www.ortacresources.com
Ortac Resources Limited is an AIM listed exploration and development company focused on natural resource projects in Europe. The Company is centred on creating shared value through responsible natural resource development.
The Company has a current JORC compliant resource of 1.36 million ounces (‘Moz’) of gold equivalent (‘Au Eq’) from its Šturec Project in Slovakia, and a scoping study on the project was completed in January 2012 which demonstrated a post-tax NPV of $309m and IRR 36% at current metal price $1,586Au oz Eq. The Company’s objective is to complete a bankable feasibility study (BFS) and environmental and social impact assessment (ESIA) of the project, with a view to bringing the Šturec Project into production for the benefit of all stakeholders.
The Company’s strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional natural resource development opportunities to build shareholder value.
Ortac Resources: high-grade intercepts found at Šturec deposit
Brazil and Slovakia-focused miner Ortac Resources (LON:OTC) announced this morning that it had discovered high-grade intercepts at its Šturec deposit.
The deposit, part of the firm’s Kremnica precious metals project in central Slovakia, contained “consistent high grade intercepts and encouraging widths”, according to Ortac.
The highlights were in Borehole STOR-3.10 and Borehole STOR-3.6. Borehole STOR-3.10 included intercepts of: 46.5 metres at 1.54 grams per tonne of gold and 5.77 grams of silver; and 72 metres at 2.66 grams per tonne of gold and 10.05 grams per tonne of silver. Borehole STOR-3.6 included: 107 metres at 1.07 grams per tonne of gold and 10.41 grams per tonne of silver; six metres at 2.34 grams per tonne of gold; two metres at 7.32 grams per tonne of gold; and 8.2 metres at 2.12 grams per tonne of gold.
Ortac said that the results provide further confidence in the resource model built for the company by Snowden Mining Industry Consultants. There is a “strong correlation with predicted grades and structures” to enable future conversion of inferred resource ounces into higher indicated and measured categories.
According to Ortac’s Web site, mineral resource estimates for the Kremnica project suggest total measured, indicated and inferred quantities of 938,000 ounces of gold and 7.4 million ounces of silver (or, in total, 1.1 million ounces of gold equivalent).
The firm said that the results also strongly suggest the suitability of the Kremnica deposit for bulk open-pit mining with low strip ratios. Meanwhile, it added, the results indicate that the high-grade Schramen vein structure “is still present at depth and remains open as a future exploration target”.
“As we pass the half way stage of our drill programme, I am delighted to report consistently high grade intercepts from our Šturec deposit which provide us with a stronger geological understanding of Kremnica as a whole,” said Vassilios Carellas, Ortac’s chief executive officer. “The grades intersected at depth are particularly encouraging as they suggest that our assumptions that the grade increases at depth are correct. These results further demonstrate the confidence in the resource in line with our stated strategy to expand and upgrade our current JORC Resource of 1.1 million ounces of gold equivalent.”
In addition to its Kremnica mining licence, Ortac owns nine exploration licences across Slovakia. Two of these licences are adjacent and to the south of the Kremnica licence.
Ortac also has a 50-per cent interest, and rate to earn an interest of up to 77 per cent, in the Rio Paranaiba iron ore project in Brazil. The project, which consists of eight applications for mineral licences covering approximately 140 square kilometres, is located 210 kilometres from the city of Divinopolis – a key manufacturing hub and steel production centre.
Shares in Ortac were up 6 per cent at 1.02 pence each in early trading this morning.
