JOHANNESBURG (miningweekly.com) – Mineral exploration company Ortac Resources on Tuesday said, following the conversion of a $2-million convertible loan note facility, it now holds a 45% equity interest in Casa Mining, which is developing the Misisi gold project, in the Democratic Republic of Congo.
Noting that it would now start with the first phase of a major diamond drill programme at the site, the miner says drilling contractor Orezone Drilling has mobilised its diamond drill rig and drilling operations to site.
Further, Orezone has agreed to look at the possibility of commissioning Casa's own diamond drill rig, located on site at its camp at Misisi, which should enable Casa to speed up the drill programme and complete the 15-hole, 2 700 m drilling programme over the next two to three months.
The Aim-listed company said its chairperson Anthony Balme would step down in September and would be succeeded by Nick von Schirnding, currently a nonexecutive director in the company.