18th Feb 2008 10:22
Ovoca Gold PLC18 February 2008 Ovoca Gold Announces Drilling Results On Major Molybdenum Discovery on its Kola Licences in North West Russia February 18 2008 Ovoca Gold Plc, AIM (OVG.L) and IEX (OVX.IR) ("Ovoca") is pleased to announcethe interim results of a 3,000 metre diamond drill programme in 23 holes on it'sPellapack property in the Kola Penninsula. Over the past 12 months, these holeswere drilled to confirm, and add to, a preliminary drill programme carried outduring the Soviet era on this significant molybdenum - copper property. Ovoca's holes have been spaced at 100 to 150 metres apart along 10 profilelines, also spaced at between 100 and 150 metres apart, across the knownmineralisation. The mineralisation occurs as a series of sub-parallel en echelonore bodies. There are a total of 70 drill intersections showing ore bodies rangefrom 5 to 110 metres in thickness. A preliminary non-JORC inferred resource evaluation using Datamine(R) andapplying a 0.03% molybdenum cut off grade implies a resource of 132 milliontonnes of ore at 0.06% molybdenum equivalent grade (using current metal pricesto calculate the molybdenum equivalent grade of the copper content) totalling79,200 tonnes of molybdenum equivalent metal. Metallurgical test work carried out by Gintsvetmet, a leading Russian nonferrous metallurgical laboratory, indicates that recoveries of molybdenum andcopper of 82% into concentrates using a simple flotation process can be achievedon these sulphide ores during operations. Further metallurgical test work willbe carried out. Ovoca is currently carrying out a further 5,500 metre, 21 hole, infill drillprogramme between the existing 10 profiles of holes and to replace some of theshallow Soviet holes. A tighter grid of 50x100 meters is planned for a richcentral part of the Pellapakh deposit. This will give a better defined resourceto a depth of 300 metres from surface, 400 metres across the mineralised zoneand along a total strike length of 1,100 metres The 21 hole drilling programmeis scheduled to be complete by the end of Q2 2008 when a report on "ThePellapakh Resource Estimate" will be prepared and submitted to the StateCommittee for Geology (GKZ) for approval in Q3 2008. Pellapakh is a potential large scale open pit deposit. It is still open alongstrike and in depth with significant geochemical and geophysical anomalies tothe north which have not yet been drilled. Leonid Skoptsov, the Ovoca CEO, stated: "The drilling results at Pellapakhindicate that the Company has discovered a world class molybdenum deposit with apotential resource comparable to that of the major molybdenum producers of theworld. It is located 50 kilometres away from a plentiful source of power fromthe hydropower station at Serebryanskaya; it is 160 kilometres away from thelargest Russian sea port at Murmansk; the nearest rail road station at Revda isjust 80 kilometres away and the major mining community of Lovozero is only 60kilometres from the deposit. With molybdenum prices over US$70,000 a tonne thismajor discovery has, we believe, massive potential for the Company and we willcontinue with the work in progress without losing sight of our main objective ofbringing Goltsovoye into production." Qualified Person The above information has been reviewed and verified by Mr. Roger Turner,Director of Ovoca Gold Plc, 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 consultingexperience, graduated as a mining engineer from the Camborne School of Mines,has a M.Sc. degree in Economic Geology from Leicester University and is a memberin good standing with the Institute of Materials, Minerals and Mining and a UKChartered Engineer. Ovoca Gold Plc is an international exploration company with dual listing inLondon (OVG.L) and Ireland (OVX.IR), exploring for Precious and base metals inRussia, Sweden and Ireland For further information please visit www.ovocagold.com or contact:Leonid Skoptsov - Ovoca Gold Plc Alex Buck / Nick Bias - Buck Bias (UK PR) Tel + 7 (0)495 648 2646 Tel: +44 (0)7932 740 452 / +44 (0)7887 920 530 Email: [email protected] Email: [email protected] / [email protected] Frain - Davy Tel : +353 (0)1 679 6363 Email: [email protected] The following table has been derived from data obtained from publishedinformation from Government of British Columbia in Canada (a major molybdenumproducing Province) for comparison purposes to put the potential of Pellapakhinto perspective. Resources Deposit Owner Tonnes Molybdenum Copper Moly Eq Metal Millions % % K TonnesRuby Creek Adanac Moly Corp 205 0.062 127Ajax Tenajon Resources Corp 174 0.074 129Berg Placer Dome 250 0.031 0.39 182Davidson Blue Pearl Mining 75 0.177 133Endako Endako Mines Ltd 81 0.063 51Highland Valley Tek Cominco 252 0.010 0.42 138Kitsult - BC Moly Phelps Dodge 104 0.110 114Mac Silvercorp Metals Inc 100 0.072 72Maggi Richard Billingsley 181 0.029 0.28 107Trout Lake RocaMines Ltd 43 0.120 52Haven Lake Red Bird Resources 64 0.100 64Schaft Creek Copper Fox Metals Inc 332 0.026 0.39 225Storie Eveready Resources Corp 101 0.078 79Pellapakh* Ovoca Gold 132 0.060** 79*Non JORC Resources - Comparison with world major molybdenum deposits. ** Grade as Molybdenum Equivalent Note: Mo price $/t= 73 000 Cu price $/t= 7 800 Table data source: http://www.empr.gov.bc.ca/mining/geolsurv/Publications/GeoFiles/Gf2005-23/toc.htm Summary of Ovoca and Soviet Diamond Drill Hole Results at Pellapakh BHID From To Length Mo Mo Metal Cu Cu Metal Mo Eq Mo Eq Drilled Accum Accum Metal by m m m % % % Accum % x m % x m % x m C-BF-036A 6.6 11.7 5.1 0.011 0.055 0.388 1.979 0.053 0.273 Ovoca C-BF-036A 28.4 34.9 6.5 0.014 0.091 0.202 1.313 0.036 0.235 Ovoca C-BF-036A 92.0 144.0 52.0 0.021 1.094 0.254 13.227 0.049 2.549 Ovoca C-BF-036A 117.0 125.0 8.0 0.025 0.200 0.113 0.902 0.037 0.299 Ovoca C-BF-036A 149.0 157.0 8.0 0.023 0.186 0.150 1.200 0.040 0.318 Ovoca C-BF-036A 179.0 189.0 10.0 0.015 0.148 0.164 1.640 0.033 0.328 Ovoca C-BF-036A 197.0 203.0 6.0 0.028 0.166 0.152 0.914 0.044 0.267 Ovoca C-BF-037 83.0 155.9 72.9 0.030 2.206 0.143 10.458 0.046 3.356 Ovoca C-BF-037 113.2 128.9 15.7 0.017 0.270 0.215 3.368 0.041 0.640 Ovoca C-BF-038 83.0 165.0 82.0 0.024 1.944 0.138 11.334 0.039 3.191 Ovoca C-BF-038 130.8 166.9 36.1 0.021 0.755 0.193 6.978 0.042 1.522 Ovoca C-BF-038 163.0 172.3 9.3 0.020 0.184 0.118 1.097 0.033 0.304 Ovoca C-BF-038 196.6 214.3 17.7 0.019 0.333 0.130 2.296 0.033 0.585 Ovoca C-BF-067B 6.0 11.0 5.0 0.033 0.163 0.107 0.534 0.044 0.222 Ovoca C-BF-067B 40.0 56.0 16.0 0.023 0.361 0.112 1.798 0.035 0.559 Ovoca C-BF-067B 82.6 96.1 13.5 0.031 0.420 0.165 2.234 0.049 0.666 Ovoca C-BF-067B 117.9 143.1 25.2 0.039 0.971 0.161 4.066 0.056 1.418 Ovoca B-003 101.7 121.1 19.4 0.018 0.355 0.130 2.516 0.033 0.632 Ovoca B-003 122.1 127.1 5.0 0.034 0.168 0.131 0.654 0.048 0.240 Ovoca B-003 152.2 167.8 15.6 0.023 0.363 0.113 1.767 0.036 0.558 Ovoca C-BF-069 43.0 48.0 5.0 0.029 0.144 0.047 0.237 0.034 0.170 Ovoca C-BF-070 47.5 52.5 5.0 0.053 0.266 0.016 0.079 0.055 0.275 Ovoca C-BF-071 6.3 11.3 5.0 0.017 0.085 0.145 0.727 0.033 0.165 Ovoca C-BF-081 26.1 37.1 11.0 0.039 0.433 0.089 0.983 0.049 0.541 Ovoca C-BF-081 68.0 85.0 17.0 0.023 0.384 0.089 1.517 0.032 0.551 Ovoca C-BF-081 99.0 105.0 6.0 0.034 0.202 0.151 0.906 0.050 0.302 Ovoca C-BF-082 11.0 16.0 5.0 0.025 0.124 0.147 0.734 0.041 0.205 Ovoca C-BF-082 101.0 106.0 5.0 0.042 0.212 0.086 0.430 0.052 0.259 Ovoca C-BF-151 32.3 42.2 9.9 0.013 0.132 0.224 2.216 0.038 0.376 Ovoca C-BF-151 96.7 101.7 5.0 0.024 0.119 0.088 0.442 0.034 0.168 Ovoca C-BF-144 67.8 94.6 26.8 0.042 1.130 0.121 3.251 0.055 1.487 Ovoca C-BF-144 87.4 92.4 5.0 0.106 0.531 0.092 0.458 0.116 0.581 Ovoca C-BF-147 84.4 124.9 40.5 0.020 0.791 0.116 4.680 0.032 1.306 Ovoca C-BF-148 19.3 32.1 12.8 0.024 0.307 0.071 0.903 0.032 0.406 Ovoca C-BF-149 37 42.0 5.0 0.028 0.141 0.174 0.869 0.047 0.237 Ovoca C-BF-149 80 115.4 35.4 0.024 0.853 0.159 5.642 0.042 1.474 Ovoca C-525 89.0 98.3 9.3 0.095 0.880 0.107 0.991 0.106 0.989 Soviet C-526 65.3 82.3 17.0 0.053 0.903 0.177 3.003 0.073 1.233 Soviet C-530 72.2 86.2 14.0 0.023 0.320 0.129 1.800 0.037 0.518 Soviet C-534 147.2 204.2 57.0 0.024 1.387 0.166 9.452 0.043 2.427 Soviet C-902 50.0 100.2 50.2 0.023 1.130 0.119 5.990 0.036 1.789 Soviet C-904 43.8 78.4 34.6 0.026 0.900 0.085 2.929 0.035 1.222 Soviet C-904 118.9 176.2 57.3 0.066 3.797 0.177 10.144 0.086 4.912 Soviet C-67A 113.5 223.3 109.8 0.081 8.876 0.412 45.281 0.126 13.857 Soviet C-72 40.5 54.9 14.4 0.036 0.520 0.235 3.375 0.062 0.891 Soviet C-73 122.9 232.5 109.6 0.034 3.683 0.406 44.518 0.078 8.579 Soviet C-74 89.1 168.1 79.0 0.033 2.589 0.148 11.731 0.049 3.879 Soviet C-246 65.8 80.0 14.2 0.048 0.680 0.138 1.959 0.063 0.896 Soviet C-246 183.4 192.8 9.4 0.022 0.209 0.098 0.918 0.033 0.310 Soviet C-248 33.0 45.8 12.8 0.031 0.393 0.098 1.252 0.041 0.530 Soviet C-248 198.0 204.2 6.2 0.025 0.153 0.141 0.872 0.040 0.249 Soviet C-248 229.4 246.4 17.0 0.027 0.451 0.116 1.970 0.039 0.668 Soviet C-249 13.4 19.4 6.0 0.020 0.122 0.104 0.625 0.032 0.191 Soviet C-249 36.0 44.6 8.6 0.036 0.308 0.105 0.903 0.047 0.407 Soviet C-249 67.4 73.8 6.4 0.023 0.144 0.118 0.753 0.035 0.227 Soviet C-249 121.8 160.5 38.7 0.031 1.206 0.117 4.518 0.044 1.703 Soviet C-250 63.2 74.7 11.5 0.025 0.286 0.305 3.505 0.058 0.671 Soviet C-250 105.2 114.5 9.3 0.026 0.245 0.194 1.800 0.048 0.443 Soviet C-250 155.8 163.5 7.7 0.040 0.306 0.096 0.739 0.050 0.388 Soviet C-250 183.4 197.9 14.5 0.027 0.394 0.107 1.554 0.039 0.565 Soviet C-250 305.6 407.7 102.1 0.029 2.966 0.101 10.351 0.040 4.105 Soviet C-250 337.8 347.6 9.8 0.039 0.387 0.086 0.845 0.049 0.480 Soviet C-250 358.8 365.8 7.0 0.032 0.227 0.099 0.696 0.043 0.303 Soviet C-509 108.6 116.6 8.0 0.040 0.320 0.150 1.200 0.057 0.452 Soviet C-511 50.0 68.0 18.0 0.034 0.609 0.155 2.790 0.051 0.916 Soviet C-511 173.7 193.4 19.7 0.012 0.238 0.190 3.750 0.033 0.651 Soviet C-533 39.1 68.2 29.1 0.043 1.251 0.216 6.296 0.067 1.944 Soviet C-533 66.0 82.4 16.4 0.039 0.632 0.357 5.860 0.078 1.277 Soviet C-533 116.2 139.4 23.2 0.032 0.735 0.262 6.072 0.060 1.403 Soviet C-533 145.0 154.0 9.0 0.013 0.118 0.229 2.060 0.038 0.345 SovietTotal 1585.2 0.034 53.6 0.186 294.8 0.054 86.1 Mo price $/t = 73 000Cu price $/t= 7 800 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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