logo-loader

Ovoca Gold finds high grade gold and silver at two Rassoshinskaya targets

Last updated: 07:16 03 Feb 2012 GMT, First published: 08:16 03 Feb 2012 GMT

no_picture_pai

Russia-focused Ovoca Gold (LON:OVG) updated investors today on 2011 results from work at its extensive Rassoshinskaya licence, saying the findings warranted further investigation this year.

Recent exploration results showed significant high grade gold and silver mineralisation in two targets - Podgorniy and Zet - on the 2,460 sq km licence, the firm said.

It said that the Podgorniy prospect was the highest priority as it was most likely to contain additional gold and silver mineralisation. 

The company also revealed it had appointed two new members to its geological team - Darren Allingham and Vladimir Shpanov.

At Padgorniy, 20 surface trenches were dug out in 2011. More samples will be taken from the still open trenches during the 2012 summer field season.

The best  result from the target was 10 metres at 7.9 grammes per tonne (g/t) gold and 10.9 g/t silver.

At Zet, 2500 metres were drilled in 20 diamond drill holes and the most significant find was 1 metre with 14.2 g/t  gold and 121 g/t silver.

A new gold/ silver target in the shape of Maliy was also discovered by the firm, it said, and the best result here was 4.0 g/t gold and 861 g/t silver. Further reconnaissance work is planned on this prospect for this year's field season.

Ovoca's chief executive Tim McCutcheon said: "We are pleased to announce the latest information about the Rassoshinskaya license to the market.

"I would like to introduce two new members of our team. Darren Allingham joins us as our head geologist, who has previously worked at Barrick Gold and other well known mining companies. Vladimir Shpanov joins us as our chief Russian geologist, having come straight from Kinross's Kupol mine to Ovoca.

"We are currently planning follow-up work for the Rassoshinakaya license to further explore Podgorniy, Zet and other targets for 2012."

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

3 minutes ago