Perth based minerals exploration company Oro Verde Ltd announced that the Stage 1 airborne geophysical survey at Topacio Gold Project in southeast Nicaragua is due to commence over the coming days, subject to final checks and safety approvals.
The helicopter-borne geophysical survey is the third part of the Stage 1 exploration program of the 5-year, US$9.7 million Farm-In Agreement which the company signed last year with Newcrest International – a wholly owned subsidiary of Newcrest Mining Ltd – to jointly explore the Topacio gold deposits.
The exploration program commenced in January this year with the aim to identify prospective vein, alteration, geochemical, geophysical and structural targets for drilling, scheduled to begin in the second half of 2016.
In addition to the forthcoming airborne geophysical survey – which will incorporate magnets and radiometrics covering the entire 93km concession – the exploration program also included detailed geological mapping and sampling and concession-wide 400m x 400m grid soil sampling program.
Oro Verde’s Managing Director Trevor Woolfe said the geophysical data will be analysed in conjunction with the gold and multi-element geochemistry data (to be generated from the recently completed concession-wide soil sampling program) as well as preliminary targets from the geological mapping review.
“This is the first modern geophysical survey conducted at Topacio and will provide us with important structural and lithological interpretations across the entire concession,” he said.
“In combination with recent geological and geochemical data, the geophysical data will be critical un defining drill targets to test the extent of the low sulphidation epithermal system and hence expanding the existing Topacio gold resource.”
Oro Verde holds an Option to Purchase Agreement to acquire100% of the Topacio Gold Project that contains Inferred Mineral Resource of 340,000 ounces of gold. In addition, the company holds 100% of the early stage San Isidro Gold Project, also located in Nicaragua.