ASX Release 15 April 2013 Contact Mark Papendieck Managing Director [email protected]Suite 9, 5 Centro Ave Subiaco WA 6008 P (08) 9463 3241 F (08) 9226 2027 Registered Office Suite 2, 12 Parliament Place West Perth WA 6005 PO Box 902 West Perth WA 6872 P (08) 9482 0540 F (08) 9482 0505 [email protected]www.orinocogold.com Issued Capital 62,000,000 Ordinary Shares 15,000,000 Performance Shares 8,000,000 Listed Options 19,700,000 Unlisted Options ASX Code OGX (Ordinary Shares) OGXO (Listed Options) Eliseo Gold Mineralisation Confirmed at Depth Induced Polarisation (IP) survey identifies substantial anomalies over 1.3km of strike, coincident with positive rock chip sampling anomalies. Anomalies interpreted as sulphide-rich ore shoots. Drilling confirms strong gold mineralisation in the system. Drilling planned to test anomalies at depth. Orinoco Gold Limited (ASX: OGX) is pleased to announce that follow-up exploration work at the Eliseo prospect, in the Faina greenstone belt in central Brazil, has confirmed the depth extensions of gold mineralisation that was previously identified with rock chip sampling (see ASX Release 17 March 2013). That sampling identified an anomaly 1.3 km long, with the 24 assays returning gold grades ranging from 0.7 gpt to 22.8 gpt. Results from a follow-up ground based Induced Polarisation survey have now been received. These demonstrate several geophysical anomalies that extend over the 1.3 km strike length of the rock chip sampling anomaly. These geophysical anomalies appear as 20-40m thick rod-like structures. They appear to be related to sulphide rich zones emplaced in outcropping structures interpreted as fold hinges, as well as in slightly deeper (100-150m) structural zones. The drilling of two scout holes prior to the acquisition of the IP survey has confirmed the presence of strong gold mineralisation at depth, thereby evidencing a three dimensional aspect to the surface anomaly. Even though these holes missed the subsequently identified IP anomalies, they still returned visible gold and assays of 1.44m at 5.13 gpt and 0.5m at 2.34 gpt (Table 1). This is considered to be very encouraging. The exploration program at Eliseo will now move to test the shallowest IP anomaly with channel and bulk sampling and a drill campaign is being designed to test the anomalies at depth.
Induced Polarisation (IP) survey identifies substantial anomalies over 1.3km of strike, coincident with positive rock chip sampling anomalies.
Anomalies interpreted as sulphide-rich ore shoots.
Drilling confirms strong gold mineralisation in the system.
Drilling planned to test anomalies at depth.
Orinoco Gold Limited (ASX: OGX) is pleased to announce that follow-up exploration work at the Eliseo prospect, in the Faina greenstone belt in central Brazil, has confirmed the depth extensions of gold mineralisation that was previously identified with rock chip sampling (see ASX Release 17 March 2013). That sampling identified an anomaly 1.3 km long, with the 24 assays returning gold grades ranging from 0.7 gpt to 22.8 gpt. Results from a follow-up ground based Induced Polarisation survey have now been received. These demonstrate several geophysical anomalies that extend over the 1.3 km strike length of the rock chip sampling anomaly. These geophysical anomalies appear as 20-40m thick rod-like structures. They appear to be related to sulphide rich zones emplaced in outcropping structures interpreted as fold hinges, as well as in slightly deeper (100-150m) structural zones.
The drilling of two scout holes prior to the acquisition of the IP survey has confirmed the presence of strong gold mineralisation at depth, thereby evidencing a three dimensional aspect to the surface anomaly. Even though these holes missed the subsequently identified IP anomalies, they still returned visible gold and assays of 1.44m at 5.13 gpt and 0.5m at 2.34 gpt (Table 1). This is considered to be very encouraging. The exploration program at Eliseo will now move to test the shallowest IP anomaly with channel and bulk sampling and a drill campaign is being designed to test the anomalies at depth.
Orinoco Managing Director Mark Papendieck, said “We are highly encouraged by the anomalies identified by the IP survey, which correspond with positive rock chip sampling and has given us interpreted visibility of depth to approximately 150m. The fact the two scout holes returned visible gold even though they didn’t test the main IP anomalies is further grounds for enthusiasm. We are starting to put together a three dimensional picture which we will now test with drilling”.
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For further information, please contact: Mark Papendieck Nicholas Read Managing Director Managing Director Orinoco Gold Limited Read Corporate 08 9463 3241 08 9388 1474 [email protected] 0419 929 046
Competent Person’s Statement: The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Klaus Petersen who is a member of the Australasian Institute of Mining and Metallurgy and CREA. Dr Klaus Petersen is an employee of Orinoco Gold Limited and has sufficient experience, which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Klaus Petersen consents to the inclusion in this report of the matters based on the
information in the form and context in which it appears.
About The Faina Greenstone Belt – An Exciting Goldfield Unfolding Located in the central Brazilian state of Goiás, the Faina Greenstone belt is located ~100km southwest of AngloGold’s world-class Serra Grande mine and Yamana Gold’s Pilar mine. The Faina greenstone belt was host to Troy Resources’ successful Sertão mine (~247koz @ 29gpt gold) while Yamana Gold (NYSE:AUY) and Orinoco are now the two largest tenement holders in the greenstone belt.
The Faina greenstone belt remains poorly explored for hard rock gold deposits with the previously poorly understood coarse nature of the gold in the greenstone belt contributing to its modern day prospectivity. Orinoco aims to define and develop a number of deposits (a ‘mining camp’) within the greenstone belt centered around the large, high-grade Cascavel system.
Figure 1. Location of drill holes relative to high chargeability IP anomalies. The Induced Polarisation survey consisted of a total of 13 linear kilometers over 13 lines. The space between lines was 100m and the array was dipole-dipole at 50m intervals.
Figure 2. 3D Modeling of the geophysical anomalies with rock chip locations
