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Oro Verde: Chuminga in Chile yields up to 26 metres of copper mineralisation

Oro Verde's (ASX: OVL) Chuminga Copper-Gold Project in Chile is further revealing the widespread nature of its copper mineralisation with new intersections delivering broad strikes of up to 26 metres.

A second diamond hole drilled at the project targeted the same copper-iron oxide breccia mineralisation seen in the first diamond core hole 75 metres to the north, which assayed 61 metres at 0.9% copper and 0.15 grams per tonne (g/t) gold from 65 metres.

The first hole indicated a thickening of the mineralisation down dip from the surface to the east.

The second hole was drilled to a depth of 179 metres, intersecting the copper mineralisation at 97 metres.

Last month Oro Verde secured a more powerful drill rig to improve the efficiency of its current drilling program.

Importantly, this should lead to better core recovery and overall efficiencies resulting in reduced costs.

Samples from the second hole will be sent to Activation Laboratories in Coquimbo, Chile following the completion of logging and sampling in the next few days.

Drilling has already begun on the third diamond drill hole.

The current first phase 10-hole, 1,950 metre drilling program is testing around 300 metres of the mineralised breccia exploration target.

Chuminga, 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.

The project's potential was first identified by Rio Tinto (ASX: RIO) and Exploration and AUR Resources, now part ofTeck Cominco (NYSE: TCK, TSX: TCK).

The project is 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.

This region has excellent infrastructure and most importantly hosts several world class copper mines such as Mantos Blancos, Chuquicamata and BHP Billiton's (ASX: BHP) Escondida.

Oro Verde has previously identified Chuminga's bulk tonnage potential following assays from 99 metres of mineralisation intersected within the first drill hole.

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 0.56g/t gold content identified.