Orsa Reports Positive Assay Results at Quartz Mountain Property
16.01.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/16/13 -- Orsa Ventures Corp. ("Orsa" or the "Company") (TSX VENTURE: ORN) is pleased to announce further positive confirmatory drill results at its wholly-owned Quartz Mountain Property, in Lake County, Oregon, USA.Drill core from the 2004 and 2009 drill campaigns was relocated to Orsa's new office and core logging facility in the town of Lakeview. Given the focus of the previous operators on high grade vein systems for those drill programs, the majority of the core was not split, logged, nor assayed.
Orsa's immediate priorities include the detailed logging and sampling for gold assay and for geochemistry of the nine diamond drill holes on Crone Hill and Quartz Butte domes comprising the Quincy Drilling Campaign of 2004. In total, Quincy drilled three holes on Crone Hill for 2,377 feet (724.5 metres ("m")), and six holes on Quartz Butte for 5,789 feet (1764.5 metres).
The Crone Hill and Quartz Butte domes contain a 2.85 million ounce Inferred gold Resource (110,448,000 tonnes grading 0.80 grams per tonne ("g/t") gold) with excellent exploration upside. That resource is based on 263,000 feet (80,000 metres) of drilling completed in the 1980's.
Orsa is pleased to report that all holes intercepted anticipated gold mineralization as modeled with highlights as follows:
Highlights include:
Hole QM-725 returned a weighted average of 29 m of 0.92 g/t Au;
Hole QM-728 returned a weighted average of 15.2 m of 0.74 g/t Au, and 44.2 m of 1 g/t Au;
Hole QM-729 returned a weighted average of 51.8 m of 1.13 g/t Au; and
Hole QM-730 returned a weighted average of 45.7 m of 0.88 g/t Au.
Assays for these drill holes are as shown in the attached table.
Reported intervals must be at least 1.5 meters wide; drill hole intercepts are reported at a 0.2 g/t Au cutoff or a 0.4 g/t Au cutoff. Intervals contain no more than four low-grade to barren samples between mineralized samples containing over 0.2 g/t Au or intervals contain no more than two low-grade to barren samples between mineralized samples containing over 0.4g/t Au.
Orsa Ventures utilizes a comprehensive QA/QC program consisting of blanks, drill rig sample duplicates and reference samples to ensure best practices are followed and the data collected is of the highest quality. All samples were prepared to normal industry standards and assayed for gold by Fire assay with AA finish by Als Chemex of Reno accredited to ISO/IEC 17025-2005 standards to provide complete assurance regarding quality performance in every aspect of their network. Intercepts are close to true thickness.
Table 2 Assay Results (see Map 1 below)
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Interval
Azimuth Dip From To (1) Au (2)
Hole # East North (degrees)(degrees)(metres) (metres) (metres) (g/t)
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QM-725 1921055 239932 350 -70 77.7 106.7 29 0.92
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137.2 176.8 39.6 0.26
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QM-726 1921065 239831 292.6 -82 88.4 117.4 29 0.33
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131.1 161.5 20.4 0.29
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182.9 207.3 24.4 0.37
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219.3 221 1.7 0.49
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QM-728 1920562 239981 105 -48 85.3 100.6 15.2 0.25
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143.3 149.4 6.1 0.53
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167.6 182.9 15.2 0.74
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195.1 239.3 44.2 1.0
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254.5 257.6 3.1 0.77
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266.7 274.3 7.6 0.63
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QM-729 1920645 240205 120 -57.5 44.2 332.8 288.7 0.57
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Include 268.2 320.0 51.82 1.13
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QM-730 1920646 240205 98 -59.7 57.9 103.6 45.7 0.88
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112.8 132.6 19.8 0.45
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253.0 283.5 30.5 0.63
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QM-732 1921283 240334 128.4 -67.2 64.0 128.0 62.5 1.14
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149.4 179.8 30.48 0.52
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Assay
pending
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Please click the following link for the drilling map and sections www.slideshare.net/slideshow/embed_code/16010944
Bruno Barde P. Geo. manages Orsa's exploration and development programs at Quartz Mountain and is the Qualified Person as defined by National Instrument 43-101. He supervised the preparation of the technical information in this release.
About Orsa
Orsa Ventures Corp. is a junior development company focused on the exploration for, and development of, gold-silver-copper properties in the western United States. In addition to the Quartz Mountain Property, Orsa recently announced the discovery of significant sediment-hosted gold system at its Coal Canyon Property in the Oreana Mining Trend, Nevada, where over 10 million ounces has been discovered since 2009. The Company also has the right to earn a 51% interest Ashby Property, a former gold producer and porphyry copper-gold target, located in the Walker Lane Mining Trend, host to several large copper and gold deposits in Nevada.
On behalf of the Board of Directors,
Linda Thorstad
President and Chief Executive Officer
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the closing of the Financing and the use of proceeds thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Orsa Ventures Corp.
Linda Thorstad, President and Chief Executive Officer
604.608.6680
604.558.0087 (FAX)
www.orsaventures.com