That broker rating is a joke at 5.5. Seymore Price are embarrassing themselves rating it like that. I watched this get pumped and bumped a few months ago and didn't get anywhere near it. I'm afraid we're all waiting for the next one and I doubt it'll reach a penny.
Beaufort Securities who began coverage of Ortac yesterday :
Ortac Resources (OTC.L, 0.24p) - Speculative Buy
Yesterday, Ortac Resources entered into a contract with Colonnade Mining Group for a 1,400m core drilling programme at the copper-gold project in Eritrea through its strategic partner Andiamo Exploration. The exploration programme would serve to: define copper oxide mineralisation within the top 50m of Yacob Dewar; analyse the scope of gold-bearing silica-barite zone therein; and examine additional silica-barite outcrops at the neighbouring Ber Gebay. Drilling is likely to start in the next two weeks. Besides, geological mapping and geochemical surveys at Yacob Dewar-Ber Gebay area registered further progress. Some key results from Andiamo's previous drilling at Yacob Dewar in 2012 and 2013 include: 9m at 22.47 g/t gold from 8m downhole in borehole YDD-035, 19.9m at 6.16 g/t gold from 28m in borehole YDD-030 and 63m at 2.4% copper from surface in borehole YDD-025.
Our view: Ortac’s strategic partnership with Andiamo seems to have started to bear fruits. For an investment of around US$1.5m, Ortac holds a significant (26.7%) stake in Andiamo, with an opportunity to buy another 21% for US$2m. Andiamo holds an attractive asset base of advanced stage gold-copper exploration projects in Eritrea and its historical drilling performance at Yacob Dewar looks promising. With a strong near term prospect of establishing a mineral resource estimate at the prospect, upbeat progress at the Sturec gold project in Slovakia and the recently raised financial backing of £500,000, we are optimistic about the firm’s future prospects and assign a Speculative Buy.
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