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Orca Gold Inc.
Summary
| Project: | Block 14 | |
|---|---|---|
| Deposit: | Block 14 | |
| Location: | Sudan | |
| Commodities: | Gold | |
| Date: | 5/30/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 30-5-2017: Orca Gold Inc. announces a PEA report for its Block 14 deposit at the Block 14 project. Revised PEA results incl. post-tax NPV (7%) of US$227.7M, IRR of 23.1%, LOM of 13.2yrs. The Block 14 mineral exploration project covers an area of 2,170 km2 | |
| Resources: | (Resource): 30.6Mt @ 1.82g/t Au (Ind.) and 9.7Mt @ 1.7g/t Au (Inf.) at project | |
| CP/QP: | [Resources]: Nicholas Johnson (MPR Geological Consultants Pty Ltd.) | |
| ABSTRACT: | The Block 14 mineral exploration project covers an area of 2,170 km2 , located in the Nubian Desert in the north of the Republic of the Sudan, close to the international border with Egypt. The property is situated 700 km north of the national capital Khartoum and straddles the boundary between the Red Sea and Nile States. The nearest population centre is the town of Abu Hamad, located 180 km due south of the property. All exploration and mining projects in Sudan are subject to ‘The Mineral Resources Development and Mining Act, 2007’, which sets forth the legal and fiscal framework for the administration of the country’s mineral industry by the Ministry of Minerals (MoM). Industrial levels of exploration and mining rights are provided for in the Mining Code, defined by concession agreements and granted under Exclusive Prospecting Licence and Mining Leases. The Sudan Mineral Resources Company (SMRC) has been established by the Ministry of Minerals to oversee and monitor mineral exploration and development. The Exclusive Prospecting License (EPL) for Block 14 was originally granted to Meyas Nub under a Concession Agreement dated 19 May 2010. A purchase agreement dated 1 March 2012 (the “Purchase Agreement”), granted Sand Metals Company Ltd (SMCL), a wholly owned subsidiary of Orca, the right to acquire a 70% interest in Meyas Sand Mineral Company Ltd (MSMCL), a Sudanese joint venture company incorporated to hold the Block 14 EPL. Under the terms of the Purchase Agreement, SMCL have paid Meyas Nub US$9.5M and own 70% of MSMCL. Under the Purchase Agreement, Orca agreed to fund all exploration, development, and construction costs to commercial production, and to fund all costs associated with maintaining the properties in good standing with respect to the mining code. | |
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