By Giles Gwinnett,
ORTAC Resources (LON:OTC) has unveiled encouraging results from trenching work at the Yacob Dewar deposit in Eritrea.
Exploration partner Andiamo carried out the work and the first batch of assays confirmed high grade, near surface, oxide copper mineralisation over a 400m strike length, Ortac said.
The strike is still open to the north and south.
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Highlights included 54 metres at 0.74% copper, including 10 metres at a grade of 3.03% in one surface trench. In another, there was 47 metres at 1.18% copper, including 10.3 metres at 2.55% copper.
Vassilios Carellas, Ortac chief executive, said:
“The assay results from the systematic trenching programme are encouraging and further demonstrate that consistent high-grade oxide copper mineralisation is present in the Yacob Dewar deposit.
“These trench results will allow Andiamo and Ortac to further define the extent of the oxide copper mineralisation.”
“Ortac working with Andiamo are on course to complete a technical study in Q1/Q2 2015.
“This will be submitted to the Department of Mines in the Ministry of Energy and Mines of Eritrea as part of a mining license application and will enable Ortac to fulfil its commitments to Andiamo under the subscription agreement, in a process that is swiftly advancing the development of the Yacob Dewar project.”
Shares rose 2.22% to 0.23p in early deals.
