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Orla hits 147.7m at 1.25% copper

Orla Mining (TSXV: OLA) has reported near-surface, high-grade copper from ongoing drilling at its Caballito copper-gold zone at its Cerro Quema project in Panama, including 42m at 3.12% copper and 0.36g/t gold.
Orla hits 147.7m at 1.25% copper Orla hits 147.7m at 1.25% copper Orla hits 147.7m at 1.25% copper Orla hits 147.7m at 1.25% copper Orla hits 147.7m at 1.25% copper

Drilling continues at Cerro Quema in Panama

Staff reporter

The above-mentioned intercept was part of a wider 147.7m at 1.25% copper and 0.28g/t gold from 42.5m.

"Our excitement now is getting to test the potential for additional Caballito magnitude widths and grades over the next kilometre of strike," president and CEO Marc Prefontaine said.

The company said similar Caballito-style copper-gold mineralisation was found when relogging 2017 and historical drill holes 1km and more north.

Crews have just arrived to continue an induced polarisation survey to the north, through the Quemita oxide zone, to help target new drilling to identify the area's Caballito-style potential.

Orla also has the ex-Goldcorp Camino Rojo gold-silver project in Mexico, where it delivered a preliminary economic assessment three weeks ago.

The company had C$30.5 million (US$23 million) in working capital at the end of March after completing a $30.77 million (US$23.2 million) raising in February at $1.75 per unit.

It also obtained a non-interest bearing loan of $3.9 million (US$2.9 million) loan from Goldcorp, to be repaid on declaring commercial production of a heap leach operation.

Its shares closed up C3c to $1.33 but are down about 25% this year, capitalising Orla at $238 million.