Orsu Metals (TSXV: OSU; US-OTC: ORSUF) is drilling 12,500 metres at its 90% owned Sergeevskoe gold project, 40 km southwest of the town of Mogocha, Russia, on its way to delivering a maiden resource in the fourth quarter of 2018.
The latest results come from four infill holes at the project’s Zone 23, and all include gold mineralization. Highlights include 1.31 grams gold per tonne over 16.8 metres from 60.8 metres downhole and 3.55 grams gold over 1.5 metres from 257 metres downhole.
Hole 17 also cut silver for the first time in Zone 23, with intercepts grading 1.81 grams gold and 167.55 grams silver over 17.9 metres from 8.5 metres downhole including 4.46 grams gold and 981.48 grams silver over 2.7 metres.
“We have been systematically assaying, but largely ignoring the potential economic value of silver until now and concentrated on gold,” Orsu executive chairman Sergey Kurzin states in a press release.
“But one can’t ignore 5.5 ounces of silver, a rough equivalent of 2 grams of gold, crossed over almost 18 meters. We need to understand this silver occurrence, conceptualize it and test our emerging understanding of silver at Sergeevskoe while doing the next stage of exploration.”
He added the company expects to include some measured and indicated resources in its upcoming Sergeevskoe resource.
The project lies east of the Zapadnaya Gold Mining’s Alexandrovskoe gold open pit and Sun Gold Mining’s Klyuchevskoe gold project. According to the company, Klyuchevskoe has historically produced over 1.3 million oz. gold.
Shares of Orsu Metals are currently trading at 24¢ with a 52-week range of 14¢ to 29¢. The company has an $8 million market capitalization.