RNS

RNS Number : 1897C
Ortac Resources Limited
18 January 2018
 

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

 

 18 January 2018

ORTAC RESOURCES LTD 

("ORTAC" or the "COMPANY")

 

Additional Drill Rig to Expedite CASA Programme

 

Ortac is pleased to announce further encouraging gold assay results from its Akyanga deposit.  The current infill and expansion drill program continues to confirm the structural and geological interpretation of the deposit, with over 3,500m drilled to date.  Following a detailed review of the results to date it has been decided to deploy a third diamond drill rig which should result in a 30% increase in the amount of meters drilled per month, thereby reducing the all-in cost for every metre drilled.

 

Ortac would also like to confirm that following the announcement made on 12 January 2018, trading of the Company's shares under the name Arc Minerals Ltd ("Arc Minerals") is expected to commence at 8.00 a.m. on 22 January 2018. 

 

 

Highlights of the latest batch of drill results are as follows:

 

MSDD0119

·     7.56m @ 4.97 g/t Au from 259.14m

incl. 0.66m @ 24.77 g/t Au from 259.14m & 0.50m @ 23.13 g/t Au from 263.30m

 

MSDD0120

·     3.13m @ 3.13 g/t Au from 200.60m

 

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

"I am pleased to announce moves to expand and speed up our drilling programme at Akyanga. Today's results confirm the downdip continuity of the mineralisation by a further 100 meters and also confirm the high grade nature of the deposit which has so far surpassed our expectations."

 

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 MSDD0119

 

Hole ID

From

To

Length (m)

Gold (g/t)

 

MSDD0119

incl.

incl.

247.39

248.39

1.00

5.23

259.14

266.70

7.56

4.97

259.14

259.80

0.66

24.77

263.30

263.80

0.50

23.13

 

Table 2. Drill Intercepts for Hole MSDD0120

 

Hole ID

From

To

Length (m)

Gold (g/t)

MSDD0120

200.60

203.90

3.30

3.13

 

Drill Hole Overview

 

Diamond drill hole MSDD0119 was collared approximately 100m down dip of recently announced hole MSDD0118. This hole not only confirmed the downdip continuity of the mineralisation along this section (extended by a further 100m down dip), but also the high grade nature of the mineralisation, as previously referenced to with hole MSRC0002 (18m @ 4.63g/t Au) on this drill profile.

 

Diamond drill hole MSDD0120 was collared between existing holes MSDD0077 and MSDD0079. These existing holes are spaced approximately 200m apart and MSDD0120 successfully confirmed the +2 g/t Au continuity of the mineralisation between these two holes

 

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

Assay

the laboratory test conducted to determine the proportion of a mineral within a rock or other material.

Atomic Absorption Finish (AAS Finish)

 

the final stage in determining the grade of a sample by a method that measures the concentration of atoms of an element by passing light, emitted by a hollow cathode lamp of that element, through a cloud of atoms from that sample. Only those atoms that are the same as those in the lamp will absorb the light from the lamp. A reduction in the amount of light reaching the detector is seen as a measure of the concentration of that element in the original sample.

Au

the chemical symbol for gold;

Diamond Drilling

a drilling method in which penetration is achieved through abrasive cutting by rotation of a diamond encrusted drill bit. This drilling method enables the collection of tubes of intact rock (core);

Dip

a line directed down the steepest axis of a planar structure including a planar ore body or zone of mineralization. The dip has a measurable direction and inclination from the horizontal;

Fire Assay

fire assaying is the quantitative determination in which a metal or metals are separated from impurities by fusion processes and weighed in ordr to determine the amount present in the original sample;

Grade

the proportion of a mineral within a rock or other material which for gold is usually measured in g/t;

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;

Indicated Mineral Resource

That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed;

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;

Moz

one million troy ounces;

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;

oz(s) ounce (Troy ounce)

1 ounce is equal to 31.1034807 grammes;

Pre-feasibility Study

a preliminary study undertaken to determine if it would be worthwhile to proceed to the feasibility study stage;

Resource (mineral)

a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories;

Reverse Circulation Drilling (RC drilling) - uses rods with inner and outer tubes, the drill cuttings are returned to surface inside the rods. The drilling mechanism is a pneumatic reciprocating piston known as a hammer driving a tungsten-steel drill bit.

 

 

 

 

 

 


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