Orinoco’s Faina Goldfields Project is located in the central Brazilian state of Goiás, approximately 120km southwest of AngloGold’s world-class Serra Grande mine and Yamana Gold’s Pilar mine. The Project consists of a large tenement package of approximately 200km2 that encompasses numerous exploration targets and the Company’s key Cascavel, Sertão and Tinteiro Projects.
As part of the broader Faina Goldfields Project Orinoco Gold is advancing two sites that host high-grade gold, Cascavel and Sertão, which are located in close proximity to each other. Orinoco aims to develop a high-grade gold mining hub at the Faina Goldfields Project, initially to support a low-cost gravity gold operation. The Company is confident that sites within the broader Faina Project such as Cascavel (OGX: 70%) and the Sertão gold mine (OGX: 100%) offer significant resource potential from ongoing exploration and resource definition programmes.
Sertão is a fully licensed gold mine located 18km along strike (28km by road) on the same mineralised shear zone as Cascavel, which in turn is currently licensed for underground ore extraction. The oxide zone at Sertão was previously mined to a depth of 40m by Troy Resources who extracted over 250,000oz of gold at an average grade of 24.95g/t.
With the greenstone belt never having been previously drill tested for polymetallic mineralisation the Tinteiro Project represents not only a new discovery, but also a potential new mineral province. The size and extent of the geochemical and geophysical anomalies across the breadth of the Company’s Faina Goldfields Project point towards a very large mineralising event/s the potential of which is only now beginning to be unlocked.
21/05/2015: Change in substantial holding from IFE
21/05/2015: Allotment of Entitlements Shortfall and Placement
19/05/2015: OGX Builds Cascavel Operations Team with Key Appointments