TIDMOTC
RNS Number : 1897C
Ortac Resources Limited
18 January 2018
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining
& Exploration
18 January 2018
ORTAC RESOURCES LTD
("ORTAC" or the "COMPANY")
Additional Drill Rig to Expedite CASA Programme
Ortac is pleased to announce further encouraging gold assay
results from its Akyanga deposit. The current infill and expansion
drill program continues to confirm the structural and geological
interpretation of the deposit, with over 3,500m drilled to date.
Following a detailed review of the results to date it has been
decided to deploy a third diamond drill rig which should result in
a 30% increase in the amount of meters drilled per month, thereby
reducing the all-in cost for every metre drilled.
Ortac would also like to confirm that following the announcement
made on 12 January 2018, trading of the Company's shares under the
name Arc Minerals Ltd ("Arc Minerals") is expected to commence at
8.00 a.m. on 22 January 2018.
Highlights of the latest batch of drill results are as
follows:
MSDD0119
-- 7.56m @ 4.97 g/t Au from 259.14m
o incl. 0.66m @ 24.77 g/t Au from 259.14m & 0.50m @ 23.13
g/t Au from 263.30m
MSDD0120
-- 3.13m @ 3.13 g/t Au from 200.60m
Nick von Schirnding, Ortac's Executive Chairman, commented:
"I am pleased to announce moves to expand and speed up our
drilling programme at Akyanga. Today's results confirm the downdip
continuity of the mineralisation by a further 100 meters and also
confirm the high grade nature of the deposit which has so far
surpassed our expectations."
Results of diamond core drilling
The results of these 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 MSDD0119
Hole ID From To Length Gold
(m) (g/t)
---------- ------- ------- ------- -------
247.39 248.39 1.00 5.23
---------- ------- ------- ------- -------
259.14 266.70 7.56 4.97
------- ------- ------- -------
259.14 259.80 0.66 24.77
------- ------- ------- -------
MSDD0119
incl.
incl. 263.30 263.80 0.50 23.13
---------- ------- ------- ------- -------
Table 2. Drill Intercepts for Hole MSDD0120
Hole ID From To Length Gold
(m) (g/t)
---------- ------- ------- ------- -------
MSDD0120 200.60 203.90 3.30 3.13
---------- ------- ------- ------- -------
Drill Hole Overview
Diamond drill hole MSDD0119 was collared approximately 100m down
dip of recently announced hole MSDD0118. This hole not only
confirmed the downdip continuity of the mineralisation along this
section (extended by a further 100m down dip), but also the high
grade nature of the mineralisation, as previously referenced to
with hole MSRC0002 (18m @ 4.63g/t Au) on this drill profile.
Diamond drill hole MSDD0120 was collared between existing holes
MSDD0077 and MSDD0079. These existing holes are spaced
approximately 200m apart and MSDD0120 successfully confirmed the +2
g/t Au continuity of the mineralisation between these two holes
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.
**S**
Contacts
Ortac Resources Ltd +44 (0) 20
Nick von Schirnding (Chairman) 3874 8664
SP Angel (Nominated Adviser
& Broker)
Ewan Leggat / Lindsay Mair / +44 (0) 20
Soltan Tagiev 3470 0470
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 the Congo and Zambia.
Ortac's current holdings include:
-- A recently announced, and in the process of completion, offer
to acquire all the outstanding shares in CASA Mining Limited;
-- 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 percent ownership of the Kremnica Mining Licence Area in Slovakia;
-- An 18.48 percent 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
percent 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 (133km(2) ), 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.
Glossary
Assay
the laboratory test conducted to determine the proportion of a
mineral within a rock or other material.
Atomic Absorption Finish (AAS Finish)
the final stage in determining the grade of a sample by a method
that measures the concentration of atoms of an element by passing
light, emitted by a hollow cathode lamp of that element, through a
cloud of atoms from that sample. Only those atoms that are the same
as those in the lamp will absorb the light from the lamp. A
reduction in the amount of light reaching the detector is seen as a
measure of the concentration of that element in the original
sample.
Au
the chemical symbol for gold;
Diamond Drilling
a drilling method in which penetration is achieved through
abrasive cutting by rotation of a diamond encrusted drill bit. This
drilling method enables the collection of tubes of intact rock
(core);
Dip
a line directed down the steepest axis of a planar structure
including a planar ore body or zone of mineralization. The dip has
a measurable direction and inclination from the horizontal;
Fire Assay
fire assaying is the quantitative determination in which a metal
or metals are separated from impurities by fusion processes and
weighed in ordr to determine the amount present in the original
sample;
Grade
the proportion of a mineral within a rock or other material
which for gold is usually measured in g/t;
g/t
grammes per tonne, the quantity of the element expressed as the
number of grammes contained in one tonne of the host rock;
JORC Resource
Resource estimated according to the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves, as published by the Joint Ore Reserves Committee of The
Australasian Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council of Australia;
Indicated Mineral Resource
That part of a Mineral Resource for which tonnage, densities,
shape, physical characteristics, grade and mineral content can be
estimated with a reasonable level of confidence. It is based on
exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill-holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed;
Inferred Mineral Resource
That part of a Mineral Resource for which tonnage, grade and
mineral content can be estimated with a low level of confidence. It
is inferred from geological evidence and assumed but not verified
geological and/or grade continuity. It is based on information
gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill-holes which may be
limited or of uncertain quality and reliability;
m
metre, a unit of length as per the International System of
Units;
Moz
one million troy ounces;
Mineralisation
the process or processes by which a mineral is introduced into a
rock, resulting in a valuable or potentially valuable deposit. It
is a general term, incorporating various types; e.g., fissure
filling, impregnation, and replacement;
oz(s) ounce (Troy ounce)
1 ounce is equal to 31.1034807 grammes;
Pre-feasibility Study
a preliminary study undertaken to determine if it would be
worthwhile to proceed to the feasibility study stage;
Resource (mineral)
a concentration or occurrence of material of intrinsic economic
interest in or on the Earth's crust in such form, quality and
quantity that there are reasonable prospects for eventual economic
extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge. Mineral Resources are sub-divided, in order of
increasing geological confidence, into Inferred, Indicated and
Measured categories;
Reverse Circulation Drilling (RC drilling) - uses rods with
inner and outer tubes, the drill cuttings are returned to surface
inside the rods. The drilling mechanism is a pneumatic
reciprocating piston known as a hammer driving a tungsten-steel
drill bit.
This information is provided by RNS
The company news service from the London Stock Exchange
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