Ezenet (ASX: EZE), to be renamed Oro Verde, has received a positive independent geological report on its Chilean mineral projects, the Chuminga Copper Gold Project and the Vega Gold Silver Project.
The independent geological report found that the Chuminga Copper Gold Project, which is located in a highly prospective copper-gold region of northern Chile, has a significant exploration target that is suitable for bulk mining and likely to have good metal recoveries.
The report comes a day after Ezenet revealed positive due diligence results from Chuminga.
Based on prospecting dimensions and results to date, Chuminga has an exploration target of 50-60 million tonnes of between 1.0% and 1.1% copper, 0.3-0.4 grams per tonne (g/t) gold and 0.5-1% zinc, suitable for bulk mining.
The Chuminga project is on the Pacific coast of Northern Chile, 115 kilometres south of the regional port and city of Antofagasta, in a region with excellent infrastructure that supports many famous world-class copper mines, including BHP Billiton’s (ASX: BHP) Escondida Mine, the world’s largest producer of copper.
In addition, the independent report showed the Vega Gold Silver Project could consist of a high grade epithermal gold-silver mineralised body similar to the “bonanza type” ore body mined at the El Indio mining centre, 20 kilometres south of Vega.
El Indio produced 4.5 million ounces of gold, 25 million ounces of silver and 472,000 tonnes of copper from underground and open pit operations between 1979 and 2002.
Vega is located in accessible Andean terrain, 135 kilometres northwest of La Serena in Chile. Vega is targeting an undrilled epithermal system similar to other gold bearing volcanics close by in the El Indio Gold Belt.
Geophysical targets that correlate with surface geochemistry are a priority target for drilling from October 2011 until April 2012.
Drilling has yet to occur and is required for such a target to be realised. A combined exploration budget of $4.26 million over two years is proposed, with activity in year 2 dependent on results achieved in year one.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20409/ezenet-independent-geological-report-supports-chilean-mineral-projects-20409.html
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