Orca Gold Announces New High Grade Discovery at Block 14
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2014) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce a new discovery at its Block 14 mineral licence in Sudan.
Recent first pass RC drilling (4 holes totaling 481m) at the EG3.2 prospect in Block 14 (see map appended) has returned significant widths of lower grade mineralisation surrounding substantial high grade intercepts:
|Hole||From||To||Metres||Au g/t Uncut||Au g/t Cut to 10g/t||Au g/t Cut to 20g/t|
|Note: Holes are drilled at -55° and as such true widths are interpreted as being 57 to 75% of intercept length.|
This first pass drill program was designed to test one of 3 areas of artisanal activity at EG3.2 where chip channel sampling previously returned 13m at 3.15g/t and 20m grading 1.24g/t within an area of workings of 150m by 65m.
Mineralisation is hosted by intensely sericite and silica altered diorite containing up to 5% disseminated sulphides in the form of pyrite. The mineralisation strikes north-north-east and is notable for the lack of quartz veining.
Chip channel sampling of the other two areas of workings, which are interpreted as being on parallel structures 100-150m to the east, returned 30m at 1.38g/t, 25m at 0.48g/t and 25m grading 2.62g/t.
The discovery at EG3.2 is significant as it is the first time at Block 14 that the Company has encountered high grade intercepts in the eastern part of the 7,046km2 Block 14 license. Numerous other targets have been generated using geochemistry and generative exploration and remain to be drilled.
Exploration to date by Orca has focused on the Galat Sufar South ("GSS") area, 60km to the west of EG3.2. Orca announced an initial Mineral Resource at GSS on January 29, 2014 comprising an Indicated Resource of 22.2MT at 1.84g/t for 1.3 million ounces gold and an Inferred Resource of 6.5Mt at 1.9g/t for an additional 400,000 ounces gold. Greater than 90% of the Mineral Resource is within 100 metres of surface.
Simon Jackson, President and CEO, said, "We are excited by the high grade intercepts at EG3.2. This drill program was our first in the Eastern portion of the license and these initial results support our belief that Block 14 will host multiple gold deposits. We will continue to expand our exploration at EG3.2 to target the parallel zones to the east. Exploration is ongoing in other areas of Block 14 and we will keep the market informed as we move forward."
Orca Gold Inc. is a Canadian resource company focussed on exploration opportunities in Africa. The Company has an experienced board of directors and management team and a strong balance sheet that includes a substantial treasury.
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is the Vice President Exploration 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:
Simon Jackson, President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions or statements that certain events "may" or "will" occur. Forward-looking statements in this press release include, but are not limited to, statements relating to indicates and inferred mineral resources, the potential to expand the resource targets in the Main and East Zones, the plans of the Company to conduct preliminary metallurgical testwork and increase its ownership in Block 14 and the future potential of GSS to become a commercial mining operation, including exploration activities. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; local political instability or unrest, local economic instability; global economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the expected timing, costs, and results of a PEA; the expected burn rate; the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake any obligation to update forward-looking information if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
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.
To view accompanying map, visit the following link: http://media3.marketwire.com/docs/orca_gold_map01_may12.pdf