Last checked at 10 Sep 2014 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 2014
10th September 2014
Ortac Resources Ltd
("Ortac" or "the Company")
First Batch of Assay Results from the Yacob Dewar Systematic Trenching Programme
Confirms further High-Grade Oxide Copper Mineralisation
Ortac today announces that it has received copper assay results from the systematic trenching programme recently completed by Andiamo Exploration Ltd ("Andiamo") on the Yacob Dewar deposit located within the Haykota exploration concession area, in Eritrea. These results provide further confirmation of the presence of high grade, near surface, oxide copper mineralization over a 400m strike length, which is still open to the north and south.
Yacob Dewar Trenching Highlights:
· 54.0m @ 0.74% Cu, including 10.0m @ 3.03% Cu, in surface trench YDTR-28;
· 47.0m @ 1.18% Cu, including 10.3m @ 2.55% Cu, in surface trench YDTR-30;
· 52.6m @ 0.83% Cu, including 14.0m @ 2.33% Cu, in surface trench YDTR-25; and
· 80.0m @ 0.54% Cu, including 16.0m @ 1.78% Cu, in surface trench YDTR-26.
Vassilios Carellas,CEO, commented:
"The assay results from the systematic trenching programme are encouraging and further demonstrate that consistent high-grade oxide copper mineralisation is present in the Yacob Dewar deposit. These trench results will allow Andiamo and Ortac to further define the extent of the oxide copper mineralization."
"Ortac working with Andiamo are on course to complete a technical study in Q1/Q2 2015. This will be submitted to the Department of Mines in the Ministry of Energy and Mines of Eritrea as part of a mining license application and will enable Ortac to fulfil its commitments to Andiamo under the subscription agreement, in a process that is swiftly advancing the development of the Yacob Dewar project."
Summary and Full Results
A systematic trenching program has been carried out by Andiamo targeting both the copper and gold mineralisation at this deposit. The first complete batch of results received to date is for the copper oxide mineralisation, which now enables the copper oxide mineralisation intersected by previous drilling to be defined in three dimensions.
These copper trenches are located in the hangingwall (to the west) of the gold mineralisation at Yacob Dewar, spaced approximately 50m apart, cover 400m of strike in the southern part of the deposit and display widths of up to 80m on surface. The gold mineralisation is known to extend for a further kilometre to the north and historical drilling has shown that the copper oxide mineralisation continues to run sub-parallel to the gold mineralisation in the hangingwall to the north.
Some of the highlights of the previous drilling intersected copper oxide mineralisation from surface of 63.0m @ 2.40% Cu; 53.0m @ 1.38% Cu and 42.5m @ 1.32% Cu. These grades and widths are now confirmed by the recently completed surface trenching program to continue all the way to surface.
The most southerly copper trench excavated (YDTR-30) intersected the highest overall grade of mineralisation along a portion of the trench (47.0m @ 1.18% Cu) and at this stage appears to be displaced some 150-200m to the east of the trenches north of it. The mineralisation is open to the south and will require further exploration to determine the extents thereof.
The first batch of samples to be sent for analysis contained channel samples from seven trenches. The full results are presented in the tables below:
Trench YDTR-24
From (m) | To (m) | Interval (m) | Cu % |
26.0 | 96.0 | 70.0 | 0.50 |
Including: | |||
42.0 | 54.0 | 12.0 | 1.10 |
Trench YDTR-25
From (m) | To (m) | Interval (m) | Cu % |
27.4 | 80.0 | 52.6 | 0.83 |
Including: | |||
44.0 | 58.0 | 14.0 | 2.33 |
Trench YDTR-26
From (m) | To (m) | Interval (m) | Cu % |
14.0 | 94.0 | 80.0 | 0.54 |
Including: | |||
48.0 | 64.0 | 16.0 | 1.78 |
Trench YDTR-27
From (m) | To (m) | Interval (m) | Cu % |
14.0 | 84.4 | 70.4 | 0.57 |
Including: | |||
38.0 | 58.6 | 20.6 | 1.23 |
Trench YDTR-28
From (m) | To (m) | Interval (m) | Cu % |
10.0 | 64.0 | 54.0 | 0.74 |
Including: | |||
28.0 | 38.0 | 10.0 | 3.03 |
Trench YDTR-29
From (m) | To (m) | Interval (m) | Cu % |
2.0 | 60.0 | 58.0 | 0.50 |
Including: | |||
14.0 | 16.0 | 2.0 | 1.13 |
38.0 | 50.0 | 12.0 | 1.00 |
Trench YDTR-30
From (m) | To (m) | Interval (m) | Cu % |
44.0 | 61.4 | 17.4 | 0.26 |
87.4 | 135.0 | 47.6 | 1.18 |
Including: | |||
95.7 | 106.0 | 10.3 | 2.55 |
114.8 | 127.0 | 12.2 | 1.68 |
The information in this release is based on information provided by Andiamo Exploration Ltd and compiled on behalf of Ortac by Owen Mihalop. All samples were sent to Intertek Genalysis Laboratories in Perth, Australia for sample preparation and assaying. All sample collection, storage, transport, security, sample preparation and assay methodologies employed by Andiamo have been previously audited by SRK Consulting (UK) Ltd in respect to National Instrument 43-101, as prescribed by the Canadian Exchange Commission, and reported to be compliant as per its guidelines. Mr Mihalop has reviewed the third party data on behalf of Ortac Resources and takes responsibility for the data and geological interpretation. Owen Mihalop (MCSM, BSc (Hons), MSc, MIMMM, CEng) is Technical Director 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) and as a Qualified Person under NI 43-101. Mr Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
ENDS
Glossary
Cu - the chemical symbol for copper.
m - metre, a unit of length as per the International System of Units.
Mineralisation - the process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit. It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement.
Ortac Resources Ltd Vassilios Carellas (CEO)
| +44 (0) 20 7389 9050 |
Cantor Fitzgerald Europe (Nominated Adviser & Broker) Stewart Dickson / Carrie Lun / Jeremy Stephenson
| +44 (0) 20 7894 7000 |
SP Angel (Broker) Ewan Leggat
| +44 (0) 20 3463 2260 |
Loeb Aron & Co. (Broker) John Beresford-Peirse / Anthony Kluk
Yellow Jersey (Media Relations) Dominic Barretto / Kelsey Traynor | +44 (0) 20 7628 1128
+44 (0)7768 537 739 |
Note to Editors
By way of subscription agreement announced early this year, Ortac acquired approximately 25% of the enlarged share capital of Andiamo Exploration Limited ('Andiamo'), a private UK incorporated Eritrean focussed mineral exploration company. Under the terms of this strategic alliance, Ortac has, until December 2015, the right to acquire an additional 21% of Andiamo.
For additional information please visit - www.ortacresources.com.