- Oro Verde (OVL) say results from their second round of testing at their Makuutu project show high grades of rare earth
- So far all drilling results have shown consistent shallow and high-grade rare earth mineralisation
- Metallurgic test work has commenced
- Oro Verde remains steady, selling at 0.9 cents apiece
Oro Verde (OVL) have announced their second round of drilling results at the Makuutu Ionic Clay Rare Earth Elements (REE) project in Uganda have once again shown high grades of rare earth.
A month ago the project began a drilling program of 45 holes. This is the second round of testing samples, this round consisting of 17 holes, from RRMDD 017 to RRMDD 033.
Drilling results so far have consistently shown shallow and high-grade rare earth element mineralisation over a large area.
The high-grade intersections over significant widths in the results included RRMDD017: 7.3 metres at 1,034 parts per million (ppm) Total Rare Earth Oxide (TREO) from 1.50 metres and RRMDD018: 4.7 metres at 1,291 ppm TREO from 6.87 metres.
Oro Verde say multiple intersections from the first 33 holes more than 1,000 ppm TREO are greater than the expected upper range exploration targets.
Oro Verde Technical Director Dr Marc Steffens commented on the positive results.
“The excellent and ongoing confirmation of initial drilling results, demonstrating both high grade and significant thickness of the mineralised intersections, provides further weight to the project development case,” he told the market.
“The assay results show that the Makuutu project mineralisation contains high concentration of key and valuable rare earth minerals and, in particular those with permanent magnetic properties such as Terbium, Dysprosium, Praseodymium and Neodymium,” he said.
The Makuutu project contains ionic clay-hosted rare earth mineralisation and Oro Verde say it’s potentially one of the largest ionic clay deposits outside of China.
The company say metallurgical test-work has commenced.
Oro Verde remains steady, selling at 0.9 cents apiece at 6:12pm AEDT.