TIDMOTC
RNS Number : 2740B
Ortac Resources Limited
09 January 2018
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
9 January 2018
ORTAC RESOURCES LTD
("ORTAC" or the "COMPANY")
Casa Update; further significant gold mineralisation at
Akyanga
Since announcing the acquisition of Casa Mining Limited ("Casa")
in November 2017, the management of Ortac has been actively working
to complete the acquisition and integration of Casa. To date Ortac
owns 87.4% of Casa and expects the acquisition to be completed
shortly. As part of the integration with Casa, Ortac management
have completed a number of meetings as well as an extensive site
visit - in this regard Ortac has also been completing a review of
historical drilling data at Casa which includes over 100 holes of
exploration drilling predominantly at the Akyanga license area
(which has a JORC Mineral Resource of 1.5m ounces @1.65 g/t Au)
("Akyanga"). The results of these will be announced within the next
month.
In the meantime, Ortac is pleased to report further significant
new gold assay results taken from the expansion and infill drill
programme currently underway at Akyanga.
Highlights of the latest batch of drill results are as
follows:
MSDD0117
-- 4.55m @ 3.15 g/t Au from 189.45m
-- 6.70m @ 2.01 g/t Au from 209.80m
MSDD0118
-- 5.85m @ 2.47 g/t Au from 199.40m
-- 7.80m @ 2.67 g/t Au from 240.70m; incl. 1.70m @ 10.46 g/t Au from 240.70m
Nick von Schirnding, Ortac's Executive Chairman, commented:
"With over 3,300 meters drilled in 2017, these are again a
pleasing set of results, this time from the outer perimeter of our
drilling programme at Akyanga - with good consistency of grade well
above 2 g/t Au. Both 117 and 118 show good zones of mineable
thickness and previous drilling results within 100 metres of hole
118 show 18 metres of 4.63 g/t. We are now evaluating the
possibility of expanding certain conceptualised pits - with all the
economic advantages that scale brings. We look forward to updating
the market going forward as we continue work on this very exciting
deposit."
Results of diamond core drilling
The results of these two diamond core holes for which assays
have been received from SGS Laboratory Services in Mwanza, Tanzania
are tabulated below.
The results are reported for mineralized intersections greater
than 3 meters in length, greater than 0.5 g/t Au in grade and
allowing for up to 3 meters of internal dilution.
Table 1. Drill Intercepts for Hole MSDD0117
Hole ID From To Length Gold
(m) (g/t)
---------- ------- ------- ------- -------
169.30 179.73 10.43 0.58
---------- ------- ------- ------- -------
189.45 194.00 4.55 3.15
------- ------- ------- -------
MSDD0117 209.80 216.50 6.70 2.01
---------- ------- ------- ------- -------
Table 2. Drill Intercepts for Hole MSDD0118
Hole ID From To Length Gold
(m) (g/t)
---------- ------- ------- ------- -------
199.40 205.25 5.85 2.47
---------- ------- ------- ------- -------
228.40 236.40 8.00 0.84
------- ------- ------- -------
240.70 248.50 7.80 2.67
------- ------- ------- -------
240.70 242.40 1.70 10.46
------- ------- ------- -------
MSDD0118 268.90 272.00 3.10 1.91
---------- ------- ------- ------- -------
Drill Results Summary
The latest drill holes MSDD0117 and MSDD0118 were drilled
towards the outer perimeter of a conceptualised pit in a part of
the deposit where there is a sparsity in drill data and
correspondingly where the resource appears to taper off.
Diamond drill hole MSDD0117 was collared between existing and
previously un-announced holes MSDD0083 and MSDD102. These holes are
spaced approximately 200m apart and MSDD0117 successfully confirmed
the continuity of the mineralisation between these two holes.
Interesting intersections from these holes, include and are not
limited to 2.29 g/t Au over 11.20m from 131.80m assayed from
MSDD0083 and 5.59 g/t Au over 5.80m from 155.80m assayed from
MSDD0102, which includes a high-grade interval of 15.17 g/t Au over
2.00m from 155.80m.
Diamond drill hole MSDD0118 was a re-drill of MSDD0116 which had
to be abandoned at a depth of 85m. This hole was collared
approximately 80m from existing and previously un-announced hole
MSRC0002, which reported a highlight intersection of 4.63 g/t Au
over 18m from 138m depth. MSDD0118 successfully extended the down
dip continuity of the mineralisation reported in hole MSRC0002.
Quality Assurance/Quality Control (QA/QC)
The drilling was conducted using diamond core drilling with
samples being collected at one metre intervals and half core sample
of approximately 2-4kg was sent to SGS Laboratory Services in
Mwanza, Tanzania. The sample was fully pulverized and analyses for
gold using a 50g lead collection fire assay and an atomic
absorption spectrometry finish to 0.01ppm Au detection limit. Full
analytical QA/QC is achieved using a suite of certified standards,
laboratory standards, field duplicates, repeats, blanks and
grind-size analysis.
The spatial location of the samples is derived using GPS collar
survey pickups and Reflex single shot downhole surveys taken every
40m down hole.
True widths have not been determined as the level of detail
required to calculate accurate true widths is not yet available, as
a result down hole widths have been reported instead. However true
widths are not expected to differ significantly from the down hole
widths reported.
Qualified Persons
The information in this announcement that relates to Exploration
Targets, Exploration Results and Mineral Resources or Ore Reserves
is based on information compiled by Mr Thomas Rogers (BSc. Hons,
MSAIMM, MEIZ) of African Mining Consultants (AMC). Mr Rogers has
sufficient experience in the activity which he is undertaking to
qualify as a Competent Person as defined under the JORC Code
(2012). AMC consents to the inclusion in this announcement of the
matters based on this information in the form and context in which
it appears.
The information in this press release is based on information
provided by Casa Mining Limited and AMC and compiled on behalf of
Ortac by Mr Vassilios Carellas. The drill results have not been
independently verified by Ortac Resources Ltd. Mr Vassilios
Carellas (BSc (Hons), MAusIMM) is the Chief Executive 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.
**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
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.
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.
Glossary
Au - the chemical symbol for gold.
g/t - grammes per tonne, the quantity of the element expressed
as the number of grammes contained in one tonne of the host
rock.
JORC Resource
Resource estimated according to the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves, as published by the Joint Ore Reserves Committee of The
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia.
Inferred Mineral Resource
That part of a Mineral Resource for which tonnage, grade and
mineral content can be estimated with a low level of confidence. It
is inferred from geological evidence and assumed but not verified
geological and/or grade continuity. It is based on information
gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill-holes which may be
limited or of uncertain quality and reliability.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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