Orca Gold: High Grade Intercepts From Liseiwi Prospect, Block 14
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 17, 2015) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce a new discovery on its Block 14 mineral licence in Sudan.
The focus of exploration in 2015 has been to identify and develop new targets that will add additional satellite resources to the Galat Sufar South (GSS) deposit. Based on a successful trenching and channel sampling programme carried out in Q2 2015 and first pass drilling at Prospect NE, a 5,000m reverse circulation (RC) drill campaign was commenced in mid-August to test four new prospects.
The Liseiwi Prospect (Figure 1) located 58km north east of GSS is the first prospect to be drilled in this drill campaign. Drilling is targeting channel sampling results from a large area of artisanal workings. These channels returned a number of significant intercepts including 20m at 1.76g/t, 30m at 1.27g/t and 28m at 1.27g/t from the northern end of the workings and up to 38m at 6.51g/t (uncut) / 4.38g/t (cut to 10g/t) from a cross cutting high grade zone at the southern end of the workings.
11 RC holes have been completed in this first drilling campaign at Liseiwi. Assays have been received for the first 6 holes and are detailed below and shown in Figure 2:
Cut to 10g/t
|GSRC592||RC||No significant Intercept|
|Note: Due to the preliminary nature of the drilling, true widths have not yet been calculated.|
Mineralisation at Liseiwi is contained within a fine grained andesite host with disseminated and vein pyrite and silicification over a strike length of 125m. The strike remains open in all directions.
Further results are expected in the next few weeks. However, with the success at this first Prospect a follow up program is being prepared, with the objective of increasing the Block 14 resource base.
Drilling at Prospect P, the second target of this current campaign, located 9km south of the GSS resource (Figure 1), will commence shortly. Trenching at Prospect P, over a strike length of 600m, returned values including 22m at 0.45g/t, 12m at 1.55g/t, 20m at 0.57g/t and 20m at 1.81g/t. Mineralization at Prospect P is hosted by a deformed, felsic dyke intruding carbonate sediments.
The other two Prospects to be drilled in this campaign are Prospect M and Prospect NE, both located within 200 metres of the main resource at GSS (Figure 3).
At Prospect M recent trenching has returned 42m at 1.64g/t and 18m at 2.46g/t. At Prospect NE first pass drilling in 2014 returned results of 19m at 6.04/3.91g/t and 18m at 3.32g/t.
Orca has defined a Mineral Resource at the Galat Sufar South Prospect ("GSS") (News Release: February 4, 2015) comprising an Indicated Resource of 26.4Mt grading 1.77g/t for 1.50 million ounces of gold and an Inferred Resource of 8.7Mt grading 1.7g/t for an additional 0.0.48 million ounces.
In addition, an initial resource has been defined at a satellite target Wadi Doum (News Release: February 4, 2015), 55km east of GSS comprising 1.30Mt grading 3.02g/t for 0.13million ounces of gold and an Inferred Resource of 1.63Mt grading 2.2g/t for an additional 0.12 million ounces.
At the end of Q2/2015 Orca had $CAD 22.3 million in its treasury.
Orca Gold Inc. is a Canadian resource company focused on exploration opportunities in Africa. The Company has an experienced board of directors and management team and a strong balance sheet.
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.
To view Figure 1: Block 14 Locations, Figure 2: Liseiwi Surface and drill results and Figure 3: GSS Target Locations, please visit the following link: http://media3.marketwire.com/docs/1025424_F1-3.pdf.