Oro Verde’s (ASX: OVL) Wolf Martinick and Brad Farrell both know a thing or two about finding large mineral deposits - so when first pass drilling at Timon unearths the presence of a large copper mineralised porphyry system located in the giant copper belt of Northern Chile - they could be onto something.
Timon is located just 75 kilometres southeast of the city of Copiapo in Region 3 of Chile.
Now there has been previous work by Billiton and North Broken Hill at Timon, but the prospect was never drilled.
Geophysics and surface geology suggests sulphides associated with copper, i.e. the presence of something big, a large sulphide system.
Which early indications are could be up to 1–2 kilometres wide and up to 4 kilometres long, so they have only scratched the surface with this first pass drilling. But it is early days.
Assay results from all the holes are awaited to confirm the economic significance of the Timon porphyry system which these field estimates indicate.
The five holes intersected disseminated pyrite and copper sulphide mineralisation, partly in classic quartz stockwork, over large drill widths of between 200 metres and 300 metres.
Of these, two holes returned pyrite of up to 3%, chalcopyrite to 5% and covellite trace to 0.8%.
Sampling of all holes will be completed and despatched to AcmeLabs in Santiago for analyses this week. Complete results are expected earliest, in late December.
So its exciting times for Oro Verde, back in the game.
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