Oro Verde (ASX: OVL) may have found itself a large copper target after receiving results of infill IP and magnetic programs for its recently acquired Timon Project in Chile.
The project was only acquired last month by OVL, and located in the giant porphyry copper belt of northern Chile, and is close to established infrastructure of water, power and sealed roads with established tracks providing good access into the various project areas.
The large IP chargeability anomaly with associated stream sediment copper and historical mineralogical anomalies (chalcopyrite and chalcocite) provides a walk up drill target for OVL, which the company plans to test as soon as possible.
The anomaly is centered on the Timon ridge that is at least 1 kilometre wide, 3.5 kilometres long extending to greater than 800 metres depth, which importantly is coincident with a stream sediment copper anomaly over the ridge.
OVL said that the IP anomalies observed on Timon ridge are considered to be consistent with expected anomalies over a leached lithocap over a copper or copper-gold porphyry system at depth in this geologic belt with the probable chargeable source being primary sulphide mineralisation (pyrite-chalcopyrite) underlying a possible supergene blanket of secondary chalcocite.
About the Timon Project
The Timon Project is located 75 kilometres southeast of the city of Copiapo, and covers 50 square kilometres.
The project comprises 18 granted exploration concessions, 5 granted exploitation concessions and 20 mensura (mining) applications over granted exploration concessions.
Regionally, the Timon Project area lies on the eastern margin of the southern extension of the Late Eocene to Oligocene giant porphyry copper belt.
It is underlain by a sequence of folded and faulted Triassic to Eocene volcanics and sediments intruded by Palaeocene and Eocene intrusive complexes, just west of the bounding, northeast trending fault components of the Domeyko Fault system.