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UPDATE - Ortac says Eritrea rock chip sampling returns high grade result

Ortac Resources said rock chip sampling of Ber Gebey prospect in Eritrea has returned some high-grade results.

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Shares in Ortac Resources (LON:OTC) rose 5% after it said rock chip sampling of Ber Gebey prospect in Eritrea has returned some high-grade results.

They include one of 23 grams per tonne and others at 7.55 grams, 5.57 grams and 4.46 grams. Silver grades of up to 31.7 grams per tonne were also recorded.

The mineralisation was found in silica-barite rock (SBR), akin to that found at Yacob Dewar deposit just four kilometres away. AIM-listed Ortac and its partner, Andiamo Exploration, have just begun a 1,400 metre drill programme on Yacob Dewar.

Ortac chief executive Vassilios Carellas said: "The results of the mapping and rock chip sampling programme are very encouraging.

“The identification of the SBR in outcrop to the south of Ber Gebey goes a long way to confirming our theory that the mineralised structure at Yacob Dewar extends four kilometres north east, at least as far as Ber Gebey.

“The fact that this newly discovered SBR is also strongly mineralised on surface is a good indication that a significantly mineralised body is present at depth."

The shares rose 0.01p to 0.22p in early trade, valuing the group, which also owns the Šturec Project in central Slovakia, at £5.5mln.

"Work at Ber Gebey is at an early stage but looks promising. We look forward to results of the current drill programme being undertaken at Yacob Dewar," said boutique resources house SP Angel.

Last month Ortac increased its stake in Andiamo to over 18% after investing US$500,000 into the Eritrean gold-copper group. It has a deal with the privately owned firm to acquire up to 27% of its shares in three chunks.

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