JOHANNESBURG (miningweekly.com) – Aim-listed exploration and mine development company Ortac Resources has increased its investment in Casa Mining, the owner of the Akyanga gold resource, in the Democratic Republic of Congo (DRC), to 13%.
Ortac subscribed for 166 667 shares at a price of $0.30 apiece, for a total consideration of $50 000. In addition, for a period of two months, Ortac has the right to subscribe for a further 233 333 shares in Casa at $0.30 a share and to subscribe for any unallocated placing shares from Casa’s current placing.
Meanwhile, a recent review of the Akyanga resource returned a potential resource increase to over 2.3-million ounces, at a 0.5 g/t cutoff grade – up from 1.2-million ounces in the maiden estimation.
Ortac CEO Vassilios Carellas comments that the estimate, although currently not Joint Ore Reserves Committee-compliant, demonstrates the gold resource potential at Casa’s Misisi project.
“The prospect is still open-ended along strike and down dip, which bodes well for Casa's aspirations for the development of this project and offers the potential for further increases in the resource," he adds.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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