Markets

Orca Gold Provides Exploration Update; Shares Up 4.2% from Yr Low

Orca Gold Inc. (ORG.V) today provided an exploration update.

On April 4, 2013, the Company reported the successful closing of a transaction between Canaco Resources Inc. and Shark Minerals Inc to form Orca Gold Inc. Orca Gold is engaged in the acquisition and exploration of minerals properties in Africa and is currently focused on a substantial land position in Sudan, owned by its wholly owned subsidiary, Shark.

In 2011, Shark acquired Blocks 14, 67 and 68 constituting a large land holding (20,020 square kilometres) in northern Sudan, near the border with Egypt, that forms part of the Arabian-Nubian Shield. These properties have had little, if any, modern exploration prior to their acquisition by Shark and are considered highly prospective with artisanal mining activity throughout the area. Shark has been exploring Block 14 for the past 16 months and drilling is ongoing.

Exploration during the first quarter of 2013 has increased with 3 rigs (2 reverse circulation and one diamond core) now on site in the Block 14 permit.

The Company's camp and infrastructure in the area has been expanded and Orca now has in excess of 100 employees active on its permits in Northern Sudan.

On January 21, 2013 Shark announced initial drill results for the Galat Sufar South prospect at Block 14. Gold mineralization was intersected in each of the 15 holes of the first drill program.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos