TIDMOTC
RNS Number : 7457S
Ortac Resources Limited
05 October 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
5 October 2017
ORTAC RESOURCES LTD
("ORTAC" or the "COMPANY")
Casa Mining Ltd report first gold assay results from the
expansion and infill drill programme at the 1.5 Moz Akyanga
deposit
Ortac Resources Ltd, the AIM listed exploration and mine
development company, is pleased to announce that Casa Mining Ltd
("CASA") in which Ortac holds an effective 45% stake, through its
ownership of equity and a convertible loan note in CASA, has
reported results from the first two diamond core drill hole assays
taken from the expansion and infill drill programme currently
underway at the 1.5 Moz Akyanga gold deposit ("Akyanga") in the
Democratic Republic of the Congo ("DRC"). While the results for the
remainder of this first drilling phase (2,200m) are expected over
the coming months, the initial results are extremely encouraging
and support the existing geological and structural understanding of
the Akyanga gold deposit.
Highlights
-- Over 1,100 metres of diamond core successfully drilled with six holes completed
-- High grade gold mineralisation identified in the southern zone linked between holes
-- Diamond core hole MSDD0108 intersected 8.10m @ 4.82 g/t Au
from 53.5m, incl. 2.2m @ 15.03 g/t Au from 57.40m
-- Initial results further confirm Akyanga as an open-pit resource
The first phase is fully funded and part of a 5,000m programme
of expansion and infill diamond drilling that is designed to
demonstrate the potential for the Akyanga deposit to be classified
as a resource of in excess of 2 Moz of gold.
The first hole, MSDD0108 has been collared between existing
holes MSDD0050, which reported 4.53 g/t Au over 21.9 metres from
58.2 metres down the hole and hole MSDD0001, which reported 4.20
g/t Au over 8m from 13 metres down the hole. MSDD0108 was designed
to link the high grade gold mineralisation between these two
existing holes that are approximately 120m away from each
other.
The second hole, MSDD0109 has been collared over 100m down dip
of hole MSDD0050, between existing holes MSDD0067, which reported
2.04 g/t Au over 18.3 metres from 73.7m down the hole and hole
MSDD0076, which reported 4.20 g/t Au over 10 metres from 126.55
metres down the hole. The existing holes are spaced approximately
200m apart and MSDD0109 was designed to confirm the geological and
mineralogical continuity between these two holes.
Vassilios Carellas, Ortac's CEO, commented:
"Ortac is extremely pleased with these initial and exciting
results, in particular hole MSDD0108 which demonstrates that there
is a high grade zone grading over 4 g/t Au in the southern part of
the deposit, which at the moment has a potential strike length of
over 120m. These initial results support the current geological
understanding of Akyanga and potentially move Casa closer to
proving a 2+ Moz resource. We look forward to reporting further
results from this promising phase of the drill programme in due
course."
Background
The Company recently announced a strategic review in which it
decided to focus exclusively on its high potential, African
exploration and mining assets, specifically CASA's gold project and
Zamsorts copper/cobalt project, in addition to maximising the value
of its other assets and investments. Ortac currently holds shares
and a convertible loan note in CASA, which if converted, would give
Ortac a 45% stake in the share capital of CASA, a private company
focused on developing the Akyanga deposit, a highly prospective
section of the Misisi gold project, in the DRC. CASA has commenced
with an expansion and infill diamond drill programme (OTC Press
Release August 22, 2017), where to date over half of the planned
2,200m first phase has been completed.
Results of diamond core drilling
The results of the first two diamond core holes for which assays
have been received from SGS Laboratory Services in Mwanza, Tanzania
are tabulated below.
The results are reported for mineralized intersections greater
than 3 meters in length, greater than 0.5 g/t Au in grade and
allowing for up to 3 meters of internal dilution.
Table 1. Drill Intercepts for Hole MSDD0108
Hole ID From To Length Gold
(m) (g/t)
----------- ------ ------ ------- -------
18.00 21.00 3.00 1.28
----------- ------ ------ ------- -------
28.80 31.80 3.00 1.22
------ ------ ------- -------
MSDD0108 53.50 61.60 8.10 4.82
----------- ------ ------ ------- -------
MSDD0108
includes 57.40 59.60 2.20 15.03
----------- ------ ------ ------- -------
Table 2. Drill Intercepts for Hole MSDD0109
Hole ID From To Length Gold
(m) (g/t)
---------- ------- ------- ------- -------
MSDD0109 120.40 125.30 4.90 1.40
---------- ------- ------- ------- -------
Quality Assurance/Quality Control (QA/QC)
The drilling was conducted using diamond core drilling with
samples being collected at one metre intervals and half core sample
of approximately 2-4kg was sent to SGS Laboratory Services in
Mwanza, Tanzania. The sample was fully pulverized and analyses for
gold using a 50g lead collection fire assay and an atomic
absorption spectrometry finish to 0.01ppm Au detection limit. Full
analytical QA/QC is achieved using a suite of certified standards,
laboratory standards, field duplicates, repeats, blanks and
grind-size analysis.
The spatial location of the samples is derived using GPS collar
survey pickups and Reflex single shot downhole surveys taken every
40m down hole.
True widths have not been determined as the level of detail
required to calculate accurate true widths is not yet available, as
a result down hole widths have been reported instead. However true
widths are not expected to differ significantly from the down hole
widths reported.
Qualified Persons
The information in this announcement that relates to Exploration
Targets, Exploration Results and Mineral Resources or Ore Reserves
is based on information compiled by Mr Thomas Rogers (BSc. Hons,
MSAIMM, MEIZ) of African Mining Consultants (AMC). Mr Rogers has
sufficient experience in the activity which he is undertaking to
qualify as a Competent Person as defined under the JORC Code
(2012). AMC consents to the inclusion in this announcement of the
matters based on this information in the form and context in which
it appears.
The information in this press release is based on information
provided by Casa Mining Limited and AMC and compiled on behalf of
Ortac by Mr Vassilios Carellas. The drill results have not been
independently verified by Ortac Resources Ltd. Mr Vassilios
Carellas (BSc (Hons), MAusIMM) is the Chief Executive Officer for
Ortac Resources Limited and has sufficient experience relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined under the JORC Code (2012). Mr Carellas
consents to the inclusion in this announcement of the matters based
on his information in the form and context in which it appears.
**S**
Contacts
Ortac Resources Ltd +44 (0) 20
Vassilios Carellas (CEO) 3874 8664
SP Angel (Nominated Adviser
& Broker)
Ewan Leggat / Lindsay Mair / +44 (0) 20
Soltan Tagiev 3470 0470
Celicourt Communications (PR) +44 (0) 20
Mark Antelme / Jimmy Lea 7520 9261
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company"s current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
About Ortac
Ortac Resources Limited is an AIM listed exploration and mine
development company focused on a diversified portfolio of mining
projects with interests in Slovakia, Eritrea, the Democratic
Republic of Congo and Zambia.
Ortac's current holdings include:
-- A convertible loan note in CASA Mining Ltd, which including
Ortac's existing stake of 22.2%, takes Ortac shareholding to 45%
upon conversion;
-- A 14 percent equity interest in Zamsort Limited, a private
company focused on a prospective copper and cobalt licence in
Zambia, with the c. 6 percent balance and interest (convertible
note) being rolled forward to the end of 2018;
-- 100% ownership of the Kremnica Mining Licence Area in Slovakia;
-- An 18.48% interest in Andiamo Exploration Limited, a private
company exploring for resources in Eritrea.
For more information visit www.ortacresources.com
About CASA
CASA is a private Mauritian registered company that is the
71.25% owner and operator of the Misisi Gold Project located in
South Kivu, eastern DRC, approximately 350km south of Bukavu and
180km north of Kalemie.
The CASA licence area consists of three contiguous mining
licenses (133km(2) ), issued in March 2015 and valid for 30 years.
These licenses encompass a 60km strike length of the Tanganyika
graben within the Rusizian belt ("Misisi Corridor"), including the
Akyanga deposit along with the Lubitchako, Tulongwe, Kilombwe and
Mutshobwe prospects.
The licences have benefited from considerable capital
expenditure to date, including regional geophysical surveys
completed in 2011, 19,522m of diamond drilling, 2,720m of reverse
circulation drilling and excavated 6,274 line metres of
trenches.
At CASA's most advanced project, the Akyanga deposit, African
Mining Consultants ("AMC") in June 2017 reported a mineral
resource, within a US$1,250/oz gold selling price optimised pit
shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au
(using a 1.5 g/t Au cut-off) within a lower grade envelope of
1.57Moz @ 1.65 g/t Au.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLLLFLDILLSIID
(END) Dow Jones Newswires
October 05, 2017 02:00 ET (06:00 GMT)
Arc Minerals (LSE:ARCM)
Historical Stock Chart
From Apr 2024 to May 2024
Arc Minerals (LSE:ARCM)
Historical Stock Chart
From May 2023 to May 2024