VANCOUVER, British Columbia, April 02, 2018 (GLOBE NEWSWIRE) — Orca Gold Inc. (TSX.V:ORG) (“Orca” or the “Company”) is pleased to announce successful drilling on the new geological interpretation at the Company’s Block 14 Gold Project in the Republic of the Sudan.
- Drilling on a new azimuth proves new geological interpretation
- Resources at Galat Sufar South (“GSS”), in-pit and outside current design, continue to increase
- 25 of 27 new drill holes on the new azimuth intercept mineralization
- Significant intercepts include:
- GSRC727: 123.0 m at 1.96 g/t Au (True Width (TW): 45m)
- GSRC728: 50.0 m at 3.05 g/t Au (TW: 25m)
- GSCR731: 12.0 m at 8.36 g/t Au (TW: 11m)
- New mineralized (Hanging Wall) zone discovered
Block 14 Gold Project
Drilling at Block 14 resumed in February this year and continues to test a new geological interpretation of the GSS deposit developed in Q4 2017. The new model emerged from a reinterpretation of previous drilling, a directed diamond drill programme and a detailed examination of structural controls influencing the mineralisation. A new drilling azimuth was then applied resulting in a more accurate and comprehensive delineation of the mineralization – 25 of 27 holes drilled to date on this azimuth have successfully intersected mineralization, confirming the new geological interpretation at GSS.
Table 1 below reports assay results for the balance of the 27 holes drilled under the new geological interpretation. As anticipated, some holes drilled in areas where the block model previously lacked data and the material was regarded as waste, intercepted mineralization and returned better than anticipated grades. Results from previously announced drilling on the new azimuth are outlined in Table 2 below (see Company News Release on January 9, 2018).
Drilling based on this new modeling will continue towards a further increase in the in-pit resource at GSS and resource expansion beyond the current pit design, particularly in respect of a new and significant mineralized zone (12.0 m at 8.36 g/t Au) identified in the hanging wall of the East Zone (See Figure 1 & 2).
Table 1: New Reverse Circulation Drill Results
|Hole||From||To||Metres||Au g/t Uncut|
NOTE: GSRC721 to GSRC726 were drilled in Q4 2017 and holes GSRC727 to GSRC736 were drilled in Q1 2018. True widths are on average 60% of drilled intercept.
Table 2: Previously Reported Results
|Hole||From||To||Metres||Au g/t Uncut|
NOTE: Holes GSDD033 to GSRC726 were drilled in Q4 2017 and included in the current resource. True widths are on average 60% of drilled intercept.
Commenting on the success of the recent drilling at GSS, Richard Clark, CEO of Orca Gold said, “Drilling at the end of 2017 and early 2018 has proven the new geological model of mineralization at GSS. This success is allowing us to rapidly fill in the blanks of the block model and target new mineralization previously unidentified. Although the drill database had to be cut off at the end of 2017 for the purposes of our Feasibility Study, we are confident that ongoing drilling this year will materially increase resources in the current pit designs and significantly add to the global resource at GSS. As our understanding increases, this project continues to impress and grow. More importantly, we have only tested a small portion of our 2,170km2 concession to date.”
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: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.
Qualified Person’s Statement
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.
For Further Information, Contact:
Catch Advisory Group Inc.
416.645.0935 x 226
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.
Photos accompanying this announcement are available at: