http://www.proactiveinvestors.co.uk/companies/news/67973/ortac-resources-encouraged-by-yacob-dewar-drilling-results-67973.html
Ortac Resources encouraged by Yacob Dewar drilling results
By John Harrington April 28 2014, 8:41am Andiamo has received assays for
two drill holes from its 1,500m drill programme at its Yacob Dewar
copper-gold project, Eritrea
Ortac (LON:OTC) shares were on the rise Monday morning after the company
announced drill results from the Yacob Dewar, Eritrean Copper-Gold project.
AIM-listed Ortac and its partner, Andiamo Exploration, have begun a 1,400
metre drill programme on Yacob Dewar in Eritrea, and the latest drill
results include 1.38% copper over 53 metres from the surface and 1.32% over
42.5 metres from surface.
"These initial results are extremely encouraging and support our revised
geological interpretation: namely that the copper mineralisation
intersected by Andiamo's previous drill programmes continues to the south
with excellent grades across broad intersections," said Vassilios Carellas,
Ortac's chief executive officer (CEO).
"These initial good results also come at a time when our Šturec gold
project in Slovakia is set to enter an important phase that will serve to
shape our next stage of its development," the CEO added.
Ortac has now completed payment of the third and final tranche of
US$500,000 under the conditional subscription agreement with Andiamo,
taking Ortac's stake in its partner up to 25.37%.
On completion of a technical and economic assessment (expected by 30 June
2015), Ortac will have the right to subscribe for a further 10mln shares of
Andiamo at US.20 per ordinary share that would take its shareholding in
Andiamo to more than 40% of the latter's enlarged share capital.
"We look forward to continuing our partnership with Andiamo and to
receiving the remaining assay results from this initial drill programme,
which our investment in Andiamo has funded and where our strategy to
advance both our Eritrean and Slovakian investments serve to help broaden
our potential investment returns for shareholders," Carellas said.
Shares in Ortac were up 2.3% at 0.22p in the first hour of trading.
Received on Mon Apr 28 2014 - 09:40:12 EDT