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Oro Verde poised to drill test copper gold project in Chile, extends public and priority offers

Oro Verde (ASX: OVL), formally Ezenet (ASX: EZE), is currently in a very interesting position, and is readying to drill test the highly prospective and advanced Chuminga copper gold project in Chile, which recently 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.

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 Escondida.

Consolidation approved

Shareholders have approved a one for three share consolidation, with the company now having around 63.5 million shares on offer.

Up to $7 million priority and public offer extended

Oro Verde has now extended the priority and public offers to December 16, which comprises up to a $7 million capital raising.

The company is looking to raise $5 million priced at $0.20 for the issue of 25 million shares, with the company also open to a further oversubscription of 10 million shares - adding a potential $7 million capital injection the progress the company's activities.

Vega project in Chile's prolific El Indio Gold Belt adds spice

Not to be overlooked, Oro Verde also has some interest in a second project known as Vega, which is strategically located in Chile's prolific El Indio Gold Belt.

Drilling at Vega is forecast to kick off in late January, with follow-up drilling and geophysical work during the year. Oro Verde will look to move to 100% ownership of Vega as soon as possible.