Oro Verde (ASX:OVL) has acquired the Alma iron oxide copper gold project in the highly prospective coastal cordillera copper belt in norther Chile.
The project, comprising five exploration concessions, was bought from the owner-vendor Edith Urrutiya Araya for a payment totaling US$1.75 million over 48 months and a residual 1/5% royalty that Oro Verde can buy for US$3.06 million.
The Alma project covers an area of 14 square kilometres and is in the souther part of the Second Region of Norther Chile. It is close to a deep sea port and a government owned mineral processing plant which is currently toll treating local miner's copper and gold ores.
The project will target an iron oxide copper gold deposit associated with the Atacama Fault Zone system similar to the Manto Verde, which is a large IOCG deposit with a 620 million tonne at 0.56% copper and 0.12 grams per tonne gold resource.
The Alma area encompasses alluvium, colluvium and caliche covered granodiorites and diorites that hosts a northwest trending aeromagnetic anomaly, measuring 3 kilometres by 2 kilometres, that to date has not been explored for IOCG deposits.
It had a cash balance of $1.76 million at the end of December 2012 quarter.
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News - Oro Verde acquires Alma iron oxide, copper-gold project in Chile
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