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.
In 2017 Andiamo completed a Reverse Circulation ("RC") drill programme in which 16 holes were completed for a total 1,266 metres, with six holes for 696 metres drilled up in the northern part of the license, formerly the JV agreement area, which tested three known anomalies. A further 7 holes for 376 metres were drilled at Yacob Dewar and 3 holes for 194 metres drilled at Bergebey have been completed.
The samples from this drill programme are currently in Asmara and undergoing preparation prior to being shipped off for external assay. The results are expected back before the end of August.
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.