Wednesday, 8 February 2012

Oro Verde trades at 10% premium in first week of new company direction

Oro Verde (ASX: OVL) has received a positive market response in its first week of trade with shares hitting A$0.22, a 10% premium to the $0.20 entry price.

The company, formerly named Ezenet, re-listed on the ASX last Friday 3 February after its transition from a software and services company to a gold and copper focused explorer operating in Chile.

Oro Verde has some highly prospective bulk tonnage 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 (g/t) gold and 0.5 to 1% zinc.

Chuminga is well positioned in a region that 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 0.2g/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.

Oro Verde has begun a first phase 10-hole/1,950 metre diamond drilling program at Chuminga. To date some 50 metres of mineralisation has been intersected.

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