Ovoca Bio Regulatory News (OVB)

23 May 2005 07:31

Ovoca Resources PLC23 May 2005 NEWS RELEASE May 23, 2005 Ovoca Resource plc ('Ovoca' or the 'Company') Phase 1 drilling results on the Kolmozero-Voronya platinum and gold property in north west Russia Ovoca Resources plc (OVG.I Dublin and OVG.L London) releases the results of 7diamond drillholes from the recent Phase 1 exploration programme conducted byNorplat Limited, of which Ovoca recently acquired a 78% equity interest. Thedrilling was on the Oleninskoye prospect situated on Norplat's 152 squarekilometre Kolmozero-Voronya licence in the Kola Peninsula of Northwest Russia. Oleninskoye is one of eight previously defined gold bearing structures withinthe licence area. In addition to gold, significant platinum bearing formationshave been intersected within the host formations of the gold mineralisedstructures. Platinum had not been considered a target during previous Sovietexploration. The analysis of core samples from historical drilling, trenchingand the Phase 1 programme revealed significant grades of platinum mineralisationin host rocks similar to known platinum group bearing formations in the KolaPeninsula at the Pana, Monchegorsk and in Finland. These platinum bearing formations are known, from surface mapping, to beextensive within the 152 square kilometre licence. Grades of up to 3.6 grammesper tonne platinum were intersected in hole BF033 and the re-assay of old Sovietsamples show platinum mineralised widths of up to and over 10 metres on theOleninskoye prospect. So far assay results indicate that platinum is dominantwith palladium in minor amounts. Drilling results were supported by surfacetrenching on the Central and Southern zones with trench assays of up to 50.2grammes per tonne gold over 1.0 metre in the Southern Zone (K-027) and with 2.0metres at 12.0 grammes per tonne gold and 3.5 metres at 13.57 grammes per tonnegold in trenches K-15C and K-13C respectively in the Central Zone. In addition to the platinum results, high grade intersections of gold bearingquartz veins and stockwork were intersected over several metres in width withgrades of up to 83.8 grammes per tonne gold over a width of 2.8 metres in holeBF028. This high-grade intersection was supported by two historical drillholeintersections of 3.2 metres at 15.1 grammes per tonne and 2.7 metres at 16.7grammes per tonne. The intersection of both platinum and gold mineralisation in the same drillholes indicates a spatial and structural relationship although the two types arenot genetically related. SRK Consulting has reviewed the historical data as well as the data from thisPhase 1 exploration programme and has reviewed the estimation and methodologyfor calculating a resource for the Oleninskoye prospect. SRK concluded that thecombined resource of 900,000 ounces of gold for the Oleninskoye and also theNyalm prospects has been estimated and classified in line with Russian norms asP1. Ovoca has commenced its second phase drilling programme on the licence with a7,000 metre drilling programme. To date 4 diamond drillholes have beencompleted, all of which intersected mineralisation. Assay results on thesedrillholes will be released as soon as they become available. Summary of Oleninskoye Central Phase 1 Diamond Drill Hole Assays Hole From To Intersection Gold Silver Platinum Palladium Number (metres) (grammes/tonne)C-BF027 124.8 125.9 1.1 1.04