viewArc Minerals Limited

UPDATE - Ortac Resources encouraged by trial mining application progress



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.

Quick facts: Arc Minerals Limited

Price: 4.1 GBX

Market: AIM
Market Cap: £40.21 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arc Minerals Limited named herein, including the promotion by the Company of Arc Minerals Limited in any Content on the Site, the Company...


Investor Update: Oracle Power's Pakistan block recognised as potential...

Headlines from the Proactive UK newsroom. Oracle Power PLC’s (LON:ORCP) resource on Block VI at Thar in Pakistan has been officially recognised as a potential coal gasification into fertiliser project. Pakistan is estimated to face a sizeable fertiliser shortage by 2026. Arc Minerals Ltd...

on 19/11/19

2 min read