Orla Mining (TSX: OLA) has published an initial resource estimate for underground mineralization at their Camino Rojo deposit in Mexico. The deposit is said to represent an extension from the current oxide open pit that exists on site.
The resource consists of what Orla refers to as the Camino Rojo Sulphides, which then sees mineralization extend into Zone 22, which consists of the vertical and down plunge continuation of the sulphides, The footprint of the resource is said to extend from the base of the current oxide pit to a depth of 1,200 metres below surface, and covers one kilometre along strike and 200 to 400 metres in width.
Highlights from the resource estimate include:
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- Measured: 0.007 million tonnes at 1.95 g/t gold and 31.5 g/t
- Containing 7,000 ounces of silver
- Indicated: 50.08 million tonnes at 2.45 g/t gold, 10.6 g/t silver
- Containing 3,949,000 ounces of gold, and 17,048,000 ounces of silver
- Indicated 35.9 million tonnes at 0.35% zinc
- Containing 278 million pounds of zinc
- Inferred: 5.58 million tonnes at 2.21 g/t gold and 10.9 g/t silver
- Containing 396,000 ounces of gold and 1,949,000 ounces of silver
- Inferred: 2.81 million tonnes at 0.42% zinc
- Containing 26 million pounds of zinc
Collectively, measured and indicated resources amount to 50.1 million tonnes at 2.58 g/t gold equivalent, containing 4.2 million ounces of gold equivalent, alongside 5.58 million inferred tonnes at 2.33 g/t gold equivalent, containing 0.4 million ounces of gold equivalent.
Zone 22 is said to account for just 7% of the underground mineral resources and 19% of the inferred mineral resources, which reflects only a small portion of mineralization identified within the zone. Continued exploration is expected to add further ounces to this portion of the resource.
“This initial underground resource marks an important milestone at Camino Rojo. When we acquired the project, the scale of the mineralized system was clear, but the path forward was uncertain. This resource crystallizes our belief in the potential for a future underground operation. Our team has taken a systematic approach, and we will now look to increase confidence and establish a clear path to construction,” commented CEO Jason Simpson on the results.
Orla Mining last traded at $15.73 on the TSX.
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