Eritrea: Ortac Resources/Andiamo
Ortac Resources Ltd, the AIM listed exploration and development company, today announces that Andiamo Exploration Limited, a company that it entered into a strategic alliance with on 13 January 2014, has signed a contract with Colonnade Mining Group Ltd for a drilling programme expected to start within the next two weeks.
The diamond core drill programme will target the Yacob Dewar gold and copper discovery and the Ber Gebey mineralised zone, in the Haykota Exploration Licence in Eritrea. The programme will involve approximately 1,400 metres of core drilling.
The objectives of the programme are:
To delineate copper oxide mineralisation which occurs as a flat-lying zone within the top 50m or so at Yacob Dewar
To improve understanding of and extend the high-grade gold-bearing “silica-barite” zone which contains the Yacob Dewar oxide gold resource.
To investigate additional silica-barite outcrops mapped at Ber Gebay, 3km north of Yacob Dewar
In addition to the drilling, a programme of geological mapping and geochemical surveys has been underway in the Yacob Dewar – Ber Gebay area since early February.
Ortac is also pleased to announce selected results from Andiamo’s past drilling at Yacob Dewar during 2012 and 2013, previously reported only to Andiamo’s shareholders. The historic results are available on the Andiamo website. The historic results provide the context for the drilling programme commencing shortly.
Ortac CEO Vassilios Carellas commented, “I look forward with great interest to seeing the results of this drill programme. Andiamo’s past drilling results show the potential of Yacob Dewar. The oxide gold deposit has been investigated in greatest detail and Andiamo’s internal calculations indicate that it can probably be developed as a viable stand-alone project.
Ortac believes that the copper oxide mineralisation may have even better potential, especially in the current markets, and the new drill programme will principally target this zone. Ortac will assist Andiamo to re-interpret the structure and genesis of the copper mineralisation and to establish a mineral resource estimate in the near future. “.
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