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LONDON - Orosur Mining (LON:OMIN) Inc. has successfully completed Phase One of its joint venture exploration project at El Pantano in Argentina's Santa Cruz province, earning the company a 51% ownership stake. With an initial investment of US$1 million, Orosur has secured a majority interest in Deseado Dorado S.A.S, the holder of the exploration licenses for the gold project.
The exploration effort has positioned Orosur to potentially acquire full ownership of Deseado by committing an additional US$2 million over the next two years. If Orosur opts for complete control, the original vendors will retain a 2% net smelter return (NSR) royalty, half of which could be bought back by the company for US$1 million.
El Pantano, a gold and silver exploration project, spans approximately 560 square kilometers within the Deseado Massif geological province, known for hosting significant precious metal deposits. The project area had little to no historical exploration before the joint venture's inception in early 2022.
Orosur's geological teams have conducted extensive base level geoscience surveys over the past three years, including ground magnetics, geological mapping, and surface geochemistry. These efforts have identified a 25-kilometer-long rift structure with features indicative of a large epithermal system, such as pervasive silicification, quartz veining, and widespread geochemical anomalies.
Next (LON:NXT) steps for the company include commencing induced polarisation surveys to delineate silicified drill targets for further exploration.
Orosur CEO Brad George expressed enthusiasm about reaching this critical stage, emphasizing the transformation of an underexplored region into a promising prospect within a premier mining province, especially during a period of high gold prices. The company, along with its partners, is preparing to embark on Phase Two of the project, anticipating an acceleration of exploration activities.
This development is based on a press release statement by Orosur Mining Inc.
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