VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 9, 2018) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce the remaining results from 2017 drilling at its Block 14 Gold Project in the Republic of the Sudan.
HIGHLIGHTS
- The addition of 12,449 metres of diamond drilling and 2,500 metres of reverse circulation drilling will form the basis of a new mineral resource estimate
- Drilling tested a new geological interpretation in the East Zone (see Figure 2 in News Release), drilling perpendicular to earlier drill sections. These new holes were successful in intersecting good grade and continuity over significant widths, including:
- GSDD045: 162 metres @ 2.01 g/t Au;
- GSDD041: 131 metres @ 1.73 g/t Au; and
- GSDD048: 82 metres @ 2.21 g/t Au
*True widths are between 50%-70% of intercept width
- Drilling program will resume by end of January
BLOCK 14 DRILLING
To date, 12,449 metres (34 holes) of diamond drilling and 2,500 metres (12 holes) of reverse circulation drilling have been completed at Galat Sufar South ("GSS") as part of an ongoing 25,000-metre drilling campaign. The results from this drilling will form the basis for a new mineral resource estimate, as part of the ongoing Feasibility Study. This new estimate is in progress and will be announced in the coming weeks.
Drilling will resume at the end of January with two rigs focused on additional resource development at GSS and Wadi Doum. Drilling at Wadi Doum will also target several high-grade shoots that have been identified at depth (see Company News Release on February 2, 2017).
Results for previously completed drilling from the programme have been announced (see Company News Releases dated October 17, November 21 and December 14, 2017). The table below sets out results for the remaining holes that will form part of the new mineral resource. These latest results continue to confirm mineral resources within the PEA pit designs (Infill) and extend mineralization below the previous resource (Outside Resource) - See Figures in News Release.
| Hole | From | To | Metres | Au g/t | Comments | |||||
| GSDD029 | 0.0 | 20.0 | 20.0 | 0.80 | Infill | |||||
| GSDD039 | 0.0 | 49.3 | 49.3 | 2.06 | Infill | |||||
| 58.0 | 81.0 | 23.0 | 1.81 | Infill | ||||||
| 199.0 | 212.2 | 13.2 | 2.48 | Infill | ||||||
| 216.0 | 227.4 | 11.4 | 1.37 | Infill | ||||||
| GSDD040 | 22.0 | 31.0 | 9.0 | 1.33 | Outside Resource | |||||
| 109.0 | 141.0 | 32.0 | 0.97 | Outside Resource | ||||||
| 176.0 | 209.0 | 33.0 | 1.77 | Outside Resource | ||||||
| 218.7 | 242.8 | 24.1 | 0.68 | Outside Resource | ||||||
| GSDD041 | 66.0 | 197.0 | 131.0 | 1.73 | Infill | |||||
| 213.0 | 222.0 | 9.0 | 0.84 | Outside Resource | ||||||
| 242.0 | 249.0 | 7.0 | 1.15 | Outside Resource | ||||||
| GSDD042** | 160.0 | 166.0 | 6.0 | 3.39 | Infill | |||||
| 182.0 | 224.0 | 42.0 | 2.08 | Outside Resource | ||||||
| 254.0 | 264.0 | 10.0 | 1.64 | Infill | ||||||
| 296.0 | 307.0 | 11.0 | 4.90 | Infill | ||||||
| 310.0 | 358.0 | 48.0 | 2.76 | Infill | ||||||
| GSDD043** | 32.0 | 38.0 | 6.0 | 1.28 | Infill | |||||
| 46.0 | 67.0 | 21.0 | 1.86 | Infill | ||||||
| 236.0 | 241.9 | 5.9 | 6.91 | Infill | ||||||
| 286.0 | 300.5 | 14.5 | 1.19 | Outside Resource | ||||||
| GSDD044 | 102.0 | 109.0 | 7.0 | 2.82 | Infill | |||||
| 235.1 | 273.6 | 38.5 | 1.79 | Outside Resource | ||||||
| 282.0 | 293.0 | 11.0 | 1.29 | Outside Resource | ||||||
| GSDD045 | 91.0 | 253.0 | 162.0 | 2.01 | Infill | |||||
| GSDD046** | 160.0 | 192.4 | 32.4 | 2.01 | Infill | |||||
| 330.0 | 353.8 | 23.8 | 2.49 | Outside Resource | ||||||
| 397.5 | 419.0 | 21.5 | 1.64 | Outside Resource | ||||||
| GSDD047** | 257.0 | 267.9 | 10.9 | 2.76 | Outside Resource | |||||
| 311.1 | 332.0 | 20.9 | 3.31 | Outside Resource | ||||||
| 359.0 | 409.0 | 50.0 | 2.75 | Outside Resource | ||||||
| GSDD048 | 234.0 | 316.0 | 82.0 | 2.21 | Outside Resource | |||||
| 323.0 | 339.0 | 16.0 | 1.35 | Outside Resource | ||||||
| GSRC713 | 107.0 | 156.0 | 49.0 | 1.11 | Outside Resource | |||||
| GSRC714 | No Significant Intercept | |||||||||
| GSRC715 | 116.0 | 134.0 | 18.0 | 0.97 | Infill | |||||
| GSRC716 | No Significant Intercept | |||||||||
| GSRC718 | 3.0 | 19.0 | 16.0 | 0.68 | Infill | |||||
| 113.0 | 153.0 | 40.0 | 1.56 | Infill | ||||||
| 167.0 | 187.0 | 20.0 | 1.05 | Outside Resource | ||||||
| GSRC719 | 150.0 | 162.0 | 12.0 | 1.19 | Infill | |||||
| 166.0 | 190.0 | 24.0 | 2.45 | Infill | ||||||
| GSRC720 | 66.0 | 82.0 | 16.0 | 1.44 | Infill | |||||
| 97.0 | 129.0 | 32.0 | 0.84 | Infill | ||||||
| 135.0 | 149.0 | 14.0 | 0.87 | Infill | ||||||
| 176.0 | 210.0 | 34.0 | 1.03 | Outside Resource | ||||||
| NOTE: True widths are between 50% and 70% of intercept width. No top cuts have been applied. Only 6 samples within the reported intervals exceed 20g/t and no samples exceed 30g/t. ** Holes drilled in the Main Zone (Figure 3 in News Release) | ||||||||||
Several of the holes above tested a new geological interpretation in the East Zone (see Figure 2 in News Release), drilling perpendicular to earlier drill sections. These new holes were successful in intersecting good grade and continuity over significant widths, including 162m grading 2.01g/t in GSDD045 and 131m grading 1.73g/t in GSDD041. The solid results of these holes will assist with targeting new drilling in early 2018.
Significant results were also obtained in the Main Zone of the deposit including 48m at 2.76g/t in Hole GSDD042 and 50m grading 2.75g/t in GSDD047, which are shown in Figure 3 below and are expected to have a positive impact on the resource estimate.
Rick Clark, CEO and Director of Orca, commented, "The latest holes from Block 14 continue to strongly support an expansion of the resource base. Results are with our consultants and a new resource estimate is expected shortly, which will form the basis of the Feasibility Study on track for completion in early Q2 2018. These new results are particularly significant in that a new geological interpretation was successfully tested. This new interpretation greatly enhances our understanding of and model development at GSS and will form the basis of continued drilling. This interpretation will also direct our regional exploration at Block 14 in 2018."
Figure 1 - Plan View of GSS Main Zone (MZ) and East Zone (EZ)
Figure 2 - EZ Section X1
Figure 3 - MZ Section 2
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%.
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.
