Drilling Update

RNS Number : 5102B

Ovoca Gold PLC

21 February 2011

 



Ovoca Gold PLC

21 February 2011

Ovoca Gold plc ("Ovoca" or the "Company")

Zet target identified following trench work

Ovoca announces it has completed analysis of its trench program on Zet from the 2010 exploration season. Zet is located 35 kilometers north of Olcha and it is approximately 30 kilometers southeast of Podgorniy, a gold-silver target earlier identified and announced by the Company on 15 November 2010.

Zet is an epithermal vein system that occupies an area of 40 square kilometres. The gold-silver mineralisation is hosted by altered Devonian volcanogenic rock. The alteration zone has width of 1 to 2 km and a strike of 7 km in NE direction. Ovoca dug 1,844 metres of trenches in 2010 and historically 5,982 metres of trench work was completed prior to Ovoca's acquisition of the Rassoshinskaya license. 20 veins have been identified by trenching. The veins vary in length from 100 to 1,900 metres, and are between 1 and 4 metres wide with grades up to 20 g/t gold.

Bore hole ID number	Target	Length, m	True thickness, m	Gold grade, g/t	Silver grade, g/t
K-8-Z*	Vein #1	3.8	3.71	2.0	12.5
K1-Z*	Vein #1	1.5	1.41	0.7	5.5
K-8	Vein #1	2.5	2.41	3.2	17.2
K-BK-5	Vein #1	0.4	0.38	4.7	0.0
K-BK-2	Vein #1	1.0	1.00	3.4	33.5
K-2	Vein #1	1.9	1.84	2.7	14.2
K-BK-7	Vein #1	0.7	0.70	1.9	0.0
K-BK-5	Vein #2	1.0	0.95	6.2	8.2
TR-1	Vein #2	3.0	2.90	2.6	17.0
K-BK-7	Vein #2	0.5	0.47	20.6	14.0
SP-2	Vein #2	4.0	3.88	10.5	60.5
K-1-Z*	Vein #3	0.6	0.59	6.6	80.6
K-BK-14	Vein #3	0.7	0.69	4.0	12.0
K-BK-5	Vein #3	0.1	0.10	2.0	0.0
K-2-Z*	Vein #3	1.0	0.75	8.0	10.8
K-BK-7	Vein Zone #6	1.2	1.20	3.7	3.4
K-6-Z*	Vein Zone #6	3.7	3.52	4.1	29.9
K-BK-9	Vein Zone #6	3.0	2.99	1.6	15.0
K-BK-11	Vein #8	3.9	3.77	12.5	22.4

*Denotes trenches completed by Ovoca Gold in 2010

Tim McCutcheon, CEO, comments: "Zet is the latest target that has been identified by the Ovoca team on the Rassoshinskaya license area. Despite being one license, Rassoshinskaya's 2,460 square kilometers area is substantial and is in a very prospective region for gold discoveries. Given past historical work and our work in 2010, we have combined over 8,000 meters of trench work, plus detailed mapping, geophysics and geochemical data on Zet. Ovoca's plan is to drill on Zet in order to establish that the vein outcroppings, which have been thoroughly tested by trenching, extend to depth."

Notes to Editors

Ovoca Gold PLC ("Ovoca" or "the Company") is a mineral exploration and mine development company listed on the AIM market of the London Stock Exchange (Ticker: OVG) and on the ESM market of the Irish Stock Exchange (Ticker: OVX). The Company‟s principal activity is gold exploration in the Magadan Region of the Russian Federation. Previously Ovoca acquired, developed and sold to JSC Polymetal for US$47.7 million at the time of closing the Goltsovoye silver project located in the Magadan Region. Currently, Ovoca is aggressively exploring and developing its 100 per cent owned Stakhanovsky, Rassoshinskaya and Nevsko-Pestrinskoye licenses.

Stakhanovsky is located approximately 40 kilometres north of Susuman, the second largest city in the Magadan region. It is accessible by year-round road and there is power infrastructure on site. The Company intends to put Stakhanovsky into production by 2013.

Rassoshinskaya is in the North Eastern part of the Magadan Region about 200 kilometres from the town of Simchan. There is no nearby infrastructure. Rassoshinskaya hosts an epithermal gold deposit named Olcha, as well as other

gold and gold-silver targets. Olcha and nearby satellite deposits have the potential to host a high grade multi-million ounce gold resource.

Nevsko-Pestrinskoye is located in the central part of the Magadan region near the town of Omsukchan. A year-round road and powerline are near the site. The license completely surrounds the Goltsovoye silver deposit. Ovoca intends to investigate and explore known mineral occurrences that extend beyond the Goltsovoye license area onto Nevsko-Pestrinskoye.

Ovoca Gold Plc

Timothy McCutcheon [phone] [e-mail]

Davy

John Frain [phone]

The above information has been reviewed and verified by Mr. Andrew W. Aitchison for the purposes of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in March 2006. Mr. Aitchison, MAusIMM, FGS from the University of Newcastle, Australia, is Ovoca Gold's Consulting Geologist and he has over 20 years experience of gold and base metal mining and exploration in Australia, Turkey, Ghana, Russia and Kazakhstan. Experience includes operational and management roles at the Pajingo and Ovacik gold mines, as well as Manager Mineral Resources and Mine Planning for Goldfields in Ghana. Further details about the Podgorniy gold project are found in the following technical reports (i) SRK Consulting Technical Report, June 2009, (ii) SRK Consulting Field Review, September 2009 which can be found in the Ovoca circular to shareholders dated 22 December 2009 on our website www.ovocagold.com.

 

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