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Update: Orca Gold Increases Indicated Resources By 24% And Inferred Resources By 48%

Orca Gold (CANWF) just announced an updated mineral resource estimate for its Block 14 mineral license in North Sudan. The company says that the deposit now contains 1.62 million ounces of gold indicated at 1.83 g/t, and 594,000 ounces of gold at 1.8 g/t, for a total resource of 2.21 million ounces - up from the previous estimate of 1.7 million ounces.

The mineral resource was updated using the results of 71,072 metres of drilling (5,060 metres of diamond drilling and 66,012 metres of reverse circulation drilling, including 8,751 metres at Wadi Doum) completed between November 2012 and December 2014. In addition, 87% of the Indicated Mineral Resource and 54% of the Inferred Mineral Resource lie within 150 metres of surface, according to Orca, which means gold is very close to the surface and could be mined as an open pit.

Previously, I argued that the well-funded gold explorer was… Read More …