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Tanzanian Legislation

  • The Mining Act CAP 123
    The Mining Regulations of 2018 more
    The Mining (Integrity Pledge) Regulations 2018 more
    The Mining (Local Content) Regulations 2018 more
    Act Supplement No 5 more
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OreCorp is listed on the ASX (Code: ORR)

ORR: $ 0.44   + 0.000%

Updated 24/09/2020 at 5:28PM 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, the Hobbes, Jericho and Bunjarra Well Projects in the Eastern Goldfields of Western Australia (WA)and the Akjoujt South Nickel-Copper-Cobalt sulphide Project (ASP) in Mauritania. OreCorp is currently seeking Joint Venture funding for the ASP and to expand its footprint in WA. The Company is well funded with no debt.

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 Project – 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 Nyanzaga Project is extracted from the following ASX Announcements (Original Nyanzaga Announcements) dated; 22 January 2020 titled "December 2019 Quarterly Report", 21 October 2019 titled “Completion of acquisition of 100% of Nyanzaga Project”, 16 September 2019 titled “OreCorp Receives Tanzanian Mining Commission and Fair Competition Commission Approvals”, 2 September 2019 titled “Update on Nyanzaga Project and Payment of Capital Gains Tax”, 22 July 2019 titled “Update on Barrick Gold offer for Acacia and on the status of OreCorp’s acquisition of 100% of the Nyanzaga Project”, 21 February 2019 titled “Update on Discussions between Barrick and the Government of Tanzania”, 6 September 2018 titled “Nyanzaga Project Update - FCC Approval Obtained and Completion Agreement to acquire 100% of the Project Signed”, 20 July 2018 titled “Nyanzaga Project Update – Completion of Earn-in Phase and Execution of Conditional Heads of Agreement to acquire 100% of the Project”, 25 June 2018 titled “Further Update Regarding Discussions Between Barrick and the Government of Tanzania”, 19 February 2018 titled “Acacia Press release to LSE Dated 16 February 2018”, 14 February 2018 titled “Grant of Environmental Certificate for the Nyanzaga Gold Project”, 12 September 2017 titled “Mineral Resource Estimate Update for the Nyanzaga Project in Tanzania Increasing Category and Grade”, 10 July 2017 titled “Further Update on Proposed Legislative Changes in Tanzania”, 30 June 2017 titled “Proposed Tanzanian Legislative Changes, Infill Drilling Results and Project Update at Nyanzaga”, 11 May 2017 titled “Infill Drilling Results Further Demonstrate Outstanding Potential of Nyanzaga Project” and 13 March 2017 titled ‘Pre-Feasibility Study Demonstrates Significant Potential of Nyanzaga Gold Project’, 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 announcements referred to above 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’ findings are presented have not been materially modified from the Original Nyanzaga Announcements.

Hobbes Project
The information in this website relating to the Hobbes Project is extracted from the following ASX announcements (Original Hobbes Announcements) dated; 22 January 2020 titled "December 2019 Quarterly Report", 31 October 2019 titled “September 2019 Quarterly Report”, 15 July 2019 titled “June 2019 Quarterly Report”, and 15 April 2019 titled “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 Hobbes 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 findings are presented have not been materially modified from the Original Hobbes Announcements.

Akjoujt South Project
The information in this website relating to the Akjoujt South Project is extracted from the following ASX announcements (Original ASP Announcements) dated; 22 January 2020 titled "December 2019 Quarterly Report", 21 August 2019 titled “Strategic Exploration permit Granted at Akjoujt South Project in Mauritania”, 24 April 2018 titled “Diamond/RC drilling Generates Further Significant Nickel-Copper-Cobalt Mineralisation at Akjoujt South Project in Mauritania”, 17 January 2018 titled “Trenching Generates Nickel-Copper Anomalism & RC-Diamond Drilling Commences at Akjoujt South Project in Mauritania”, 27 November 2017 titled “Moving Loop EM Survey Generates Outstanding Results”, 26 June 2017 titled “Drilling Confirms Discovery of an Extensive Nickel-Copper Mineralised System at Akjoujt South Project, Mauritania”, 24 March 2017 titled “Drill Targets Identified from EM Survey Akjoujt South Project Mauritania”, 2 August 2016 titled “Significant Nickel-Copper Drill Intercepts from Akjoujt South Project, Mauritania” and 1 July 2016 titled “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 findings are presented have not been materially modified from the Original ASP Announcements.

Forward Looking Statements »