Orla Mining announces mineral resource estimate for copper-gold deposit in Panama

Canada’s Orla Mining has announced an independent mineral resource estimate for the Caballito copper-gold deposit, part of its 100% owned Cerro Quema project in Southwestern Panama.

Orla believes that the Caballito deposit represents an opportunity for it to transform the scale and scope of Cerro Quema beyond the separate oxide project outlined in a July 2021 pre-feasibility study (PFS).

Cerro Quema, located in Los Santos province, is an oxide heap-leach gold project containing 560,000 ounces of total probable reserves. The PFS outlined an open-pit operation capable of producing 81,000 oz per year over a six-year mine life, recovering 489,000 oz of gold.

Caballito is a new zone comprised of low-arsenic copper-gold mineralisation, located South of the Quemita reserve that was discovered in 2017. The deposit outcrops at surface and the mineralisation has been intersected over an estimated strike length of approximately 800 metres and a vertical extent of approximately 400 metres.

The initial mineral resource estimate for Caballito consists of 31.95 million tonnes (Mt) of sulphide indicated resources at an average grade of 0.96% copper equivalent (Cu eq), plus about 22.57 Mt of sulphide inferred resources at an average grade of 0.85% Cu eq.

“Caballito is a grassroots discovery that has the potential to transform our future in the country. We first discovered this high-grade copper-gold mineralisation in 2017, and have continued to systematically explore the region, having now drilled over 40 more holes in Caballito,” Orla CEO Jason Simpson said.

The TSX company will undertake a 2022 drill programme aimed at expanding the known resources at Caballito, as well as the Idaida zone to the Northwest