VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 19, 2012) - Orsa Ventures Corp. ("Orsa" or the "Company") (TSX VENTURE:ORN) announced today that the Company has completed a geophysical survey on the Ashby Property. Preliminary data suggests that there are at least two anomalous zones in the area of the property.
Approximately 10 line-kilometers of Induced Polarization (IP) were completed to confirm the extent of a previously discovered resistivity and chargeability anomaly. The four-line survey outlined an area approximately two by 1.5 kilometres containing continuous zones with strong conductivity and low resistivity. This area is underlain by folded and faulted platey limestone and small zones of propylitic altered diorite. The north and east edges of the area are defined by zones of well-developed jasperoid, often containing copper oxide, and iron oxide-stained, decalcified limestone.
Geological and geophysical data point to the potential for a large intrusive related, porphyry copper gold system and a high-sulfidation, epithermal gold system which hosted the previous gold production from the project. A trenching program to expose more of the mineralized jasperoid zones around the geophysical target and zones of vuggy quartz alteration around the epithermal target are planned to help further define drilling targets.
The Ashby Mine is credited with reported production of 9,000 ounces of gold between 1934 and 1937. Additional small scale mining removed several hundred ounces per year in the 1980's and 1990's. Gold was produced from ten steeply dipping, inclined shafts from over several hundred metres of underground workings.
Orsa announced can earn up to a 51% interest in the Ashby gold property in Nevada through an option agreement with Bridgeport Ventures by phased exploration expenditures, cash payments and share issuances.
Orsa Ventures Corp. is a junior company focused on the exploration for, and development of, gold-silver-copper properties in the western United States. Orsa has a 2.85 million ounce Inferred gold Resource (110,448,000 tonnes grading 0.80 grams per tonne gold) on its Quartz Mountain Property, southern Oregon with excellent exploration upside. 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
Linda Thorstad, P. Geo., a Qualified Person as defined by National Instrument 43-101 and President and Chief Executive Officer of the Company, has read and approved the technical information in this news release.
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.
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