28th May 2015 09:16
LONDON (Alliance News) - Ortac Resources Ltd Thursday said its exploration partner in Eritrea, Andiamo Exploration Ltd, in which it holds a 25% interest, is about to commence a 1,000 metre drill programme in the Haykota exploration license area.
Following successful stream sediment sampling, ground mapping, surface sampling and a hand-dug trenching programme conducted in the Hoba area over the last year, Andiamo has decided to commence a diamond drill campaign on the Hoba prospect, located in the Haykota license area.
The northern part of the Haykota exploration licence is being explored under an agreement with Environminerals East Africa Ltd, which can earn a 50% interest in discoveries in the northern part of the licence area by spending a total of USD2.0 million by the end of 2015.
The Yacob Dewar deposit in the license area is "progressing well" and samples of both the copper and gold mineralisation have been collected and sent to Wardell Armstrong's laboratory in the UK for metallurgical testwork.
In addition to the metallurgical testing, work is currently on-going to estimate a maiden JORC compliant mineral resource estimate for the Yacob Dewar deposit. It is anticipated that the mineral resource estimate will also be completed during the third quarter of 2015.
The Joint Ore Reserves Committee, or JORC, is an organisation that sets the code for reporting of exploration results, mineral resources and ore reserves, otherwise known as the JORC code. The JORC code is a professional code of practice that sets minimum standards for public reporting of minerals exploration results, mineral resources and ore reserves and is used as a worldwide standard.
Ortac shares were up 6.1% to 0.122 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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