Orca Gold Drills 17.4 m at 7.92 g/t Au and Confirms High-Grade Potential at its Block 14 Gold Project in The Republic of The Sudan VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2017) -Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce further results from the ongoing 25,000-metre drilling campaign at its Block 14 Gold Project in The Republic of The Sudan.
HIGHLIGHTS
Drilling Hits High-Grade Shoot Below and Outside Current Resource:
- Drill hole GSDD020A successfully intercepted a high-grade, steeply plunging shoot at depth, returning 17.4m @ 7.92 g/t Au between 354.6m and 372.0m
- The Company will review and evaluate the underground potential at Block 14 if drilling continues to confirm increase of grade at depth
Drilling Confirms Overall Grade Increases at Depth in GSS:
- 30 drill holes, totaling 11,000 metres, have been drilled as part of the Company's current exploration campaign
- Current drilling confirms an overall increase in grade below the GSS current resource, which the Company anticipates will have a positive impact on the resource update and consequently the economic results in the Feasibility Study scheduled for completion in Q2 2018
DETAILS
To date, approximately 11,000 metres (30 holes) of a 25,000-metre programme have been completed. Four diamond core rigs are currently operating at Galat Sufar South ("GSS"), which have been joined by an additional reverse circulation rig in this last week.
The objectives of this programme are to upgrade in-pit resources to Measured and Indicated category and test the potential for resource expansion below the pit shells that formed the basis of the revised preliminary economic assessment of the Block 14 Gold Project (the "Revised PEA") (see News Release dated May 30, 2017).
Results for the first seven core holes from the programme were announced previously (see Company News Release dated October 17, 2017). The table below shows results for the next 10 holes. The balance of the completed holes is in the lab for assaying and will be announced once the results are received.
| Hole | From | To | Metres | Au g/t Uncut | Comments |
| GSDD020A | 35.3 | 56.0 | 20.7 | 2.01 | Outside Resource |
| 70.0 | 83.0 | 13.0 | 1.08 | Outside Resource |
| 87.0 | 95.0 | 8.0 | 0.84 | Outside Resource |
| 124.8 | 140.0 | 15.2 | 4.95 | Outside Resource |
| 155.0 | 160.9 | 5.9 | 1.24 | Outside Resource |
| 171.0 | 214.0 | 43.0 | 1.26 | Outside Resource |
| 354.6 | 372.0 | 17.4 | 7.92 | Outside Resource |
| GSDD021 | 116.0 | 160.8 | 44.8 | 2.87 | Infill |
| GSDD023 | 181.0 | 226.4 | 45.4 | 2.34 | Outside Resource |
| 234.5 | 265.0 | 30.5 | 1.42 | Outside Resource |
| 370.0 | 453.0 | 83.0 | 1.20 | Outside Resource |
| GSDD024 | 0.0 | 26.8 | 26.8 | 2.25 | Infill |
| 59.0 | 68.0 | 9.0 | 2.17 | Infill |
| 80.0 | 85.0 | 5.0 | 1.01 | Infill |
| 103.2 | 116.7 | 13.5 | 3.30 | Infill |
| 302.7 | 375.0 | 72.3 | 1.67 | Outside Resource |
| 400.0 | 411.0 | 11.0 | 3.68 | Outside Resource |
| GSDD025 | 114.0 | 125.2 | 11.2 | 1.37 | Infill |
| GSDD026 | 7.0 | 32.0 | 25.0 | 2.89 | Infill |
| 47.0 | 74.8 | 27.8 | 1.62 | Infill |
| 105.0 | 159.0 | 54.0 | 1.40 | Infill |
| GSDD027 | 172.2 | 215.0 | 42.8 | 1.31 | Infill |
| 218.0 | 270.0 | 52.0 | 1.43 | Infill |
| GSDD028 | 0.0 | 112.0 | 112.0 | 1.61 | Infill |
| 189.0 | 214.0 | 25.0 | 2.58 | Outside Resource |
| 219.0 | 238.4 | 19.4 | 2.09 | Outside Resource |
| GSGT002 | 10.0 | 58.4 | 48.4 | 2.58 | Infill |
| 62.4 | 78.2 | 15.8 | 1.57 | Infill |
| 82.0 | 111.0 | 29.0 | 1.30 | Infill |
| GSDD030 | 30.0 | 53.0 | 23.0 | 2.96 | Infill |
| 56.7 | 65.9 | 9.2 | 1.72 | Infill |
| 91.0 | 114.0 | 23.0 | 2.26 | Infill |
| 124.0 | 149.0 | 25.0 | 1.81 | Infill |
| 164.0 | 178.0 | 14.0 | 1.07 | Infill |
| NOTE: True widths are between 60% and 70% of intercept width |
All holes listed were drilled in the East Zone of the GSS deposit (See Figures 1, 2 & 3 in news release). The results continue to confirm and upgrade mineral resources within the revised PEA pit designs (Infill) and extend mineralization below the previous resource (Outside Resource).
Importantly, the latest drill results confirm an overall increase in grade below the current resource. The Company believes that this will have a positive impact on a new resource calculation and consequently the economic results of the Feasibility Study scheduled for completion in early Q2 2018. Additionally, hole GSDD020A successfully intercepted a high-grade steeply plunging shoot at depth, returning 17.4m @ 7.92 g/t Au between 354.6m and 372.0m. This high-grade intercept, outside and below the current resource, highlights the potential to examine underground options at GSS.
"Drilling at GSS is progressing well with results continuing to demonstrate the potential for the Feasibility Study pits to expand from those contemplated in the Revised PEA. The Company intends to release a new resource update in early 2018, which will form the basis of our Feasibility Study," commented Rick Clark, CEO and Director of Orca. "The intercept in the high-grade shoot is not only impressive in grade but is also significant in width. Ongoing drilling will further test this and other high grade structures at depth towards a review of underground options at both GSS and Wadi Doum. This is an exciting development for Orca and we look forward to reporting on this opportunity as we move into the new year."
To view Figures 1, 2, and 3 please click on the following link: https://media3.marketwire.com/docs/1105095_FIGURES-1-3.pdf
About Orca Gold Inc.
Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration opportunities in Africa, where it is currently focused on its 70%-owned Block 14 Gold Project in the Republic of the Sudan. Block 14 is situated on a 2,170 km2 concession. The Company is currently conducting a Definitive Feasibility Study on the project, which is scheduled for completion in early Q2 2018.
The Revised PEA of Block 14 (see News Release dated May 30, 2017), using a gold price of US$ 1,100/oz for mine design and US$ 1,200/oz for economic analysis, showed a project with in-pit mineral resources of 41.0Mt @ 1.46g/t for 1,928 Koz in the Indicated category and 3.4Mt @ 1.56g/t for 173 Koz in the Inferred category, a mill throughput of 3.4 Mtpa, and strong economics with an after-tax NPV7% of US$ 227.7 million and an IRR of 23.1%.
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 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:
Richard P. Clark, CEO and Director
Cautionary Statement Regarding Forward-Looking Information