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Ortac Resources Confirms High-Grade Copper In Eritrea Drilling

Tue, 13th May 2014 12:42

LONDON (Alliance News) - Ortac Resources Ltd Tuesday said the second batch of assay results from drilling at its Yacob Dewar prospect in Eritrea has confirmed high-grade copper in the region and shows good gold results.

The natural resource development company said the second period of drilling, which was carried out by Andiamo Exploration Ltd, found a 1.11% copper region over a 31 metre space from the surface and a region of 0.8% copper over a 30 metre space from the surface.

The company also said that results from trenching for gold included a 24 metre space at 1.84 grams per tonne of gold and a 22 metre space at 1.10 grams per tonne of gold.

"We are encouraged by the second batch of assay results which demonstrate that the copper mineralisation within the core of the deposit, continues to the south and remains strongly mineralised with excellent grades across broad intersections," Chief Executive Vassilios Carellas said in a statement.

In April, the company said it had received its first drill assay results from the Yacob Dewar project, showing 1.32% copper over 42.5 metres from the surface at Drill Hole YDD-043, and 1.38% copper over 53 metres from the surface at Drill Hole YDD-040.

"We look forward to continuing our partnership with Andiamo and await the next tranche of results as work towards the submission of a technical and economic study on Yacob Dewar continues to press ahead," Carellas added.

Ortac Resources shares were up 2.5% to 0.205 pence Tuesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright 2014 Alliance News Limited. All Rights Reserved.

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