Operator: Andiamo Exploration Ltd
Copper in the Ground: Maiden JORC (oxide) of ~85,000 oz Au and ~22,000t of Cu at Yacob Dewar.
ARC MInerals Stake: 18.48%
Stage: New VMS discovery in the northern part of the license under JV with EEA confirmed at Hoba, with a number of other anomalies yet to be tested. Nevsun's (TSX: NSV) VMS discoveries approaching northern part of Andiamo’s license
Project Investment to date: $12.5 million
Andiamo Exploration Limited is a private company based in London, exploring for resources in Eritrea, East Africa and can be found here: www.andiamoexploration.co.uk
Ortac Resources / ARC Minerals initially invested US$1.5 million for a 26.7% holding, but has been diluted down to 18.48% through subsequent equity placings.
Between 2009 and January 2014, Andiamo raised approximately US$10.6MM to fund its exploration program in the highly prospective Bisha Belt and drilling results have revealed high grade copper and gold at its flagship Yacob Dewar Gold Project.
Andiamo holds the Haykota Licence which is 252km2 and has several prospects for Volcanogenic Massive Sulphide (VMS) and copper-rich disseminated sulphide mineralisation, with near surface gold enrichment.