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OreCorp Ltd.
Summary
| Project: | Nyanzaga | |
|---|---|---|
| Deposit: | Nyanzaga | |
| Location: | Tanzania | |
| Commodities: | Gold | |
| Date: | 6/30/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 30-6-2017: OreCorp Ltd. announces an Exploration/Drilling Update report for its Nyanzaga deposit at the Nyanzaga project. Drilling results incl. 51m @ 4.61g/t Au from 1m. OreCorp Limited (OreCorp or the Company) notes the publication of draft legislation | |
| Resources: | (Resource, Total): 29.78Mt @ 3.48g/t Au for 3.330Moz Au contained at project | |
| CP/QP: | [Overall Report]: Jim Brigden (Not stated) | |
| ABSTRACT: | OreCorp Limited (OreCorp or the Company) notes the publication of draft legislation which recommends changes to the legal framework governing the natural resources sector in Tanzania. We understand that this legislation is to be debated by the Parliament in an extended Parliamentary session. In addition, Parliament has approved the new Finance Act, which will impose a 1% clearing fee on the value of all minerals exported from the country from 1 July 2017. OreCorp will seek advice on the proposed changes and will provide further updates as appropriate. A general Project update is also provided herein. The drilling program consisted of 74 infill holes for 13,742m. Results for the first 27 holes were reported on 11 May 2017 with the remainder reported herein. Better intercepts from the remaining holes include: The infill drilling program targeted areas predominantly within the proposed OP area, where the existing data density was not sufficient for the JORC classification of the current MRE to the Indicated and Measured categories. The program also targeted the potential for further shallow OP mineralisation and additional mineralisation that currently lies outside the Pre-Feasibility Study (PFS) OP shell. These results will be integrated into the existing data and it is currently anticipated that a revised MRE will be completed in Q3 2017. This will form an integral part of the Definitive Feasibility Study (DFS) that is currently in progress. The Nyanzaga Project is the subject of an earn-in and joint venture agreement (JVA) with Acacia Mining plc (Acacia) and under terms of the JVA, OreCorp may earn up to a 51% interest. OreCorp is the operator of the Project and is currently completing a DFS on the Deposit. Nyanzaga is situated in the Archean Sukumaland Greenstone Belt, part of the Lake Victoria Goldfields (LVG) of the Tanzanian Craton. The greenstone belts of the LVG host a suite of large gold mines (Figure 1). The Geita Gold Mine lies approximately 60km to the west of the Project along the strike of the greenstone belt and the Bulyanhulu Gold Mine is located 36km to the southwest of the Project. | |
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