Ortac Resources Ltd’s (LON:OTC) Eritrea associate Andiamo Exploration is set to start drilling at its Haykota licence after arranging funding for the programme.
Andiamo will carry out a reverse circulation shallow drill programme at Haykota, which is prospective for copper and gold.
Vassilios Carellas, Ortac's CEO, commented: "We are very pleased that Andiamo has secured the funds to re-commence drilling these highly prospective targets in their Haykota license area and we look forward to reporting further progress in due course."
Ortac holds an 18.48% equity interest in Andiamo, though its holding was diluted in February when private equity group Emerald Ex took a stake.
Shares eased 6% to 3.5p.