- Andiamo Exploration Limited, a private company with high-grade gold-copper exploration projects in Eritrea.
- Zamsort Limited, a private company with copper licences in Zambia.
- Casa Mining Limited, a private company with gold assets in the DRC
The Company has a current JORC Code (2004) compliant Mineral Resource of
1.32 million ounces of gold equivalent from its Sturec Project located in central Slovakia.
In April 2013 it released its Pre-Feasibility Study (“PFS”)from SRK Exploration ltd which had
estimates of 873koz Au eq of recoverable metal in Proven and Probable Ore Reserves.
Andiamo Exploration Limited
In January 2014, Ortac entered into a subscription agreement to acquire up to 26.7% of the
enlarged share capital of Andiamo Exploration Limited. Owing to take up of subscription
rights by existing shareholders Ortac’s stake was reduced to 25.37%. Its main focus is the
Yacob Dewar deposit located in Eritrea.
Andiamo have declared a maiden JORC resource at Yacob Dewar of 85 koz Au and 20t of Cu
and are now in the process of looking for potential partners to develop this asset. In
addition to this, Andiamo in conjunction with its JV partner have commenced extensive
exploration activities in the northern part of the Haykota license that have identified a VMS
system at the Hoba target.
In March 2015, Ortac entered into a Secured Convertible Loan Note and a Call Option
Agreement with Zamsort Limited, a private company located in Zambia. Under the terms of
these agreements, an initial subscription by Ortac of US$600,000 Secured Convertible 8%
Loan Notes will provide Ortac with a non-dilutable 10.71% stake in Zamsort. Subject to
further due diligence by Ortac, under the terms of its one year Call Option Agreement, Ortac
may subscribe a further US$600,000 in 8% loan notes to Zamsort, increasing its stake in
Zamsort to a non-dilutable 19.35%.
In addition to raising additional finance, Zamsort is at present constructing a copper cement
and cobalt hydroxide leach plant that it hopes to commission in 2016.
Casa Mining Limited
In February 2016, Ortac participated in a private placing with Casa Mining Limited, a private
company that holds prospective gold mining and exploration licenses in the DRC. The equity
placing of US$62,500 secured Ortac an initial 12% in the share capital of Casa, as enlarged
by the equity placing. Casa holds the rights to three mining licenses (133km 2 ) in the South
Kivu province of the eastern Congo gold belt of the DRC. Over US$30 million has been spent
sicne 2009, defining a 60km long ‘corridor’ prospective for gold and defining a maiden JORC
code compliant inferred resource of 1.2 Moz @ 1.7 g/t Au at the Akyanga Deposit that is still
open along strike and down dip.
A positive scoping study at Akyanga confirmed the potential viability of a 100,000 oz gold
per year heap leach operation, with total operating costs of under US$650/oz. Casa is
looking to commence commercial production at Akyanga with an initial gravity plant for a modest initial capital outlay.