Thursday, 16 February 2012

Oro Verde intersects 99 metres mineralisation at Chuminga copper gold project

Oro Verde (ASX: OVL) has intersected 99 metres of mineralisation in its first core hole at the Chuminga Copper Gold Project in Chile.

The intersection includes 69 metres of well developed core copper and iron oxide breccia mineralisation within 30 metres of disseminated mineralisation.

Samples from the hole are on the way to Activation Laboratories in Coquimbo to be analysed, with results expected in the next few weeks.

In the meantime, Oro Verde is drilling a second core hole to confirm a down dip wedge of thickening copper-gold breccia mineralisation.

This hole aims to extend mineralisation 325 metres down dip from outcrop on the drill section.

The Chuminga Project has an exploration target of 50 to 60 million tonnes of between 1% and 1.1% copper, 0.3 to 0.4 grams per tonne gold and 0.5 to 1% zinc, suitable for bulk mining.

Oro Verde holds a 20% interest in Chuminga.

New exploration concessions
Oro Verde has lodged applications for 11 new exploration concessions covering a total of 33 square kilometres surrounding the 9 square kilometre Chuminga area.

These new concessions cover prominent alteration anomalies present in Aster satellite imagery, which warrant geological and geochemical investigation.

“The new exploration concessions covering significant Aster alteration anomalies will be followed up with stream sediment sampling in the near future, and is another significant and important step in the development of Oro Verde Limited’s Chuminga Copper-Gold Project,” Oro Verde executive chairman Dr Wolf Martinick said.
Successful relisting
Early this month, Oro Verde hit the boards of the ASX following a change in the company’s focus to gold and copper exploration in Chile.

Within a week of re-listing, the company hit a share price of A$0.22, a 10% premium to its A$0.20 entry price.

Oro Verde, formerly Ezenet, was granted a voluntary suspension by the ASX in late November.

The company recently raised about A$2.4 million to assist in the development of its Chilean projects, including Chuminga.

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