VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2017) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce further results from the ongoing 25,000-metre drilling campaign at its Block 14 Gold Project in The Republic of The Sudan.
- 34 drill holes, totaling 12,449 metres, have been drilled to date as part of the Company's infill and extension programme at Block 14
- Drilling continues to support resource expansion and definition of project Mineral Reserves
- Of note, drill hole GSDD031 intercepted 88m at 1.80g/t outside the current resource in East Zone and GSDD037 intersected 46m at 3.44g/t, upgrading inferred resource blocks at the base of the Main Zone
- Visible gold was encountered at depth in the main zone- 1 metre at 249 g/t Au & 335 g/t Ag
BLOCK 14 DRILLING
To date, 12,448 metres (34 holes) of diamond drilling and 2,500 metres (12 holes) of reverse circulation drilling have been completed at Galat Sufar South (GSS). The results from these holes will form the basis for an updated mineral resource calculation scheduled for early January 2018 as part of the ongoing Feasibility Study.
Drilling will resume in January to continue resource development at GSS and to expand the Wadi Doum resource at depth where several high-grade shoots have been identified.
Results for the first fifteen holes from the programme have been announced previously (see Company News Releases dated October 17 and November 21, 2017). The table below shows results for the next eight holes:
|Hole||From||To||Metres||Au g/t Uncut||Comments|
|NOTE: True widths are between 60% and 70% of intercept width.|
|*A top cut of 30g/t has been applied to one interval.|
All holes listed were drilled in the East Zone of the GSS deposit (See Figures 1, 3 & 4 in news release) except for GSDD037, which was drilled in the Main Zone and intersected significant grade (46m at 3.44g/t) (see Figure 2 in the news release). At 299 metres, GSDD037 intercepted 1 metre at 249g/t Au and 335g/t Ag and encountered visible gold (see Figure 5 in news release).
The results continue to confirm and upgrade mineral resources within the revised PEA pit designs (Infill) and extend mineralization below the previous resource (Outside Resource).
Rick Clark, CEO and Director of Orca commented "Our ongoing resource expansion programme continues to meet or exceed expectations. We are on schedule to deliver a revised Resource for Block 14 in January 2018. This new Resource will form the basis of our Feasibility Study, which is on track for completion in early Q2. Exploration at Block 14 will continue through the New Year towards further increasing the Resource and targeting new discoveries which have been identified. At the same time, Management has commenced discussions with the Government of Sudan in respect of permitting requirements for the development of a mine at Block 14. These discussions will also continue through the New Year. We look forward to announcing a construction decision and timeline for Block 14 upon completion of the Feasibility Study."
About Orca Gold Inc.
Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration opportunities in Africa, where it is currently focused on its 70%-owned Block 14 Gold Project in the Republic of the Sudan. Block 14 is situated on a 2,170 km2 concession. The Company is currently conducting a Definitive Feasibility Study on the project, which is scheduled for completion in early Q2 2018.
The Revised PEA of Block 14 (see News Release dated May 30, 2017), using a gold price of US$ 1,100/oz for mine design and US$ 1,200/oz for economic analysis, showed a project with in-pit mineral resources of 41.0Mt @ 1.46g/t for 1,928 Koz in the Indicated category and 3.4Mt @ 1.56g/t for 173 Koz in the Inferred category, a mill throughput of 3.4 Mtpa, and strong economics with an after-tax NPV7% of US$ 227.7 million and an IRR of 23.1%.