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Ortac Resources team visits Slovakia – September 2011

AIM-listed Ortac Resources, which is working towards permitting at its flagship 1.32 million ounce Šturec Gold Project in Central Slovakia, announced a significant investment in Andiamo Exploration Ltd in January 2014. Offering access to a stand-out portfolio of advanced high-grade gold-copper exploration projects in Eritrea, the US$1.5m Andiamo investment broadens the Ortac portfolio and gives the company an additional margin of investment safety.



  • Ortac Resources Ltd’s (“Ortac”) flagship Šturec Gold Project has a JORC compliant Mineral Resource of 1.32 million ounces of gold equivalent and stated reserves of approx 850,000 ounces of gold equivalent.

  • Studies show that Šturec contains an economic gold resource that is amenable to surface mining with low waste ratios and could be processed using EU-approved technology.

  • Excellent infrastructure, roads and power. Stakeholder engagement and dialogue is underway.

  • Ortac is working towards regulatory approval for surface and underground mining operations and intends, on approval, to progress to a Definitive Feasibility Study. An August 2013 official ruling confirmed that OTC’s licences for the Šturec deposit are intact.

  • Following changes in the law in which the cyanide leaching process for gold was banned, the Company has been working with partners to create a cyanide free technology. Positive progress has been seen with a thiosulphate leaching technique. 

  • Following an extensive process of reviews and evaluations concerning additional gold investment assets, January 2014 saw Ortac announce the formation of a formal alliance with Andiamo Exploration (“Andiamo”), which has a highly prospective portfolio of high-grade gold-copper exploration projects in Eritrea. 

  • Ortac has entered a subscription agreement to acquire up to 26.7% of the enlarged share capital of Andiamo for a total of US$1.5m, and has secured the right to acquire an additional 21% shareholding for a further US$2m.

  • Funds will be used to advance exploration and technical development, including Q1 2014 drilling on recently discovered high-grade copper and gold mineralisation at the Yacob Dewar deposit.

  • Acquisition offers substantial upside given the prospectivity and scale of Andiamo’s Volcanogenic Massive Sulphide (”VMS”) gold-copper projects, which is 40 kms south of Nevsun Resources’ Bisha VMS producing mine.

  • Changes to the rules for Individual Savings Accounts mean that, from August 2013, investors can add AIM-traded stocks to their ISAs for the first time.

Ortac Operations in Slovakia


  • Šturec Project - 100% owned and located in central Slovakia close to the town of Kremnica and 17km west of central Slovakia's largest city, Banská Bystrica.


Project Summary


In February 2016, Ortac took an initial stake in CASA Mining Ltd, through an equity placing of securing an initial interest of approximately 12% in the share capital of CASA and has since increased its stake in CASA to 21.25%.

CASA is a private gold mine development company and is currently advancing the large-scale 1.2 Au Moz Misisi Gold Project, located in the Democratic Republic of the Congo. Ortac has since increased our stake in CASA to 21.25%

CASA has invested circa $30 million in exploration work across the Misisi project acreage. The company holds the rights to three contiguous mining licenses (133km2) located in the South Kivu province in the eastern Congo gold belt where they have;

  • identified a 60km long 'corridor' prospective for gold, multiple prospects identified with some drill and trench tested returning significant intercepts.
  • Secured an initial near surface Inferred JORC Mineral Resource of 1.2 Moz @ 1.7 g/t Au at the Akyanga Deposit; open along strike and down dip.
  • Undertaken a Positive Scoping Study at Akyanga confirming the potential viability of a 100,000 oz gold per year heap leach operation, with a total operating cost of under US$650/oz
  • CASA is looking to either commence commercial production at Akyanga or carry on expanding the resource where they believe there is scope to potentially double the resource.

Subject to market conditions, CASA Mining Ltd, may list the company on an international exchange, in a move that would crystalise the value of ORTAC’s stake and create a liquidity event for our investment.

To see further details about CASA Mining Ltd, please visit their website at http://www.casamining.com


Andiamo Exploration Limited is a private company based in London, exploring for resources in Eritrea, East Africa and can be found here: http://andiamoexploration.co.uk/. Andiamo is focused on Volcanogenic Massive Sulphide (VMS) and gold deposits in Eritrea, East Africa and in 2014, Ortac Resources invested US$1.5 million for a 26.7% holding. Owing to take up of subscription rights by existing shareholders Ortac’s stake was reduced to 25.37%

Between 2009 and January 2014, Andiamo raised approximately US$10.6MM to fund its exploration program in the highly prospective Bisha Belt and drilling results have revealed high grade copper and gold at its flagship Yacob Dewar Gold Project.

Andiamo holds the Haykota Licence which is 252km2 and has several prospects for Volcanogenic Massive Sulphide (VMS) and copper-rich disseminated sulphide mineralisation, with near surface gold enrichment.


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%.


The Zamsort licenses are located in north west Zambia, 800km from Lusaka and 200km from Solwezi. The Small-Scale Mining Licence (SML) has estimated oxide resource of 16.59Mt @ 0.94% copper equivalent (non-JORC). The large prospecting license (LPL) covers an area of approximately 995km2 and is owned 100% by Zamsort. The current LPL encompasses 7 of the top 10 high priority exploration targets identified through the JV prior to Anglo American exiting the country in 2001.

The license area is prospective for copper and cobalt. In addition, nickel and molybdenum have been reported in the historical work conducted in this area. On the east side of the Kabompo Dome lies the Kalumbila prospect (First Quantum’s Enterprise and Sentinal mine development projects) and further to the east are Barricks’s Lumwana mine and First Quantum’s Kansanshi mine, which together contribute more than 80% of Zambia’s copper production.


The licenses are located on the north western trending arm of the Lufilian arc, an orogenic belt stretching from Angola through DRC and Zambia. All known copper and cobalt deposits in Zambia and DRC lie within this belt.

The large prospecting license (LPL) covers an area of approximately 995km2 and is owned 100% by Zamsort.

The license comprises prospective Upper and Lower Roan series sedimentary rocks that overlie the older basement rocks on the west side of the Kabompo Dome.


Contained within the larger LPL is the 4km2 Kalaba small-scale mining licence (SML) area. This prospect contains non-compliant oxide mineral resources of 16.59Mt @ 0.94% copper ('Cu') equivalent. These non-JORC compliant resources were estimated based on limited exploration drilling carried out during the late 1990's by Equinox Minerals Limited ('Equinox') and Anglo American Prospecting Services ('AAPS') by way of the Zambezi Joint Venture ('JV') through AAPS's affiliate Zamanglo Prospecting Ltd ('Anglo American') during the late 1990s as part of the Kabompo Property.


The Lutila Licence is 64.83sq km and is located immediately to the south of the Kremnica licence. It has not yet been explored in detail but shows prospectivity for a new bonanza style Au/Ag mineralisation.


In addition to the Kremnica Mining Licence Area, located in central Slovakia close to the town of Kremnica and 17km west of central Slovakia's largest city, Banská Bystrica, Ortac holds the Lutila Exploration licence, affording it the rights to explore an area to the south of Kremnica Mining Licence Area.


The Šturec Project is a JORC Code (2004) compliant mineral resource of 1.36 Moz of gold equivalent. It is located in central Slovakia approximately 1.5Km north east of the town of Kremnica and, as the crow flies, 17km west of central Slovakia's largest city, Banská Bystrica. The Šturec project is easily accessed from the international airports at Vienna and Bratislava by driving northeast along the motorway between Vienna/Bratislava and Banská Bystrica.

A Pre-Feasibility Study (‘PFS’) of the mining aspects of the Šturec Project was completed by SRK Consultants (UK) in April 2013. The PFS was in turn built upon an earlier Scoping Study completed by SRK in January 2012; both studies confirmed the economic viability of the Šturec Project.


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Cash Position
At Bank & in Hand (March 31, 2014) Approx £2.25 million