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Orinoco Gold Ltd.
Summary
| Project: | Faina | |
|---|---|---|
| Deposit: | Antena-Xupe | |
| Location: | Brazil | |
| Commodities: | Gold | |
| Date: | 5/1/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-5-2018: Orinoco Gold Ltd. announces an Exploration/Drilling Update report for its Antena-Xupe deposit at the Faina project. Drilling results incl. 21.7m @ 4.49g/t Au from 144.0m. Orinoco Gold Limited (ASX: OGX) (Orinoco or the Company) is pleased to ann | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Thiago Vaz Andrade (Internal) | |
| ABSTRACT: | Orinoco Gold Limited (ASX: OGX) (Orinoco or the Company) is pleased to announce the first drilling results at its 100% owned Antena and Xupé Deposits. Three drill hole assay results were returned from the independent lab ALS. The drill hole ANT_004, executed as the extension of Troy’s Xupé pit, returned an assay of 21.7m @ 4.89g/t Au (144- 165.7m) including 10.2m @7.74g/t Au (155.5 – 165.7m) including 2m @ 10.82g/t Au (158 – 160m) including 1.5m @ 11.36g/t Au (162 – 163.5m). As referenced in the Company’s 6 March 2018 announcement, OGX commenced an 11 hole drilling program, with an estimated cost of A$ 350,000. The two deposits (Antena and Xupé) are located on the central portion of the Faina Greenstone Belt, only 8km from the Cascavel processing plant and in between Cascavel and Sertão deposits, along the same mineralized structure. These two deposits sit inside existing Mine Leases making it potentially possible to fast track a return to production. As announced in Orinoco’s 1st Quarter report for 2018, an in-pit economic ore optimisation study is currently underway to explore how much gold was left in the pits at Antena, Xupé and Sertao from the previous operators. At the time when Antena was closed in 2007 the gold price was roughly 1/3 its current level of R$4,500 per ounce and grades that today would be economically mined were left at both Antena, Xupé and Sertao. The 11 hole drilling program is looking at fresh mineralisation outside the existing pits which would further the potential prospectivity of a potential restart of mining operations. Any potential restart of Antena, Xupe and Sertao would be premised on being funded by future Cascavel cashflow. | |
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