OreCorp Limited (OreCorp or Company) (ASX: ORR) is pleased to present its quarterly report (Report) for the period ended 31 December 2022 (Quarter)
Highlights
Tanzania - Nyanzaga Gold Project
The Government of Tanzania (GoT) granted the Special Mining Licence (SML) for the Nyanzaga Gold Project (Nyanzaga or Project) to Sotta Mining Corporation Limited (SMCL) in December 2021, concurrently with execution of the required Framework and Shareholders Agreements. SMCL also holds the Environmental Certificate (EC) for the Project. The SML and the EC comprise the key permits for development of Nyanzaga.
OreCorp delivered a Definitive Feasibility Study (DFS) in August 2022 for Nyanzaga which estimated a post-tax NPV5% of US$618M and IRR of 25%, with gold production averaging 242koz pa for the first 10 years.1
Nyanzaga has a combined open pit and underground production target defined in the DFS of 42.51 Mt @ 2.07 g/t gold for 2.83 Moz2 contained goldproviding a 10.7 year mine life.
Recent drilling at Kilimani and Nyanzaga has returned significant results including 24m @ 2.15g/t Au from 100m down hole at Kilimani.3
OreCorp has identified opportunities to extend Nyanzaga's mine life beyond the DFS estimated 10.7 years.4
Regional aircore drilling has identified significant, shallow high-grade gold mineralisation with 4m @ 1.12g/t gold from 0m (surface) and 10m @ 2.78g/t gold from 8m including 4m @ 6.27g/t gold from 13m (NYGAC1697). NYGAC1697 is in a belt of felsic and intermediate intrusive rocks emplaced in volcaniclastic sediments, forming a northwest striking igneous complex over 1,000m long and up to 500m wide, now referred to as the 'Wingi Igneous Complex' (WIC). The intrusives identified in the WIC represent potential heat and metal sources to the gold mineralisation identified in the Nyanzaga area, and represent high priority exploration targets.
Cautionary Statement
Based on a gold price of US$1,750/oz. Refer OreCorp ASX announcement dated 22 August 2022 ('Nyanzaga DFS Delivers Robust Results'). The production target referred to in the DFS comprises 92% Probable Ore Reserves and 8% Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realized
OreCorp has received indicative debt funding proposals for the development and construction of the Nyanzaga Gold Project, with non-binding expressions of interest from European, African and Tanzanian banks and is progressing towards the appointment of a banking syndicate.
Corporate
Henk Diederichs (former Chief Operating Officer) joined the Board and was appointed CEO & Managing Director as from 16 November 2022.
Matthew Yates (former CEO & Managing Director) assumed the role of Executive Chairman on 16 November 2022 following the retirement of Craig Williams.
Greg Hoskins has been appointed as Chief Financial Officer.
Strong cash position of A$21.2 million as at 31 December 2022, with no debt.
Authorised for release on behalf of the Company by the Board of Directors.
Contact:
Investor
Henk Diederichs
Maude Lacasse
CEO & Managing Director
T: +61 9381 9997
T: +61 (0) 416 499 856
E: maude@nwrcommunications.com.au
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