RNS

RNS Number : 3014D
Ortac Resources Limited
26 April 2017
 

26 April 2017

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

ORTAC RESOURCES LTD

("ORTAC" OR THE "COMPANY")

Commencement of Drill Program - Andiamo, Eritrea

Ortac Resources Ltd, the AIM listed mineral exploration company operating in Europe and Africa today announces that Andiamo Exploration Limited ('Andiamo'), a company in which Ortac holds an 18.48% equity interest, is about to commence a reverse circulation ("RC") drill program at its wholly owned Haykota Exploration License Area in Eritrea.

Vassilios Carellas, Ortac's CEO, commented: "We are very pleased that Andiamo has secured the funds to re-commence drilling these highly prospective targets in their Haykota license area and we look forward to reporting further progress in due course."

 

Background

The proposed RC drill program is designed to test the 'western' targets in the northern part of the license area in what was formerly the JV area with Environminerals East Africa Limited. In addition, the program will also follow up on previous exploration works at Ber Gebey and Yacob Dewar, where activities were prematurely terminated due to the difficult financial markets at the time.

Drilling over a total of 1095 to 1195 metres over 13-14 holes is estimated. Based on drilling rates of 100 m a shift equivalent, it is envisaged the program will take 15-16 days, which includes set-up, dismantle and moves between holes.

Yacob Dewar

Between 3-4 holes have been planned for a total of around 200 m; drilling below trenches YDTR028 (80m @ 0.49% Cu) and YDTR029 (60m @ 0.5% Cu). The aim is to drill underneath the above mentioned trench mineralisation in the 20-30 m vertical depth position.

Ber Gebey

The aim of the drilling at Ber Gebey is to test the potential along strike and down dip continuation of the oxide target zone (both gold and copper). Two holes will test the gold oxide zone (one along strike to the north and one to test the down dip continuity towards the south), and a third to test the copper oxide zone for approximately 170 m in total.   

Zone 1 and 1a

Two VTEM anomalies are located 735 m to the west of Ber Gebey. The exploration target for this area, where two holes for a total of approximately 200 m are planned, is one of two models: (1) these represent the along strike continuation of the Yacob dewar target horizon; or (2) the targets are related to Ber Gebey, but are now folded and faulted and displaced to the west.

Zone 20

This exploration target, where two holes for an approximate total of 220 m are planned, is a laterally continuous, 5-10 m wide zone, represented by ferruginous rocks with gossan stringers and patches (representing weathered sulphide stringers and disseminated sulphide patches). The stratigraphic sequence is similar to Yacob Dewar, and of particular note, to Nevsuns' Ashelli volcanogenic massive sulphide.

Zone 19

This target is the northern extension of Zone 20, approximately 1 km along strike, and in the same geological sequence. The ferruginous zone is commonly 10 m wide, but is thicker towards the northern end. 3 holes are planned, two based on a geophysical anomally that lies down-dip from the ferruginous outcrops and a third hole lower down the hill and drilling down into the fold nose to target the maximum thickness of the target zone. 

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**

For further information please visit www.ortacresources.com  or contact:

 

Ortac Resources Ltd

Vassilios Carellas (CEO)

 

+44 (0) 20 7389 9050

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Lindsay Mair

 

Beaufort Securities (Joint Broker)

Jon Belliss / Elliot Hance

+44 (0) 20 3470 0470

 

 

+44 (0) 20 7382 8300

 

 

Peterhouse Corporate Finance Limited (Joint Broker)

Guy Miller / Lucy Williams

 

 +44 (0) 20 7469 0930

www.pcorpfin.com

 

 

Glossary

 

Au - the chemical symbol for gold.

 

Cu - the chemical symbol for copper.

 

Ferruginous - containing iron oxides

 

Gossan - an iron-containing secondary deposit, largely consisting of oxides and typically yellowish or reddish, occurring above a deposit of a metallic ore.

 

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.

 

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.

 

Trench - a long, narrow excavation dug through overburden, or blasted out of rock, to expose a vein or ore structure.

VTEM - Versatile Time Domain Electro-Magnetics generates currents that diffuse into the earth and, similar to water, always take the path of least resistance. Conductive material absorbs the currents and releases a secondary field that the VTEM system measures. A strong conductor absorbs and releases more or all of the VTEM signal. A weak conductor absorbs and releases some or none of the VTEM signal.

 

 

 

 


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