RNS

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 (m)

Gold (g/t)

 

MSDD0117

169.30

179.73

10.43

0.58

189.45

194.00

4.55

3.15

209.80

216.50

6.70

2.01

 

Table 2. Drill Intercepts for Hole MSDD0118

 

Hole ID

From

To

Length (m)

Gold (g/t)

 

 

MSDD0118

 

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

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.

 

 

 

**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

+44 (0) 20 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 (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.

 

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
 
 
DRLLLFVRLFITIIT