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OreCorp is listed on the ASX (Code: ORR)

ORR: $ 0.19   + 0.000%

Updated 24/10/2017 at 5:26PM AEST

ORR share price chart

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 Nickel-Copper 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 23.7Mt @ 4.0g/t gold for 3.07Mozs using a 1.5g/t lower cut-off, in the Nyanzaga Deposit. A Pre-Feasibility Study has recently been completed and confirmed the significant potential of the Project. The Board has approved the commencement of the Definitive Feasibility Study.

OreCorp Limited – Nyanzaga Gold Project – Tanzania

Mineral Resource Estimate (MRE) as at 12 September, 2017

JORC 2012 Classification

Tonnes (Mt)

Gold Grade (g/t)

Gold Metal (Moz)

Measured

4.63

4.96

0.738

Indicated

16.17

3.80

1.977

Sub-Total M & I

20.80

4.06

2.715

Inferred

2.90

3.84

0.358

Total

23.70

4.03

3.072

Reported at a 1.5g/t gold cut-off grade. MRE defined by 3D wireframe interpretation with subcell block modelling. Gold grade for high grade portion estimated using Ordinary Kriging using a 10 x 10 x 10m estimation panel. Gold grade for lower grade sedimentary cycle hosted resources estimated using Uniform Conditioning using a 2.5 x 2.5 x 5m SMU. Totals may not add up due to appropriate rounding of the MRE.

Nyanzaga Project Highlights

  • Life of mine (LOM) average gold production increased to 213koz per annum (+17% over the Scoping Study) over 12 years
  • The PFS was completed eight months ahead of the Joint Venture (JV) schedule and demonstrates the rapid progress being made by OreCorp in assessing the significant potential of Nyanzaga
  • The PFS has determined that a concurrent open pit (OP) and underground (UG) mine schedule represents the optimum mining sequence
  • The OP will deliver the base load of mineralised material over the LOM and is expected to deliver approximately 1.75Moz of contained gold over its 12 year mine life, an increase of 25% or 350koz gold from the Scoping Study pit
  • UG mining will commence in Year 1, from a box cut external to the OP, and is expected to produce approximately 1.16Moz (including UG development material) of contained gold. The UG will be developed to a depth of 800m below surface, with the deposit remaining open at depth
  • Detailed metallurgical test work in the PFS has confirmed gold recovery of 88% through a conventional 4Mtpa Carbon in Leach (CIL) processing plant, an increase of 3% over the Scoping Study
  • Competitive cost position with a forecast All-in Sustaining Cost (AISC) of US$838/oz and All-in-Cost (AIC) of US$858/oz (Scoping Study AIC of US$874/oz) over the LOM
  • Pre-production capital cost of US$287M includes OP pre-strip, plant (including first fill inventory), all associated project infrastructure expected and a US$33M contingency
  • The PFS capital intensity of US$1,346/oz of annual production is competitive and consistent with the Scoping Study
  • The PFS is based on a high proportion of Measured and Indicated resource material, accounting for 83% of the MRE. It is anticipated that a maiden Ore Reserve for Nyanzaga will be prepared as part of the DFS
  • The PFS has been based on a US$1,250/oz gold price

 

Pursuant to the requirements of ASX Listing Rule 5.8 and the JORC Code, OreCorp provides the following compliance statement:

Nyanzaga Project
The information in this website relating to the Nyanzaga Project is extracted from the ASX Announcements dated; 12 September 2017 titled “Mineral Resource Estimate Update for the Nyanzaga Project in Tanzania Increasing Category and Grade”, 11 May 2017 titled “Infill Drilling Results Further Demonstrate Outstanding Potential of Nyanzaga Project” 13 March 2017 titled ‘Pre-Feasibility Study Demonstrates Significant Potential of Nyanzaga Gold Project’, 20 January 2017 titled ‘Encouraging Regional Soil Sampling Gold Results from the Nyanzaga Project in Tanzania’, and 16 December 2016 titled ‘Significant Gold Drill Intercepts from Bululu Prospect, Nyanzaga Project, Tanzania’ which are available to view on the Company’s website ‘orecorp.com.au’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Pre-Feasibility Study Results Announcement and, in the case of (i) estimates of Mineral Resources, (ii) Metallurgical Testwork and Results, and (iii) Exploration Results in relation to the Nyanzaga Project (Project Results), that all material assumptions and technical parameters underpinning the Project Results in the Pre-Feasibility Study Results Announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Scoping Study Results Announcement.

Akjoujt South Project
The information in this website relating to the Akjoujt South Project is extracted from the following original ASX Announcements dated; 26 June 2017 titled ‘Drilling Confirms Discovery of an Extensive Nickel-Copper Mineralised System at Akjoujt South Project, Mauritania’, 24 March 2017 title ‘Drill Targets Identified from EM Survey Akjoujt South Project Mauritania’, 30 January 2017 titled ‘December 2016 Quarterly Activities and Cash Flow Report’, 2 August 2016 titled ‘Significant Nickel-Copper Drill Intercepts from Akjoujt South Project, Mauritania’ and 1 July 2016 titled ‘Drilling Update and Ground Magnetic Anomalies Identified’, which are available to view on the Company’s website ‘orecorp.com.au’.

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 referred to above and, in the case of Exploration Results, that all material assumptions and technical parameters underpinning the Exploration Results in the original ASX Announcements referred to above 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 referred to above.
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