A third batch of assays from its associate Andiamo’s drilling programme at
the Yacob Dewar copper/ gold prospect in Eritrea has shown economic grades,
according to Ortac Resources (LON:OTC).
Gold grades included 4.14 g/t over 22.4 metres from 21.6 metres down,
including bumper grades over short widths, and 3.60 g/t over 11.3 metres in
another.
The drilling also recorded 1.27% copper over 10.7m in one drill hole.
Vassilios Carellas, Ortac’s chief executive, said: "These results, and
those received to date, continue to demonstrate that the oxide copper and
gold mineralisation intersected at Yacob Dewar is of economic grade.
I am also very pleased that the results to date confirm that both oxide
copper and gold mineralisation is present as predicted by our exploration
model."
The results from the YDD-048 hole were especially encouraging, he said, as
they demonstrate that the high grade gold mineralisation continues from the
surface and is present in areas where previous drilling provided an
inconclusive result.
Ortac has invested US$1mln in Andiamo in two tranches to give it an 18.85%
stake.
House broker SP Angel said: “The grades shown offer good economic potential if
the project proves to have sufficient scale and consistency. The prospect
appears to offer good potential for to host a larger VMS style deposit.”
http://www.proactiveinvestors.co.uk/companies/news/68632/ortac-sees-more-economic-grades-in-eritrea-68632.html
Received on Mon May 19 2014 - 21:33:20 EDT