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Ovoca Gold says core retesting confirms higher potential at Oleninskoye project

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Ovoca Gold (AIM: OVG, FSE: OVX) has completed the resampling and testing of previously drilled core material on the Oleninskoye deposit on the Kola peninsula in Russia which was drilled to a depth of 285 meters.  It said the new data confirmed that the potential of the ore body is higher than thought prior to the retesting programme.

The company announced it began a retesting programme on 7 December 2009 and released its initial results. Since then, Ovoca has retested the remainder of the core material using the same technique - as recommended by TsNIGRI, a leading Russian Institute. The technique used was geoelectric down hole survey to identify anomalous sections along the core length, as well as sample preparation to take into account the presence of free gold particles up to 0.5-1.0 mm (millimetre) in size in the drill core.

Today, the company released the results for a portion of the 510 retested samples, which included intervals of 1.1 metres grading 20.25 g/t (grammes per tonne) gold compared to the previously reported grade of 0.35 g/t gold, 1.5 metres at 3.64 g/t gold against the previously estimated 1.58 g/t gold, 2 metres at 2.63 g/t gold compared to 0.71 g/t gold, 1.7 metres at 5.23 g/t gold compared to 4.97 g/t gold, 0.9 metres at 5.76 g/t gold compared to 3.23 g/t gold, 1.5 metres at 14.3 g/t gold compared to 13.7 g/t gold, 1 metre at 3.02 g/t gold compared to 1.23 g/t gold, 1.1 metres at 2.41 g/t gold compared to 0.09 g/t gold, 1.2 metres at 5.53 g/t gold compared to 4.17 g/t gold, 1 metre at 2.74 g/t gold compared to 2.2 g/t gold and 1.5 metres at 1.69 g/t gold compared to 1.24 g/t gold.

Ovoca called the a major step in advancing a pre-feasibility study for Oleninskoye in the future.

“We are pleased that this retesting program is completed, and now we can analyze the new data. Ovoca's geologists are assessing the potential of the ore body taking into consideration grade, total ore volume and mining widths to determine its economic potential. Ovoca is actively looking for strategic solutions for Oleninskoye and Pellapakh, which are both located on the same license. The strategic solution includes forming potential joint venture with companies that are equipped to work in the Murmansk Region, Russia,” said chief executive Tim McCutcheon.

Drilling at Oleninskoye has indicated that gold mineralisation occurs in quartz lenses of thickness ranging from 2 to 5 metres with an average strike length for ore bodies of 85 metres and an overall strike length of the deposit of 5 kilometres for all six mineralised zones so far defined. A recent resource estimate calculated by Norplat based on drilling on vein 3 and 7 has outlined 1.02 Mt (million tonnes) at an average grade of 13.9 g/t and gold equivalent to 455,000 oz (ounces) of gold.

Surface trenches at Vein 7 have been completed, the best of which gave 50.2 grammes per tonne gold over 1 metre thickness. Gold mineralisation with a grade of 83.8 grammes per tonne over 2.8 metres have been intersected at Vein 3, supporting previous shallower drilling of 15.1 g/t over 3.2 metres and 16.9 g/t over 2.7 metres. The company has also intersected 1.5 metres grading 88.6 g/t gold.

Shares in the company were up 3.3% at midday.

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AIM:OVG
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