Orca Commences Follow-Up Drilling of High-Grade Shoots with Results up to 14m at 65.79 g/t Au at Block 14 in The Sudan and Commences Core Drilling at the Morondo Permit in Côte d’Ivoire
VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 5, 2018) - Orca Gold Inc. (TSX VENTURE:ORG) (“Orca” or the “Company”) is pleased to announce that exploration drilling has resumed at the Block 14 Gold Project in The Sudan and on the Morondo Permit in Côte d’Ivoire.
- New drill programme at Wadi Doum targeting four high-grade structures with drill results including:
- GSRC341: 21m at 19.35g/t Au
- GSRC339: 14m at 65.79g/t Au, including 1m at 691g/t Au
- GSRC542: 13m at 13.09g/t Au
- GSRC691: 14m at 13.37g/t Au
- Resource expansion drilling continues at Galat Sufar South
- Diamond drilling in progress at Morondo in Côte d’Ivoire
Block 14 Gold Project
Orca’s ongoing 25,000-metre drill programme resumed at Block 14 in early February, with two rigs targeting further expansion of the Mineral Resource announced in late January (See Company News Release on January 29, 2018) reporting an Indicated resource of 72.7 Mt grading 1.30g/t Au for 3.05 Moz of gold and an Inferred resource of 19.8 Mt grading 1.2g/t Au for 0.75 Moz of gold.
A parallel programme will look to extend mineralization to depth at Wadi Doum, convert Inferred resources to Indicated and follow up high-grade structures identified in previous drilling. Wadi Doum is located 65 km east of Galat Sufar South (GSS).
Highlights of intercepts from the previous drilling at Wadi Doum are shown below:
Table 1: Wadi Doum Drill Intercepts
|Hole||From||To||Metres||Au g/t Uncut|
|True widths are between 50% and 70% of intercept width|
Cote d’Ivoire – Morondo Drilling
Following the success of the drill programme at Morondo in December 2017 (See Company News Release on January 31, 2018), the Company has recently completed two diamond drill holes to provide sample material for detailed metallurgical test work. Initial metallurgical testing demonstrated an average of 96% recovery in fresh rock. This new programme will investigate both the heap leach and CIL/CIP potential ahead of a decision to drill out a maiden resource at Morondo.
Rick Clark, CEO and Director of Orca, commented, “In January we announced a significant increase in the Mineral Resource at Block 14. This new Resource provides the base for the Feasibility Study scheduled for completion in May, however it does not represent the full potential at Block 14. Drilling is ongoing at GSS and Wadi Doum adding more ounces to our exciting story. In particular, the high-grade structures at Wadi Doum could represent a significant further expansion opportunity for the Project.
In Côte d’Ivoire, our recent drilling at the Morondo project has confirmed the historical discovery and expanded the area of mineralization. Core samples are now being processed for further metallurgical testing to assess processing options. With positive results from this new test work a resource expansion and conversion programme will be commenced at Morondo towards preparation of a Preliminary Economic Assessment study.”
About Orca Gold Inc.
Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration and development opportunities in Africa. Led by a board of directors made up of industry experts and a management team with a track record of discovering and building significant mines globally, Orca is developing one of the leading gold projects in Africa. The Company is currently focused on completing a Feasibility Study on its 70%-owned Block 14 gold project in the Republic of the Sudan and is actively conducting exploration on its strategic portfolio of highly prospective gold properties in Côte d’Ivoire.
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to NI 43-101. Mr. Stuart is President of the Company and a Chartered Geologist and Fellow of the Geological Society of London. Samples used for the results described herein are prepared and analyzed by fire assay using a 50 gram charge at the ALS Chemex facility at Rosia Montana in Romania in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws, including statements regarding Orca’s (the “Company”, the “Corporation”, “we” or “our”) plans and expectations relating to the Block 14 project (“Block 14″) in northern Sudan and the Feasibility Study (“FS”) currently being conducted by the Corporation. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning mineral resource estimates may also be deemed to constitute “forward-looking statements” to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. The assumptions, risk and uncertainties outlined below are non-exhaustive. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Corporation, or industry results, may vary materially from those described in this presentation.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements and forward-looking information are not guarantees of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including without limitation, assumptions about the following (the “Forward-Looking Factors”): future prices of gold and other metals; successful exploration, development, and production of Block 14; the timing and completion of the FS; performance of contractual obligations by counterparties; operating conditions; political stability; obtaining governmental approvals and financing on time; financial projections and budgets; obtaining licenses and permits; government regulation of the Corporation’s mining activities; environmental risks and expenses; market conditions; the securities market; price volatility of the Corporation’s securities; currency exchange rates; foreign mining tax regimes; insurance and uninsured risks; financial projections and results; competition; availability of sufficient capital, infrastructure, equipment and labour; dependence on key personnel; dependence on outside parties; conflicts of interest; litigation; land title issues; local community issues; estimation of mineral resources; realization of mineral resources; timing and amount of estimated future production; the life of Block 14; reclamation obligations; changes in project parameters as plans continue to be evaluated; and anticipated costs and expenditures and our ability to achieve the Corporation’s goals. While we consider these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies, many of which are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation known and unknown risks, uncertainties and other factors relating to the Forward-Looking Factors above, and those factors disclosed under the heading “Risk Factors” in the Corporation’s documents filed from time to time with the securities regulators in the provinces of Canada.
In addition, a number of other factors could cause the actual results, performance or achievements of the Corporation to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and there is no assurance that the actual results, performance or achievements of the Corporation will be consistent with them. For further details, reference is made to the risk factors discussed or referred to in the Corporation’s annual and interim management’s discussion and analyses on file with the Canadian securities regulatory authorities and available electronically on the SEDAR website at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events, results, performance or achievements to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause actions, events, results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements and information are made or given as at the date of this presentation and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities law. The reader is cautioned not to place undue reliance on forward-looking statements or forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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