Ovoca Bio Regulatory News (OVB)

26 Jul 2005 07:00

Ovoca Resources PLC26 July 2005 Ovoca Resources plc ('OVX Dublin OVG London' ) Update on Olinenskoye and Leshaya South Drilling Highlights • Drill Hole BF-045 intersects 88.6 grammes per tonne gold (2.85 ouncesper tonne) over 1.5 meters on Oleninskoye No 3 Deposit. • Follows recent results from the drilling programme on the Leshaya SouthDeposit from drill holes BF-041 with 1.5 metres at 12.3 grammes per tonne goldand 1.7 metres at 80.3 grammes per tonne and BF-044 with 2 metres at 211.0grammes per tonne. • 17 diamond drill holes completed on Oleninskoye No 3 Deposit with assayresults for 9 outstanding and a larger drill rig scheduled to start work on 2006programme. • 4 diamond drill holes completed on Oleninskoye No 7 Deposit and 4 holeson South Leshaya Deposit with assay results for 3 holes outstanding. • A table of drilling results is included at end of this announcement. The Ovoca licence in the Former Soviet Union covers an area of 152 squarekilometers along the Kolmozero-Vorony Greenstone Gold Belt in the Kola Peninsulain northwest Russia near the Finnish border. The licence measures some 27kilometres along the trend and there are 8 known gold deposits. Ovoca iscurrently carrying out a diamond drilling and trenching programme on theOlennskoye (including the Leshaya South Deposit) and Nylam gold and platinumprospects. OLENINSKOYE Oleninskoye No 3 Deposit is sub parallel and approximately 250 metres to thenorth of the Oleninskoye No 7 Deposit. The vein systems are steeply dipping at an average of 70 degrees to thehorizontal and the drill holes are inclined at 60 degrees to intersect the veinsacross the structure. To-date Ovoca has completed 17 diamond drill holes onOlinenskoye No 3 Deposit on a 150 metre by 150 metre grid. Assay results for 9of these holes are awaited. The zone currently measures 900 metres along strikeand 225 metres down dip and is open in all directions. A further 12 holes areplanned in Q3 and Q4 2005 of which 5 holes of 150 metres depth will follow thevein along strike to the east and west at 150 metre intervals where the goldmineralisation is open. In Q1 2006 a further programme is scheduled for 500 to 700 metre deep holes onOleninskoye No 3 when a larger drill rig is scheduled to start work. Gold gradesappear to increase with depth. In addition to the diamond drill holes Ovoca hascut 15 surface trenches and channel sampled the bedrock across the veins. Assayresults from 4 of these trenches have been received. Overburden thicknessprevents trenching from following the strike to the east and west of the knownmineralised 900 metre strike length. Assays are carried out for gold, platinum,palladium and silver. Currently Oleninskoye No 3 Deposit is the main drilling and trenching targethaving a Russian P1 + P2 category resource of 450,000 ounces of gold at 13.9grammes per tonne prior to the commencement of drilling by Ovoca. To-date Ovoca has completed 4 holes on Olinenskoye No 7 Deposit and a further 3are scheduled for this year. The assay results from 2 of these holes areawaited. A total of 5 surface trenches have been completed the best of whichgave 50.2 grammes per tonne gold over a 1 metre thickness. LESHAYA Leshaya, a new vein structure discovered by the ongoing geochemical surveys, isapproximately 4 kilometers to the northwest of Oleninskoye and sub parallel toit. At Leshaya, Ovoca has completed 4 drill holes as follow up to the 2004geochemical survey results. Hole BF-041 intersected 12.3 grammes per tonne goldfrom a drill depth of 7.0 to 8.5 metres and 80.3 grammes per tonne over 1.7metres at 86.8 and 88.5 metres depth. Hole BF-044 intersected 211 grammes pertonne over 2 metres near surface. Hole BF-043 reported 26.5 grammes per tonneover 1.6 metres from 55.1 to 56.7 metres depth. The geochemical survey iscontinuing around Leshaya to determine the possible extensions of themineralised veins which will form the basis of the next drilling campaign onthis deposit early next year. Oleninskoye No 7 and Leshaya South have, in the recent past, proved to warrantadditional drilling. No resources have yet been calculated for Leshaya. NYALM Nyalm No 1 and Nyalm No 2 stockworks are some 16 kilometers to the south east ofOleninskoye. Nyalm No 1 zone measures 50 by 160 metres and tested to a depth of100 metres in 15 Russian drill holes. Nyalm 2 measures 200 metres along strikeand has been tested to a depth of 50 metres in 8 shallow Russian holes. Thesetwo stockworks are open along strike and down dip and contain an estimated450,000 ounce of gold at 3.8 grammes per tonne in P1 and P2 resource category. Ageochemical survey is being completed on these areas and new anomalies have beenidentified. Because of the thickness of the glacial till trenching is difficultin this area and a drilling programme is scheduled for next year. OTHER DEPOSITS Other known mineralisation occurs at Pellapahk (gold, copper, molybdenumporphyry), Verhkny Nyalm and Mudchechaive, areas have yet to be studied. Ovoca's primary task is to confirm and increase the Russian resources using JORCinternationally acceptable standards of estimation. The true thicknesses of theintersections have not yet been determined and the assays are uncut. All assaysin excess of 5 grammes per tonne gold are re-assayed and a programme of 1 in 10samples to a second accredited laboratory has been initiated. To-date Ovoca has completed 25 drill holes in 3,434 metres of drilling Currentlyassays for 12 of these drill holes and 10 trenches are awaited, mostly fromOleninskoye No 3 deposit. The results will be published as they are received.Plans, cross sections and longitudinal sections are being updated and will beposted on www.ovoca.ie as soon as they are complete. Ovoca Resources plc - Kolmozero-Voronya Project July 26th 2005Total Metres Drilled To-Date 3,434 Deposit Drill Hole Trench From To Intersect Gold & & Metres Depth Metres Grade Sample # Sample # g/tS Leshaya BF-041-01 7.0 8.5 1.5 12.3 BF-041-48 86.8 88.5 1.7 80.3 BF-042 Assays Awaited BF-043-18 55.1 56.7 1.6 26.5 BF-044-02 5.0 7.0 2.0 211.0Oleninskoye 3 BF-027-24 150.4 150.9 0.5 4.2 BF-027-38 216.2 217.9 1.7 5.0 BF-028-21+22 108.4 112.2 2.8 83.8 Including 108.4 109.4 1.0 141.8 BF-028-51&52 179.2 180.1 0.9 3.2 BF-037-163 218.5 219.6 1.1 7.6 BF-039-45 69.9 71.9 2.0 8.3 BF-040-84 163.0 165.0 2.0 5.2 BF-045-33 123.2 124.7 1.5 88.6 BF-046 Assays Awaited BF-047 Hole Abandoned BF-048-16 89.8 91.3 1.5 29.6 BF-049 Assays Awaited BF-050 Assays Awaited BF-051 Assays Awaited BF-052 Assays Awaited BF-053 Assays Awaited BF-054 Assays Awaited BF-055 Assays Awaited BF-056 Assays Awaited k-13-C-023 22.5 23.5 1.0 2.2 k-13-C-028 27.5 28.6 1.1 8.6 k-13-C-030 29.8 31.0 1.2 24.0 k-15-C-10368 8.0 10.0 2.0 12.0Oleninskoye 7 BF-029-52 120.6 121.8 1.2 2.9 BF-031-16 64.5 65.1 0.6 5.3 BF-057 Assays Awaited BF-058 Assays Awaited k-BF-027-12 12.0 13.0 1.0 50.2 k-BF-028A-020 21.6 22.1 0.5 1.2 k-BF-028A-024 25.2 26.0 0.8 1.2 [?c=1082] 86.7 87.2 0.5 1.2 -BF-056-073 A review of Ovoca's Swedish properties is nearing completion by SRK Consultingas a prelude to finalizing the work programme and commencing field work on the "Gold Line" properties. This report will also be placed on the web site forreview. ContactsBarrie Oakes Chief Executive Officer +44 (0)795 1139266Roger Turner Chairman +44 (0)773 9092813John O'Connor Chief Financial Officer +353 (0)1 491 2944Richard O'Shea Director +353 (0)87 2560 397John 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