RNS

RNS Number : 7828X
Ortac Resources Limited
29 November 2017
 

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

 

29 November 2017

ORTAC RESOURCES LTD 

("ORTAC" or the "COMPANY")

 

Ortac Intersects Further Significant Mineralisation at its CASA Mining project

 

Ortac Resources Ltd is pleased to announce further significant new gold assay results from the expansion and infill drill programme currently underway at its Akyanga gold deposit ("Akyanga") part of the large-scale Casa gold project, in the Democratic Republic of the Congo ("DRC"). Highlights of the latest batch of drill results received can be found below:

 

MSDD0115         

 

·     8.70m @ 3.90 g/t Au from 98.40m; incl. 2.80m @ 10.62 g/t Au from 100.20m

 

·     27.50m @ 2.86 g/t Au from 110.60m

 

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

 

"It is encouraging to see that the expansion and exploration drilling continues to intersect substantial thicknesses of mineralisation at grades of well over 2 g/t of gold.  The results of this drilling will continue to fill the gaps in the current resource model and improve our geological understanding of the Akyanga deposit.

With the acquisition of CASA Mining Limited well underway, our executive team has shifted its focus and work in the DRC to better understand the rest of the large-scale project.  Our gold belt licence extends to over 55km's where significant grades of gold have already been identified in previous drilling and trenching activities, which we are currently reviewing.  We continue to see significant upside potential to build a gold resource beyond our initial 2 million ounce target."

 

Drill Results Summary

 

With the 2,200m first phase now complete and the second phase 2,800m drill program underway, the Company has completed eleven drill holes.

 

The results for the latest drill holes, MSDD0114 and MSDD0115, indicate significant gold mineralisation intersected in MSDD0115. MSDD0115 is approximately 100m to the north of a previously drilled hole, MSDD0058, which reported 13.2m @ 4.33 g/t Au from 124.2m. 

 

Table 1. Latest Drill Intercepts*

 

Hole ID

From (m)

To (m)

Interval (m)

Au Grade (g/t)

 

MSDD0114

131.80

133.80

2.00

0.57

221.60

224.50

2.90

1.31

229.70

235.00

5.30

0.66

 

 

MSDD0115

8.90

13.80

4.90

1.32

98.40

107.10

8.70

3.90

incl. 100.20

103.00

2.80

10.62

110.60

138.10

27.50

2.86

143.20

145.14

1.94

1.60

 

 

* The results tabulated above are for mineralised intersections greater than 2 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 holes MSDD0114 and MSDD0115 were both drilled in the central part of the deposit. Hole MSDD0114 was designed to test the down dip extent of the mineralisation at depth, with MSDD0115 testing the up-dip extent of the mineralisation along strike and approximately 100m to the north of hole MSDD0058 (which reported 13.2m @ 4.33 g/t Au from 124.2m).  

 

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 has recently announced and is in the process of completing an offer to acquire all the outstanding shares in CASA Mining Limited, a private company focused on developing the Akyanga Deposit, one of several potential resources within the Misisi gold project, in the DRC.

 

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 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.

 

 

 

 


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