Orla Mining (TSX: OLA)
Provided an exploration update and overview of targets and program objectives for its Camino Rojo and Cerro Quema Projects for 2022.
Exploration spending for 2022 is expected to total $15 million, with $10 million allocated to activities in Mexico and $5 million allocated to activities in Panama.
|Orla Mining||TSX : OLA|
|Market cap||C$1.5 Billion @ C$6.05|
|Location||Zacatecas, Mexico + Panama|
VANCOUVER, BC – March 14, 2022 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an exploration update and overview of targets and program objectives for its Camino Rojo and Cerro Quema Projects for 2022.
Orla Mining management comments
“With Camino Rojo ramping up production and beginning to generate cash flow, Orla will gradually increase exploration expenditures.
“This disciplined allocation of capital to Mexico and Panama reinforces our ambitions of driving company value through discovery.”
Jason Simpson, President and Chief Executive Officer, Orla Mining
“2021 was focused on drilling and advancing studies at the Camino Rojo Sulphide deposit, delivering an initial mineral resource at Caballito in Panama and defining and prioritizing drill targets across the portfolio.
“In addition to increasing reserves at the Camino Rojo Mine, efforts will be dedicated to upgrading and growing resources and drill testing priority targets with the goal of making new discoveries near existing deposits in Mexico and Panama”.
Sylvain Guerard, Senior Vice President, Exploration, Orla Mining.
Exploration spending for 2022 is expected to total $15 million, with $10 million allocated to activities in Mexico and $5 million allocated to activities in Panama. Drilling at Camino Rojo and Cerro Quema is set to begin in the second quarter and will continue through the remainder of the year. Updates from the 2022 exploration program, including drill results and updated resource estimates, are expected during the second half of 2022 and early 2023.
During the first year of production at the Camino Rojo Oxide mine, near-mine and regional exploration will be focused on increasing oxide reserves, supporting advancement of the sulphide deposit development scenario options, and testing priority targets defined in 2021 in an effort to make new satellite discoveries.
Camino Rojo Oxide Program:
The Company is seeking to define additional oxide reserves at the Camino Rojo Mine following confirmatory core drilling on the Fresnillo Plc’s (“Fresnillo”) property, located immediately north and adjacent of the Camino Rojo oxide mine open pit.
While historical drilling indicates that mineralization continues across the property boundary onto the Fresnillo layback area, no ounces from this area are currently included in the Camino Rojo mineral reserve estimate.
The planned 2,500m diamond drill program is designed to confirm and delineate mineralization located in the oxide pit layback and allow for a potential update of mineral resource and reserve estimations.
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