The estimated capital cost for the plant and assay laboratory is $3.51 million with expected operating costs of $12.14/t. Stage 1 recovery is estimated to be between 40% and 50% but could be higher depending on head grade and plant efficiencies.
The total capital cost for Stage 1 is currently expected to be circa $7.3 million with $15 million estimated for Stage 2, subject to confirmation of technical parameters during Stage 1 operations. Work required in advance of Stage 2 is estimated to cost an additional $4.0 million.
Exploratory and Infill Drill Program
CASA has spent approx. $30 million over the last six years on exploration, related studies and logistical development on its licenses in the DRC. As a result of the success achieved by these exploratory works, CASA was in 2015 awarded a 133km2 mining license over the Akyanga deposit and a 60km long mineralised corridor where CASA is exploring further gold bearing anomalies.
CASA has initiated preparatory plans to carry out an infill drill program over a portion of the Akyanga deposit where the first couple of years' production is proposed to be mined, along with targeting the known prospects where there is a higher possibility of adding additional resources to the current resource base.
About Casa Mining Limited
CASA is a private, Mauritian registered company that is the 71.25% owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC and is approximately 350km south of Bukavu and 180km north of Kalemie.
The CASA licence holdings consist of three contiguous mining licenses (133km2), issued in March 2015 and valid for 30 years. These licenses, which encompass a 60km strike length of the Tanganyika graben within the Rusizian belt ("Misisi Corridor"), include the Akyanga deposit along with the Lu*****ako, Tulongwe, Kilombwe and Mutshobwe prospects (targets).
In addition to the regional geophysical surveys completed over these license areas in 2011, CASA has carried out, 19,522m of diamond drilling, 2,720m of reverse circulation drilling and excavated 6,274 line metres of trenches on its license area.
At CASA's most advanced project, the Akyanga deposit, SRK has reported a Mineral Resource within a US$1,200/oz gold selling price and 0.5 g/t Au cut-off grade optimised pit shell, which comprises an Inferred oxide gold Mineral Resource of 5.5 Mt at a grade of 1.5 g/t Au for approximately 272 koz of contained metal. SRK has further reported an Inferred transition gold Mineral Resource of 16.2 Mt at a grade of 1.8 g/t Au for approximately 927 koz of contained metal.
In 2014, MDM Engineering Projects Ltd ("MDM"), in conjunction with SRK Consulting UK Limited ("SRK"), completed a scoping feasibility study for the Akyanga deposit resulting in an ungeared NPV (8% discount) and IRR of US$171m and 35% respectively at a US$1,300/oz gold price. This assumes a contract mining scenario with an initial capital cost estimate of US$
Update on investment into Casa Mining Limited, DRC
Ortac Resources Ltd ("Ortac"), the AIM listed exploration and mine development company, is pleased to provide an update on Casa Mining Limited ("CASA"), a private company in which Ortac holds a 12% interest. CASA holds prospective gold mining and exploration licenses in the Democratic Republic of Congo ("DRC").
· CASA has received an updated scoping level study on a Stage 1 gravity process plant for the Akyanga gold deposit and commenced a further study for a Stage 2 carbon-in-leach ("CIL") expansion phase.
· Estimated initial CAPEX of $7.3 million with operating costs estimated at $12.14/t.
· CASA is preparing plans to further increase and improve the confidence levels of the existing 1.2m oz JORC compliant inferred resource base.
Vassilios Carellas, Ortac's CEO, commented: "Since our initial investment earlier this year, CASA has achieved its aim to investigate the potential commencement of production at Akyanga at a reduced rate and significantly reduced cost, with a view to rapidly expanding operations thereafter.
The results of this initial investigation are extremely encouraging and provide further support for capitalising on the project's potential in this manner. Over the next few months, CASA intends to complete a further study on Stage 2, which I expect will demonstrate further the robustness of this approach."
Scoping Level Study - Stage 1 & 2
Over the past year, and following the completion of the Scoping Feasibility Study in 2014 by MDM Engineering ("MDM") and SRK Consulting (UK) ("SRK"), CASA has focused its efforts on optimising the development of the Akyanga deposit in stages, with an initial smaller production rate and an associated lower capital cost. Based on the results of a revised metallurgical testwork program in 2015, MDM and SRK were commissioned in early 2016 to update the 2014 MDM study with gravity-only processing to treat Akyanga ore.
CASA plans to start gravity-only production (250,000 t/yr) - referred to as Stage 1 - and rapidly expand gold production thereafter to 960,000 t/yr (Stage 2) once successful commissioning and technical parameters of Stage 1 have been established. The introduction of CIL is expected to increase gold recoveries to over 90% and will form an integral part of the Stage 2 expansion plan. Mining is proposed to be carried out by a contractor with experience in the DRC.
The estimated capital cost for the plant and assay laboratory is $3.51 million with expected operating costs of $1
What the hell is going on with this lot.no official news what so ever for a very long period. I guess that it's probable that nothing is going on. Otc are so crap at communicating with its Long long suffering shareholders . But vey quick to tell us they need more money which I guess will be real soon!!! **** company.
If not already aware of it, someone on one of the other forums pointed out that more vague information on OTC's (lack of) activity can be found on Twitter: https://twitter.com/OrtacResources Includes additional photos of Zambia not published on their website. Seems like they mayhave their priorities wrong...
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