Orca Gold Metallurgical Drilling Intersects Up to 150m Grading 2.20g/t at Its Block 14 Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 1, 2016) - Orca Gold Inc. (TSX VENTURE:ORG)("Orca" or the "Company") is pleased to announce the results from the first metallurgical core holes drilled at the Galat Sufar South (GSS) deposit (Indicated resources 26.3Mt grading 1.77g/t, Inferred Resources 10.0Mt grading 1.7g/t), as part of the Pre-Feasibility Study ("PFS") scheduled for completion by the end of Q1 2017 (See Company news release dated July 26, 2016).
The PQ and HQ sized diamond drill holes were drilled within the pit designs used for the Preliminary Economic Assessment (PEA) completed in July this year (See Company news release dated July 26, 2016) in the Main and East Zones at GSS, where the true width of mineralisation is in excess of 65m.
The drill results are tabulated here and shown in the cross sections below (See Figures 1-4):
NOTE: True width of the mineralisation is between 60m and 85m
Commenting on the results, Richard Clark, CEO and Director, said, "Whilst the new holes are infill to provide both metallurgical information and infill assay data for the PFS, they strongly re-iterate and confirm the scale and width of the mineralisation at Galat Sufar South. The distribution of grade within these areas is remarkably consistent, lending itself to open pit mining with a waste:ore ratio of 2:1, defined by the PEA. A geotechnical core drilling programme has also now been completed (results pending) and two reverse circulation rigs are now working on an infill programme to convert inferred resources within the PEA pits to indicated to enable us to define a maiden ore reserve as part of the PFS. We remain very excited by the developing story at GSS and Block 14."
To view Figure 1: Block 14 Gold Project - Plan view of GSS, visit the following link: http://media3.marketwire.com/docs/1074621-F1.pdf
To view Figure 2: Section 1 - Results for MET007DD in MAIN ZONE, visit the following link: http://media3.marketwire.com/docs/1074621-F2.pdf
To view Figure 3: Section 2 - Results for MET008DD in the EAST ZONE, visit the following link: http://media3.marketwire.com/docs/1074621-F3.pdf
To view Figure 4: Section 3 - Results for MET006DD in EAST ZONE, visit the following link: http://media3.marketwire.com/docs/1074621-F4.pdf
About Orca Gold Inc.
Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration and development opportunities in Africa. Africa, where it is currently focused on the development of its 70%-owned Block 14 project in the Republic of the Sudan. The Company has an experienced board of directors and management team and a strong balance sheet, with a treasury of $11 million at September, 2016.
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 Pre-Feasibility Study ("PFS") 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 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 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 PFS; 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.