OreCorp Limited (OreCorp or the Company) is a development company listed on the Australian Securities Exchange (ASX) under the code ORR. OreCorp's key projects are the Nyanzaga Gold Project in northwest Tanzania and the Akjoujt South Copper-Nickel Project in Mauritania. The Company is well funded with no debt.
The Company has a joint venture agreement with Acacia Mining plc to earn up to a 51% interest in the Nyanzaga Gold Project (Nyanzaga or the Project) in the Lake Victoria Goldfields of Tanzania (LVG). The Project hosts a JORC 2012 compliant Mineral Resource Estimate (MRE) of 21.3Mt @ 4.1g/t Au for 2.8Mozs using a 1.5g/t lower cut-off, in the Nyanzaga Deposit.
Nyanzaga Project Highlights
- Updated MRE Model with a focus on higher grade zones, showing gold mineralisation continuity based on nominal drill hole intercepts which exceed 2.0g/t gold over 4m horizontal widths, has increased the resource grade to 4.1g/t gold;
- The Resource maintains significant scale with 2.78Moz at the cut-off grade of 1.5g/t gold (previously 0.4g/t) which is considered appropriate in the current gold price environment;
- 83% of the MRE is in the Measured and Indicated categories;
- It is noted that 1.5Mt at 3.5g/t for 0.172Moz has been identified in the near surface (<80m depth) oxide and transitional zones;
- This MRE covers a strike length of approximately 300m, with widths of individual mineralised zones ranging from 6 - 20m and mineralisation extending approximately 800m below the topographic surface;
- Mineralisation is open at depth leaving scope for future additional resources to be delineated;
- The thickness and grade of the resource model will allow for the consideration of both open pit, underground and a combination of both mining scenarios;
- Whilst variables for underground mining have not been applied, the orientation and continuity of mineralisation, coupled with the high gold grade, would suggest potential for an underground operation; and
- Nyanzaga retains significant optionality for the scale of operation.
Pursuant to the requirements of ASX Listing Rule 5.8 and the JORC Code, OreCorp provides the following compliance statement:
The information in this website relating to the Nyanzaga Project is extracted from the ASX Announcement dated 31 March 2016 titled ‘OreCorp Completes Maiden JORC 2012 Mineral Resource Estimate at the Nyanzaga Project inTanzania’ and the ASX Announcement dated 22 September 2015 titled ‘OreCorp enters into JV with Acacia Mining for the Advanced Nyanzaga Gold Project in Tanzania’ which are available to view on this website.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX Announcements and, in the case of (i) Mineral Resources, (ii) Metallurgical Testwork and Results, and (iii) Exploration Results in relation to the Nyanzaga Project in Tanzania (Project Results), that all material assumptions and technical parameters underpinning the Project Results in the relevant ASX Announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX Announcements.
Forward Looking Statements »