Orca Gold Drills 41m at 7.85 g/t Au and 7m at 13.03 g/t Au at High-Grade Targets in Block 14 Gold Project in the Republic of the Sudan
VANCOUVER, Jan. 31, 2019 /CNW/ - Orca Gold Inc. (TSX.V:ORG) ("Orca" or the "Company") is pleased to provide an update on exploration at its Block 14 Gold Project in the Republic of the Sudan.
HIGHLIGHTS
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27 drill holes completed post Feasibility Study – Targets tested at Liseiwi and at Galat Sufar South ("GSS"). |
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GSS Highlights: |
GSRC830: 41m grading 7.85g/t Au |
GSRC831: 28m grading 3.68g/t Au |
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GSBH056: 26m grading 3.84g/t Au (from surface) |
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Liseiwi Highlights: |
GSRC825: 7m at 13.03g/t Au |
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GSRC818: 9m at 8.54g/t Au |
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GSRC826: 24m at 1.97g/t Au |
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DETAILS
2018 drilling at Block 14 increased Indicated Resources to 3.34Moz (79.9Mt at 1.30g/t) with an additional 0.94Moz in the Inferred category (18.5Mt at 1.2g/t) (News Release September 19, 2018) and formed the basis for the Block 14 Feasibility Study (News Release November 07, 2018).
Tables 1 and 2 below show the results to date from drilling following completion of the Feasibility Study. The aim of this drilling was to test several underexplored high-grade targets at GSS (Figure 1) and to follow up on previous drilling at the Liseiwi prospect, 65 km NE of GSS and 16km N of the Wadi Doum deposit.
Commenting on these new positive exploration results, Hugh Stuart, President and Director, said: "Our geological understanding of the mineralisation at GSS continues to grow. There is a higher-grade core to the deposit that allows us to produce over 220koz per year in the first 7 years of the mine life. We are now targeting plunging high grade structures within this core towards increasing the overall grade of GSS. These latest drill results are the first from this initiative. At Liseiwi we continue to intersect and confirm high grades. These new results suggest the real potential of developing a second high-grade satellite resource complementing the Wadi Doum deposit".
GSS
At GSS, holes GSRC 830 and 831 were drilled into the North East Target (Figure 1), a small outlying pit included in the Feasibility Study, and confirm a structure hosting significant grade. The intercepts of 41m grading 7.85g/t and 28m at 3.68g/t lie at the base of the current pit design and demonstrate a high-grade plunging extension to the mineralisation at depth at this target.
Further drilling to the north of the Main Zone at GSS also intersected high-grade mineralisation in the GT04 target (Figure 1), with a single hole returning 26m at 3.84g/t from surface. Previous drilling on this target intersected 13m at 10.19g/t (GSGT004) and 9m at 20.41g/t (GSRC268). 3D modelling of this structure is in process aimed at better defining orientation for the next phase of drilling.
Drilling at Target A, 200m south of the East Zone pit at GSS (Figure 1), tested a new geological interpretation and successfully intersected significant widths and grade in several holes, including 20m at 2.07g/t. The distinctive albite-carbonate-sericite alteration package (Figure 1) extends southward in this area and requires further exploration.
Table 1: Galat Sufar South Intercepts
Section |
Hole |
From |
To |
Metres |
Au g/t Uncut |
North East Target |
GSRC827 |
61.0 |
74.0 |
13.0 |
1.93 |
GSRC828 |
No Significant Intercept |
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GSRC829 |
No Significant Intercept |
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GSRC830 |
12.0 |
53.0 |
41.0 |
7.85 |
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GSRC831 |
45.0 |
55.0 |
10.0 |
0.79 |
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65.0 |
93.0 |
28.0 |
3.68 |
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GSRC832 |
63.0 |
68.0 |
5.0 |
3.75 |
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GSRC839 |
65.0 |
71.0 |
6.0 |
5.64 |
|
75.0 |
83.0 |
8.0 |
1.21 |
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89.0 |
93.0 |
4.0 |
0.88 |
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Target A |
GSRC833 |
No Significant Intercept |
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GSRC835 |
17.0 |
21.0 |
4.0 |
6.67 |
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30.0 |
34.0 |
4.0 |
8.08 |
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81.0 |
85.0 |
4.0 |
3.28 |
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GSRC836 |
74.0 |
94.0 |
20.0 |
2.07 |
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GSRC837 |
20.0 |
26.0 |
6.0 |
6.11 |
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GSRC838 |
33.0 |
40.0 |
7.0 |
1.19 |
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86.0 |
95.0 |
9.0 |
0.67 |
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Carbonate |
GSRC840 |
No Significant Intercept |
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GSRC834 |
No Significant Intercept |
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Main Zone |
GSBH056 |
0.0 |
26.0 |
26.0 |
3.84 |
36.0 |
42.0 |
6.0 |
2.18 |
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69.0 |
77.0 |
8.0 |
2.39 |
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108.0 |
113.0 |
5.0 |
3.82 |
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Note: Intercepts are 60-90% of true width |
Liseiwi
At Liseiwi, 11 RC holes were completed to follow up on an early discovery (see Figure 2). The high-grade mineralisation at Liseiwi is hosted by a silicified andesite with distinct pyrite veining. This mineralisation has now been intersected in several parts of a large artisanal working. The latest programme of drilling has confirmed the potential of the target and expanded the interpretation of the controls on the high-grade zones.
Table 2: Liseiwi Intercepts
Hole |
From |
To |
Metres |
Au g/t Uncut |
GSRC592* |
No significant Intercept |
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GSRC593* |
11 |
14 |
3 |
0.95 |
17 |
20 |
3 |
0.95 |
|
30 |
50 |
20 |
1.48 |
|
60 |
63 |
3 |
1.33 |
|
GSRC594* |
67 |
77 |
10 |
2.68 |
82 |
85 |
3 |
2.08 |
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GSRC595* |
0 |
24 |
24 |
3.89 |
65 |
68 |
3 |
5.20 |
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GSRC596* |
38 |
48 |
10 |
15.32 |
GSRC597* |
41 |
44 |
3 |
1.92 |
53 |
56 |
3 |
4.02 |
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GSRC598* |
30 |
45 |
15 |
2.46 |
49 |
53 |
4 |
0.53 |
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GSRC599* |
16 |
24 |
8 |
12.8 |
29 |
37 |
8 |
5.21 |
|
67 |
71 |
4 |
2.03 |
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GSRC600* |
35 |
43 |
8 |
2.28 |
57 |
64 |
7 |
1.38 |
|
73 |
77 |
4 |
1.60 |
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GSRC610* |
8 |
18 |
10 |
2.37 |
GSRC611* |
45 |
52 |
7 |
4.79 |
GSRC612* |
61 |
66 |
5 |
1.85 |
GSRC816 |
No Significant Intercept |
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GSRC817 |
33.0 |
49.0 |
16.0 |
0.89 |
GSRC818 |
62.0 |
71.0 |
9.0 |
8.54 |
GSRC819 |
No Significant Intercept |
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GSRC820 |
135.0 |
142.0 |
7.0 |
3.80 |
GSRC821 |
No Significant Intercept |
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GSRC822 |
No Significant Intercept |
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GSRC823 |
No Significant Intercept |
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GSRC824 |
No Significant Intercept |
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GSRC825 |
49.0 |
56.0 |
7.0 |
13.03 |
GSRC826 |
16.0 |
40.0 |
24.0 |
1.97 |
Note: |
* Previously released intercept |
Intercepts are 60-90% of true width |
Exploration is continuing at GSS with the aim of developing the higher-grade portions of the orebody and elsewhere within the Block 14 Exploration permit area with the target of identifying further high-grade satellite deposits that have the potential to positively impact the economics of the project.
About Orca Gold Inc.
Orca Gold Inc. (TSX-V: ORG) is a Canadian resource company focused on exploration and development opportunities in Africa, where it is currently focused on the development of its 70%-owned Block 14 Gold project in the Republic of the Sudan. The Company has an experienced board of directors and management team and a strong balance sheet.
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to National Instrument 43-101. Mr. Stuart is the President of the Company, a Chartered Geologist and a 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 Gold 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 mineralisation 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.
SOURCE Orca Gold Inc.
For further information: Elina Chow, Investor Relations, Catch Advisory Group Inc., 416.645.0935 x 226, [email protected]
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