LONDON (Alliance News) - Ortac Resources Ltd Monday said a third batch of assay results from its Yacob Dewar project in Eritrea had revealed high-grade oxide copper and gold mineralisation near the surface.
It said the oxide copper drilling highlights include 1.27% copper over 10.7 metres from 38.8 metres down the hole, including 2.66% copper over 4.7 metres from 44.8 metres down the hole.
The gold drilling highlights include 4.14 grammes per tonne gold over 22.4 metres from 21.6 metres down the hole, including 34.43 grammes per tonne gold over 2.0 metres from 34.5 metres down the hole, and 3.60 grammes per tonne gold over 11.3 metres from 25.5 metres down the hole, including 6.05 grammes per tonne gold over 3.0 metres from 30.5 metres down the hole.
"These results, and those received to date, continue to demonstrate that the oxide copper and gold mineralization intersected at Yacob Dewar is of economic grade, which bodes well for a future resource estimate for both the copper and gold and the development of this project," Ortac Chief Executive Vassilios Carellas said in a statement.
"The results from (drill hole) YDD-048 are especially encouraging as they demonstrate that the high grade gold mineralisation, announced in our trenching results published on 13 May 2014, continues from the surface and is present in areas where previous drilling provided an inconclusive result due to poor drill core recoveries," he added.
Ortac Resources shares were down 7.2% at 0.1902 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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