Ovoca Resources PLC
05 April 2004
Ovoca Acquires Additional Gold Concession Areas in Sweden
Ovoca Resources (ovg.i , Dublin ; ovg.l , London ) has acquired a new
exploration concession in the Vasterbotten district of northern Sweden. The
Sjoliden concession (4244 hectares) is located along the 'Gold Line' area,
approximately 5 kilometers north of Dragon Mining's Svartliden gold project with
proven and probable reserves of 1.41 million tonnes at 5.65 g/t gold (256,000
ounces). Production is planned for late 2004. The relatively under explored '
Gold Line' hosts three further advanced resource category projects; Blaiken -
indicated and inferred resource of 8.4 Mt at 0.4 g/t gold, Barsele - indicated
and inferred resource of 7.48 Mt at 1.8 g/t gold and Faboliden - indicated
resource of 15 Mt at 1.4 g/t gold.
The concession area was identified on the basis of favourable geology,
geophysics, structural data and geochemistry. Three principal zones displaying
gold values in bedrock combined with numerous boulders with up to 60 g/t gold
with associated chalcopyrite, pyrrhotite, arsenopyrite indicate a highly
prospective area.
Ovoca Resources has a total of seven exploration concessions along the Gold Line
area, Klippen (3,663 ha), Krokliden (2,850 ha), Sjoliden (4,244 ha), Bysstrask
(7,035 ha), Tansele (3,087 ha), Ekorrtrask (2,521 ha) and Umgransele (2,965 ha).
Field work during the 2004 season will focus on the advanced Klippen project,
where previous drilling has returned 2.7 g/t gold over 18 meters. The main area
of work will be an untested base of till anomaly approximately 1000 m by 100 m
where previous bedrock trenching returned encouraging gold values. A 1000 meter
diamond-drilling programme is planned for mid to late 2004 to test this zone.
Richard O Shea CEO of Ovoca Resources stated "The board of Ovoca Resources is
delighted to have acquired this highly prospective new ground on the Gold Line
in Sweden. We continue to examine ways to enhance shareholder value. With
financing in place and a clearly defined work strategy Ovoca Resources can
expect an active exploration program to commence in early to mid April 2004.
Ovoca has an exciting future ahead of it."
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
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