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Oro Verde Ltd.
Summary
| Project: | Makuutu | |
|---|---|---|
| Deposit: | Makuutu | |
| Location: | Uganda | |
| Commodities: | Rare Earth | |
| Date: | 9/4/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 4-9-2019: Oro Verde Ltd. announces a Resource Estimation report for its Makuutu deposit at the Makuutu project. Exploration Target defined at project. Oro Verde Limited (ASX: OVL) (“Oro Verde” or “the Company”) is pleased to report that it has defined | |
| Resources: | Exploration Target Range: 270 - 530Mt @ 0.04 - 0.1% TREO | |
| CP/QP: | [Overall Report]: Geoff Chapman (GJ Exploration Pty Ltd.) | |
| ABSTRACT: | Oro Verde Limited (ASX: OVL) (“Oro Verde” or “the Company”) is pleased to report that it has defined an Exploration Target at the Makuutu Rare Earths project (Makuutu) located in Uganda. Due diligence and examination of historic exploration results (ASX: 28 August 2019) indicated that the project had the potential to be large with drilling successfully encountering mineralisation over an area of 15 km x 1.5 km. A review of those drilling results, conformational assays undertaken by Oro Verde and technical reports generated by the current owner has enabled the Company to derive an initial exploration target (refer Table 4 for full breakdown). Mineralisation generally commences at about 1m from surface and has an average thickness of 13.5 metres. Mukuutu is significant in size and is understood to be potentially one of the largest ionic clay deposits outside of China with grades consistent with these types of deposits. Ionic clay-hosted Rare Earth deposits are a substantive source of existing critical and heavy rare earth production in China. The mining and processing of these deposits is generally simplerthan hard rock deposits, which provides significant operating cost advantages. A general overview of these differences was provided in the market announcement on 5 July 2019. | |
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