Orca executed a share purchase agreement in early 2017 with two subsidiaries of Kinross to acquire the Morondo and Korokaha North exploration licences and five other exploration license applications (see Company News Release on February 1, 2017). The Korokaha North licence and Korokaha South application lie adjacent to the east of Randgold's Tongon Mine. The Bassawa and Satama applications are located on the southern extension of the Houndé Belt. The Zuénoula Ouest and Zuénoula Est applications are located north west of Perseus's Yaoure project.
Following approval by the Minister of Industry and Mines of the Republic of Côte d'Ivoire for the portion of the Transaction related to Morondo (see Company News Release on November 6, 2017), the Company has commenced exploration with a 2,500m drill programme on this permit. Gold mineralization at Morondo was discovered by Red Back Mining in 2010 with 4,284m of shallow RC drilling and trenching before the company was acquired in the same year.
Morondo is the most advanced property in Côte d'Ivoire that Orca currently holds or is in the process of acquiring via the Transaction Mineralisation at Morondo, the best intercept of which included 66m at 1.53g/t, was intersected over a strike length of 600m by 200m. True width of mineralization is up to 150m hosted by an altered and sheared mafic volcaniclastic rock and is open in all directions. The current drilling (see Figure 2) will aim to test mineralization below the previous RC coverage to a depth of 150m and will be complete before the end of the year with results expected in January 2018.