TIDMOTC
RNS Number : 3014D
Ortac Resources Limited
26 April 2017
26 April 2017
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
ORTAC RESOURCES LTD
("ORTAC" OR THE "COMPANY")
Commencement of Drill Program - Andiamo, Eritrea
Ortac Resources Ltd, the AIM listed mineral exploration company
operating in Europe and Africa today announces that Andiamo
Exploration Limited ('Andiamo'), a company in which Ortac holds an
18.48% equity interest, is about to commence a reverse circulation
("RC") drill program at its wholly owned Haykota Exploration
License Area in Eritrea.
Vassilios Carellas, Ortac's CEO, commented: "We are very pleased
that Andiamo has secured the funds to re-commence drilling these
highly prospective targets in their Haykota license area and we
look forward to reporting further progress in due course."
Background
The proposed RC drill program is designed to test the 'western'
targets in the northern part of the license area in what was
formerly the JV area with Environminerals East Africa Limited. In
addition, the program will also follow up on previous exploration
works at Ber Gebey and Yacob Dewar, where activities were
prematurely terminated due to the difficult financial markets at
the time.
Drilling over a total of 1095 to 1195 metres over 13-14 holes is
estimated. Based on drilling rates of 100 m a shift equivalent, it
is envisaged the program will take 15-16 days, which includes
set-up, dismantle and moves between holes.
Yacob Dewar
Between 3-4 holes have been planned for a total of around 200 m;
drilling below trenches YDTR028 (80m @ 0.49% Cu) and YDTR029 (60m @
0.5% Cu). The aim is to drill underneath the above mentioned trench
mineralisation in the 20-30 m vertical depth position.
Ber Gebey
The aim of the drilling at Ber Gebey is to test the potential
along strike and down dip continuation of the oxide target zone
(both gold and copper). Two holes will test the gold oxide zone
(one along strike to the north and one to test the down dip
continuity towards the south), and a third to test the copper oxide
zone for approximately 170 m in total.
Zone 1 and 1a
Two VTEM anomalies are located 735 m to the west of Ber Gebey.
The exploration target for this area, where two holes for a total
of approximately 200 m are planned, is one of two models: (1) these
represent the along strike continuation of the Yacob dewar target
horizon; or (2) the targets are related to Ber Gebey, but are now
folded and faulted and displaced to the west.
Zone 20
This exploration target, where two holes for an approximate
total of 220 m are planned, is a laterally continuous, 5-10 m wide
zone, represented by ferruginous rocks with gossan stringers and
patches (representing weathered sulphide stringers and disseminated
sulphide patches). The stratigraphic sequence is similar to Yacob
Dewar, and of particular note, to Nevsuns' Ashelli volcanogenic
massive sulphide.
Zone 19
This target is the northern extension of Zone 20, approximately
1 km along strike, and in the same geological sequence. The
ferruginous zone is commonly 10 m wide, but is thicker towards the
northern end. 3 holes are planned, two based on a geophysical
anomally that lies down-dip from the ferruginous outcrops and a
third hole lower down the hill and drilling down into the fold nose
to target the maximum thickness of the target zone.
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**
For further information please visit www.ortacresources.com or
contact:
Ortac Resources Ltd +44 (0) 20
Vassilios Carellas (CEO) 7389 9050
SP Angel (Nominated Adviser +44 (0) 20
& Broker) 3470 0470
Ewan Leggat / Lindsay Mair
Beaufort Securities (Joint Broker) +44 (0) 20
Jon Belliss / Elliot Hance 7382 8300
Peterhouse Corporate Finance +44 (0) 20
Limited (Joint Broker) 7469 0930
Guy Miller / Lucy Williams www.pcorpfin.com
Glossary
Au - the chemical symbol for gold.
Cu - the chemical symbol for copper.
Ferruginous - containing iron oxides
Gossan - an iron-containing secondary deposit, largely
consisting of oxides and typically yellowish or reddish, occurring
above a deposit of a metallic ore.
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.
Reverse Circulation Drilling (RC drilling) - uses rods with
inner and outer tubes, the drill cuttings are returned to surface
inside the rods. The drilling mechanism is a pneumatic
reciprocating piston known as a hammer driving a tungsten-steel
drill bit.
Trench - a long, narrow excavation dug through overburden, or
blasted out of rock, to expose a vein or ore structure.
VTEM - Versatile Time Domain Electro-Magnetics generates
currents that diffuse into the earth and, similar to water, always
take the path of least resistance. Conductive material absorbs the
currents and releases a secondary field that the VTEM system
measures. A strong conductor absorbs and releases more or all of
the VTEM signal. A weak conductor absorbs and releases some or none
of the VTEM signal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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