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UPDATE - Ortac Resources encouraged by trial mining application progress

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Mining junior Ortac Resources (LON:OTC) has revealed progress has been made on its trial underground mining application for the Sturec gold project in Slovakia.

The company said a consultative meeting was held at its representative office in Kremnica this week by the Slovak District Mining Bureau to discuss the mining application with local interested parties, civic associations and other stakeholders.

The meeting means the District Mining Bureau will be in a position to make a formal decision to issue or refuse a permit to mine, the company said.

Ahead of trial underground mining, channel samples were taken from the proposed phase 1 development area. These returned high-grade gold and silver intercepts of up to 78 grams per tonne gold and 72 grams per tonne silver in a 1.5-metre long sample.

Ortac's chief executive Vassilios Carellas said: “We are encouraged by the progress made so far, the leadership of the Slovak District Mining Bureau and the engagement with all interested parties, and we will be working closely with them to address any and all concerns that have arisen.

“Looking forward it is likely that a review by the Slovak Central Mining Bureau may occur, as indeed will calls arise for a judicial review of the process itself.

“These are to be expected and are part of a normal, healthy and transparent engagement process.”

City outfit Cantor Fitzgerald repeated its ‘buy’ recommendation on the shares following the statement.

It also highlighted the proposed US$1.5mln investment in privately-listed Andiamo Exploration, which has copper-gold assets in Eritrea, which “will help to accelerate that company’s exploration work and provide additional news flow for OTC as well as useful project diversification”.

The shares rose 7% to 0.24p, still well below Cantor’s target price of 5.5p.

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