VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 17, 2017) – Orca Gold Inc. (TSX VENTURE:ORG) (“Orca” or the “Company”) is pleased to announce the first results from the current drilling campaign at its Block 14 gold project in Sudan.
|•||First 7,625 metres of a 25,000-metre drill program have been completed with four diamond rigs at Galat Sufar South (GSS)|
|•||Results from initial drilling include several intercepts below Orca’s Revised PEA pits and outside current resource, indicating significant resource expansion potential|
|•||Highlights of drill results include:|
|•||GSDD015: 19.1 m at 3.98 g/t Au and 48.0m at 1.96 g/t Au|
|•||GSDD016: 96.0m at 2.68 g/t Au and 20.4m at 3.80 g/t Au|
|•||GSGT004: 39.5m at 4.94 g/t Au and 13m at 10.19 g/t Au|
To date, 7,625 metres of the 25,000-metre programme have been completed with four diamond core rigs currently operating at Galat Sufar South (GSS). The objectives of this programme are to increase in-pit resources, test the potential of resource expansion below the pit shells that formed the basis of the Revised PEA (News Release dated May 30, 2017) and to further define the mineralogical and geological models of the deposit.
The first holes at GSS confirm the potential for a significant increase in the resource base and are shown in the table below:
|Hole||From||To||Metres||Au g/t Uncut||Details|
|True widths are between 60% and 70% of intercept width|
The bulk of the holes listed were drilled in the East Zone of the deposit (see Figure 1,2 and 3). Only two of the holes failed to intercept targeted mineralization. GSDD014 was intended to test the possible extension of a plunging shoot. A follow-up hole is planned to explore a steeper geological interpretation. GSDD019 intersected grade within the pit but then went into a barren andesite unit that separates the two sides of the East Zone.
Of particular significance, Hole GSGT004 intersected the Main Zone mineralisation close to surface and then continued through the PEA pit wall confirming and extending a high-grade zone (13m at 10.19 g/t Au) intersected in previous reverse circulation (RC) drilling (9m at 20.41 g/t (GSRC268) and 14m at 11.19 g/t Au (GSRC138). This zone has now been defined over 100 metres strike and is expected to be extended with further drilling as the programme progresses.
Commenting on these results, Rick Clark, CEO and Director of Orca, said, “The purpose of this current drill programme is to expand our resource and increase our understanding of the geology of this deposit and we are well on our way to accomplishing both these objectives. These first holes have intersected mineralisation over serious widths and clearly highlight the strength of this orebody. The early extension of a high-grade zone previously identified at GSS adds an even more exciting dimension to the project. We are busy at Block 14 and look forward to regularly updating our shareholders and the market on our progress.”
To view Figures 1, 2 and 3 please click on the following link: http://media3.marketwire.com/docs/ORG1017.pdf
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 late Q1/early Q2 2018.
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.
On behalf of the Board of Directors:
Richard P. Clark, CEO and Director
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 revised Preliminary Economic Assessment (the “Revised PEA”) and Definitive Feasibility Study (“DFS”) currently being completed and/or 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 press release.
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 DFS; the timing and likelihood of a production decision; 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, and 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 press release 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.
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