- Trenching underway to test high grade gold vein targets
- Best trench results to be followed up by diamond drilling before year end
- Objective to expand existing gold resource
Recent trenching and drilling provided encouraging bonanza grade gold results from veins and extensions around the existing 340,000 ounce gold (Au) resource (see Table 1). Exploration efforts have since been accelerated, commencing a new round of trenching and drilling on the numerous high grade targets that the Company has defined in the extensive mineralised zone (Figure 1 in link below).
Oro Verde's Managing Director, Mr. Trevor Woolfe, commented "We are very pleased with our recent trenching and drilling activities which confirmed the high grade nature of veins extending from the Topacio resource. As a result, we have commenced new trenching activities to define additional high grade targets for drilling before the end of the year."
Table 1 Topacio Area - Recent Trench and Drill Results (>5 g/t Au)
LOCATION TRENCH or DRILL SAMPLE INTERVAL GOLD DOWNHOLE HOLE NAME TYPE LENGTH GRADES DEPTH Mico West OPMW1701 Trench 7.50 m 5.39 g/t At surface including 2.05 m 17.06 g/t At surface TMW1702 Trench 6.20 m 5.16 g/t At surface including 2.70 m 10.44 g/t At surface MTD-17-013 Drill hole 0.33 m 1.51 g/t From 40.97m MTD-17-012 Drill hole 2.85 m 15.59 g/t From 21.25m including 1.23 m 32.30 g/t From 22.87m Dispute RCD1701 Trench 1.10 m 53.10 g/t At surface MTD-17-010 Drill hole 9.25 m 2.21 g/t From 32.30m including 1.52 m 7.43 g/t From 36.60m
The Company's exploration objective at Topacio is to undertake drilling to expand the current resource. To achieve this, the Company will refocus on the Topacio resource area which has an historical NI 43-101 (Canadian standard, similar to JORC) compliant inferred resource of 2,716,176 tonnes at 3.9 g/t Au, containing 340,345 ounces of gold, at a 1.5 g/t gold cut-off.
National Instrument 43-101 ("NI 43-101") is a national instrument for the Standards of Disclosure for Mineral Projects within Canada and as such this estimate is a foreign estimate and is not reported in accordance with the JORC code (Australia). A competent person has not done sufficient work to classify the foreign estimate as mineral resources in accordance with the JORC code and it is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as mineral resources in accordance with the JORC code.
Trenches to Define Drill Targets
Trenching activities on high grade gold targets have now re-commenced at the Topacio Gold Project.
Surface trenching has proven to be a fast and economic target refining tool prior to drilling. The immediate program to be undertaken by Oro Verde will be to complete extensive trenching over veins that have been identified by surface mapping and sampling and containing demonstrated high gold grades.
The recent drilling results, where some exceptional grades were recorded, such as at Dispute and Mico West, provide an excellent platform from which to launch this program. For example, drill hole MTD-17-012 at Mico West intersected 2.85m at 15.59 g/t Au, extending below a surface trench that intersected 2.05m at 17.06 g/t Au (Table 1).
Veins to be exposed by surface trenching for channel sampling will include (Figure 2 in link below):
- Mico West - along strike from the high grade results described above
- Mico East - along strike to the east on the Mico Vein
- Dispute - along strike from trench RCD1701 (1.1m at 53.10 g/t Au)
- Dos Amigos - the eastern extension of the Dos Amigos Vein
Given the historical resources and the recent trenching and drilling results (Table 1), the Company believes that the Topacio project area could contain at least 1 million ounces of gold, with a near-term Exploration Target expected from the upcoming program of:
3.5 - 4.0 MT @ 3.8 - 4.0 g/t Au (427,000 - 514,000 ounces gold)
This Exploration Target is conceptual in nature, but is based on reasonable grounds and assumptions. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
TOPACIO PROJECT BACKGROUND
Oro Verde holds an Option to Purchase Agreement over the high grade Topacio Gold Project, located in southeastern Nicaragua (Figure 1). The Option is due to expire in February 2018. Further details can be found in the announcement to the ASX dated 27 February 2015.
To view tables and figures, please visit:
About Oro Verde Limited
Oro Verde Ltd (ASX:OVL) is a mineral exploration company focused on identifying and developing significant gold projects in Central America, particularly Nicaragua. Oro Verde holds an Option to Purchase Agreement to acquire 100% of the Topacio Gold Project in Nicaragua that contains a NI43-101 compliant Inferred Mineral Resource of 340,000 ounces of gold. Oro Verde also holds 100% of the early stage San Isidro Gold Project, also in Nicaragua, located adjacent to the 2.3 million ounce La India gold project.
Oro Verde Limited