http://www.proactiveinvestors.co.uk/companies/news/122677/ortac-resources-says-vms-deposit-confirmed-at-hoba-122677.html
Ortac Resources says VMS deposit confirmed at Hoba
18 Feb 2016
Ortac Resources said a VMS (volcanogenic massive sulfide) deposit had been confirmed at the Hoba prospect....
Ortac Resources (LON:OTC) said a VMS (volcanogenic massive sulfide) deposit had been confirmed at the Hoba prospect in Eritrea following a 2,000 metre drilling programme there and also unveiled a maiden JORC resource for Yacob Dewar.
The firm is partnered with Andiamo Exploration, in which it has a 25% stake, which today provided an update on the 253 sq km Haykota exploration license area in the African country.
The massive sulphide intersections at Hoba showed very high concentrations of sulphur and iron, which support this being a typical massive sulphide lens, said Ortac.
One hole showed an intersection of 14.6 metres at 1.1% copper.
Meanwhile, at the Yacob Dewar deposit, Denny Jones has produced a JORC resource showing 80,000 ounces of gold in the indicated category at 2.82g/t from 880,000 tonnes and 5,200 tonnes of indicated copper at 0.37% of the red metal from 1.4mln tonnes.
Vassilios Carellas, Ortac's chief executive, said today: "These results from the northern part of the license offer further encouragement that another VMS system is present in this part of the license area, and that it follows a trend where other economic VMS deposits have already been discovered and have started, or are in the process of starting, the production phase.
"At only 20km from Ashelli, the Hoba VMS system follows same geological sequence as the recent VMS discovery at by Bisha Mining Share Company. Furthermore, the maiden JORC resource at Yacob Dewar provides a solid platform from which to explore and develop further resources in the southern part of the license area."
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ORTAC RESOURCES LTD
Update on Andiamo Exploration Ltd's Operations in Eritrea
http://www.ortacresources.com/rns-detail?id=13312141
Received on Thu Feb 18 2016 - 07:16:38 EST