Completion of Orinoco s Maiden Antena - Xupé Diamond Drilling Campaign

Transcription

1 ASX/Media Release 24 August 2018 Completion of Orinoco s Maiden Antena - Xupé Diamond Drilling Campaign Excellent results achieved from the recently completed maiden drilling campaign at Antena Xupé prospect confirms 300m down plunge extension to the historic Xupé mine and 200m down-plunge extension to Antena View mine, with good thickness and grade. Highlights from the 2,068 metre campaign including: o ANT_004 (Xupé): 4.49g/t Au (from 144m) inc 7.74g/t Au (from 155.5m) o ANT_005 (Antena View): 5.61g/t Au (from 67.75m) o ANT_007 (Xupé): 5.66g/t Au (from 172.5m) inc 8.75g/t Au (from 173m) o ANT_008 (Xupé): 6.48g/t Au (from 160m) and 9.78g/t Au (from 184.5m) o ANT_010 (Xupé): 4.02g/t Au (from 119.5m) inc 8.1g/t Au (from 121.5m) o ANT_011 (Xupé): 4.24g/t Au (from 140m) inc 6.42g/t Au (140.5m) o ANT_012 (Xupé): 3.93 g/t Au (from 97m) inc 13.15g/t Au (from 97m) The results compliment historically reported unmined holes by Troy Resources including: o GVC317 (Xupé): 29.3g/t Au (from 21m) inc g/t Au (from 24m) o GVC403 (Xupé): 7.61g/t Au (from 62m) o GVC332 (Xupé): 3.45g/t Au (from 45m) ANT_013 (Xupé) results pending. Drilling confirms potential for significant mineralisation. Detailed resource modelling of the extension to the Xupé orebody currently underway. A Phase 2 A$300,000 campaign at Antena West will commence for near surface targets in October Figure 1: Current and historical holes drilled at Antena-Xupé. GVC holes are historical Troy holes and remain unmined. Orinoco Gold 14 Outram St West Perth WA 6005 PO Box 109 West Perth WA 6872 Contact P (08) F (08) info@orinocogold.com ASX Code OGX (Ordinary Shares) OGXOD (Listed Options) Issued Capital 1,033,560,765 Ordinary Shares 225,082,116 Listed Options 57,177,846 Unlisted Options 118,000,000 Performance Rights

2 Orinoco Gold Limited (ASX: OGX) (Orinoco or the Company) is pleased to announce the completion of the drilling campaign at its 100% owned Antena and Xupé deposits. Thirteen drill holes were completed, totalling metres, from an original plan of 1600m (as referenced in the Company s 6 March 2018 announcement entitled Drilling Commences at Antena-Xupe). Figure 1 illustrates the 13 hole programe ANT_001 to ANT_013 at Antena Xupé. A Phase 2 programme will commence in October at Antena West where nearer surface mineralisation will be targeted based on historical holes already completed by Troy Resources. 2

3 Figure 2: Antena-Xupé cross section including historical holes completed by Troy Resources highlighted in the box and detailed below in historical quarterly results published by Troy. As announced on 1 st May 2018, ANT_004 identified significant extension of Troy s Xupé pit to the west with 4.89g/t Au ( m) including Au ( m) including 10.82g/t Au ( m) including 11.36g/t Au ( m). ANT_007 and ANT_008 successfully confirmed further down plunge extension to the west from ANT004 and ANT_010 to ANT_012 confirmed the continuation of the mineralised zone north and south of ANT_004 and defined the entire width of the ore shoot to be approximately 80m. Independent laboratory results from ALS confirm the presence of a significant mineralised extension to the Xupé mine of approximately 300m down plunge which remains open to the west. Detailed resource modelling of the extension to the Xupé orebody is currently underway. Orinoco s Head of Exploration, Mr Thiago Vaz Andrade, said The potential for significant gold mineralisation in the Antena Cluster is significant. Drilling at Antena-Xupé is a preview of the grades and thicknesses that are possible in this area. We look forward to our Phase 2 programme at Antena West in October. 3

4 Figure 3: Antena-Xupé as it appears today from an aerial view are rehabilitation. Our revised drilling programme follows a detailed review of Troy Resources historical announcements Our Phase 1 programme initially was chosen by our previous Exploration team earlier this year. Along the way we did change the drilling programme for the final 9 holes after a more thorough review of the historical announcements by Troy Resources. This review came after 3 (ANT_001 to ANT_003) of our first 4 holes missed (dusters) in the programme we announced on the 1 st of May 2018 entitled Diamond drilling results 4.49 g/t at Antena-Xupé. Since re-designing our drilling programme we are happy that nearly every hole since hit mineralization (ANT_013 results still pending). Our Phase 2 programme will start in October and will target Antena West which we believe is a significant target in itself. For historical reference, Troy Resources first highlighted the potential of Antena-Xupé in their 2 nd Quarterly report on the 31 st of January At the time they wrote A new and potentially significant prospect, called Xupe was discovered approximately 400 metres south east of the Antena Sul mineralisation. Highly encouraging intersections including 4.17g/t au from 3m, au from 23m and 6.40g/t au from 1m were obtained from first pass drilling. Currently, drilling is targeting a 140m long mineralised zone that remains open both to the north west and to the south east. Most of this near surface mineralization has since been mined out but a lot still remains. These results announced by Troy are the kind we hope to find at Antena West when our drilling programme turns to near surface mineralization targets. One of the keys to restarting the Antena Cluster during a Phase 1 low capex startup will be to continue to find near surface mineralisaton that would then allow us to truck ore to Sertao (renamed to Rio Do Ouro) once we have completed licensing and drilling at Rio Do Ouro. So far results at Rio Do Ouro are very encouraging with another 8 holes planned. 4

5 Figure 4: Historical overlay with the old pit to the bottom right. On January 31 st 2006 Troy Resources reported in their 2 nd Quarter report that Drilling commenced on the downplunge extent of the Xupé orebody within the Antena Cluster. The current step-out drilling is targeting extensions to the last high-grade intersections. Preliminary results include 5.41 au from 77m (GVC436) which was a follow-up to the high-grade intercept of 7.61g/t au from 62m, located 40m east in GVC403, indicating the orebody is open down plunge to the west. Refer to GVC403 in Figure 4 and 5 which illustrates our holes were testing the same theory. ANT004, ANT007, ANT010, ANT011 and ANT012 have all confirmed the same theory that Troy was also wanting to show, that significant mineralization appears down plunge with good thickness and grade. On April 26 th 2006 Troy Resources announced in their 3 rd Quarterly Drilling to define the down-plunge extension of the Xupé orebody continued to intersect gold mineralisation including; 4.27 g/t from 89m (GVC435), 5.41 g/t from 77m (GVC436), 2.76g/t from 127m (GVC438) and 2.16 g/t from 119m (GVC441) The Xupé mineralisation has now been defined along 360m of strike and remains open down-plunge to the west where step-out explloration is now in progress. Drilling to define the down-plunge extension of the Xupe orebody continued to intersect gold mineralisation including; 4.27 g/t from 89m (GVC435), 5.41 g/t from 77m (GVC436), 2.76g/t from 127m (GVC438) and 2.16 g/t from 119m (GVC441) The Xupé mineralisation has now been defined along 360m of strike and remains open down-plunge to the west where step-out explloration is now in progress. This down plunge extension to the Xupé Mine was never mined by Troy Resources given they announced the purchase of the Andorhinas Mine in Northern Brazil some 7 months later and left Goias altogether in early We are fortunate to be able to take advantage of this historic exploration conducted at Antena-Xupé and maximise the potential for continues success. In summary, we are very happy with our Phase 1 drilling campaign at Antena-Xupe. A 13 hole programme does not give the Antena Cluster (Xupé, South, West and View) justice but it s a good start and illustrates the potential for significant mineralisation in this area. We look forward to commencing Phase 2 at Antena West in October and continue to use the historical Troy data to better define our drill targets for this upcoming programme. 5

6 Table 1: Antena Xupé completed maiden drilling program: Drillhole Name Easting Northing Elevation Azimuth Dip Planned Depth Total Depth ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ Table 2: Au results returned from ALS (ANT_001 and ANT_002 were analysed along the entire drill core. All other drill holes were only sampled from the recognised mineralised zone). DHID Sample From To Length Au_ppm ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

7 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

8 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

9 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

10 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

11 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

12 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

13 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

14 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

15 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

16 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

17 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

18 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

19 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

20 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

21 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

22 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

23 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

24 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

25 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

26 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

27 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

28 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

29 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

30 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

31 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_

32 ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_ ANT_