonnes per day.
- Cash
position of $89 million at September 30, 2022, an increase of $23
million during the third quarter.
Mining
and Processing Totals |
|
Q3
2022 |
YTD
2022 |
Ore
Mined |
tonnes |
2,167,028 |
6,072,010 |
Ore -
processed |
tonnes |
1,739,673 |
4,801,952 |
Low
Grade Ore - stockpiled |
tonnes |
427,355 |
1,270,058 |
Waste
Mined |
tonnes |
1,964,871 |
3,978,936 |
Total
Mined |
tonnes |
4,131,899 |
10,050,946 |
Strip
Ratio |
w:o |
0.91 |
0.66 |
Total
Ore Mined Gold Grade |
g/t |
0.77 |
0.72 |
Ore -
processed |
g/t |
0.88 |
0.83 |
Low
Grade Ore - stockpiled |
g/t |
0.32 |
0.34 |
|
|
|
|
Ore
Crushed |
tonnes |
1,721,206 |
4,740,996 |
Ore
Stacked |
tonnes |
1,766,419 |
5,079,687 |
Stacked
Ore Gold Grade |
g/t |
0.88 |
0.83 |
Gold
Produced |
oz |
28,876 |
77,580 |
|
|
|
|
Daily
Stacked Throughput Rate – Average* |
tpd |
19,200 |
17,799 |
Daily
Stacked Throughput / Nameplate Capacity |
% |
107 % |
99 % |
Total
Crushed Ore Stockpile |
tonnes |
192,176 |
Total
Crushed Ore Stockpile Au Grade |
g/t |
0.87 |
Total
ROM Ore Stockpile** |
tonnes |
1,669,927 |
Total
ROM Ore Stockpile Grade |
g/t |
0.35 |
*Average
stacking rate calculation excludes truck-stacked overliner material
(0 tonnes for Q3 2022 and 220,432 tonnes for YTD 2022). |
**ROM
ore stockpile includes mined ore but yet crushed, and low-grade
stockpiles. |
THIRD QUARTER 2022 CONFERENCE CALL
Orla will host a conference call on Friday, November 11, 2022, at
10:00 AM, Eastern Time, to provide a corporate update following the
release of its financial and operating results for the third
quarter 2022:
Dial-In Numbers:
Conference ID: 5844017
Toll Free: 1 (888)
550-5302
International: 1 (646) 960-0685
Webcast: https://orlamining.com/investors/presentations-and-events/
Qualified Persons Statement
The scientific and technical information related to Camino Rojo in
this news release was reviewed and approved by Mr. J. Andrew
Cormier, P. Eng., Chief Operating Officer of the Company, who is
the Qualified Person as defined under NI 43-101 standards.
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, 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, is available on SEDAR and EDGAR
under Gold Standard Ventures Corp.'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 Company's gold
production guidance. 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.
SOURCE Orla Mining Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/October2022/11/c8227.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 11-OCT-22
This regulatory filing also includes additional resources:
ex991.pdf
Orla Mining (AMEX:ORLA)
Historical Stock Chart
From May 2023 to Jun 2023
Orla Mining (AMEX:ORLA)
Historical Stock Chart
From Jun 2022 to Jun 2023