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Ortac Resources confident of finding VMS at Hoba

Published: 10:17 24 Sep 2015 BST

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A partner of Andiamo, Environminerals East Africa, is exploring Hoba.

Ortac Resources (LON:OTC) is confident drilling work by its partner in Eritrea will confirm at least one new VMS style mineralisation system.

“We await full results from both the work at Yacob Dewar and Hoba, but it can be said that at Hoba it appears a new VMS system has been confirmed.” 

Ortac owns 25% of Andiamo Exploration and the pair are working to establish a maiden JORC code compliant resource estimate at the Yacob Dewar gold deposit in Eritrea.

Elsewhere a partner of Andiamo, Environminerals East Africa, is exploring Hoba in the north of its Haykota licence, targeting an area 20 km to the southwest of a recent discovery.

EEA can earn 50% interest in discoveries by spending a total of US$2 mln by the end of 2015.

Ortac has also re-worked its numbers on the Sturec prospect in Slovakia, which has reduced estimated pre-production costs to US$115mln from US$121.5mln, life of mine capex to US$142.4mln from US$146.1mln and cash operating costs to US$530 from US$544 per ounce.

Sturec is being held up by local community objections to the mine re-opening.

For the year to March, Ortac posted a pre-tax loss of £1.33mln (2014: £1.77mln). Cast at the period end was £498,000.

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