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ASX Announcement 12 October 2016
HIGH GOLD GRADES HIGHLIGHT MULTIPLE TARGETS AT TOPACIO
HIGHLIGHTS
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High grade gold results received from previously unsampled areas of Topacio
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Highest grade rock chip sampling results include:
50.5 g/t Au
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(sample #48897)
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42.8 g/t Au
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(sample #48875)
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38.7 g/t Au
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(sample #48879)
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32.2 g/t Au
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(sample #48846)
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Highlights the presence of additional vein targets outside the Topacio resource area
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Currently completing infill soil sampling at the Rebeca Zone to refine drill targets - assays pending
Oro Verde Limited (ASX: OVL) ("Oro Verde" or "the Company") is pleased to announce that veryhigh grade gold (Au) results have been received from recent rock chip sampling of epithermal vein targets at the Topacio Gold Project, located in southeastern Nicaragua (Figure 1).
While current field activities are concentrating on infill soil sampling at the Rebeca Zone to refine targets for drilling, where the objective is a potential buried low sulphidation epithermal system, these rock chip results highlight the existence of numerous additional targets outside the existing Topacio gold resource.
Maximum gold and associated silver (Ag) grades from these results are as follows (refer full Table 1):
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Brazil 9.95 g/t Au; 11.7 g/t Ag
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Canada 42.8 g/t Au; >200 g/t Ag
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Dispute 21.4 g/t Au; 15.1 g/t Ag
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Dos Amigos 9.07 g/t Au; 39.2 g/t Ag
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Lone Star 50.5 g/t Au; 70.1 g/t Ag
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Mico 21.4 g/t Au; 39.1 g/t Ag
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Mico SE Split 7.15 g/t Au; 19.0 g/t Ag
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Pelos de Oro 4.02 g/t Au; 5.6 g/t Ag
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Pispireta 32.2 g/t Au; 18.2 g/t Ag
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Su Majestad 16.9 g/t Au; 145.9 g/t Ag
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Tamara 5.42 g/t Au; 11.3 g/t Ag
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Topacio 12.5 g/t Au; 15.0 g/t Ag
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Toronto 38.7 g/t Au; 52.3 g/t Ag
Oro Verde Limited (ASX code: OVL)
Level 1, 34 Colin St, West Perth, WA 6005 Phone: +61 8 9481 2555 Fax: +61 8 9485 1290 Email: [email protected]
Oro Verde's Managing Director, Mr. Trevor Woolfe, commented "While our current field activities are focused on infill soil sampling to define drill targets in the Rebeca Zone, I am extremely encouraged by these latest results that include some very high gold grades from areas of previously limited access. These results highlight the presence of additional quality gold targets associated with exposed quartz veins at Topacio. Our current activities bring Oro Verde closer to finalising and prioritising targets for drilling."
San Isidro
Topacio
Figure 1 Major Nicaraguan gold deposits and the Topacio Gold Project
Topacio Gold Project
Soil geochemistry contours Au (ppb)
Current sampling
Rebeca Zone
Mapped vein Silica cap
Anomalous Au in soils
Figure 2 Topacio Project - Priority target areas from soil geochemistry and latest sampled area
TOPACIO ROCK CHIP SAMPLING
Exploration activities at Topacio during 2016 have included a concession-wide 400m x 400m soil sampling grid, as well as detailed vein mapping and associated rock chip sampling. These programs form part of the Stage 1 exploration program of the Farm-In Agreement between Newcrest International Pty Ltd, a wholly owned subsidiary of Newcrest Mining Limited (ASX: NCM) ("Newcrest") and Oro Verde, executed at the end of November 20151.
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Refer to ASX announcement dated 30 November 2015 "Newcrest Signs A$11M Farm-in Agreement with Oro Verde"
The soil geochemistry results were released on the ASX in August2and demonstrated that at least three priority zones have been identified with anomalous gold geochemistry. These three zones (Figure 2) were identified as the:
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Northwest Anomaly;
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Northeast Topacio Extension; and
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Rebeca Zone
While the Rebeca Zone is currently the focus of an infill soil sampling program to refine and prioritise targets for drilling3, recent vein texture mapping and rock chip sampling was undertaken along the complex vein systems corresponding to the Northwest Anomaly and the Northeast Topacio Extension gold-in-soils anomalies, as well as the Topacio Resource Area (Figure 2).
High gold grades (Table 1) have been received from at least 13 different veins in this sampling campaign (Figures 3 and 4) and highlight the presence of multiple vein targets that may be considered for follow up drilling.
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Figure 3 Topacio Project - latest rock chip sampling results (gold) [Refer Figure 2]
Additional rock chip sampling has also been undertaken in the Rebeca Zone during the current infill soil sampling program. The Rebeca Zone is thought to represent the upper levels of a buried low sulphidation epithermal system and, as has been shown in previous rock chip sampling, can be expected to return lower gold grades. Results are expected over coming weeks.
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Refer to ASX announcement dated 16 August 2016 "Strong Gold Anomalies in Soils at Topacio"
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Refer to ASX announcement dated 4 October 2016 "Infill Soil Sampling Underway at Topacio"
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Table 1 Topacio Gold Project - Details of latest Oro Verde sampling and precious metal grades
SAMPLE NUMBER
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NORTHING (mN)
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EASTING (mE)
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VEIN
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VEIN WIDTH*
- at surface (m)
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Au (g/t)
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Ag (g/t)
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48771
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1,339,817
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779,832
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Unnamed
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0.6
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0.88
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0.1
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48772
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1,339,396
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779,955
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Unnamed
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0.5
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0.86
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2.6
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48773
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1,339,391
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779,978
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Unnamed
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1.2
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0.17
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48774
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1,339,429
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780,288
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Mico
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0.7
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5.06
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6.3
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48775
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1,339,011
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781,000
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Topacio
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1.0
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9.95
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3.6
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48776
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1,338,594
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779,863
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Dispute
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0.8
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8.30
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5.2
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48777
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1,338,306
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780,523
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Brazil
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1.0
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0.85
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3.4
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48778
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1,338,359
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780,620
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Brazil
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1.0
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5.72
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3.4
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48779
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1,338,385
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780,683
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Brazil/Canada
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0.8
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9.95
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11.7
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48780
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1,337,958
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780,081
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Brazil
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0.4
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0.38
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1.7
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48781
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1,337,957
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780,080
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Brazil
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0.7
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0.78
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3.6
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48782
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1,334,828
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767,269
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Brazil
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0.7
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2.85
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2.8
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48783
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1,337,865
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779,334
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Topacio
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1.0
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11.00
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40.9
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48784
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1,338,131
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779,522
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Topacio
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1.1
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11.00
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4.9
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48785
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1,338,410
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779,883
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Topacio
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1.9
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10.50
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13.2
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48786
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1,338,549
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780,183
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Topacio
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0.5
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0.22
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48787
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1,338,719
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780,157
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Dispute (?)
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0.4
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0.61
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7.8
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48788
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1,338,615
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778,592
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Mico west
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2.5
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26.50
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9.2
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48789
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1,338,049
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778,596
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Silica Boulders
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1.0
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0.01
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48790
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1,338,391
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779,545
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Dos Amigos
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1.3
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1.72
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0.5
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48791
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1,338,426
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779,621
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Dos Amigos
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1.5
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9.07
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39.2
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48792
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1,338,475
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779,714
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Dos Amigos
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1.9
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6.06
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4.1
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48793
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1,338,541
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779,801
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Dispute (?)
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1.2
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0.38
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1.4
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48794
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1,338,803
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779,526
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Lone Star
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1.7
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11.20
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23.4
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48795
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1,338,999
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779,229
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Mico
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1.5
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13.90
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35.3
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48796
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1,339,007
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779,384
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Mico
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1.0
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4.29
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7.6
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48797
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1,339,082
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779,633
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Mico
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1.0
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3.51
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34.4
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48798
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1,339,130
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779,691
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Mico
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1.5
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21.40
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39.1
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48799
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1,339,176
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779,780
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Mico
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0.6
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2.55
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1.8
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48800
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1,339,300
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780,064
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Mico
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0.8
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0.90
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1.5
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48820
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1,339,469
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780,399
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Mico (?)
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2.0
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0.44
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1.5
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48821
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1,339,711
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780,516
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Dos Hoyos
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1.0
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0.09
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0.3
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48822
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1,339,863
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780,907
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Tamara
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2.5
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5.42
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11.3
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48823
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1,339,923
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781,033
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Tamara
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1.0
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2.73
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2.0
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48824
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1,339,923
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781,125
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Tamara
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1.0
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1.73
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0.7
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48825
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1,339,948
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781,261
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Tamara (?)
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0.7
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0.23
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0.3
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48826
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1,339,275
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781,417
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Topacio
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0.6
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1.43
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15.2
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48827
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1,339,493
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781,821
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Topacio
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0.4
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0.60
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0.4
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48828
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1,339,447
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781,733
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Topacio
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0.6
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0.42
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0.3
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48829
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1,339,398
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781,639
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Topacio
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0.4
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2.35
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0.8
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