VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 19, 2017) - Orla Mining Ltd. (TSX VENTURE:OLA) ("Orla" or the "Company") has commenced a drilling program at its 100% owned Cerro Quema project in Panama. The initial holes will be targeted on areas proximal to the existing oxide gold resource that have a high potential to host additional resources. Success in this part of drilling program may provide material to incorporate into the current Pre-Feasibility Study mine plan and potentially result in a near-term increase in the estimated Net Present Value of the project.
As well as drilling, a property-wide geological mapping and sampling program is underway and an IP geophysical survey will be undertaken on priority targets in late January and February. This work is expected to provide new drilling targets for high-sulphidation (HS) related gold along a 15km trend identified to date. There is also excellent potential for other styles of mineralization coincident with the HS mineralization on the 14,800 hectare concession area.
"We are excited to start drilling on new concepts so soon after acquiring the project in December 2016. We believe we have excellent opportunities for increasing the current resource zones and for new discoveries at our largely untested Cerro Quema project," commented Marc Prefontaine, Orla's President and Chief Executive Officer. "We are very systematic in our approach and have identified a series of geological, geochemical and geophysical anomalies that we consider to be highly prospective targets."
A contract for a minimum of 8,000 metres of diamond drilling has been awarded to Energold de Panama, S.A. One drill has commenced drilling and two more will arrive on the property in early February. The Company has budgeted for 25,000 metres of drilling in 2017.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Hans Smit, P.Geo., Chief Operating Officer of Orla Mining Ltd., who is the Qualified Person for the technical information in this news release under NI 43-101 standards.
About Orla Mining Ltd.
Orla Mining is a mineral exploration company led by a group of seasoned mining executives with strong financial backing. The company's focus is to acquire mineral exploration opportunities where the Company's exploration and development expertise and corporate share structure could substantially enhance shareholder value. The 100% owned Cerro Quema project in Panama includes a near-term gold production scenario and significant exploration upside. Cerro Quema's 14,800 Ha concession boasts paved road access, a supportive local population and private land ownership. The Cerro Quema project is currently in the last stage of the permitting process for a proposed open pit mine and gold heap leach operation. Please refer to the Cerro Quema Project - Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits dated August 22, 2014, which is available on SEDAR.
