Price mover - drilling program on Timon project commenced last week to test a porphry on trend from Escondida and El salvador.
Project was let go by Billiton when they merged with BHP and has been in private hands until now.
Cash - $1.1mil
MC - $3 mil
Buyers outnumber sellers 10 to 1 but not much trading yet, so plenty for sale.
Plenty of details in lead up anns so check ann for more details, extract from todays quarterly below.
TIMON • The target is a buried porphyry copper deposit whose surface expression is a highly leached lithocap ridge similar to other large deposits on trend, such as El Salvador and Escondida, in the southern portion of the giant porphyry copper belt of northern Chile. • OVL’s geophysical and geochemical programs have confirmed the Timon lithocap ridge to be a substantial porphyry copper target with the possibility of a significant chalcocite enrichment blanket over primary sulphides. Induced Polarisation (IP) data outlines a strong chargeability anomaly that is at least 1km wide, 3.5km long, extending to greater than 800m depth, and is coincident with a stream sediment copper anomaly over the ridge. Historical mineragraphic data of lithocap material has also detected fine grained copper minerals (chalcopyrite, chalcocite) within lithocap iron oxides. • At the end of the quarter, track access and pads were being prepared for first pass 1,800m reverse circulation (RC) drilling to test the IP anomaly underlying the lithocap. This work became sufficiently advanced to allow drilling to commence on 24 October 2013.
