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Resources Says Andiamo Signs Contract For Drilling In Eritrea LONDON
(Alliance News) - Ortac Resources Ltd said Monday that Andiamo Exploration
Limited, a ...
3 March, 2014 | 11:27AM
LONDON (Alliance News) - Ortac Resources Ltd said Monday that Andiamo
Exploration Limited, a company that it entered into a strategic alliance
with in January, has signed a contract with Colonnade Mining Group Ltd for
a drilling programme in Eritrea.
The diamond core drill programme is expected to start within the next two
weeks and 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,
said Ortac.
Ortac's alliance with Andiamo commenced January 13, 2014.
The objectives of the programme are to delineate copper oxide
mineralisation which occurs as a flat-lying zone within the top 50 metres
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; and to investigate additional silica-barite outcrops mapped at
Ber Gebay, three kilometres north of Yacob Dewar.
As well as the drilling project. a programme of geological mapping and
geochemical surveys has been underway in the Yacob Dewar - Ber Gebay area
since early February, said Ortac.
Ortac CEO Vassilios Carellas said, "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."
Shares in Ortac were up trading up 1.9% at 0.2395 pence per share Monday
morning.
By Alice Attwood; aliceattwood_at_alliancenews.com; _at_AliceAtAlliance
Copyright © 2014 Alliance News Limited. All Rights Reserved.
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Received on Mon Mar 03 2014 - 11:40:33 EST