Russia-focused Ovoca Gold (OVG) has lifted its resource estimate at Olcha in the Magadan region to 650,000 oz. The Dublin-based company says the new formal gold resource estimate, at a modest grade of 2.2 grammes of gold per tonne of ore, follows drilling in Zone 2 and a South-East extension of Zone 1 of the project in Russia's Far East.
The new resource estimate also includes 3.59 million oz of silver at 12.12 grammes a tonne. Conceding that Olcha is a 'complex deposit', chief executive officer Tim McCutcheon says 'a patient approach to exploration is required to flush out the geological resource', but argues the drilling results imply 'high value per tonne ore'.
Ovoca's AIM-quoted shares, which have traded between 44p and 21p over the past year, now stand at 28.8p, valuing the company at nearly £26 million. They have speculative prospects.
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