By Joshua Warner,
ORTAC Resources Ltd Tuesday said it has received the final results from the completed trenching programme on its Yacob Dewar deposit in Eritrea, which has confirmed the presence of near surface high-grade gold and copper mineralisation.
“The results have once again provided clear evidence that Yacob Dewar is showing encouraging signs of its potential to be a commercial mine. Once more, good gold grades were intersected over decent widths, and encouraging copper grades were intersected adjacent to the gold mineralisation distant from the high-grade copper zone targeted by the recently completed trenching and drilling programme,” said Chief Executive Vassilios Carellas in a statement.
The gold trenching results at the deposit included 3.29 grammes of gold per tonne over 23 metres, including 10.13 grammes of gold per tonne over 3.1 metres. Other results included 2.73 grammes per tonne of gold over 9.8 metres, 1.77 grammes of gold per tonne over 26.9 metres, 1.74 grammes of gold per tonne over 23.2 metres and 1.57 grammes per tonne over 21.2 metres.
The copper trenching results included 0.81% copper over 17.2 metres, including 2.63% copper over 3 metres. Other results included 0.59% copper over 19.7 metres, 0.58% copper over 21 metres and 0.54% copper over 10.5 metres.
“We are now building up a strong geological picture of Yacob Dewar which will be important as we move into the technical feasibility study stage,” said Carellas.
Ortac Resources shares were up 9.4% at 0.175 pence early Tuesday, one of the best-performing stocks on the AIM All-Share index.
Ortac Resources Sees More Good Surface Results from Eritrea
By Philip Whiterow,
Andiamo’s trench programme at Yacob Dewar in Eritrea has produced more good gold and copper grades, said Ortac Resources (LON:OTC).
Vassilios Carellas, Ortac’s chief executive, said the results from its associate provided clear evidence Yacob Dewar has potential to be a commercial mine.
“Once more, good gold grades were intersected over decent widths, and encouraging copper grades were intersected adjacent to the gold mineralisation distant from the high-grade copper zone targeted.
“We are now building up a strong geological picture of Yacob Dewar which will be important as we move into the technical feasibility study stage.”
Best gold shows were 3.29 grams per tonne (g/t) over 23m, with a 3m section over 10 g/t, 2.73 g/t over 9.80m and 1.77 g/t over 26.9m.
Copper oxide grades included 0.81% over 17.2m, 0.59% over 19.7m and 0.58% over 21m.
Ortac has so invested US$1.5mln in Andiamo in three tranches for a 25.37% stake with the option to take its stake up to more than 40% through technical and economic work.
Broker Cantor Fitzgerald added that the trenching programme was aimed at covering the previously drilled strike length of the gold mineralisation, which is in excess of 1km, to help define the deposit in three dimensions.
The copper encountered is believed to be associated with the higher grade mineralisation previously reported and is expected by Ortac to form part of the forthcoming classified resource.
With much of the initial phase of fieldwork on the deposit now completed, the company is moving into the technical feasibility study stage over the next 12-18 months, Cantor added.
Buy with a target price of 5.5p, said the broker. Shares rose 11% today to 0.178p.