9th Jul 2014 10:37
LONDON (Alliance News) - Ortac Resources Ltd Wednesday said the latest batch of assay results from the Yacob Dewar Project in Eritrea have confirmed high grades of copper and gold mineralisation, while a new gold and silver deposit has been discovered at its Ber Gebey prospect within that project.
The AIM-listed exploration and development company with assets in Slovakia and Eritrea said that copper drilling by Andiamo Exploration Ltd at Yacob Dewar found regions including a 2.8% copper region over an 18.0 metre space from 25.5 metres in depth at the YDD-057 hole, and a 3.56% copper region over a 2.9 metre space from 41.65 metres in depth at the YDD-051 hole.
Andiamo also found high grade regions of gold and silver during the drilling, including a 19.57 grams per tonne of gold equivalent region over a 1.9 metre space from 54.65 metres depth in the YDD-055 hole.
"The results from this latest batch of assays are again highly encouraging and further demonstrate that high-grade oxide copper and gold mineralisation is present in the Yacob Dewar deposit," Ortac Chief Executive Vassilios Carellas said in a statement. "The latest drill results will assist Ortac in defining the extent of the copper and gold mineralisation and thus enable Andiamo to produce a JORC compliant resource estimate for the deposit in due course."
The company added that results from drilling and trenching at its Ber Gebey deposit on the Tacob Dewar site have indicated the discovery of a new gold and silver bearing deposit with results including a 4.19 grams per tonne of gold equivalent region over 14.0 metres from the surface in its trench BGTR-02.
Ortac said that gold regions were seen in two other trenches on the Ber Gebey site, and the BGD-012 hole on site found a 14.5 metre space from 4.3 metres depth which held 3.97 grams per tonne of gold equivalent.
The company said the strong results have led Andiamo to start a 20,000 metre systematic trenching and re-mapping programme across the entire length of the deposit to better define the site.
"Ortac is on course to complete the technical work required to submit an application for a mining license and fulfil our commitments to Andiamo under our subscription agreement," Carellas said.
In January, Ortac entered an agreement to acquire up to a 42.2% stake in Andiamo in return for shares and the completion of certain terms, including support for a technical and economic assessment which supports the mining licence application.
Ortac Resources shares were up 7.1% to 0.268 pence, putting it amongst the top AIM All-Share risers on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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