Last checked at 15 Dec 2017 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
15 December 2017
ORTAC RESOURCES
("ORTAC" or the "COMPANY")
Extensions to Akyanga Deposit Identified
Ortac Resources Ltd is pleased to announce that Casa Mining Ltd ("CASA"), in which Ortac currently holds an effective 84.7% economic stake, reports that it has this week completed a review of previous exploration activity in the Akyanga license area ("Akyanga"). The review identified significant additional intersected gold mineralization at Akyanga East, a parallel structure only 400m from the known gold resource at Akyanga. As a result, it was decided to commence additional work programmes to incorporate parallel extensions to Akyanga, as part of the existing drill programme. Another five target areas are also currently under review.
Highlights from the diamond drilling at Akyanga East include:
· MSDD0059 - from 49.20m; 5.05m @ 5.93 g/t Au
· MSDD0064 - from 65.70m; 11.10m @ 1.68 g/t Au
- from 103.30m; 7.90m @ 4.97 g/t Au
· MSDD0093 - from 46.00m; 9.00m @ 2.84 g/t Au
Nick von Schirnding, Ortac's Executive Chairman, commented:
"Our review of previous exploration has identified a number of targets where gold mineralisation has been intersected via drilling or trenching. Akyanga East is one of the most exciting of these targets and with significant gold mineralisation already identified, we will immediately start a new trenching programme to determine the extent of the gold mineralisation.
I expect that as we continue to review the data, further mineralisation will be defined confirming the view that the Akyanga Deposit sits central to what could end up being a 55km long, multi-million ounce gold belt as we work towards our target of securing in excess of a 2 million ounce gold resource at Akyanga."
Background
CASA initially commenced exploration activity at the Akyanga Deposit and subsequently on the rest of their license area. The exploration activity comprised geological mapping, soil sampling, regional geophysical surveys and trenching, culminating in a series of drilling campaigns over the prospective areas identified at the time.
In 2012 and 2013, CASA drilled 1,650m and 13 diamond drill holes at Akyanga East, a parallel structure hosting gold mineralisation several hundred metres to the east of the Akyanga Deposit and which has been tested for over 2.5km of strike extent.
Following the open offer to the shareholders of CASA, the executive team shifted its focus and work to better understand the rest of the license area, which hosts a 55km long gold belt where significant grades of gold have already been identified in previous exploratory campaigns.
The Akyanga East prospect is located several hundred metres to the east of the Akyanga Deposit and has been targeted by wide spaced exploratory activities (trenching and diamond drilling), for over 2.5km.
Summary of Previous Drilling Results
Casa carried out two drilling campaigns (2011 & 2013) at Akyanga East, completing thirteen diamond drill holes for a total 1,650m.
More notable intercepts from these drilling campaigns tabulated below.
Table 1.
Hole ID | From (m) | To (m) | Interval (m) | Au Grade (g/t) |
MSDD0036 | 20.40 | 23.80 | 3.40 | 1.06 |
MSDD0059 | 49.20 | 54.25 | 5.05 | 5.93 |
71.60 | 73.60 | 2.00 | 5.57 | |
MSDD0064 | 65.70 | 76.80 | 11.10 | 1.68 |
103.30 | 111.20 | 7.90 | 4.97 | |
MSDD0089 | 82.00 | 86.00 | 4.00 | 1.32 |
106.50 | 109.00 | 2.50 | 6.45 | |
MSDD0090 | 54.50 | 67.80 | 13.30 | 1.33 |
MSDD0091 | 94.00 | 100.00 | 6.00 | 1.40 |
106.85 | 109.40 | 2.55 | 1.38 | |
MSDD0093 | 46.00 | 55.00 | 9.00 | 2.84 |
MSDD0094 | 79.20 | 83.40 | 4.20 | 1.65 |
* The results tabulated above are for mineralised intersections greater than 2 meters in length, greater than 0.5 g/t Au in grade and allowing for up to 3 meters of internal dilution.
Quality Assurance/Quality Control (QA/QC)
Half-sawn core is sent directly to the preparation facility at the ALS Minerals ("ALS") facilities in Mwanza, in Tanzania and subsequently to ALS in Vancouver and Johannesburg for analysis. Owing to slow sample turnaround time, samples from drillhole MSDD0084 to current drilling at Akyanga were, following fresh accreditation of the laboratory, submitted to SGS Mwanza. The ALS Vancouver analytical facility is ISO 9001:2008 accredited and has received accreditation to ISO/IEC 17025:2005 from the Standards Council of Canada (SCC). The ALS Johannesburg laboratory is ISO/IEC 17025:2005 accredited for sample preparation and analysis.
Drill core, rock and trench samples are analysed as 50 g aliquots by fire assay with an Atomic Absorption Spectroscopy ("AAS") finish. The lower detection limit is 0.01 g/t Au. Samples have to date been assayed only for gold.
All QC data are registered in the Laboratory Information Management System ("LIMS") system and assay results have been returned to CASA in electronic format and loaded into the sample database with the batch number and date of assay recorded after review by CASA personnel for QAQC.
The spatial locations of the samples are derived using GPS collar survey pickups and Reflex single shot downhole surveys taken every 25m down hole.
Qualified Persons
The information in this press release is based on information provided by CASA Mining Limited and compiled on behalf of Ortac by Mr Vassilios Carellas. Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Operating Officer for Ortac Resources Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012). Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
Contacts
Ortac Resources Ltd Nick von Schirnding (Chairman)
| +44 (0) 20 3874 8664 |
SP Angel (Nominated Adviser & Broker) Ewan Leggat / Lindsay Mair / Soltan Tagiev
Celicourt Communications (PR) Mark Antelme / Jimmy Lea | +44 (0) 20 3470 0470
+44 (0) 20 7520 9261
|
Forward-looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
About Ortac
Ortac Resources Limited is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of the Congo and Zambia.
Ortac's current holdings include:
· A recently announced, and in the process of completion, offer to acquire all the outstanding shares in CASA Mining Limited;
· A 14 percent equity interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in Zambia, with the c. 6 percent balance and interest (convertible note) being rolled forward to the end of 2018;
· 100 percent ownership of the Kremnica Mining Licence Area in Slovakia;
· An 18.48 percent interest in Andiamo Exploration Limited, a private company exploring for resources in Eritrea.
For more information visit www.ortacresources.com
About CASA
CASA is a private Mauritian registered company that is the 71.25 percent owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie.
The CASA licence area consists of three contiguous mining licenses (133km2), issued in March 2015 and valid for 30 years. These licenses encompass a 60km strike length of the Tanganyika graben within the Rusizian belt ("Misisi Corridor"), including the Akyanga Deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe prospects.
The licences have benefited from considerable capital expenditure to date, including regional geophysical surveys completed in 2011, 19,522m of diamond drilling, 2,720m of reverse circulation drilling and excavated 6,274 line metres of trenches.
At CASA's most advanced project, the Akyanga Deposit, African Mining Consultants ("AMC") in June 2017 reported a mineral resource, within a US$1,250/oz gold selling price optimised pit shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade envelope of 1.57Moz @ 1.65 g/t Au.