December 11, 2018 Orca Gold Discovers Significant 8km x 1km Soil Anomaly on its 100%-owned Korokaha North Gold Project in Côte d’Ivoire, Adjacent to Randgold’s Tongon Gold Mine
Vancouver, Canada, December 11, 2018 – Orca Gold Inc. (TSXV:ORG) (“Orca” or the “Company” is pleased to announce that an initial sampling programme on its 100%-owned Korokaha North Gold Project (“Korokaha North” in Côte d’Ivoire has outlined an 8km by 1km soil anomaly.
HIGHLIGHTS
An initial sampling programme was conducted at Orca’s second exploration permit, the Korokaha North, following the Company’s success in defining a maiden 1.2Moz Inferred Mineral Resource at the Koné Prospect in the Morondo Exploration Permit;
Soil sampling at Korokaha North, based on an 800m by 50m grid, has defined a large anomaly over an 8km strike length and up to 1.15km wide (at +20ppb Au). Within this broad envelope, coherent anomalies of +50ppb Au up to 4km in strike length are clearly defined.
Korokaha North is immediately adjacent to the east of Randgold’s Nielle Mining Lease and the anomaly discovered at is within 15km of the Tongon Gold Mine* – 2018 production guidance 290koz of gold; and
DETAILS
Orca holds a portfolio of three exploration permits and seven permit applications in Côte d’Ivoire (see Figure 1). Following the acquisition of this portfolio from Kinross in October 2017, exploration initially focussed on the delineation of a Mineral Resource at the Koné Prospect in the Morondo Permit. The programme was successful in defining an initial Inferred Mineral Resource of 1.2 Moz of gold** (see Company news release on October 3, 2018). A Preliminary Economic Assessment (“PEA” is underway in respect of this Resource and is due for completion in January 2019.
On completion of the Koné Prospect resource drilling, the Orca exploration team moved to Korokaha North, which is immediately adjacent to the east of Randgold’s Nielle Mining Lease*. An initial reconnaissance programme by Orca has successfully identified a broad soil anomaly in the southern part of the permit (the “Badenou Anomaly” (see Figure 2). The Badenou Anomaly overlies Birimian volcanics and sediments and is related to a strike change in the district scale geology that coincides with an area of extensive artisanal workings.
The discovery of the Badenou Anomaly complements earlier sampling on the northern part of the permit in 2009, where Red Back Mining Inc. (“Red Back” outlined several anomalous areas (the “Kadona Anomaly” (see Figure 2).
Ongoing exploration at Korokaha North will focus on further defining the Badenou Anomaly and following up on Red Back’s work at Kadona, where a short trenching programme by Red Back intersected 7m at 5.17g/t Au and 28m at 0.56g/t Au.
Commenting on the new discovery, Hugh Stuart, President and Director of Orca Gold, said “Our aim in Côte d’Ivoire is to systematically work through our property portfolio with an aim to add value for Orca shareholders whilst not detracting from our primary focus on Block 14 in the Sudan. Following on the early success at Morondo, our discovery of a broad soil anomaly in the highly prospective Korokaha North Permit clearly demonstrates the quality of our strategic property portfolio in Côte d’Ivoire. This discovery is of significance given its close proximity to Randgold’s Tongon Mine (15kms). The next steps for Orca in Côte d’Ivoire are is to deliver a PEA on Morondo, further define the anomalies at Korokaha North and continue the systematic assessment of our extensive property portfolio. We look forward to reporting on the ongoing progress of our work in 2019.
*The Mineral Resource Estimate for the Koné Prospect comprises 34.1Mt grading 1.1g/t for 1.206Moz of gold at a 0.70g/t cut-off grade. Effective date is 3 October 2018. The Mineral Resource Estimate was undertaken by MPR Geological Consultants of Perth, Western Australia (“MPR” who estimated mineral resources using Multiple Indicator Kriging (“MIK” based on 17,644m of reverse circulation and 528m of diamond drilling. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
**The mineralisation hosted at the Tongon Gold Mine is not necessarily indicative of mineralisation hosted on the Company’s Korokaha North Gold Project
FIGURE 1: Orca Exploration Portfolio in Côte d’Ivoire
mce-anchorFIGURE 2: Korokaha North Gold Project with Badenou Soil Anomaly
RSG Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
is pleased to announce that an initial sampling programme on its 100%-owned Korokaha North Gold Project (“Korokaha North”
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