Orca Gold Commences 2,500m Drill Programme at Morondo Discovery in Cote d'Ivoire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 12, 2017) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce the commencement of drilling on the Morondo Permit in Côte d'Ivoire.
HIGHLIGHTS
- Morondo, a discovery made by Red Back Mining in 2010, is a permit within Orca's 2,890km2 land package in Côte d'Ivoire, 1,826km2 of which the Company is in the process of acquiring from Kinross Gold Corp. ("Kinross") pursuant to a share purchase agreement (the "Transaction")
- In anticipation of closing the Transaction, a 2,500-metre drill programme has commenced at Morondo and is scheduled for completion by the end of 2017
- Mineralization at Morondo has a current strike length of 600m and true width up to 150m
- The current programme is reverse circulation (RC) drilling to the depth of 150m
- Drill results are expected in January 2018
DETAILS
Orca executed a share purchase agreement in early 2017 with two subsidiaries of Kinross to acquire the Morondo and Korokaha North exploration licences and five other exploration license applications (see Company News Release on February 1, 2017). The Korokaha North licence and Korokaha South application lie adjacent to the east of Randgold's Tongon Mine. The Bassawa and Satama applications are located on the southern extension of the Houndé Belt. The Zuénoula Ouest and Zuénoula Est applications are located north west of Perseus's Yaoure project.
Following approval by the Minister of Industry and Mines of the Republic of Côte d'Ivoire for the portion of the Transaction related to Morondo (see Company News Release on November 6, 2017), the Company has commenced exploration with a 2,500m drill programme on this permit. Gold mineralization at Morondo was discovered by Red Back Mining in 2010 with 4,284m of shallow RC drilling and trenching before the company was acquired in the same year.
Morondo is the most advanced property in Côte d'Ivoire that Orca currently holds or is in the process of acquiring via the Transaction (see Figure 1). Mineralisation at Morondo, the best intercept of which included 66m at 1.53g/t, was intersected over a strike length of 600m by 200m. True width of mineralization is up to 150m hosted by an altered and sheared mafic volcaniclastic rock and is open in all directions. The current drilling (see Figure 2) will aim to test mineralization below the previous RC coverage to a depth of 150m and will be complete before the end of the year with results expected in January 2018.
Rick Clark, CEO and Director of Orca, commented "Orca is now active in two prolific gold environments in Africa, Sudan and Côte d'Ivoire. It is a busy time for the Company with a 25,000m drill programme and Feasibility Study in process at our Block 14 Gold Project in Sudan and an initial drill campaign underway in Côte d'Ivoire. With ministerial approval now in hand for the portion of our transaction with Kinross that covers the Morondo Permit, we are moving forward with closing the deal and are wasting no time getting back on the ground at Morondo to follow up on our initial discovery made in 2010. With positive results, we intend to fast track Morondo towards resource definition in 2018. At the same time, early next year we will commence exploration and evaluation of our broad property portfolio in Côte d'Ivoire. We look forward to keeping the market informed as we move into the New Year."
To view Figure 1: Côte d'Ivoire - A Strategic Land Package, please visit the following link: http://media3.marketwire.com/docs/1105840_Figure-1.jpg
To view Figure 2: Drilling at Morondo Permit, please visit the following link: http://media3.marketwire.com/docs/1105840_Figure-2.jpg
About Orca Gold Inc.
Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration opportunities in Africa. The Company is focused on its flagship 70%-owned Block 14 Gold Project in the Republic of the Sudan and an expanding exploration portfolio in Côte d'Ivoire. Block 14 is situated on a 2,170 km2 concession. The Company is currently conducting a Feasibility Study on the project, which is scheduled for completion in early Q2 2018.
Additionally, Orca is actively conducting gold exploration in Côte d'Ivoire.
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 Bureau Veritas in Abidjan 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, the Feasibility Study ("FS") currently being completed and/or conducted by the Corporation, exploration plans at the properties covered by the share purchase agreement with Kinross, and closing of the transaction contemplated by the share purchase agreement with Kinross and the timing and/or completion thereof. 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 press release.
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"): receipt of all necessary regulatory approvals; future prices of gold and other metals; successful exploration, development, and production of Block 14; the timing and completion of the DFS; the timing and likelihood of a production decision; 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, and 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 press release 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.
Contact
Elina Chow
Catch Advisory Group Inc.
Investor Relations Consultant
416.645.0935 x 226
