Oro Verde (ASX: OVL) is drilling ahead to expected mineralisation in a second core hole at its Chuminga Copper Gold Project in Chile following a 99 metre intersection of mineralisation from its first core hole.
The company is drilling a second core hole to confirm a down dip wedge of thickening copper-gold breccia mineralisation.
The core hole on Section B was at 70.5 metres on Monday and drilling ahead to intersect mineralisation at about 112 metres down hole.
This hole aims to extend mineralisation 325 metres down dip from outcrop on the drill section.
Assays from the first core hole, which contained 69 metres of well-developed core copper and iron oxide breccia mineralisation within 30 metres of disseminated mineralisation, are expected in two weeks.
The Chuminga Project, in which Oro Verde holds a 20% interest, 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.
Vega First Phase Drilling
Oro Verde has completed an 8-hole reverse circulation drilling program at the Vega Gold Project in the El Indio Gold belt.
The drilling program tested CSAMT geophysical-geochemical anomalies with strong alteration associated with an untested epithermal gold system.
Oro Verde was only able to drill 1,142 metres of the total planned 2,500 metres because of the presence of perched water tables with high water flows that curtailed meaningful sampling of drill cuttings.
Managing director Dr Wolf Martinick said logging to date, however, has revealed extensive, anomalous, sulphidic dacite porphyry in which copper and molybdenum mineralisation is present.
"Following appraisal of the expected laboratory results in April it is likely that a decision will be made to re-enter all or some of the holes with follow-up diamond drilling," he said.
The Vega Project comprises 10 gold Exploration Concessions covering 28 kilometres in the El Indio Gold Belt, a region that has seen the discovery of about 50 million ounces of gold and 900 million ounces of silver resources primarily by Barrick Gold Corporation (NYSE: ABX), the dominant miner in the region.
Vega is located 20 kilometres north of El Indio, which produced 4.5 million ounces of gold, 25 million ounces of silver and 472,000 tonnes of copper from underground and open pit operations in its 23 year life.