TIDMOTC
RNS Number : 4303Z
Ortac Resources Limited
15 December 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
15 December 2017
ORTAC RESOURCES
("ORTAC" or the "COMPANY")
Extensions to Akyanga Deposit Identified
Ortac Resources Ltd is pleased to announce that Casa Mining Ltd
("CASA"), in which Ortac currently holds an effective 84.7%
economic stake, reports that it has this week completed a review of
previous exploration activity in the Akyanga license area
("Akyanga"). The review identified significant additional
intersected gold mineralization at Akyanga East, a parallel
structure only 400m from the known gold resource at Akyanga. As a
result, it was decided to commence additional work programmes to
incorporate parallel extensions to Akyanga, as part of the existing
drill programme. Another five target areas are also currently under
review.
Highlights from the diamond drilling at Akyanga East
include:
-- MSDD0059 - from 49.20m; 5.05m @ 5.93 g/t Au
-- MSDD0064 - from 65.70m; 11.10m @ 1.68 g/t Au
- from 103.30m; 7.90m @ 4.97 g/t Au
-- MSDD0093 - from 46.00m; 9.00m @ 2.84 g/t Au
Nick von Schirnding, Ortac's Executive Chairman, commented:
"Our review of previous exploration has identified a number of
targets where gold mineralisation has been intersected via drilling
or trenching. Akyanga East is one of the most exciting of these
targets and with significant gold mineralisation already
identified, we will immediately start a new trenching programme to
determine the extent of the gold mineralisation.
I expect that as we continue to review the data, further
mineralisation will be defined confirming the view that the Akyanga
Deposit sits central to what could end up being a 55km long,
multi-million ounce gold belt as we work towards our target of
securing in excess of a 2 million ounce gold resource at
Akyanga."
Background
CASA initially commenced exploration activity at the Akyanga
Deposit and subsequently on the rest of their license area. The
exploration activity comprised geological mapping, soil sampling,
regional geophysical surveys and trenching, culminating in a series
of drilling campaigns over the prospective areas identified at the
time.
In 2012 and 2013, CASA drilled 1,650m and 13 diamond drill holes
at Akyanga East, a parallel structure hosting gold mineralisation
several hundred metres to the east of the Akyanga Deposit and which
has been tested for over 2.5km of strike extent.
Following the open offer to the shareholders of CASA, the
executive team shifted its focus and work to better understand the
rest of the license area, which hosts a 55km long gold belt where
significant grades of gold have already been identified in previous
exploratory campaigns.
The Akyanga East prospect is located several hundred metres to
the east of the Akyanga Deposit and has been targeted by wide
spaced exploratory activities (trenching and diamond drilling), for
over 2.5km.
Summary of Previous Drilling Results
Casa carried out two drilling campaigns (2011 & 2013) at
Akyanga East, completing thirteen diamond drill holes for a total
1,650m.
More notable intercepts from these drilling campaigns tabulated
below.
Table 1.
Hole ID From (m) To (m) Interval Au Grade
(m) (g/t)
---------- --------- ------- --------- ---------
MSDD0036 20.40 23.80 3.40 1.06
---------- --------- ------- --------- ---------
MSDD0059 49.20 54.25 5.05 5.93
---------- --------- ------- --------- ---------
71.60 73.60 2.00 5.57
---------- --------- ------- --------- ---------
MSDD0064 65.70 76.80 11.10 1.68
---------- --------- ------- --------- ---------
103.30 111.20 7.90 4.97
---------- --------- ------- --------- ---------
MSDD0089 82.00 86.00 4.00 1.32
---------- --------- ------- --------- ---------
106.50 109.00 2.50 6.45
---------- --------- ------- --------- ---------
MSDD0090 54.50 67.80 13.30 1.33
---------- --------- ------- --------- ---------
MSDD0091 94.00 100.00 6.00 1.40
---------- --------- ------- --------- ---------
106.85 109.40 2.55 1.38
---------- --------- ------- --------- ---------
MSDD0093 46.00 55.00 9.00 2.84
---------- --------- ------- --------- ---------
MSDD0094 79.20 83.40 4.20 1.65
---------- --------- ------- --------- ---------
* The results tabulated above are for mineralised intersections
greater than 2 meters in length, greater than 0.5 g/t Au in grade
and allowing for up to 3 meters of internal dilution.
Quality Assurance/Quality Control (QA/QC)
Half-sawn core is sent directly to the preparation facility at
the ALS Minerals ("ALS") facilities in Mwanza, in Tanzania and
subsequently to ALS in Vancouver and Johannesburg for analysis.
Owing to slow sample turnaround time, samples from drillhole
MSDD0084 to current drilling at Akyanga were, following fresh
accreditation of the laboratory, submitted to SGS Mwanza. The ALS
Vancouver analytical facility is ISO 9001:2008 accredited and has
received accreditation to ISO/IEC 17025:2005 from the Standards
Council of Canada (SCC). The ALS Johannesburg laboratory is ISO/IEC
17025:2005 accredited for sample preparation and analysis.
Drill core, rock and trench samples are analysed as 50 g
aliquots by fire assay with an Atomic Absorption Spectroscopy
("AAS") finish. The lower detection limit is 0.01 g/t Au. Samples
have to date been assayed only for gold.
All QC data are registered in the Laboratory Information
Management System ("LIMS") system and assay results have been
returned to CASA in electronic format and loaded into the sample
database with the batch number and date of assay recorded after
review by CASA personnel for QAQC.
The spatial locations of the samples are derived using GPS
collar survey pickups and Reflex single shot downhole surveys taken
every 25m down hole.
Qualified Persons
The information in this press release is based on information
provided by CASA Mining Limited and compiled on behalf of Ortac by
Mr Vassilios Carellas. Mr Vassilios Carellas (BSc (Hons), MAusIMM)
is the Chief Operating 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.
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.
**S**
Contacts
Ortac Resources Ltd +44 (0) 20
Nick von Schirnding (Chairman) 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
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 the Congo and Zambia.
Ortac's current holdings include:
-- A recently announced, and in the process of completion, offer
to acquire all the outstanding shares in CASA Mining Limited;
-- 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 percent ownership of the Kremnica Mining Licence Area in Slovakia;
-- An 18.48 percent 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
percent 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
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