Oro Verde (ASX: OVL) has identified bulk tonnage potential at the Chuminga Project in Chile following assays from 99 metres of mineralisation intersected within the first drill hole.
A second hole is currently being drilled. The best results from the initial drill hole include:
- 5 metres at 1.3% copper and 0.15g/t gold from 118 metres;
- 5 metres at 1.3% copper and 0.14g/t gold from 99 metres; and
- 5 metres at 1.2% copper and 0.24g/t gold from 111 metres.
The 99 metre interval includes 69 metres of well developed core copper and iron oxide breccia mineralisation from 60 metres depth.
Elements of significance are copper and gold, with a maximum of 2.1% copper content and 0.56 grams per tonne (g/t) gold content identified.
Oro Verde executive chairman Dr Wolf Martinick said, "I am delighted that the first Chuminga hole has been successfully completed and analysed and the second is continuing to test what appears to be a thickening wedge of copper breccia mineralisation extending down dip from outcrop and the first hole."
The Chuminga project's potential was first identified by Rio Tinto (ASX: RIO) and AUR Resources (now part of Teck Cominco).
Earlier this month Oro Verde launched a A$2.6 million share placement to progress the development of Chuminga and the Vega Gold Project, also in Chile.
The placement comprises 13 million new fully paid shares at a price of A$0.20 per share, which will be offered to professional and sophisticated investors.