Ovoca Resources PLC
12 May 2005
NEWS RELEASE
May 12, 2005
Ovoca Resource plc ('Ovoca' or the 'Company')
Further Information on Norplat Limited ('Norplat')
Following the acquisition of a 78 percent interest in Norplat Limited the
directors of Ovoca Resources plc (OVG.I Dublin and OVG.L London) wish to
provide further information on the exploration assets the Company has acquired.
Norplat Limited is a private exploration company created six years ago by former
Oxus Gold Plc Managing Directors for the purposes of exploiting the mineral
potential of the Russian Federation, in particular focussing on platinum and
gold deposits in northwest Russia. The directors of Norplat, supported by a
team of local and western geological professionals, have between them over 95
years of experience in developing mineral properties in the Former Soviet Union.
Norplat owns a 95 percent equity interest in its Russian subsidiary "Black Fox
Resources AOA " which currently holds the 152 square kilometre Kolmozero-Voronya
exploration license in the Kola Peninsula of northwest Russia near the Finnish
border. The license encompasses a number of mineral prospects which include
platinum, gold, copper, molybdenum, nickel and rare earth minerals.
Two exploration prospects, Oleninskoye and Nyalm, have already been drilled and
trenched with combined resources of 900,000 ounces of gold so far outlined in
the P1 category based on the Russian resource classification methodology. The
2005 trenching and a 7,000 metre diamond drilling programme has already
commenced on both prospects. This follows on from the results of last year's
drilling programme and assay results are expected in the coming weeks.
At Oleninskoye, the more advanced prospect, the 2004 and previous drilling
programmes have indicated that gold mineralisation occurs in quartz lenses of
thickness ranging from 2 to 5 metres with an average strike length of 85 metres
and an overall strike length of 5 kilometers for all six mineralised zones.
Drill intersections indicated that the gold mineralisation extends to depths in
excess of 100 metres and is open both along strike and in depth. A recent
resource estimate calculated by Norplat based on drilling on Vein 3 has outlined
1,020,000 tonnes at an average grade of 13.9 grammes per tonne and a gold
equivalent of 455,000 ounces. In addition to this gold mineralisation, recent
drilling has intersected spatially related platinum mineralisation within the
metabasalt and metadiabase host rocks of the gold bearing quartz veins and
stockworks with platinum grades of up to 3.2 grammes per tonne over thicknesses
of over 10 metres. It is believed that these host rocks are extensive throughout
the license and assays from reject samples from previous gold exploration,
before Norplat's ownership of the licence, indicate the presence of platinum in
other gold prospects where assays for platinum were not run.
The acquisition of a 78 percent shareholding in Norplat, with a call option to
acquire the remaining Norplat issued shares and warrants, has not only
dramatically increased the resource base of Ovoca but has brought onboard a
dynamic experienced technical management team to advance not only the Kola
projects but also the licenses in Sweden and Ireland.
Further information will be provided on the results of the 2005 drilling
programme and prospects for all of the Company's exploration prospects in due
course.
Contacts
Barrie Oakes +44 (0)795
1139266
Roger Turner +44 (0)773
092813
John O'Connor +353 (0)1 491 2944
Richard O'Shea +353 (0)87 2560
397
John Frain (Davy Corporate Finance) +353 (0)1 679 6363
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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