Orca Gold (TSXV: ORG; US-OTC: CANWF) has tabled a maiden resource for the Koné prospect on its Morondo gold property in Cote d’Ivoire, part of the 2,268 sq. km land package it recently acquired from Kinross Gold. Former Orca management explored the property in 2010 as employees of Red Back Mining before Kinross Gold (TSX: K; NYSE: KGC) acquired the company.
The Koné prospect contains 34.1 million inferred tonnes grading 1.1 grams gold per tonne for 1.2 million oz. gold at a 0.7 gram gold cut-off grade.
The estimate covers a 900-metre strike length located in the middle part of a 2.6 km gold-in-soil anomaly. Orca based it on 115 reverse circulation holes and two diamond drill holes totalling just over 18,000 metres, including roughly 4,200 metres it drilled as Red Back in 2010.
Highlights from Koné include 94 metres grading 1.12 grams gold from 47 metres downhole, 78 metres at 1.19 grams gold from 125 metres downhole and 67 metres at 1.86 grams gold from 95 metres downhole.
The company also completed some preliminary metallurgical work at Koné. It tested oxide, transition and fresh ores for heap leach recoveries, returning 95.5%, 79.1% and 57.4%. The vast majority of the resource estimate’s contained gold comes from fresh ores.
The company says it is also exploring its other Cote d’Ivoire properties. In particular, it’s following up on geochemical soil anomalies sampled by Red Back at its Korokaha North gold property.
Shares of Orca are currently trading at 50¢ with a 52-week range of 43¢ to 78¢. The company has a $105 million market capitalization. It aims to finish a preliminary economic assessment for Morondo in early 2019.
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