Mining group Ortac Resources Ltd (LON:OTC) has further increased its holding in DRC-focused gold explorer Casa Mining and now holds 22.80% of the private firm.
It bought a further 100,000 shares in the latter through a private placement at US$0.50 per share.
Ortac chief executive Vassilios Carellas said: The placing is part of a slightly larger placing that CASA have completed that will enable the company to complete further technical work on their flagship Misisi gold project where they are targeting a 3 million ounce gold resource and where funds raised from this current placing will be used to finalise drill selection targets in advance of a planned drilling programme later this year."
CASA owns 71.25% of the Misisi gold project in South Kivu, eastern DRC, around 350km south of Bukavu and 180km north of Kalemie and that includes the Akyanga deposit along with the Lubitchako, Tulongwe, Kilombwe and Mutshobwe targets.
