VANCOUVER, British Columbia, May 01, 2018 (GLOBE NEWSWIRE) — Orca Gold Inc. (TSX.V:ORG) (“Orca” or the “Company”) is pleased to announce continued success in drilling on the new Hanging Wall Zone at the Company’s flagship Block 14 Gold Project in the Republic of the Sudan and the discovery of a new mineralised zone at the Morondo Project in Côte d’Ivoire.
Highlights
- Drilling continues to expand the Hanging Wall Zone at Galat Sufar South (“GSS”). Significant intercepts include:
- GSRC740: 39 m at 2.52 g/t Au
- GSRC741: 20 m at 2.72 g/t Au
- At Morondo, diamond drilling for metallurgical samples has extended the known mineralization and intersected 27.7m at 1.74 g/t Au in what looks to be a new footwall zone
Block 14 Gold Project
Drilling at GSS continues with two multi-purpose rigs on site and a third to be added in May. The current program is focused on further developing the East Zone pit where a new geological interpretation (see Company News Release on January 9, 2018) is being applied. This program has successfully identified a previously unknown Hanging Wall Zone (see Company News Release on April 2, 2018), which is expanding rapidly with ongoing drilling.
Table 1 below reports assay results for recent holes drilled in the Hanging Wall Zone.
Table 1: Hanging Wall Zone Drill Results
| Hole | Type | From | To | Metres | Au g/t Uncut |
| GSDD052 | DD | 55.0 | 70.0 | 15.0 | 1.25 |
| 132.3 | 136.6 | 4.3 | 15.04 | ||
| GSRC738 | RC | 47.0 | 57.0 | 10.0 | 1.20 |
| 92.0 | 101.0 | 9.0 | 3.60 | ||
| 144.0 | 151.0 | 7.0 | 0.99 | ||
| 194.0 | 204.0 | 10.0 | 0.85 | ||
| GSRC739 | RC | 3.0 | 8.0 | 5.0 | 1.57 |
| 16.0 | 21.0 | 5.0 | 1.74 | ||
| 23.0 | 29.0 | 6.0 | 1.68 | ||
| 35.0 | 57.0 | 22.0 | 0.96 | ||
| 73.0 | 78.0 | 5.0 | 0.70 | ||
| 86.0 | 102.0 | 16.0 | 2.24 | ||
| GSRC740 | RC | 12.0 | 51.0 | 39.0 | 2.52 |
| 55.0 | 67.0 | 12.0 | 1.76 | ||
| GSRC741 | RC | 60.0 | 80.0 | 20.0 | 2.72 |
| 93.0 | 109.0 | 16.0 | 0.77 | ||
| GSRC744 | RC | 51.0 | 56.0 | 5.0 | 6.60 |
NOTE: True widths are on average 72% of drilled intercept
Morondo Gold Project, Côte d’Ivoire
A short reverse circulation drill programme at Morondo in December 2017 confirmed the discovery of a broad mineralised system at its Morondo gold exploration permit in Côte d’Ivoire (see Company News Release on January 31, 2018).
In 2014, samples of RC chips taken from a previous programme and containing disseminated sulphides, were submitted for leach test work at the SGS Metallurgical Laboratory in the United Kingdom and returned recoveries of 95%. Recently, to confirm and expand on these results, two core holes were drilled to provide material for the next phase of test work. One of these holes was extended below previous drilling, based on silicification and sulphide mineralisation observed, and intersected what is believed to be a new Footwall Zone. Hole MRDD002 intersected 19.0m at 0.94 g/t and 27.7m at 1.74 g/t, below the known mineralisation (See Figure 2).
Drilling will re-commence at Morondo this month to follow up on this discovery and continue to expand mineralisation. If the new metallurgical test work confirms previous results, the drill program will be expanded towards defining an initial mineral resource at Morondo.
Commenting on the success of the recent drilling at GSS and Morondo, Richard Clark, CEO of Orca Gold said, “The ongoing expansion of mineral resources at GSS continues to justify an aggressive drill program. The discovery of the Hanging Wall Zone supports our new understanding of geological controls at GSS and strongly suggests that other, previously unidentified, targets will be discovered. We are very excited about this development and look forward to further reporting on the success of our resource expansion program.
At Morondo, the unexpected discovery of a new footwall zone significantly increases the potential of this project. With positive results from our current metallurgical testing, we will accelerate our drilling towards the early delivery of a maiden resource.”
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.
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 from the Block 14 Gold Project 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. Samples used for the results described herein from the Morondo Gold Project are prepared and analyzed by fire assay using a 50 gram charge at the Bureau Veritas facility in Abidjan, Côte d’Ivoire in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted.
For Further Information, Contact:
Elina Chow
Investor Relations
Catch Advisory Group Inc.
416.645.0935 x 226
info@orcagold.com
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 Feasibility Study (“FS”) 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 FS; 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.
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