Subscribe
Be the first with the news that moves the market- Orca Gold Inc (TSXV:ORG) is hopeful about easing political tension in Sudan
- The company is currently developing the Block 14 gold project on Sudan’s boarder with Egypt
- The project has been hindered since development began in 2011, due to instability in the government and on-going mass protests
- In September of last year, President al-Bashir was arrested and a new government was formed
- Since that time, Sudan’s international and internal relations have greatly improved
- Orca Gold sees the developing political stability in Sudan as a great step forward for its Block 14 project
- Orca Gold Inc (ORG) was up 7.69 per cent, with shares currently trading for C$0.35.
Easing political tensions in the Republic of Sudan could benefit Orca Gold’s (TSXV:ORG) long troubled Block 14 gold project.
In September of last year, the country’s long-standing president, Omar al-Bashir, was imprisoned and a new government formed. Since then, Sudan’s international relationships have vastly improved.
This month the U.S. removed Sudan from its “state sponsors of terrorism” list and both countries are now working towards a new bilateral relationship.
Internally, peace talks between factions remain on-going but appear positive.
Orca Gold hopes that this more stable
The Block 14 gold project is located on near the border of Sudan and Egypt and Orca acquired property in 2011. Since its acquisition however, in-fighting among the nations ruling party and mass protests have stopped Block 14 progressing swiftly.
Despite these setbacks, Orca Gold has been continuously exploring and developing the project up to now.
A pre-feasibility study completed in late 2018 estimated that the property has a probable reserve of 2.65 million ounces of gold.
The expected mine-life of the property is 13.6 years and would average 167,000 ounces each year.
With tensions finally easing in the area, Orca Gold hopes Sudan’s newfound stability and improving international relations will finally allow the project to move forward in earnest.
However, final permitting for Block 14 is still in progress and the company has not announced its expected timeline for its resolution.
Orca Gold Inc (ORG) was up 7.69 per cent, with shares currently trading for C$0.35.
