Perth, Oct 10, 2017 AEST (ABN Newswire) - Oro Verde Limited (ASX:OVL) ("Oro Verde" or "the Company") is pleased to announce that trenching activities on high grade gold targets have now re-commenced at the Topacio Gold Project, located in southeastern Nicaragua (see Figure 3 in link below).

HIGHLIGHTS

- Trenching underway to test high grade gold vein targets

- Best trench results to be followed up by diamond drilling before year end

- Objective to expand existing gold resource

Recent trenching and drilling provided encouraging bonanza grade gold results from veins and extensions around the existing 340,000 ounce gold (Au) resource (see Table 1). Exploration efforts have since been accelerated, commencing a new round of trenching and drilling on the numerous high grade targets that the Company has defined in the extensive mineralised zone (Figure 1 in link below).

Oro Verde's Managing Director, Mr. Trevor Woolfe, commented "We are very pleased with our recent trenching and drilling activities which confirmed the high grade nature of veins extending from the Topacio resource. As a result, we have commenced new trenching activities to define additional high grade targets for drilling before the end of the year."

Table 1 Topacio Area - Recent Trench and Drill Results (>5 g/t Au)

LOCATION       TRENCH or DRILL  SAMPLE  INTERVAL GOLD     DOWNHOLE
               HOLE NAME        TYPE    LENGTH   GRADES   DEPTH
Mico West      OPMW1701         Trench  7.50 m   5.39 g/t At surface
                              including 2.05 m  17.06 g/t At surface
               TMW1702          Trench  6.20 m   5.16 g/t At surface
                              including 2.70 m  10.44 g/t At surface
               MTD-17-013    Drill hole 0.33 m   1.51 g/t From 40.97m
               MTD-17-012    Drill hole 2.85 m  15.59 g/t From 21.25m
                              including 1.23 m  32.30 g/t From 22.87m
Dispute        RCD1701          Trench  1.10 m  53.10 g/t At surface
               MTD-17-010    Drill hole 9.25 m   2.21 g/t From 32.30m
                              including 1.52 m   7.43 g/t From 36.60m

The Company's exploration objective at Topacio is to undertake drilling to expand the current resource. To achieve this, the Company will refocus on the Topacio resource area which has an historical NI 43-101 (Canadian standard, similar to JORC) compliant inferred resource of 2,716,176 tonnes at 3.9 g/t Au, containing 340,345 ounces of gold, at a 1.5 g/t gold cut-off.

National Instrument 43-101 ("NI 43-101") is a national instrument for the Standards of Disclosure for Mineral Projects within Canada and as such this estimate is a foreign estimate and is not reported in accordance with the JORC code (Australia). A competent person has not done sufficient work to classify the foreign estimate as mineral resources in accordance with the JORC code and it is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as mineral resources in accordance with the JORC code.

Trenches to Define Drill Targets

Trenching activities on high grade gold targets have now re-commenced at the Topacio Gold Project.

Surface trenching has proven to be a fast and economic target refining tool prior to drilling. The immediate program to be undertaken by Oro Verde will be to complete extensive trenching over veins that have been identified by surface mapping and sampling and containing demonstrated high gold grades.

The recent drilling results, where some exceptional grades were recorded, such as at Dispute and Mico West, provide an excellent platform from which to launch this program. For example, drill hole MTD-17-012 at Mico West intersected 2.85m at 15.59 g/t Au, extending below a surface trench that intersected 2.05m at 17.06 g/t Au (Table 1).

Veins to be exposed by surface trenching for channel sampling will include (Figure 2 in link below):

- Mico West - along strike from the high grade results described above

- Mico East - along strike to the east on the Mico Vein

- Dispute - along strike from trench RCD1701 (1.1m at 53.10 g/t Au)

- Dos Amigos - the eastern extension of the Dos Amigos Vein

Given the historical resources and the recent trenching and drilling results (Table 1), the Company believes that the Topacio project area could contain at least 1 million ounces of gold, with a near-term Exploration Target expected from the upcoming program of:

3.5 - 4.0 MT @ 3.8 - 4.0 g/t Au (427,000 - 514,000 ounces gold)

This Exploration Target is conceptual in nature, but is based on reasonable grounds and assumptions. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

TOPACIO PROJECT BACKGROUND

Oro Verde holds an Option to Purchase Agreement over the high grade Topacio Gold Project, located in southeastern Nicaragua (Figure 1). The Option is due to expire in February 2018. Further details can be found in the announcement to the ASX dated 27 February 2015.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/Q36QJO46


About Oro Verde Limited

Oro Verde Ltd ASX:OVLOro Verde Ltd (ASX:OVL) is a mineral exploration company focused on identifying and developing significant gold projects in Central America, particularly Nicaragua. Oro Verde holds an Option to Purchase Agreement to acquire 100% of the Topacio Gold Project in Nicaragua that contains a NI43-101 compliant Inferred Mineral Resource of 340,000 ounces of gold. Oro Verde also holds 100% of the early stage San Isidro Gold Project, also in Nicaragua, located adjacent to the 2.3 million ounce La India gold project.

 


Contact

Mr Trevor Woolfe
Managing Director
T: +61 411 127 837

Mr Brett Dickson
Company Secretary
T: +61 8 9481 2555



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