RNS

RNS Number : 4448V
Ortac Resources Limited
03 November 2017
 

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

 

3 November 2017

ORTAC RESOURCES LTD 

("ORTAC" or the "COMPANY")

 

SIGNIFICANT NEW DRILL RESULTS ANNOUNCED

Casa Mining Ltd intersects 24.75m of 8.04 g/t Au at its Akyanga Deposit

 

Ortac Resources Ltd is pleased to announce that Casa Mining Ltd ("CASA"), in which Ortac holds an effective 45% economic stake, reports significant new gold assay results from the expansion and infill drill programme currently underway at the Akyanga gold deposit ("Akyanga") in the Democratic Republic of the Congo ("DRC").

 

Highlights

 

·     Highest ever grade and intersected thickness drilled at the Akyanga Deposit - 24.75m @ 8.04 g/t Au from 200.75m, incl. 5m @ 22.63 g/t Au from 207.10m

 

·     Drill results expected to extend the open pittable + 2g/t Au resource to the south

 

·     Visible gold logged in hole currently being drilled

 

·     Drill results validate the potential for Akyanga to become a +2Moz gold resource

 

 

Nick von Schirnding, Ortac's Executive Chairman, commented:

 

"These latest assay results further support our view that the Akyanga Deposit is likely to develop into a major resource in excess of 2 million ounces gold with very attractive grades. The drilling results - the highest ever grade and thickness reported - represent a turning point in the history of this asset. As the largest investor in CASA, we shall be driving forward with an accelerated drill program on this rapidly expanding gold resource.       

 

We expect to receive the results for two further completed holes within the next few weeks and, with several high priority targets still untested, we remain upbeat about the Akyanga story, as it continues to develop into a potentially very significant commercial gold resource for Ortac."

 

Drill Results Summary

 

Eight diamond drill holes, with over 1,920m drilled, have been completed as part of the expansion and infill drill program.

 

The results for the latest drill holes, MSDD0110 to MSDD0113, have been received with significant gold mineralisation intersected in MSDD0110.

 

 

 

Table 1. Latest Drill Intercepts*

 

Hole ID

From (m)

To (m)

Interval (m)

Au Grade (g/t)

 

MSDD0110

142.00

145.30

3.30

2.27

200.75

225.50

24.75

8.04

 

Including

207.10

212.50

5.40

22.63

216.50

217.50

1.00

10.50

223.50

225.50

2.00

7.29

MSDD0111

129.00

137.00

8.00

1.14

MSDD0112

100.15

107.30

7.15

1.10

118.40

124.20

5.80

3.49

 

* The results tabulated above are for mineralised 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.

 

Further Details

 

Drill hole MSDD0110, drilled approximately 100m down dip of hole MSDD0076 (which reported 10m at 4.20g/t Au from 126.55m), has reported deeper than expected mineralisation and supports the down-dip potential to the east, with earlier drill holes perhaps stopped short of this deeper mineralisation.

 

Drill hole MSDD0112, drilled approximately 100m down dip of hole MSDD0069 (which reported 16.9m at 2.35g/t Au from 100m down the hole) confirms the down-dip continuity of >2g/t mineralisation in this southern part of the deposit.

 

Holes MSDD0111 and MSDD01113 were drilled from the same collar location and the mineralisation intersected in drill hole MSDD0111 confirms that the southern extents are still open. MSDD0113 was drilled in a southerly direction with more understanding of the geology and controls of mineralisation required to assist future extension drilling in the south.

 

Results are pending for completed holes MSDD0114 and MSDD0115 and are expected within 2 to 3 weeks. Drill holes MSDD0116 and MSDD0117 are in progress, testing northern extensions to, and continuity of grade within, the current open pittable resource, with visible gold logged in diamond drill hole MSDD0117.

 

Quality Assurance/Quality Control (QA/QC)

 

African Mining Consultants maintain a comprehensive chain of custody and QA/QC program on assays from the Akyanga Project on behalf of Casa Mining Limited. Half-sawn core is sent directly to the preparation facility at the SGS Mwanza, in Tanzania, an ISO17025:2005 accredited facility. Gold assays are determined at SGS by using a 50g lead collection fire assay digest and an atomic absorption spectrometry finish to a 0.01ppm Au detection limit. Industry-standard certified reference materials and blanks are inserted into the sample stream prior to dispatch to SGS. Full analytical quality assurance/quality control (QA/QC) is achieved using a suite of certified standards, laboratory standards, field duplicates, laboratory duplicates, repeats, blanks and grind size analysis.

 

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 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 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.

 

Background

 

The Company recently announced a strategic review in which it decided to focus exclusively on its high-potential African exploration and mining assets, specifically CASA's Misisi gold project and Zamsort's copper/cobalt project, in addition to maximising the value of its other assets and investments. Ortac currently holds shares and a convertible loan note in CASA, which if converted, would give Ortac a 45% stake in the share capital of CASA, a private company focused on developing the Akyanga Deposit, one of several potential resources within the Misisi gold project, in the DRC. CASA has commenced with an expansion and infill diamond drill programme (OTC Press Release August 22, 2017), where to date over 85% of the planned 2,200m first phase has been completed.

 

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**

 

Contacts

Ortac Resources Ltd

Nick von Schirnding (Chairman)

 

+44 (0) 20 3874 8664

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Lindsay Mair / Soltan Tagiev

 

Celicourt Communications (PR)

Mark Antelme / Jimmy Lea

+44 (0) 20 3470 0470

 

 

+44 (0) 20 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 convertible loan note in Casa Mining Ltd, which including Ortac's existing stake of 22.2%, takes Ortac shareholding to 45% upon conversion;

·    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% ownership of the Kremnica Mining Licence Area in Slovakia;

·    An 18.48% 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% 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 (133km2), 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.

 

 

 

 


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