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Oro Verde Ltd.
Summary
| Project: | Makuutu | |
|---|---|---|
| Deposit: | Makuutu | |
| Location: | Uganda | |
| Commodities: | Rare Earth | |
| Date: | 12/10/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-12-2019: Oro Verde Ltd. announces an Exploration/Drilling Update report for its Makuutu deposit at the Makuutu project. Drilling results incl. 10.6m @ 923ppm TREO from 3.40m. Oro Verde Limited (“Oro Verde” or “the Company”) (ASX: OVL) is pleased to pro | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Geoff Chapman (GJ Exploration Pty Ltd.) | |
| ABSTRACT: | Oro Verde Limited (“Oro Verde” or “the Company”) (ASX: OVL) is pleased to provide assay results from a further 17 holes (RRMDD 017 to RRMDD 033) of the 45-hole drilling program recently completed at the Makuutu Ionic Clay Rare Earth Elements (REE) project. Commenting on the rapid completion of the drilling program and ensuing positive results, Oro Verde Technical Director Dr Marc Steffens said: “The excellent and ongoing confirmation of initial drilling results, demonstrating both high grade and significant thickness of the mineralised intersections, provides further weight to the project development case. Ionic clay-hosted rare-earth projects have several notable advantages over hard-rock projects including simple open-pit mining and simple leach (desorption) process for rare earth recovery and production of highgrade REE concentrates that are favourable for refiners. Encouragingly the grades being reported in these drilling results are comparable to other ionic clay-hosted REE projects such as the advanced BioLantanidos project in Chile which has a published (September 2016) NI 43-101 Resource of 23 Mt @ 580 ppm REO (with a 0 ppm REO cut-off)1 and was recently acquired by Hochschild Mining Plc for US$58.8M cash2 (approximately A$86m). The assay results show that the Makuutu project mineralisation contains high concentration of key and valuable rare earth minerals and, in particular those with permanent magnetic properties such as Terbium, Dysprosium, Praseodymium and Neodymium.” | |
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