logo-loader

Ortac Resources says Casa to start new phase of work at Akyanga gold project

Published: 04:03 15 Dec 2017 EST

gold bars
Akyanga East is said to be one of the most exciting areas

Ortac Resources Ltd (LON:OTC) told investors that a new phase of work is now planned for the Akyanga gold project in the Democratic Republic of the Congo.

It's associate company, Casa Mining, of which it owns  84.7%, has decided on the new initiatives following a review of previous exploration activity and is now looking to expand the project to incorporate structures that run parallel to Akyanga.

READ: Ortac moving closer to full ownership of Casa Mining

Five other areas of interest are also under review, it added.

"Our review of previous exploration has identified a number of targets where gold mineralisation has been intersected via drilling or trenching,” said Nick von Schirnding, Ortac executive chairman.

“Akyanga East is one of the most exciting of these targets and with significant gold mineralisation already identified, we will immediately start a new trenching programme to determine the extent of the gold mineralisation.

WATCH: Ortac Resources very encouraged by latest drilling at Akyanga

He added: “I expect that as we continue to review the data, further mineralisation will be defined confirming the view that the Akyanga Deposit sits central to what could end up being a 55km long, multi-million ounce gold belt as we work towards our target of securing in excess of a 2 million ounce gold resource at Akyanga."

Glencore mine shutdown could prompt a near-term price hike in Cobalt

Mining Capital's Alastair Ford says the closure of Glencore’s Mutanda mine in the DRC comes in response to the collapse in the cobalt price over the last year or so. ''The price went very high in 2017 and then came back down and now it's at the $15/lb level which is where it started its rise...

on 08/16/2019