Business
Update on Inferred Mineral Resources, DRC
Update on Inferred Mineral Resources, DRC.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 19 June 2017 \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n \n19 June 2017\nORTAC RESOURCES LTD \n(\"ORTAC\" OR THE \"COMPANY\")\n \nUpdate on Inferred Mineral Resources at Akyanga Deposit, DRC\n \nInferred Mineral Resources of over 1 Moz of gold at a grade of 2.27 grams per tonne endorses view of commercially viable asset\n \nOrtac Resources Ltd (\"Ortac\"), the AIM listed exploration and mine development company, is pleased to provide an update on its investment in Casa Mining Limited (\"CASA\"), a private company developing the Misisi gold project in the Democratic Republic of the Congo (\"DRC\"), in which, following conversion of the Company's convertible loan note, Ortac will hold an approximate, 45% equity interest.\nHighlights:\n· African Mining Consultants (\"AMC\") have provided an updated JORC-compliant Inferred Mineral Resource of 1,046,000 oz Au at an average grade of 2.27 g/t Au, using a US$1,250/oz gold price and a conservative 1.50 g/t Au cut-off grade;\n· Over 350,000 oz increase in Au Inferred Mineral Resources at a 0.5 g/t Au cut-off grade to 1,573,000 oz Au at an average grade of 1.65 g/t Au;\n· High cut-off grade demonstrates a robust >2g/t Au orebody;\n· Extensions to open-ended mineralisation to be investigated in upcoming drill program.\n \nVassilios Carellas, Ortac's CEO, commented: \n\"This is an extremely positive development for Ortac, as a major shareholder in CASA. This latest Mineral Resource Estimate firmly demonstrates the clear potential to increase the gold mineral resources at the Akyanga Deposit. One of the findings of the independent AMC report that is particularly encouraging is that the average gold grade for the million ounce core at Akyanga has now increased to over 2.20 g/t Au. \nWith the overall resource now reporting at over 1.5 million ounces, and the extensions to the open-ended mineralisation about to be tested by the upcoming drill program, the geology is very much pointing positively towards the view that a commercially viable and recoverable gold asset is about to be proven in what is a free milling orebody.\"\n \nBackground and Rationale\nCASA engaged African...