Newcrest relinquishes control at gold project

Australian-based junior Oro Verde has resumed control of exploration at the Topacio gold project in Nicaragua after project partner Newcrest Mining ended an agreement.

Newcrest executed an $11 million farm-in agreement to explore for large, high grade epithermal gold deposits at the project in November 2015.

The Australian gold company’s objective focused on seven drill holes on a previously undrilled target.

With Newcrest withdrawing, Oro Verde will, however, re-focus its exploration on high-grade targets at the existing 340,000 ounce gold resource at the Topacio mine.

Oro Verde said its understanding of the Topacio project advanced significantly through the partnership with Newcrest.

New targets were identified, including the addition of concession-wide multi-element geochemical and airborne geophysical data, and detailed geological mapping.

Oro Verde managing director Trevor Woolfe said the company enjoyed advancing its regional knowledge of the Topacio project in partnership with Newcrest.

“But as Newcrest concentrates on other Latin American investments, Oro Verde can resume its focus on expansion of the existing Topacio gold resource,” Woolfe said.

“Recent trenching and drilling of some of the many high grade gold targets has already paid dividends with results up to 53.1 grams a tonne gold.”

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