Orinoco Gold reviewing historical drill data at Sertao
Orinoco Gold Ltd (ASX:OGX) says an analysis of historical drill records at its Sertao gold project in central Brazil indicates there could be even more gold in the ground than it first thought.
Central Brazil gold and ore
OGX is acquiring 100% of the Sertao project’s gold rights from Troy Resources and embarked on a review of historical drill data as part of the process. OGX says it’s identified numerous historical intersects which point to a significant extension of Sertao’s known resources.
The company plans to have the historical data further reviewed to see if a JORC compliant resource can be calculated from the existing drilling.
OGX says the Sertao Project is making ‘significant progress’ and its plans to use income generated from its high-grade gold projects in the area to further expand its other projects are on track.
Extra strike lengths for Tinteiro project
In February, OGX expanded its Tinteiro IOCG Project in central Brazil, discovering more high-grade rock chips and releasing maps which confirm further prospects in the area.
The strike length at Tinteiro was extended after two previously unknown mineralised trends were discovered in the geophysical structure of the mine. The company also recently acquired a neighbouring gold mine called Antena where geological mapping found additional extensions to Tinteiro.
Mark Papendieck, OGX’s Managing Director, says: “As an explorer, you couldn’t ask for a better target. These results have extended Tinteiro over more than 7km of strike – not including possible extensions inside the Antena mining lease. We are particularly excited about the new discovery of the additional thick silver targets.”
OGX says it has found rock chips grading up to 20.1g/t gold from the ongoing exploration at Tinteiro.
Cascavel Gold Project
In mid-March 2014, OGX said it would be exploring its Cascavel Gold Project decline following a successful $2.1M capital raising.
Work on the Cascavel project, part of its development at Faina Goldfields, is expected to cost just over $2,000 for each metre that’s explored, the price covering ventilation lighting and rock bolting.
The first phase of the exploration covers an area of around 250 by 300m and in-fill drilling is scheduled to start after the final entitlement issue has been placed.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.