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UPDATE - Ortac Resources reveals encouraging exploration results from Eritrea

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Ortac Resources (LON:OTC) has revealed encouraging assay results from drilling and trenching at the Yacob Dewar prospect in Eritrea.

The findings confirm that high grade copper exists to the base of oxidation within the core zone of the known mineralisation, the company said.

In a drill hole, mineralisation with 1.11% copper was encountered from surface, whilst gold grades of 1.84 grams per tonne across 24 metres were observed via surface trenching. 

Overall trenching unearthed gold grades up to 4.38 grams per tonne.

Ortac chief executive Vassilios Carellas described the exploration results as ‘excellent’.

"We are encouraged by the second batch of assay results which demonstrate that the copper mineralisation within the core of the deposit, continues to the south and remains strongly mineralised with excellent grades across broad intersections,” Carellas said.

"We have now begun to define the eastern and western extents of the mineralisation where the core of the deposit remains open to the north and south.

“The trench results at both Yacob Dewar and Ber Gebey are significant and encouraging.”

Cantor Fitgerald's mining analyst Asa Bridle rates Ortac shares a 'buy' and said: "Results from the Eritrean exploration project continue to be highly encouraging for both near surface copper and gold mineralisation."

He said that with more results to come, the broker was repeating its 'buy' stance and target price of 5.5p.

Shares advanced on Tuesday following the news and are up 5% to 0.21p.

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