Orla Mining Ltd (TSX: OLA) has revealed the independent mineral resource estimate for the Caballito copper-gold deposit at the company’s 100%-owned Cerro Quema project 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 :
- 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 one kilometre south-east of the Quemita oxide deposit outlined in the July 2021 Pre-Feasibility Study (PFS). The Caballito deposit locally outcrops at surface and the copper-gold mineralisation has been intersected over an estimated strike length of approximately 800m, a vertical extent of approximately 400m, and a variable thickness ranging from 50 to 150m. The deposit remains open along strike and at depth.
The company is targeting a 2022 drill programme aimed at extending known mineralisation 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.
President and CEO, Jason Simpson, said Caballito is a grassroots discovery that has the potential to transform the company’s future in the country.
“We first discovered this high-grade copper-gold mineralisation in 2017 and have continued to systematically explore the region, having now drilled over 40 more holes in Caballito.
“Along this underexplored, highly prospective mineralised 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.
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.
For further information please visit: https://www.orlamining.com/
