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Tanzanian Legislation

  • The Mining Act CAP 123
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Current Share Price

OreCorp is listed on the ASX (Code: ORR)

ORR: $ 0.68   - 2.860%

Updated 04/12/2020 at 4:00PM AEST

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OreCorp Limited (OreCorp or the Company) is a development and exploration company listed on the Australian Securities Exchange (ASX) under the code ORR. OreCorp's key projects are the Nyanzaga Gold Project (Nyanzaga or Project) in northwest Tanzania and the Yundamindra (including Bunjarra Well), Yarri (including Hobbes, Jericho and Cosmo) and Ponton Projects in the Eastern Goldfields of Western Australia (WA). OreCorp is seeking a Joint Venture partner for the Akjoujt South nickel-copper-cobalt Project in Mauritania. The Company is well funded with no debt and is looking to expand its footprint in WA.

OreCorp owns 100% of the Nyanzaga Project through its wholly owned subsidiary companies. Nyanzaga hosts a JORC 2012 compliant Mineral Resource Estimate (MRE) of 23.7Mt @ 4.0g/t gold for 3.07Mozs using a 1.5g/t lower cut-off. A Pre-Feasibility Study has been completed and confirmed the significant potential of the Project. The Project Financing Definitive Feasibility Study (DFS) has commenced.

OreCorp Limited – Nyanzaga Gold Deposit – Tanzania

Mineral Resource Estimate (MRE) as at 12 September, 2017

JORC 2012 Classification

Tonnes (Mt)

Gold Grade (g/t)

Gold Metal (Moz)

Measured

4.63

4.96

0.738

Indicated

16.17

3.80

1.977

Sub-Total M & I

20.80

4.06

2.715

Inferred

2.90

3.84

0.358

Total

23.70

4.03

3.072

Reported at a 1.5g/t gold cut-off grade. MRE defined by 3D wireframe interpretation with subcell block modelling. Gold grade for high grade portion estimated using Ordinary Kriging using a 10 x 10 x 10m estimation panel. Gold grade for lower grade sedimentary cycle hosted resources estimated using Uniform Conditioning using a 2.5 x 2.5 x 5m SMU. Totals may not add up due to appropriate rounding of the MRE.

Nyanzaga Project Highlights

  • Forecast life of mine (LOM) average gold production of 213koz per annum over 12 years
  • The PFS determined that a concurrent open pit (OP) and underground (UG) mine schedule represents the optimum mining sequence
  • The OP will deliver the base load of mineralised material over the LOM and is expected to deliver approximately 1.75Moz of contained gold over its 12 year mine life
  • UG mining will commence in Year 1, from a box cut external to the OP, and is expected to produce approximately 1.16Moz (including UG development material) of contained gold. The UG will be developed to a depth of 800m below surface, with the deposit remaining open at depth
  • Detailed metallurgical test work in the PFS has confirmed gold recovery of 88% through a conventional 4Mtpa Carbon in Leach (CIL) processing plant, an increase of 3% over the Scoping Study
  • Competitive cost position with a forecast All-in Sustaining Cost (AISC) of US$838/oz and All-in-Cost (AIC) of US$858/oz over the LOM
  • Pre-production capital cost of US$287M includes OP pre-strip, plant (including first fill inventory), all associated project infrastructure expected and a US$33M contingency
  • 88% of the MRE is in the Measured and Indicated categories. It is anticipated that a maiden Ore Reserve for Nyanzaga will be prepared as part of the Project Financing DFS
  • The PFS has been based on a US$1,250/oz gold price

Note: Figures stated above do not include the legislative changes of July 2017 and Regulations of January 2018

 

Pursuant to the requirements of ASX Listing Rule 5.8 and the JORC Code, OreCorp provides the following compliance statement:

Nyanzaga Project
The information in this website relating to the exploration results and estimates of mineral resources in relation to the Nyanzaga Project is extracted from the ASX announcements (Original Nyanzaga Announcements) dated 2 June 2020 (“Kilimani MRE and New Targets Identified”), 12 September 2017 (“MRE Update for the Nyanzaga Project Increasing Category and Grade”), 30 June 2017 (“Proposed Legislative Changes and Infill Drilling Results”), 11 May 2017 (“Infill Drilling Demonstrates Nyanzaga Outstanding Potential”, 13 March 2017 (”PFS Demonstrates Significant Potential of Nyanzaga Project”) and 20 January 2017 (“Encouraging Regional Soil Sampling Results from Nyanzaga”), which are available to view on the Company’s website ‘orecorp.com.au’.

The Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from a production target included in the ASX announcement dated 13 March 2017 (“Pre-Feasibility Study Demonstrates Significant Potential of Nyanzaga Gold Project”) continue to apply and have not materially changed. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original Nyanzaga Announcements and, in the case of (i) estimates of Mineral Resources, (ii) Metallurgical Testwork and Results, and (iii) Exploration Results in relation to the Nyanzaga Project (Project Results), that all material assumptions and technical parameters underpinning the Project Results in the Original Nyanzaga Announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ (being Malcom Titley, Maria O’Connor and Jim Brigden) findings are presented have not been materially modified from the Original Nyanzaga Announcements.

Yarri Project
The information in this website relating to exploration results in relation to the Yarri Project is extracted from the ASX announcements (Original Yarri Announcements) dated 21 September 2020 (“Annual Report to Shareholders 2020”), 31 October 2019 (“September 2019 Quarterly Reports”) and 15 April 2019 (“March 2019 Quarterly Report”), which are available to view on the Company’s website ‘orecorp.com.au’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original Yarri Announcements and, in the case of Exploration Results, that all material assumptions and technical parameters underpinning the Exploration Results in the Original Yarri Announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s (being Jim Brigden) findings are presented have not been materially modified from the Original Yarri Announcements.

Yundamindra Project
The information in this website relating to exploration results in relation to the Yundamindra Project is extracted from the ASX announcement (Original Yundamindra Announcement) dated 31 October 2019 (“September 2019 Quarterly Reports”), which is available to view on the Company’s website ‘orecorp.com.au’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original Yundamindra Announcement and, in the case of Exploration Results, that all material assumptions and technical parameters underpinning the Exploration Results in the Original Yundamindra Announcement referred to above continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s (being Jim Brigden) findings are presented have not been materially modified from the Original Yundamindra Announcement.

Akjoujt South Project
The information in this website relating to exploration results in relation to the Akjoujt South Project is extracted from the following ASX announcements (Original ASP Announcements) dated 24 April 2018 (“Diamond/RC Drilling Generates Further Significant Nickel-Copper-Cobalt Mineralisation at Akjoujt South Project in Mauritania”), 17 January 2018 (“Trenching Results and Commencement of Drilling in Mauritania”), 27 November 2017 (“Moving Loop EM Survey Generates Outstanding Results”), 26 June 2017 (“Drilling Confirms Discovery of Extensive Nickel-Copper Mineralised System at ASP in Mauritania”), 24 March 2017 (“Drill Targets Identified from EM Survey at Akjoujt South”), 2 August 2016 titled (“Significant Nickel-Copper Drill Intercepts from Akjoujt South Project, Mauritania”) and 1 July 2016 (“Akjoujt South Project: Drilling Update and Ground Magnetic Anomalies Identified”), which are available to view on the Company’s website ‘orecorp.com.au’.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Original ASP Announcements and, in the case of Exploration Results, that all material assumptions and technical parameters underpinning the exploration results in the original ASX announcements referred to above continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s (being Jim Brigden) findings are presented have not been materially modified from the Original ASP Announcements.


Forward Looking Statements »