Potential to increase estimated gold resources to over 2Moz
Ortac Resources Ltd (“Ortac”), the AIM listed exploration and mine development company, is pleased to announce that CASA has commenced exploration drilling operations at the 1.5 Moz Akyanga deposit in the Democratic Republic of the Congo (“DRC”).
CASA Mining Ltd (“CASA”), is a private company focused on developing the Akyanga deposit, a highly prospective section of the Misisi gold project, in the DRC. Ortac currently owns 22.2% of CASA and also has a convertible loan note, which, if exercised, will increase Ortac’s shareholding to approximately 45%.
The current program involves circa 5,000m of diamond drilling, with the first phase of approximately 2,200m – aimed to assess:
· The grade continuity across the current interpreted domains, in particular at the southern end of the deposit;
· The potential for average grades of >2.0 g/t within a conceptual pit shell;
· The potential for tonnages of >2.0 Moz of contained gold within the Akyanga Deposit area;
· Geological controls on the emplacement of gold mineralisation; and
· Future requirements to complete infill drilling for indicated resources.
The first phase of the programme is aimed for completion in October 2017, whereupon Ortac will update the market on progress.
Vassilios Carellas, Ortac’s CEO, commented:
“We are pleased that drilling is underway at Akyanga, as this program has the potential to demonstrate a high grade gold resource in excess of 2.0 Moz and confirm our view that a commercial mining operation on the licence would be economically viable. We look forward to updating our stakeholders on progress and the project’s revised mineral resource.”
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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
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