TIDMOTC
RNS Number : 5940O
Ortac Resources Limited
22 August 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
22 August 2017
ORTAC RESOURCES LTD
("ORTAC" or the "COMPANY")
CASA commences drilling at 1.5 Moz Akyanga deposit
Potential to increase estimated gold resources to over 2Moz
Ortac Resources Ltd ("Ortac"), the AIM listed exploration and
mine development company, is pleased to announce that CASA has
commenced exploration drilling operations at the 1.5 Moz Akyanga
deposit in the Democratic Republic of the Congo ("DRC").
CASA Mining Ltd ("CASA"), is a private company focused on
developing the Akyanga deposit, a highly prospective section of the
Misisi gold project, in the DRC. Ortac currently owns 22.2% of CASA
and also has a convertible loan note, which, if exercised, will
increase Ortac's shareholding to approximately 45%.
The current program involves circa 5,000m of diamond drilling,
with the first phase of approximately 2,200m - aimed to assess:
-- The grade continuity across the current interpreted domains,
in particular at the southern end of the deposit;
-- The potential for average grades of >2.0 g/t within a conceptual pit shell;
-- The potential for tonnages of >2.0 Moz of contained gold within the Akyanga Deposit area;
-- Geological controls on the emplacement of gold mineralisation; and
-- Future requirements to complete infill drilling for indicated resources.
The first phase of the programme is aimed for completion in
October 2017, whereupon Ortac will update the market on
progress.
Vassilios Carellas, Ortac's CEO, commented:
"We are pleased that drilling is underway at Akyanga, as this
program has the potential to demonstrate a high grade gold resource
in excess of 2.0 Moz and confirm our view that a commercial mining
operation on the licence would be economically viable. We look
forward to updating our stakeholders on progress and the project's
revised mineral resource."
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.
**ENDS**
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
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:
-- 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;
-- 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;
-- A convertible loan note in CASA Mining Ltd, which including
Ortac's existing stake of 22.2%, takes Ortac shareholding to 45%
upon conversion.
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, SRK has
reported a JORC certified Mineral Resource within a $1,200/oz gold
selling price and 0.5 g/t Au cut-off grade optimised pit shell.
This comprises an Inferred oxide gold Mineral Resource of 5.5 Mt at
a grade of 1.5 g/t Au for approximately 272 koz of contained metal.
SRK has further reported an Inferred transition gold Mineral
Resource of 16.2 Mt at a grade of 1.8 g/t Au for approximately 927
koz of contained metal.
MDM, in conjunction with SRK, completed a scoping feasibility
study for an 80,000 oz/yr heap leach operation at the Akyanga
deposit resulting in an ungeared NPV (8%) and IRR of $171m and 35%
respectively at a $1,300/oz gold price. This assumes a contract
mining scenario with an initial capital cost estimate of $87.4m and
a total operating cost of $628/oz.
CASA engaged African Mining Consultants ("AMC") to assist with a
review and re-interpretation of the geological model, initiated
during this internal workshop, with the aim of investigating its
effect on the potential resource at the Akyanga Deposit.
AMC reported the 2017 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
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