Orca Gold Inc.

Published : May 12th, 2014

Orca Gold Announces New High Grade Discovery at Block 14

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Gold | London | Market | Romania | Silica | Sudan |

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
9 23 14 65.79 7.04 10.99
28 34 6 1.22
GSRC339 55 63 8 1.61
70 79 9 6.76 3.71 5.93
82 86 4 1.37
42 46 4 0.62
68 73 5 1.97
GSRC340 77 94 17 1.56
97 126 29 1.26 1.23 1.26
134 138 4 0.55
29 50 21 19.35 4.94 6.77
GSRC341 56 59 3 3.31
92 96 4 1.34
6 13 7 7.07 3.13 4.56
GSRC342 19 25 6 1.03
30 61 31 1.25
71 80 9 2.03 2.02 2.03
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."

About Orca

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

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Romania | Sudan | All
Gold and Silver Prices for these countries : Romania | Sudan | All

Orca Gold Inc.

CODE : ORG.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Orca Gold is a exploration company based in Canada.

Orca Gold is listed in Canada. Its market capitalisation is CA$ 94.0 millions as of today (US$ 75.2 millions, € 65.9 millions).

Its stock quote reached its lowest recent point on September 11, 2009 at CA$ 0.06, and its highest recent level on February 18, 2011 at CA$ 6.45.

Orca Gold has 113 290 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate news of Orca Gold Inc.
7/26/2016Orca Gold: Preliminary Economic Assessment of Block 14 Stron...
7/5/2016Orca Gold Discovers Significant Water at Block 14
4/19/2016Orca Gold Corporate Update
2/1/2016Orca Gold's Robust Initial Resource and Successful Explorati...
9/17/2015Orca Gold: High Grade Intercepts From Liseiwi Prospect, Bloc...
2/4/2015Orca Gold Indicated and Inferred Resources at Block 14 Incre...
12/19/2014Orca Gold Appoints Hugh Stuart as President & CEO
12/1/2014Orca Gold Corporate Update
11/28/2014Orca Gold Corporate Update
10/9/2014Orca Gold Graduates to Tier 1 of the TSX Venture Exchange
9/10/2014Orca Confirms New High Grade Zone at Block 14
9/2/2014Orca Gold Increases Interest in Block 14 to 70%
5/26/2014Orca Gold Reports Continued Success at GSS
5/12/2014Orca Gold Announces New High Grade Discovery at Block 14
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (ORG.V)
0.830-4.60%
TSX-V
CA$ 0.830
05/18 16:58 -0.040
-4.6%
Prev close Open
0.870 0.870
Low High
0.820 0.870
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.830 -%
Volume 1 month var.
160,662 -%
24hGold TrendPower© : 12
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202266.00%1.000.40
2021-44.44%0.930.41
2020195.08%0.900.20
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.75+0.52%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 10.92-1.71%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.55+0.00%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06-8.33%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.38-3.64%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 15.32+0.46%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.24-2.08%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.77-1.12%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 52.10-0.89%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :