Orca Gold Provides Updates on its Block 14 and Morondo Gold Projects
Vancouver, British Columbia, August 22, 2018 – 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.
For Further Information, Contact:
Investor Relations Consultant
Catch Advisory Group Inc.
416.645.0935 x 226
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