Newcrest International is a wholly owned subsidiary of Newcrest Mining Ltd (ASX:NCM).
The drilling will follow first year Stage 1 exploration program of the farm-in agreement between Newcrest and Oro Verde, which has been completed successfully.
Highly encouraging mapping, sampling, soil geochemistry and airborne geophysics results from the program has highlighted a number of target areas that require drill testing.
The highest priority target area for drill testing is the Rebeca-Sahino zone which displays characteristics indicating the potential for a buried epithermal gold system.
The technical team is completing preparations for drilling of this target, which will occur once final regulatory approvals have been obtained.
The decision by Newcrest to continue to the next phase of the farm-in agreement validates the potential of the Topacio Gold Project.
The project has a historical non-JORC resource of 2.7 million tonnes at 3.9 g/t gold, containing 340,345 ounces of gold.
Oro Verde’s shares were last trading at $0.022, up 10% intraday.
The company had a cash balance of $1 million as at 30 September 2016.
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News - Oro Verde Ltd and Newcrest moving on to the next phase at Topacio Gold
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