The share price of Orosur Mining (LON: OMI) surged by nearly 100 percent in a matter of hours on Tuesday after the mining firm revealed an encouraging development as part of its drilling programme in Colombia.
With shares in OMI starting the day at 15p, they soon found themselves as at 26p on the promise of lab results received from an additional nine holes in its programme.
In particular, it revealed that there had been a number of highh-grade gold intersections associated with silver and zinc – this included 59.55m @ 9.61g/t Au and 61.75m @ 2.05g/t Au.
OMI revealed that the early findings show potential for long-term drilling potential:
“These nine holes have been successful in providing greater guidance as to the shape and nature of gold mineralisation at APTA, specifically identifying a number of thick, high-grade, plunging shoots, surrounded by a lower grade halo. The Anzá geological team is working to develop 3D models of the mineralisation that will assist in future targeting.
Economically, such shoots could be highly significant as they would likely be of extreme importance for any operation at APTA, and therefore represent the primary target for ongoing drilling.
The mineralisation thus far extends over a strike length in excess of 800m and remains open in several directions according to the most recent interpretation of the mineralisation.”Orosur Mining Inc – Colombia Update 6 July 2021
CEO Brad George heralded the results as “spectacular” and added that its Anzá programme “has the potential to be a major gold system”.
The share price of OMI is currently at 26p and was as high as 40p earlier during the year.