Monday, 23rd May 2005 (3224 views)

Ovoca Resources has announced significant traces of gold and platinum have been discovered at its Russian site.

According to the Irish precious metals explorer the Oleninskoye prospect has an estimated gold resource of 900,000 ounces.

Chief executive, Barrie Oakes, told Business World: "We are delighted with these results and we are eagerly awaiting the first assays from the second phase drilling programme.

"We believe that the eight platinum and gold prospects within the existing 152 square kilometre licence will add considerable value to the company."

Work at the site is going to be increased now that Norplat is part of the company and platinum bearing formations have already been uncovered from drilling.

Oleninskoye is situated in the Kolmozero-Voronya platinum and gold property in Russia.

 

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