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First gold assay results from Akyanga Deposit

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By LSE RNS

RNS Number : 7457S
Ortac Resources Limited
05 October 2017
 

Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration

 

5 October 2017

ORTAC RESOURCES LTD 

("ORTAC" or the "COMPANY")

 

Casa Mining Ltd report first gold assay results from the expansion and infill drill programme at the 1.5 Moz Akyanga deposit

 

Ortac Resources Ltd, the AIM listed exploration and mine development company, is pleased to announce that Casa Mining Ltd ("CASA") in which Ortac holds an effective 45% stake, through its ownership of equity and a convertible loan note in CASA, has reported results from the first two diamond core drill hole assays taken from the expansion and infill drill programme currently underway at the 1.5 Moz Akyanga gold deposit ("Akyanga") in the Democratic Republic of the Congo ("DRC"). While the results for the remainder of this first drilling phase (2,200m) are expected over the coming months, the initial results are extremely encouraging and support the existing geological and structural understanding of the Akyanga gold deposit.

 

Highlights

 

·     Over 1,100 metres of diamond core successfully drilled with six holes completed

·     High grade gold mineralisation identified in the southern zone linked between holes

·     Diamond core hole MSDD0108 intersected 8.10m @ 4.82 g/t Au from 53.5m, incl. 2.2m @ 15.03 g/t Au from 57.40m

·     Initial results further confirm Akyanga as an open-pit resource

 

The first phase is fully funded and part of a 5,000m programme of expansion and infill diamond drilling that is designed to demonstrate the potential for the Akyanga deposit to be classified as a resource of in excess of 2 Moz of gold.

 

The first hole, MSDD0108 has been collared between existing holes MSDD0050, which reported 4.53 g/t Au over 21.9 metres from 58.2 metres down the hole and hole MSDD0001, which reported 4.20 g/t Au over 8m from 13 metres down the hole. MSDD0108 was designed to link the high grade gold mineralisation between these two existing holes that are approximately 120m away from each other.

 

The second hole, MSDD0109 has been collared over 100m down dip of hole MSDD0050, between existing holes MSDD0067, which reported 2.04 g/t Au over 18.3 metres from 73.7m down the hole and hole MSDD0076, which reported 4.20 g/t Au over 10 metres from 126.55 metres down the hole. The existing holes are spaced approximately 200m apart and MSDD0109 was designed to confirm the geological and mineralogical continuity between these two holes.

 

Vassilios Carellas, Ortac's CEO, commented:

 

"Ortac is extremely pleased with these initial and exciting results, in particular hole MSDD0108 which demonstrates that there is a high grade zone grading over 4 g/t Au in the southern part of the deposit, which at the moment has a potential strike length of over 120m. These initial results support the current geological understanding of Akyanga and potentially move Casa closer to proving a 2+ Moz resource. We look forward to reporting further results from this promising phase of the drill programme in due course."

 

 

Background

 

The Company recently announced a strategic review in which it decided to focus exclusively on its high potential, African exploration and mining assets, specifically CASA's gold project and Zamsorts copper/cobalt project, in addition to maximising the value of its other assets and investments. Ortac currently holds shares and a convertible loan note in CASA, which if converted, would give Ortac a  45% stake in the share capital of CASA, a private company focused on developing the Akyanga deposit, a highly prospective section of the Misisi gold project, in the DRC. CASA has commenced with an expansion and infill diamond drill programme (OTC Press Release August 22, 2017), where to date over half of the planned 2,200m first phase has been completed.

 

Results of diamond core drilling

 

The results of the first two diamond core holes for which assays have been received from SGS Laboratory Services in Mwanza, Tanzania are tabulated below.

 

The results are reported for mineralized intersections greater than 3 meters in length, greater than 0.5 g/t Au in grade and allowing for up to 3 meters of internal dilution.

 

Table 1. Drill Intercepts for Hole MSDD0108

 

Hole ID

From

To

Length (m)

Gold (g/t)

 

MSDD0108

18.00

21.00

3.00

1.28

28.80

31.80

3.00

1.22

53.50

61.60

8.10

4.82

MSDD0108 includes

57.40

59.60

2.20

15.03

 

Table 2. Drill Intercepts for Hole MSDD0109

 

Hole ID

From

To

Length (m)

Gold (g/t)

MSDD0109

120.40

125.30

4.90

1.40

 

Quality Assurance/Quality Control (QA/QC)

 

The drilling was conducted using diamond core drilling with samples being collected at one metre intervals and half core sample of approximately 2-4kg was sent to SGS Laboratory Services in Mwanza, Tanzania. The sample was fully pulverized and analyses for gold using a 50g lead collection fire assay and an atomic absorption spectrometry finish to 0.01ppm Au detection limit. Full analytical QA/QC is achieved using a suite of certified standards, laboratory standards, field duplicates, repeats, blanks and grind-size analysis.

 

The spatial location of the samples is derived using GPS collar survey pickups and Reflex single shot downhole surveys taken every 40m down hole.

True widths have not been determined as the level of detail required to calculate accurate true widths is not yet available, as a result down hole widths have been reported instead. However true widths are not expected to differ significantly from the down hole widths reported.

 

Qualified Persons

The information in this announcement that relates to Exploration Targets, Exploration Results and Mineral Resources or Ore Reserves is based on information compiled by Mr Thomas Rogers (BSc. Hons, MSAIMM, MEIZ) of African Mining Consultants (AMC). Mr Rogers has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012).  AMC consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. 

 

The information in this press release is based on information provided by Casa Mining Limited and AMC and compiled on behalf of Ortac by Mr Vassilios Carellas. The drill results have not been independently verified by Ortac Resources Ltd.  Mr Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Executive Officer 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).  Mr Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

 

 

 

**ENDS**

 

Contacts

Ortac Resources Ltd

Vassilios Carellas (CEO)

 

+44 (0) 20 3874 8664

SP Angel (Nominated Adviser & Broker)

Ewan Leggat / Lindsay Mair / Soltan Tagiev

 

Celicourt Communications (PR)

Mark Antelme / Jimmy Lea

+44 (0) 20 3470 0470

 

 

+44 (0) 20 7520 9261

 

 

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

Forward-looking Statements

 

This news release contains forward-looking statements that are based on the Company"s current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

 

About Ortac

 

Ortac Resources Limited is an AIM listed exploration and mine development company focused on a diversified portfolio of mining projects with interests in Slovakia, Eritrea, the Democratic Republic of Congo and Zambia. 

 

Ortac's current holdings include:

·    A convertible loan note in CASA Mining Ltd, which including Ortac's existing stake of 22.2%, takes Ortac shareholding to 45% upon conversion;

·    A 14 percent equity interest in Zamsort Limited, a private company focused on a prospective copper and cobalt licence in Zambia, with the c. 6 percent balance and interest (convertible note) being rolled forward to the end of 2018;

·    100% ownership of the Kremnica Mining Licence Area in Slovakia;

·    An 18.48% interest in Andiamo Exploration Limited, a private company exploring for resources in Eritrea.

 

For more information visit www.ortacresources.com

 

About CASA

 

CASA is a private Mauritian registered company that is the 71.25% owner and operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie.

 

The CASA licence area consists of three contiguous mining licenses (133km2), issued in March 2015 and valid for 30 years. These licenses encompass a 60km strike length of the Tanganyika graben within the Rusizian belt ("Misisi Corridor"), including the Akyanga deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe prospects.

 

The licences have benefited from considerable capital expenditure to date, including regional geophysical surveys completed in 2011, 19,522m of diamond drilling, 2,720m of reverse circulation drilling and excavated 6,274 line metres of trenches.

 

At CASA's most advanced project, the Akyanga deposit, African Mining Consultants ("AMC") in June 2017 reported a mineral resource, within a US$1,250/oz gold selling price optimised pit shell, which defined a 1.05Moz JORC inferred resource @ 2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade envelope of 1.57Moz @ 1.65 g/t Au.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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