http://www.proactiveinvestors.co.uk/companies/news/73463/ortac-resources-sees-more-good-surface-results-from-eritrea-73463.html
UPDATE - Ortac Resources sees more good surface results from Eritrea
By Philip Whiterow
<
http://www.proactiveinvestors.co.uk/pages/the_team#Philip%20Whiterow/>
October 21 2014, 2:03pm Best gold shows were 3.29 g/t of gold over 23m,
with a 3m section over 10 g/t,Best gold shows were 3.29 g/t of gold over
23m, with a 3m section over 10 g/t,
*-- adds broker commetns, share price--*
Andiamo's trench programme at Yacob Dewar in Eritrea has produced more
good gold and copper grades, said Ortac Resources
<
http://www.proactiveinvestors.co.uk/companies/overview/9241/Ortac+Resources>
(LON:OTC
<
http://www.proactiveinvestors.co.uk/companies/overview/9241/ortac-resources-9241.html>).
Vassilios Carellas, Ortac's chief executive, said the results from its
associate provided clear evidence Yacob Dewar has potential to be a
commercial mine.
"Once more, good gold grades were intersected over decent widths, and
encouraging copper grades were intersected adjacent to the gold
mineralisation distant from the high-grade copper zone targeted.
"We are now building up a strong geological picture of Yacob Dewar which
will be important as we move into the technical feasibility study stage."
Best gold shows were 3.29 grams per tonne (g/t) over 23m, with a 3m
section over 10 g/t, 2.73 g/t over 9.80m and 1.77 g/t over 26.9m.
Copper oxide grades included 0.81% over 17.2m, 0.59% over 19.7m and
0.58% over 21m.
Ortac has so invested US$1.5mln in Andiamo in three tranches for a
25.37% stake with the option to take its stake up to more than 40%
through technical and economic work.
Broker Cantor Fitzgerald added that the trenching programme was aimed at
covering the previously drilled strike length of the gold
mineralisation, which is in excess of 1km, to help define the deposit in
three dimensions.
The copper encountered is believed to be associated with the higher
grade mineralisation previously reported and is expected by Ortac to
form part of the forthcoming classified resource.
With much of the initial phase of fieldwork on the deposit now
completed, the company is moving into the technical feasibility study
stage over the next 12-18 months, Cantor added.
Buy with a target price of 5.5p, said the broker. Shares rose 11% today
to 0.178p.
Received on Tue Oct 21 2014 - 19:29:04 EDT