21st Oct 2014 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 2014
21st October 2014
Ortac Resources Ltd
("Ortac" or "the Company")
Further Assay Results from the Yacob Dewar Systematic Trenching Programme
Confirms High-Grade Gold and Oxide Copper Mineralisation
The Board of Ortac Resources Limited, the AIM listed exploration and mine development company, todayannounces that it has received the final set of assay results from the systematic trenching programme recently completed by Andiamo Exploration Ltd ("Andiamo") on the Yacob Dewar deposit located within the Haykota exploration concession area, Eritrea. This final set of assay results serves as resounding confirmation that near surface high-grade gold and oxide copper mineralisation exists within the Yacob Dewar deposit.
Yacob Dewar Gold Trenching Highlights:
· 3.29 g/t Au over 23.00m in trench YDTR-12, including 10.13 g/t Au over 3.10m
· 2.73 g/t Au over 9.80m in trench YDTR-15, including 5.40 g/t Au over 4.30m
· 1.77 g/t Au over 26.90m in trench YDTR-18, including 4.13 g/t Au over 4.00m and 3.22 g/t Au over 3.60m
· 1.74 g/t Au over 23.20m in trench YDTR-14, including 3.42 g/t Au over 9.20m
· 1.57 g/t Au over 21.20m in trench YDTR-16, including 4.74 g/t Au over 4.00m
· 1.44 g/t Au over 17.60m in trench YDTR-17, including 2.76 g/t Au over 5.40m
Yacob Dewar Oxide Copper Trenching Highlights:
· 0.81% Cu over 17.20m in trench YDTR-23, including 2.63% Cu over 3.00m
· 0.59% Cu over 19.70m in trench YDTR-21, including 0.91% Cu over 11.00m
· 0.58% Cu over 21.00m in trench YDTR-19, including 0.73% Cu over 6.00m
· 0.54% Cu over 10.50m in trench YDTR-10, including 1.24% Cu over 2.40m
Vassilios Carellas, Ortac CEO, commented:
"This is the final set of assay results from the systematic trenching programme, which was a thorough and extensive programme of geological work. The results have once again provided clear evidence that Yacob Dewar is showing encouraging signs of its potential to be a commercial mine. Once more, good gold grades were intersected over decent widths, and encouraging copper grades were intersected adjacent to the gold mineralisation distant from the high-grade copper zone targeted by the recently completed trenching and drilling programme. We are now building up a strong geological picture of Yacob Dewar which will be important as we move into the technical feasibility study stage."
Summary and Full Results
A systematic trenching programme has been carried out by Andiamo targeting both the copper and gold mineralisation at this deposit. This, the final batch of assays, largely covers the gold deposit and now enables the gold mineralisation intersected by previous drilling to be defined in three dimensions.
The trenches reported here (twenty two in total) are spaced approximately 50m apart and the aim was to cover the drill tested strike length of the gold mineralisation, which is in excess of 1km. Unfortunately, not all areas along the strike length of the gold mineralisation were able to be tested by trenches due to the varying depths of the overburden and the limitations of the excavators available.
The copper mineralisation encountered is believed to be associated with the higher grade copper mineralisation previously reported and will more than likely form part of the forthcoming classified resource.
The full results are presented in the tables below:
Trench YDTR-10
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
11.0 | 15.0 | 4.00 | 0.12 | 50.10 | 1.12 | |
19.0 | 21.0 | 2.00 | 0.52 | 4.50 | 0.61 | |
38.0 | 48.5 | 10.5 | 0.54 | |||
Including: | ||||||
43.6 | 46.0 | 2.40 | 1.24 | |||
Trench YDTR-11
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
37.4 | 38.5 | 1.10 | 0.09 | 22.00 | 0.53 | |
59.0 | 60.0 | 1.00 | 0.33 | 3.10 | 0.39 |
Trench YDTR-12
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
6.0 | 8.0 | 2.00 | 0.21 | |||
14.0 | 19.7 | 5.70 | 0.21 | |||
29.0 | 52.0 | 23.00 | 3.29 | 5.53 | 3.40 | |
Including: | ||||||
32.8 | 38.8 | 6.00 | 4.59 | 4.13 | 4.67 | |
44.8 | 47.9 | 3.10 | 10.13 | 17.67 | 10.49 | |
Trench YDTR-13
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
0.0 | 11.0 | 11.00 | 0.25 | |||
23.0 | 29.0 | 6.00 | 0.43 | 2.67 | 0.49 | |
36.0 | 48.0 | 12.00 | 0.37 | 1.99 | 0.41 | |
51.0 | 56.0 | 5.00 | 0.33 | 8.72 | 0.50 |
Trench YDTR-14
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
4.0 | 15.5 | 11.50 | 0.27 | |||
Including: | ||||||
5.0 | 6.5 | 1.50 | 0.61 | |||
14.5 | 18.3 | 3.80 | 1.25 | 5.55 | 1.37 | |
26.3 | 49.5 | 23.20 | 1.74 | 2.70 | 1.79 | |
Including: | ||||||
17.3 | 18.3 | 1.00 | 3.02 | 6.70 | 3.15 | |
31.3 | 40.5 | 9.20 | 3.42 | 3.87 | 3.49 | |
Trench YDTR-15
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
16.5 | 18.5 | 2.00 | 0.37 | 0.55 | 0.38 | |
36.8 | 43.2 | 6.40 | 1.81 | 2.18 | 1.85 | |
51.2 | 61.0 | 9.80 | 2.73 | 5.69 | 2.85 | |
Including: | ||||||
38.9 | 42.2 | 3.30 | 3.16 | 2.05 | 3.20 | |
51.2 | 55.5 | 4.30 | 5.40 | 6.87 | 5.54 | |
Trench YDTR-16
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
7.0 | 8.0 | 1.00 | 5.48 | 3.40 | 5.55 | |
10.0 | 23.8 | 13.80 | 0.28 | |||
29.8 | 51.0 | 21.20 | 1.57 | 4.98 | 1.67 | |
Including: | ||||||
43.0 | 47.0 | 4.00 | 4.74 | 11.55 | 4.97 | |
Trench YDTR-17
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
15.0 | 24.0 | 18.00 | 0.33 | 1.20 | 0.35 | |
40.0 | 57.6 | 17.60 | 1.44 | 12.19 | 1.69 | |
Including: | ||||||
46.0 | 51.4 | 5.40 | 2.76 | 11.26 | 2.99 | |
Trench YDTR-18
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
25.0 | 29.0 | 4.00 | 0.89 | 2.65 | 0.95 | |
26.0 | 52.9 | 26.90 | 1.77 | 10.33 | 1.98 | |
Including: | ||||||
27.0 | 28.0 | 1.00 | 2.23 | 3.90 | 2.31 | |
34.4 | 38.0 | 3.60 | 3.22 | 17.43 | 3.57 | |
43.0 | 44.0 | 1.00 | 3.86 | 27.70 | 4.41 | |
48.0 | 52.0 | 4.00 | 4.13 | 17.23 | 4.47 | |
Trench YDTR-19
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
0.0 | 2.0 | 2.00 | 0.31 | |||
33.0 | 37.3 | 4.30 | 0.65 | 4.33 | 0.73 |
Trench YDTR-20
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
16.6 | 20.0 | 3.40 | 0.62 | 2.78 | 0.67 | |
69.0 | 70.0 | 1.00 | 0.14 | 25.70 | 0.65 | |
75.0 | 96.0 | 21.00 | 0.58 | |||
Including: | ||||||
76.0 | 79.0 | 3.00 | 1.32 | |||
87.0 | 88.0 | 1.00 | 0.52 | |||
90.0 | 96.0 | 6.00 | 0.73 | |||
Trench YDTR-21
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
10.0 | 29.7 | 19.70 | 0.59 | |||
Including: | ||||||
16.7 | 27.7 | 11.00 | 0.91 | |||
Trench YDTR-23
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
5.0 | 5.7 | 0.70 | 2.66 | 2.40 | 2.71 | |
1.0 | 18.2 | 17.20 | 0.81 | |||
Including: | ||||||
10.2 | 13.20 | 3.00 | 2.63 | |||
Trench YDTR-31
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
17.5 | 23.5 | 6.00 | 0.22 | 1.87 | 0.25 | |
21.5 | 27.5 | 6.00 | 0.23 |
Trench YDTR-32
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
43.0 | 45.0 | 2.00 | 1.06 | 1.40 | 1.09 |
Trench YDTR-33
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
2.0 | 4.0 | 2.00 | 0.28 | |||
6.0 | 7.8 | 1.80 | 0.05 | 21.20 | 0.47 | |
9.8 | 15.8 | 6.00 | 0.26 | |||
24.0 | 28.0 | 4.00 | 0.30 | |||
36.0 | 38.0 | 2.00 | 0.21 |
Trench YDTR-34
From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Au Eq. (g/t) | Cu (%) |
73.8 | 83.8 | 10.00 | 0.27 | |||
94.8 | 96.8 | 2.00 | 0.09 | 6.20 | 0.21 | |
96.8 | 100.8 | 4.00 | 0.33 |
Trenches YDTR-07, YDTR-08, YDTR-09, YDTR-35 and YDTR-36 contain no significant mineralisation.
The information in this release is based on information provided by Andiamo Exploration Ltd and compiled on behalf of Ortac by Owen Mihalop. All samples were sent to Intertek Genalysis Laboratories in Perth, Australia for sample preparation and assaying. All sample collection, storage, transport, security, sample preparation and assay methodologies employed by Andiamo have been previously audited by SRK Consulting (UK) Ltd in respect to National Instrument 43-101, as prescribed by the Canadian Exchange Commission, and reported to be compliant as per its guidelines. Mr Mihalop has reviewed the third party data on behalf of Ortac Resources and takes responsibility for the data and geological interpretation. Owen Mihalop (MCSM, BSc (Hons), MSc, MIMMM, CEng) is Technical Director 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) and as a Qualified Person under NI 43-101. Mr Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
ENDS
Glossary
Cu - the chemical symbol for copper.
Au- the chemical symbol for gold.
Ag- the chemical symbol for silver.
Au Eq. - the gold equivalent grade calculated as 50 g/t silver is equivalent to 1 g/t gold.
g/t- grammes per tonne.
m - metre, a unit of length as per the International System of Units.
Mineralisation - the process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit. It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement.
For additional information please visit - www.ortacresources.com
Ortac Resources Ltd Vassilios Carellas (CEO)
| +44 (0) 20 7389 9050 |
Cantor Fitzgerald Europe (Nominated Adviser & Broker) Stewart Dickson/ Jeremy Stephenson
| +44 (0) 20 7894 7000 |
SP Angel (Broker) Ewan Leggat
Loeb Aron & Co. (Broker) John Beresford-Peirse / Anthony Kluk
| +44 (0) 20 3463 2260
+44 (0) 20 7628 1128 |
Yellow Jersey (Media Relations) Dominic Barretto | +44 (0)7768 537 739 |
Related Shares:
Arc Minerals