Monday, 11 September 2006
Ovoca Gold Plc, the London AIM (OVG.L) and IEX (OVX.IR) quoted previous metals developer with assets in Russia, Sweden and Ireland, is pleased to announced preliminary results from its drilling and tenching programme in the Kolmozero-Voronya License area, Kola Peninsula, Northwest Russia.
Since acquiring three additional exploration licenses in the highly prospective Kolmozero-Voronya Greenstone Belt, Ovoca has advanced exploration activities on all four licenses. Drilling and trenching has continued on its Kolmozero-Voronya License, on the priority gold deposits Oleninskoye and Nylam, and at Pellapahk, the copper-molybdenum porphyry deposit. In addition, geochemical, geophysical, geological prospecting and trenching have been conducted on the three additional license areas to define drill targets for the 2007 exploration programme.
The results have proven positive, though not as dramatically high as in some previous drilling in 2005. This is because the drill holes have been located to define the outer limits of the ore body with the intent of revising the current resource estimated and were not specifically located to intersect the high grade zone. Nevertheless, medium to high grade mineralisation continued to be intersected.
Oleninskoye
Of significance are the high-grade intersections at Oleninskoye of: 13.5 grammes per tonne gold over 1.5 metres in borehole BF-075 and 19.9 grammes per tonne gold over 1.0 metre in trench K-BF-091. Eight of the holes drilled on Oleninskoye intersected pegmatite within the area where the vein intersection was anticipated. These pegmatite veins are known to cut across the veins and are seen at surface. These holes will be relocated and re-drilled such that they interstect the gold bearing quartz vein and avoid intersecting these pegmatites.
Nylam
The preliminary results from drilling at Nylam have defined a wide zone of continuous gold mineralisation over 14 metres in bore hole BF-107 with high grade intersections of 11.2 greammes per tonne gold over an intersection of 2.0 metres in hole BF-107 and 7.5 grammes per tonnes gold over 1.1 metres in hold BF-108.
The exploration programme is continuing on the four licenses and results will be released as they are received.
The following table includes the latest assay results received from drilling and trenching on the Oleninskoye gold deposit and drilling on the Nyalm gold deposit.
Kolmozero-Voronya Project Drill & Trench Results (31 August 2006)
Deposit Drill Hole Trench Depth/Length (m) Intersect (m) Gold (g/t)
Oleninskoye BF-058-14 53.8 55.8 2.0 2.29
BF-061-19 87.9 89.4 1.5 1,24
BF-061-21 90.4 91.4 1.0 2,57
BF-075-08 43.8 45.3 1.5 13.70
K-BF-091-1 1.1 2.50
K-BF-091-2 1.0 19.9
K-BF-091-3 1.0 1.09
K-BF-90-20 1.0 2.54
K-BF-90-21 1.0 3.95
K-BF-092-6 1.0 2.83
K-BF-509-8 1.3 2.44
K-BF-509-12 1.3 5.47
Nyalm BF-107-09 24.6 26.6 2.0 3.08
BF-107-035 85.0 87.0 2.0 11.20
BF-107-013 30.4 32.4 2.0 4.69
BF-107-014 32.4 34.4 2.0 0.86
BF-107-015 34.4 36.6 2.2 0.57
BF-107-016 36.6 38.6 2.0 1.36
BF-107-017 38.6 40.6 2.0 0.65
BF-107-018 40.6 42.6 2.0 1.71
BF-107-019 42.6 44.6 2.0 0.76
BF-107-029 44.6 75.0 30.4 1.50
BF-108-13 37.2 38.30 1.1 7.50
The above information has been reviewed and verified by Mr. Roger Turner, Director and Chairman of Ovoca, for the purposes of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in March 2006. Mr. Turner, with 40 years of mining engineering, management and consulting experience, graduated as a mining engineer from the Camborne School of Mines, has an MSc degree in Economic Geology from Leicester University and is a member in good standing with the Institute of Materials, Mining and Metallurgy and a UK Chartered Engineer.
Glossary:
Pegmatite: a light coloured rock formed of coarse crystals often associated with rare metals;
Ovoca Gold Plc is an international exploration company quoted in London (OVG.L) and Dublin (OVX.IR), exploring for precious and base metals in Russia, Sweden and Ireland
For further information please visit http://www.ovocagold.com or contact:
Simon Beardsmore, Commercial Manager - Ovoca Gold Plc
Tel: +44 (0)207 397 8159
Email: simon.beardsmore@ovocagold.com Nick Bias / Alex Buck - Buck Bias (UK PR)
Tel: +44 (0)7887 920 530 / +44 (0)7932 740 452
Email: nick@buckbias.com / alex@buckbias.com
John Frain - Davy
Tel: +353 (0)1 679 6363
Email: john.frain@davy.ie Richard Chase- Ambrian (AIM Broker)
+44 (0)207 776 6461
Email: richard.chase@ambrian.com