Ortac Resources Ltd’s flagship asset is its 1.32 million ounce gold project in Slovakia. It has also diversified its portfolio through its investment in Andiamo Exploration Limited, a private company with high-grade gold-copper exploration projects in Eritrea and in Zamsort Limited, a private company with copper licences in Zambia.
In Slovakia, 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. It is now working with partners to create a cyanide free patent process for gold extraction. [+] expand
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.
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%.
High-grade gold and oxide copper mineralisation has been confirmed to exist from the trenching programme and focus is now to provide a PFS. Under the terms of the strategic alliance, Ortac has an additional right to acquire a further 21% of Andiamo.