Oro Verde has taken full control of the exploration activities at the Topacio gold project in southeastern Nicaragua, following the exit by its partner Newcrest Mining.
A farm-in agreement was signed between the parties in November 2015 wherein Newcrest agreed to undertake project exploration activities.
Oro Verde intends to expand the high-grade resource potential around the 340,000oz-gold Topacio resource area.
Oro Verde managing director Trevor Woolfe said: “We have enjoyed advancing the regional knowledge of the Topacio Project in partnership with Newcrest since November 2015, but as Newcrest concentrates on other Latin American investments, Oro Verde can resume its focus on the expansion of the existing Topacio gold resource.
“Recent trenching and drilling of some of the many high-grade gold targets has already paid dividends with results up to 53.1g/t Au.”
Newcrest has offered technical input into exploration activities since the signing of the project agreement in November 2015. The addition of multi-element geochemical and airborne geophysical data, as well as detailed geological mapping, enabled Oro Verde to undertake follow-up exploration activities at newly discovered targets.
Oro Verde noted that the project was found to contain an NI 43-101 compliant historical inferred resource of more than 2.7Mt of gold at 3.9g/t, containing 340,345oz of gold, at a 1.5g/t gold cut-off.
The company holds an option to acquire 100% of the Topacio gold project.