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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Gossan Resources Limited | TSXV:GSS | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.005 | -25.00% | 0.015 | 0.015 | 0.02 | 0.015 | 0.015 | 0.015 | 35,000 | 19:37:08 |
Hot Features
Premium
Orca Gold Inc. (TSX VENTURE:ORG) ("Orca Gold" or the "Company") is pleased to
provide an update on its exploration activities in Sudan.
Exploration is ongoing at the Company's Block 14 permit. Since the previous
update (News Release: April 15, 2013) we have focused efforts on expanding the
footprint of mineralization at the Galat Sufar South prospect ("GSS").
To date a total of 62 RC holes (8,389m) have been drilled at GSS for which
results have been received for 39 holes. In addition, a total of 5 diamond core
holes have been completed at GSS for a total of 1,654m for which assays have
been received for the first 3. A further 5,000m of drilling is planned for the
next two months after which a decision on whether to proceed to initial resource
drilling at GSS will be made.
Further encouraging results have now been received from the Main Zone drilling:
--------------------------------------------------------------------------
Au g/t
Au g/t Cut to
Hole Type From To Metres Uncut 10g/t Zone Comments
--------------------------------------------------------------------------
GSDD003A DD 241 251 10 1.97 Main
---------------------------------------
298 311 13 2.07
---------------------------------------
322 352 30 1.38
--------------------------------------------------------------------------
GSRC032 RC 3 12 9 2.79 Main
--------------------------------------------------------------------------
GSRC081 RC 32 35 3 1.41 Main
---------------------------------------
52 71 19 15.29 6.24
---------------------------------------
77 80 3 3.62
---------------------------------------
98 101 3 12.36 7.70
---------------------------------------
136 144 8 6.12 5.35
---------------------------------------
149 159 10 1.79
---------------------------------------
162 187 25 7.60 6.30
--------------------------------------------------------------------------
GSRC082 RC 1 5 4 3.47 Main Hole ends
--------------------------------------- in grade
9 57 48 1.79
---------------------------------------
62 68 6 0.94
---------------------------------------
71 85 14 15.78 6.01
---------------------------------------
87 95 8 1.10
---------------------------------------
97 101 4 2.26
---------------------------------------
109 116 7 1.33
---------------------------------------
152 165 13 1.76
--------------------------------------------------------------------------
GSRC083 RC 69 81 12 1.97 Main
---------------------------------------
157 168 11 1.31
---------------------------------------
108 111 3 1.08
---------------------------------------
114 118 4 4.67
---------------------------------------
121 126 5 2.82
---------------------------------------
129 132 3 0.81
---------------------------------------
137 140 3 1.45
---------------------------------------
152 157 5 0.61
---------------------------------------
169 187 18 3.36 3.15
---------------------------------------
197 202 5 0.87
---------------------------------------
219 224 5 0.76
---------------------------------------
228 243 15 1.09
--------------------------------------------------------------------------
Multiple Zones of Mineralisation
It now appears that there are at least four distinct zones at GSS. Current
interpretation suggests that the Main, East (1 and 2) and Far East zones
represent multiple north-west to north-north-east trending zones within a
district scale east-west corridor. Mineralisation throughout the area is hosted
by quartz-sericite-carbonate schists with pyrite content having a close
relationship to gold mineralisation.
Senior Management and Board members visited site last week and walked all areas
of the interpreted mineralization.
The figure below shows the distribution of the zones currently defined by
drilling and surface sampling in Galat Sufar South and Appendix 1 details all
drill results received to date by zone.
Main Zone
The results tabled above continue to improve our understanding of the Main Zone
mineralization which has now been intersected over a strike length of 150m and
up to 175m below surface. Mineralization within this area shows a true width of
between 75m and 125m and higher grade areas within this envelope are beginning
to resolve into distinct higher grade, plunging shoots which remain open at
depth.
The mineralization intersected from surface in hole GSRC082 is of particular
interest as it clearly shows an extension of the mineralisation under cover to
the west. Drilling in this area is focused on targeting the north and westward
extension of the Main Zone under cover, to where trench 14TR041B returned 64m
grading 1.20g/t (incl 1m of 9.67g/t), 200m to the north.
To the south of the Main Zone, hole GSRC081 has confirmed the extension to the
north west of a high grade zone (19m at 15.29g/t uncut, 6.24g/t cut) previously
intersected in hole GDRC003 (19m at 13.60g/t uncut, 6.39g/t cut).
Chip channel sampling 500m to the north west has also intersected grade on what
is interpreted to be the north west extension of mineralisation with 14HC076
giving 14m grading 2.08g/t (incl 1m of 10.55g/t) and 14HC077, 40m grading
0.59g/t.
Eastern Zones
Work also continues on both the East 1 and 2 Zones and Far East Zone where
trenching and drilling has intersected mineralisation over a strike length of
300-400m in each case (open). A further 16 holes have been drilled to date with
assays received for one further drill hole from the East 1 Zone:
--------------------------------------------------------------------------
Au g/t
Au g/t Cut to
Hole Type From To Metres Uncut 10g/t Zone Comments
--------------------------------------------------------------------------
GSRC084 RC 16 28 12 0.68 East Hole ends
--------------------------------------- in grade
108 111 3 1.08
---------------------------------------
114 118 4 4.67
---------------------------------------
121 126 5 2.82
---------------------------------------
129 132 3 0.81
---------------------------------------
137 140 3 1.45
---------------------------------------
152 157 5 0.61
---------------------------------------
169 187 18 3.36 3.15
---------------------------------------
197 202 5 0.87
---------------------------------------
219 224 5 0.76
---------------------------------------
228 243 15 1.09
--------------------------------------------------------------------------
The area lying below sand cover between the East 2 zone and the Far East zone
will be drilled in the next month as it has been the subject of significant
artisanal activity in recent months and trenching in this area has defined wide
low grade intercepts (14TR41B: 1224-1244m, 20m at 0.40g/t, 1304-1324m, 20m at
0.82g/t, 1408-1442m, 34m at 0.30g/t).
The Far East Zone has received little drilling to date (4 holes). Trenching
showed several wide, low grade intercepts (14TR41B: 1610-1672, 62m at 0.54g/t
(incl 24m at 0.96g/t), 14TR39E: 988.5-1021m, 32.5m at 0.38g/t, 1036-1066m, 30m
at 0.67g/t) which were upgraded by drilling results from holes GSRC027 and 28
providing encouragement for further drilling in this area.
Exploration is also being aimed at expanding the footprint of the prospect
within the extensions of the east-west corridor. Of note are the results of a
chip channel line (14HC90), north east of the Far East Zone which returned 105m
grading 0.95g./t. This area is currently the subject of follow up sampling.
In addition, little work has been done on areas that are under sand cover and we
are now expanding our trenching programme at GSS to test the strike extent of
the various mineralized zones into areas of cover.
Over 4,000 samples representing over 3,000m of drilling and exploration samples
remain at and en-route to the laboratory. Orca is also actively evaluating an
additional twelve early stage targets at Block 14 within a 20km radius of GSS.
Simon Jackson, President & CEO said "We continue to be excited by ongoing
exploration results at Block 14 and in particular at Galat Sufar South. Our
exploration team is working extremely hard to delineate the various mineralized
zones that we have discovered. Orca remains in a very strong position with a
large, highly prospective land position, an experienced exploration team with an
impressive track record and a healthy balance sheet including approximately $60
million in cash."
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 approximately $60 million in cash.
The technical contents of this release have been reviewed by Stuart Mills, BSc.,
MSc, a Qualified Person pursuant to NI-43101. Mr. Mills is the Sudan Manager of
the Company and a Member of the Institute of Materials, Mining and Metallurgy.
Samples 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 the plans of the
Company following the Acquisition, 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; political or 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. Neither the
Company nor East Africa Metals undertakes 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, except in accordance with applicable securities
laws.
To view the map accompanying this press release please click on the following
link: http://media3.marketwire.com/docs/ORG0516.pdf
Appendix 1: Drill results to May 2013 by Zone
MAIN ZONE
--------------------------------------------------------------------------
Au g/t
Au g/t Cut to
Hole Type From To Metres Uncut 10g/t Comments
--------------------------------------------------------------------------
GSDD001 DD 80 161 81 1.22 1.22
--------------------------------------------------------------------------
GSDD002 DD 11 31 20 1.88 1.88
--------------------------------------------
35 74 39 3.19 2.74
--------------------------------------------
77 98 21 1.36
--------------------------------------------
136 148 12 0.80
--------------------------------------------
161 174 13 1.74
--------------------------------------------
210 222 12 1.64
--------------------------------------------------------------------------
GSDD003A DD 241 251 10 1.97
--------------------------------------------
298 311 13 2.07
--------------------------------------------
322 352 30 1.38
--------------------------------------------------------------------------
GSRC001 RC 26 85 59 2.67 Hole Ends
-------------------------------------------- in grade
94 120 26 2.48
--------------------------------------------------------------------------
GSRC002 RC 5 21 16 5.02 3.59
--------------------------------------------
42 49 7 1.17
--------------------------------------------
54 95 41 2.30
--------------------------------------------------------------------------
GSRC003 RC 0 10 10 4.61 4.24 Hole Ends
-------------------------------------------- in grade
27 36 9 5.42 4.13
--------------------------------------------
101 120 19 13.60 6.39
--------------------------------------------------------------------------
GSRC004 RC 68 77 9 1.21 Hole Ends
-------------------------------------------- in grade
86 121 35 1.42
--------------------------------------------------------------------------
GSRC005 RC 21 25 4 1.02
--------------------------------------------
29 38 9 0.68
--------------------------------------------------------------------------
GSRC006 RC 18 25 7 13.18 6.99 Hole Ends
-------------------------------------------- in grade
110 120 10 2.77 2.61
--------------------------------------------------------------------------
GSRC007 RC 8 15 7 2.64
--------------------------------------------
68 78 10 1.13
--------------------------------------------------------------------------
GSRC008 RC 12 18 6 1.92
--------------------------------------------
81 99 18 0.86
--------------------------------------------------------------------------
GSRC009 RC 4 8 4 0.49
--------------------------------------------
11 16 5 2.01
--------------------------------------------
19 24 5 6.63
--------------------------------------------
77 84 7 1.92
--------------------------------------------------------------------------
GSRC010 RC 23 34 11 0.65
--------------------------------------------------------------------------
GSRC032 RC 3 12 9 2.79
--------------------------------------------------------------------------
GSRC033 RC 6 11 5 1.36
----------------------------------
132 138 6 1.66
--------------------------------------------------------------------------
GSRC034 RC 33 38 5 0.98
--------------------------------------------------------------------------
GSRC035 RC NSI
--------------------------------------------------------------------------
GSRC081 RC 32 35 3 1.41
--------------------------------------------
52 71 19 15.29 6.24
--------------------------------------------
77 80 3 3.62
--------------------------------------------
98 101 3 12.36 7.70
--------------------------------------------
136 144 8 6.12 5.35
--------------------------------------------
149 159 10 1.79
--------------------------------------------
162 187 25 7.60 6.30
--------------------------------------------------------------------------
GSRC082 RC 1 5 4 3.47 Hole ends
-------------------------------------------- in grade
9 57 48 1.79
--------------------------------------------
62 68 6 0.94
--------------------------------------------
71 85 14 15.78 6.01
--------------------------------------------
87 95 8 1.10
--------------------------------------------
97 101 4 2.26
--------------------------------------------
109 116 7 1.33
--------------------------------------------
152 165 13 1.76
--------------------------------------------------------------------------
GSRC083 RC 69 81 12 1.97
--------------------------------------------
157 168 11 1.31
--------------------------------------------------------------------------
EAST 1
--------------------------------------------------------------------------
Au g/t
Au g/t Cut to
Hole Type From To Metres Uncut 10g/t Comments
--------------------------------------------------------------------------
GSRC011 RC 0 35 35 3.65 3.60
--------------------------------------------
47 51 4 0.56
--------------------------------------------
57 72 15 3.27 3.03
--------------------------------------------
76 79 3 1.40
--------------------------------------------------------------------------
GSRC014 RC 31 39 8 5.15 4.55
--------------------------------------------
45 56 11 1.57
--------------------------------------------
120 133 13 0.80
--------------------------------------------------------------------------
GSRC015 RC 11 15 4 1.09
--------------------------------------------
19 30 11 2.49 2.09
--------------------------------------------
35 47 12 1.23
--------------------------------------------
54 59 5 0.90
--------------------------------------------
99 107 8 0.75
--------------------------------------------------------------------------
GSRC017 RC 36 47 11 0.92
--------------------------------------------
123 140 17 2.58
--------------------------------------------------------------------------
GSRC024 RC 13 16 3 0.97
--------------------------------------------
19 36 17 7.46 6.90
--------------------------------------------
40 58 18 1.33
--------------------------------------------------------------------------
GSRC084 RC 16 28 12 0.68 Hole ends
-------------------------------------------- in grade
108 111 3 1.08
--------------------------------------------
114 118 4 4.67
--------------------------------------------
121 126 5 2.82
--------------------------------------------
129 132 3 0.81
--------------------------------------------
137 140 3 1.45
--------------------------------------------
152 157 5 0.61
--------------------------------------------
169 187 18 3.36 3.15
--------------------------------------------
197 202 5 0.87
--------------------------------------------
219 224 5 0.76
--------------------------------------------
228 243 15 1.09
--------------------------------------------------------------------------
EAST 2
--------------------------------------------------------------------------
Au g/t
Au g/t Cut to
Hole Type From To Metres Uncut 10g/t Comments
--------------------------------------------------------------------------
GSRC012 RC 0 63 63 2.39 2.03
--------------------------------------------
66 84 18 0.76
--------------------------------------------
89 94 5 2.61
--------------------------------------------
99 106 7 0.84
--------------------------------------------------------------------------
GSRC013 RC 0 16 16 1.85
--------------------------------------------
97 101 4 0.93
--------------------------------------------------------------------------
GSRC016 RC 53 60 7 2.18
--------------------------------------------------------------------------
GSRC018 RC 23 27 4 1.07
--------------------------------------------
43 49 6 1.76
--------------------------------------------
51 57 6 1.06
--------------------------------------------
66 79 13 0.98
--------------------------------------------------------------------------
GSRC019 RC 7 11 4 3.02
--------------------------------------------
43 48 5 1.36
--------------------------------------------
55 59 4 0.69
--------------------------------------------
86 90 4 0.74
--------------------------------------------------------------------------
GSRC020 RC 5 9 4 0.80
--------------------------------------------
17 21 4 1.54
--------------------------------------------
26 39 13 1.46
--------------------------------------------
100 103 3 3.00
--------------------------------------------------------------------------
GSRC021 RC 1 4 3 0.96
--------------------------------------------
7 39 32 1.45
--------------------------------------------
44 48 4 1.57
--------------------------------------------
57 65 8 1.71
--------------------------------------------
80 87 7 2.33
--------------------------------------------
93 98 5 2.80
--------------------------------------------------------------------------
GSRC022 RC 1 15 14 2.15
--------------------------------------------------------------------------
GSRC023 RC 0 52 52 1.90 Hole ends
-------------------------------------------- in grade
62 67 5 0.97
--------------------------------------------
70 81 11 1.01
--------------------------------------------
83 109 26 1.07
--------------------------------------------
112 120 8 2.06
--------------------------------------------------------------------------
GSRC025 RC NSI
--------------------------------------------------------------------------
GSRC026 RC NSI
--------------------------------------------------------------------------
FAR EAST
--------------------------------------------------------------------------
Au g/t
Au g/t Cut to
Hole Type From To Metres Uncut 10g/t Comments
--------------------------------------------------------------------------
GSRC027 RC 8 28 20 2.08
--------------------------------------------
45 56 11 2.02
--------------------------------------------
98 104 6 2.03
--------------------------------------------
127 134 7 0.71
--------------------------------------------------------------------------
GSRC028 RC 22 27 5 0.58
--------------------------------------------
45 48 3 0.64
--------------------------------------------
50 63 13 2.25 1.75
--------------------------------------------
70 75 5 0.83
--------------------------------------------------------------------------
GSRC029 RC NSI
--------------------------------------------------------------------------
GSRC030 RC 92 95 3 11.43 7.08
--------------------------------------------------------------------------
GSRC031 RC 8 15 7 0.72
--------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Orca Gold Inc.
Simon Jackson
604 689 7842
604 689 4250 (FAX)
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