Market Herald logo


Be the first with the news that moves the market
  • 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.

OVL by the numbers
More From The Market Herald
The Market Herald Video

" Ora Gold (ASX:OAU) obtains unsecured $500k loan facility

Ora Gold (ASX:OAU) has obtained an unsecured $500,000 loan facility from Ioma to assist with general…
Blaze Minerals (ASX:BLZ) - Managing Director, Simon Coxhell

" Blaze Minerals (ASX:BLZ) sees early drill success at Earaheedy, WA

Blaze Minerals (ASX:BLZ) has seen early success at its Earaheedy Basin project in Western Australia after…
The Market Herald Video

" Cannindah Resources (ASX:CAE) raises $2m to continue Mt Cannindah drilling

Cannindah Resources (ASX:CAE) completes a $2 million capital raising to continue its drilling program at Mt…

" Austral Gold (ASX:AGD) robbed of gold precipitate in armed robbery at Guanaco, Chile

Austral Gold (ASX:AGD) reported an armed robbery incident at its Guanaco refinery at Taltal in the…