Ortac partner kicks off Eritrea drilling programme By Ian
Lyall<
http://www.proactiveinvestors.co.uk/pages/the_team#Ian%20Lyall/>
March 12 2014, 7:51am [image:
Ortac partner kicks off Eritrea drilling programme]
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>)
said partner Andiamo Exploration has commenced diamond core drilling at the
Yacob Dewar gold and copper exploration project in Eritrea.
The 1,400 metre programme will mainly target the shallow copper oxide
mineralisation and help define a JORC-compliant resource, though some of
the holes will assess high-grade gold mineralisation.
Ortac chief executive<
http://www.proactiveinvestors.co.uk/companies/news/66589/ortac-partner-kicks-off-eritrea-drilling-programme-66589.html#>Vassilios
Carellas said: "We are very pleased that Andiamo has mobilised so
quickly and that the drill programme is now underway. We look forward to
reporting further progress and drill results in due course."
Ortac' partner Andiamo is a private UK
company<
http://www.proactiveinvestors.co.uk/companies/news/66589/ortac-partner-kicks-off-eritrea-drilling-programme-66589.html#>,
which holds advanced stage, large scale gold-copper exploration projects in
Eritrea.
Under the terms of the deal, Ortac will invest US$1.5mln to acquire an
initial 26.7% stake, with an option to increase its holding by 21% for a
further investment of US$2mln.
Results from previous drilling on the Yacob Dewar copper oxide
mineralisation included 11 metres (m) at 2% copper from 18.5m and 7m at
1.9% copper from 17m, it highlighted.
Meanwhile, results from previous drilling at the gold oxide mineralisation
included 9m at 22.47g/t gold from 8m, 19.9m at 6.16g/t gold from 28m and
16m at 10.8g/t gold from 6m.
Received on Wed Mar 12 2014 - 08:58:10 EDT