Monday, January 31, 2022

Orca Gold Inc. - ORG.v

Orca Gold Inc. - ORG.v is focused in North and West Africa. Orca's flagship is the Block 14 gold project, located in northern Sudan, near the border with Egypt. A Feasibility Study predicts average gold production of +200,000 ounces per year for at least seven years.
On 2022-1-31 the company released News

Orca Gold Inc. has welcomed Perseus Mining Ltd. as a new strategic shareholder and has provided a corporate update.
Perseus Mining is a 500,000-ounce-per-year gold producer that operates three mines in West Africa. Confirmed by its announcement today (see Perseus release for details), Perseus has purchased a 15-per-cent shareholding interest in Orca from Resolute Mining Ltd. (RSG). In addition to this purchase, Perseus has also agreed to provide Orca with a $5-million (U.S.) short-term loan facility, which will mature on June 30, 2022, with interest charged at a rate of 7.5 per cent per annum. The proceeds from the loan will be used as working capital and for continued exploration and development activities at Block 14. This strategic share acquisition and loan facility positions Perseus to complete its evaluation of Sudan and the Block 14 gold project toward a possible transaction to acquire the balance of the outstanding securities of Orca.
On 2021-10-21 the company released News

Orca Gold Inc. and the Government of Sudan signed all the key development agreements to proceed with the formal construction of a large commercial gold operation at the Block 14 Gold Project in northern Sudan. The signing took place at an official ceremony held on October 20, 2021, at the Ministry of Minerals in Khartoum, Sudan. Orca's President and CEO, Richard Clark, signed on behalf of the Company and his Excellency, the Honorable Minister of Minerals, Mohamed Bashir Abu Numo, signed on behalf of the Government of the Sudan.