Oro Verde on the exploration trail of gold and copper in Chile, commences trading today

Ore Verde (ASX: OVL), formerly Ezenet, will again hit the ASX boards this morning at 10am (AEDT) marking its change of strategy.

In late November the company was granted a voluntary suspension by the ASX, pending the outcome of a resolution at the company's general meeting to approve a change of activities.

Oro Verde recently raised around A$2.4 million to assist in the development of its Chilean projects, including Chuminga which 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.

The potential of Chuminga was first identified by Rio Tinto Zinc Mining and Exploration and AUR Resources (now part of Teck Cominco), with the project well positioned in the coastal area of northern Chile, 60 kilometres north of the regional mining town of Taltal and 115 kilometres south of the port of Antofagasta.

The region has excellent infrastructure and most importantly hosts several world class copper mines such as Mantos Blancos, Chuquicamata and BHP Billiton’s (ASX: BHP) Escondida.

In December Oro Verde began drilling on the highly prospective and advanced project, which previously assayed 190 metres at 1.07% copper and 0.20 grams per tonne (g/t) gold from trenching.

Importantly, the copper and gold results are similar to historical results, and thereby confirm the bulk tonnage potential of the breccia mineralisation.


Chuminga and Vega Acquisitions

Oro Verde has settled the acquisition of a 20% interest in the Chuminga project and a 100% interest in the Vega Project has been finalised.

Vega is strategically located in Chile's prolific El Indio Gold Belt. An independent report has found that 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.


Progress at Chilean Projects

At the Chuminga project, Oro Verde has completed the access road to the drilling site and has constructed drilling pads to enable drilling to begin shortly.

Utilising a drilling rig provided by the Errazuriz Hochschild Mining Group, the company will undertake a first phase 10-hole/1,950 metre diamond drilling program at the project.

Meanwhile, drilling at the Vega Gold Project is scheduled to begin early this month where an 8-hole/2,350 metre drilling program will test identified CSMAT geophysical drill targets in part coincident with anomalous lithogeochemistry, alteration and structure.


Re-Listed Oro Verde

Upon its commencement of trading this morning, Oro Verde will have around 69.3 million shares on issue.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24835/oro-verde-on-the-exploration-trail-of-gold-and-copper-in-chile-commences-trading-today-24835.html