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Goltsovoye Update
Goltsovoye Update.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n Ovoca Gold PLC\n08 February 2007\n\n Ovoca Gold Plc ('Ovoca')\n\n\nOvoca Announces Positive Initial Phase of Bankable Feasibility Study Results on\nthe Goltsovoye Silver Project\n\n\nOvoca Gold Plc (AIM: OVG; IEX:OVX) announces positive results of the Bankable\nFeasibility Study Phase 1 Report, completed by Wardell Armstrong International\n(WAI) on the Goltsovoye Silver Deposit in Russia. Ovoca also announces the\nresults of the Goltsovoye diamond Drilling Programme which was part of the WAI\nReport.\n\n\nThe Report includes a resource calculation in accordance with the JORC Code\n(2004), an initial mine plan and results of metallurgical testwork, process\nplant design alternatives, infrastructure design and environmental studies.\n\n\n\nCommenting on the Report, Leonid Skoptsov, CEO of Ovoca Gold said 'We are\ndelighted with the results of Wardell Armstrong's work, which clearly\ndemonstrates that Goltsovoye is a truly world class asset with over seventy\nmillion ounces of JORC classified silver resources at excellent grades. Given\nthe current interest in the Russian silver mining sector and, as the Goltsovoye\ndeposit now moves towards the finalisation of the bankable feasibility study, it\nis easy to see the opportunity for Ovoca to be re-rated in the market as a\nnear-term major silver producer.'\n\n\n\nSilver Resources\n\nIn total there are six known zones of silver mineralisation at Goltsovoye. In\n2005 a Russian C1+C2 classified resource was completed on two of these zones\nusing a 150g/t silver cut-off grade and based on diamond drilling and\nunderground exploration development on 3 levels.\n\n\n\nWAI was commissioned to complete the Phase 1 of the Goltsovoye Bankable\nFeasibility Study ('BFS') in June 2006, a major part of which was to calculate\nresources to JORC Code (2004) sufficient for the Phase 2 BFS. A twenty five\ndrill hole programme to confirm and compliment the previous work has been\ncompleted and the results from all of these holes have been included in the JORC\nResource calculation.\n\n\n\nGoltsovoye Project - JORC (2004) Classified Resources - February 2007\n\n Category Tonnage Silver Grade Lead Grade Silver Metal Silver Equiv\n g/t % Ounces Ounces\nZone 1 Measured 334,000 1,293.4 2.55 13,891,000 15,112,000\n Indicated 1,027,000 927.0 2.83 30,611,000 34,775,000\n Inferred 128,000 601.6 4.69 2,476,000...