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Ortac Strategic Partner Finds Gold At Ber Gebey In Eritrea

Mon, 14th Apr 2014 07:29

LONDON (Alliance News) - Ortac Resources Ltd Monday said strategic partner Andiamo Exploration Ltd has received the results of a rock chip sampling programme across its Ber Gebey prospect, which showed gold values of up to 23 grammes per tonne.

Ortax, which in January announced plans to acquire 26.7% of mineral exploration company Andiamo through three equal tranche payments for a total of USD1.5 million, said a previously unidentified zone of silica-barite rock returned gold values up to 23 grammes per tonne on surface.

Ber Gebey is located 4km north east of the Yacob Dewar deposit , where Ortac and Andiamo are currently undertaking a 1,400m diamond drill programme to further define the known high-grade copper and gold mineralisation.

Ortax Chief Executive Vassilios Carellas said the results of the mapping and rock chip sampling programme are "very encouraging."

"The identification of the (silica-barite rock) in outcrop to the south of Ber Gebey goes a long way to confirming our theory that the mineralised structure at Yacob Dewar extends 4 kilometres north east, at least as far as Ber Gebey. The fact that this newly discovered SBR is also strongly mineralised on surface is a good indication that a significantly mineralised body is present at depth," Carellas said in a statement.

A series of trenches are now planned in order to further define the mineralised zone, according to Ortac, followed by an initial programme of five diamond drill holes to be undertaken once the drilling at Yacob Dewar has been completed.

Ortac shares were up 10.5% at 0.232 pence early Monday, the fourth biggest gainer on AIM.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright © 2014 Alliance News Limited. All Rights Reserved.

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