VANCOUVER, Aug. 22, 2018 /CNW/ - Orca Gold Inc. (TSX.V:ORG) ("Orca" or the "Company") is pleased to provide an update on its Block 14 Gold Project in Sudan and Morondo Gold Project in Côte d'Ivoire.
As previously reported, the Company is completing a Feasibility Study of its Block 14 Gold Project, located in The Republic of The Sudan. The Study is on track for completion in November 2018 and is expected to show that Block 14 is one of the best pre-development gold projects in Africa today.
Since the last report on resource expansion at Block 14 (see Company news release on January 29, 2018), the Company has completed a further 96 drill holes – 15 holes for 3,811m of diamond core and 81 holes for 12,662m of reverse circulation. Results for these holes will be released in early September in support of an updated Resource calculation for the project. This new Resource will form the basis of the November Feasibility Study. Currently, the Resource at Block 14 is: Indicated resource of 72.7Mt grading 1.30g/t Au for 3.05Moz of gold and an Inferred resource of 19.8 Mt grading 1.2g/t Au for 0.75 Moz of gold.
Work is also on schedule in Côte d'Ivoire for the announcement of a maiden resource at the Company's Morondo Project, located adjacent to Randgold's Mankono project. To date, the Company has completed 11,559 metres of drilling at Morondo. The release of this resource is scheduled for September 2018.
Following the successful final closing of a private placement with Resolute Mining (see Company news release on July 13, 2018), the Company is financially secure with a cash position of CAN$10.5 million and 7.2 million free trading shares of Resolute.
Commenting on the Company's project statuses, Richard Clark, CEO, said: "Orca currently enjoys a unique position in the gold space. We are poised to release a Feasibility Study on Block 14, which we anticipate will lead to a near-term development decision. At the same time, in September, we will announce a maiden resource on our discovery at Morondo in Côte d'Ivoire. With a strategic investment from Resolute Mining, we are fully-funded to advance both these projects to the next level. Further, exploration continues both at Block 14 and at our numerous properties in Côte d'Ivoire."
On behalf of the Board of Directors,
Rick Clark | CEO & Director | Orca Gold Inc. | 604.689.7842
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.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to." Forward-looking statements contained in this press release may include statements regarding the timing of the completion of the second tranche of the private placement, the use of proceeds and the future operating or financial performance of the Company which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: regulatory approvals, the ability of the parties to satisfy conditions precedent to the financing, market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company 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 expressly required by applicable securities legislation.
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 Consultant, Catch Advisory Group Inc., 416.645.0935 x 226, [email protected]