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Ortac Energy Confirms High Grade Gold, Copper Mineralisation In Eritrea

Tue, 21st Oct 2014 07:29

LONDON (Alliance News) - Ortac Energy Ltd Tuesday said it has recieved 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.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2014 Alliance News Limited. All Rights Reserved.

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