“We are encouraged by the second batch of assay results which demonstrate that the copper mineralisation within the core of the deposit, continues to the south and remains strongly mineralised with excellent grades across broad intersections,” – CEO Vassilios Carellas
By Tom McIvor,
ORTAC Resources Ltd today said the second batch of assay results from drilling at its Yacob Dewar prospect in Eritrea has confirmed high-grade copper in the region and shows good gold results.
The natural resource development company said the second period of drilling, which was carried out by Andiamo Exploration Ltd, found a 1.11% copper region over a 31 metre space from the surface and a region of 0.8% copper over a 30 metre space from the surface.
The company also said that results from trenching for gold included a 24 metre space at 1.84 grams per tonne of gold and a 22 metre space at 1.10 grams per tonne of gold.
“We are encouraged by the second batch of assay results which demonstrate that the copper mineralisation within the core of the deposit, continues to the south and remains strongly mineralised with excellent grades across broad intersections,” Chief Executive Vassilios Carellas said in a statement.
In April, the company said it had received its first drill assay results from the Yacob Dewar project, showing 1.32% copper over 42.5 metres from the surface at Drill Hole YDD-043, and 1.38% copper over 53 metres from the surface at Drill Hole YDD-040.
“We look forward to continuing our partnership with Andiamo and await the next tranche of results as work towards the submission of a technical and economic study on Yacob Dewar continues to press ahead,” Carellas added.
Ortac Resources shares were up 2.5% to 0.205 pence Tuesday.
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UPDATE – Ortac Resources Reveals Encouraging Exploration Results from Eritrea
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By Jamie Ashcroft,
ORTAC Resources (LON:OTC) has revealed encouraging assay results from drilling and trenching at the Yacob Dewar prospect in Eritrea.
The findings confirm that high grade copper exists to the base of oxidation within the core zone of the known mineralisation, the company said.
In a drill hole, mineralisation with 1.11% copper was encountered from surface, whilst gold grades of 1.84 grams per tonne across 24 metres were observed via surface trenching.
Overall trenching unearthed gold grades up to 4.38 grams per tonne.
Ortac chief executive Vassilios Carellas described the exploration results as ‘excellent’.
“We are encouraged by the second batch of assay results which demonstrate that the copper mineralisation within the core of the deposit, continues to the south and remains strongly mineralised with excellent grades across broad intersections,” Carellas said.
“We have now begun to define the eastern and western extents of the mineralisation where the core of the deposit remains open to the north and south.
“The trench results at both Yacob Dewar and Ber Gebey are significant and encouraging.”
Cantor Fitgerald’s mining analyst Asa Bridle rates Ortac shares a ‘buy’ and said: “Results from the Eritrean exploration project continue to be highly encouraging for both near surface copper and gold mineralisation.”
He said that with more results to come, the broker was repeating its ‘buy’ stance and target price of 5.5p.
Shares advanced on Tuesday following the news and are up 5% to 0.21p.
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