Eritrean business news:
By Giles Gwinnett,
ORTAC Resources (LON:OTC) said its exploration partner Andiamo is about to kick off a 1,000m drill programme on the Haykota licence in Eritrea.
It comes after positive trenching results at the Hoba prospect and the diamond drill programme is designed to test VMS style mineralisation in the north of the concession.
Highlight gold results from the trenching included 6 metres at 4.87 g/t (gram per ton) gold at 0.5 g/t of the yellow metal, and 14m at 2.20 g/t.
Copper finds from trenching included a standout 6.13% copper at 5 metres, and 2m at 0.10% copper.
Ortac holds a 25% stake in Andiamo and this exploration is part of an agreement with Environminerals East Africa (EEA).
EEA may earn a 50% interest in discoveries in the northern part of the licence area by spending a total of US$2.0mln by the end of 2015.
Vassillios Carellas, Ortac chief executive, said: “The gold and copper grades intersected from the trenching of the Hoba prospect provide a sound platform for this diamond drilling campaign.
“Meantime Andiamo are edging closer to securing a JORC code compliant resource on Yacob Dewar, this coupled with the promising Hoba prospect means Andiamo are getting a better understanding of the geology at these prospects which bodes well for making similar discoveries in the wider Haykota licence area.”
At the Yacob Dewar deposit, work is progressing well, and a maiden JORC compliant mineral resource estimate is anticipated to be completed during the third quarter.
– Positive results from Hoba prospect trenching and sampling on the Haykota licence area
– 1,000m diamond drill campaign to commence on the Hoba prospect
– Advanced metallurgical testwork undertaken on Yacob Dewar deposit
– Yacob Dewar is being advanced towards JORC compliant maiden resource