Further Positive Drill Results from Šturec Project, Slovakia
Ortac Resources Ltd, the AIM listed exploration and development company focussed on natural resource projects in Europe, is pleased to report further encouraging drill results from its Šturec gold-silver project ('Šturec') located in central Slovakia.
· Consistent high grade intercepts and encouraging widths demonstrated - highlights include:
o 87.9m @ 6.95g/t Au and 23.92g/t Ag from 113.0m in borehole STOR-3.11 (including 7.0m @ 11.46g/t Au from 113.0m, 14.6m @ 6.40g/t Au from 142.0m, 7.0m @ 12.91g/t Au from 166.0m, and 1.0m @ 271g/t Au from 202.0m);
o 66.3m @ 1.26g/t Au and 10.27g/t Ag from 126.0m in borehole STOR-3.7;
o 51.3m @ 1.80g/t Au and 17.40g/t Ag from 176.0m in borehole STOR-3.8;
o 32.9m @ 1.19g/t Au and 19.60g/t Ag from 176.0m in borehole STOR-3.4.1; and
o 25.3m @ 1.90g/t Au and 20.58g/t Ag from 119.0m in borehole STOR-0.1
· All holes reached targeted depth with good overall core recovery
· Results provide further confidence in the robustness of the Šturec resource model and will enable future analysis for conversion of Inferred resource ounces into higher Indicated and Measured categories.
· Borehole STOR-3.11 demonstrates that there are significant high grade structures present that have not been extracted during previous underground mining activities - considerable potential to follow these high grade structures to the south and deeper into previously unexplored areas
· Šturec deposit suitable for modern open pit mining with low strip ratios, as recently demonstrated by the results of the scoping study in January 2012
· Preparation of an updated geological model incorporating the 2011 drill results and the findings of the Scoping Study will commence shortly - anticipated that the updated model will be completed during Q2 2012
Ortac CEO Vassilios Carellas said, "These intersections demonstrate the robustness of our Šturec project and provide further evidence that the recently completed scoping study is based on sound principals. The grades and widths of these intersections indicate that modern efficient open pit mining methods are ideally suited to the Šturec deposit. The high gold grades intersected in borehole STOR-3.11 are also very encouraging and provide us with the required evidence to justify further drilling to the south of the Šturec fault where little mining activity has previously taken place. We firmly believe that this asset has the potential to become a significant gold production asset and will continue to develop with exploration effort. We look forward to updating our geological model with these results and will publish a new classified resource in due course."
These holes are a continuation of the 2011 drill programme designed to target the areas in the deposit where the resources are currently classified as Inferred. All the holes reached their targeted depth. A more detailed table of the latest results is given below:
Table 1: Results of remaining holes in the 2011 diamond drill programme at Šturec
(g/t Au Eq.)
* Interval includes voids that are a result of the historical underground mining activities and or difficult drilling conditions in the 'crush zone'.
1 Using the Company's long-term gold equivalency ratio of 50:1
The reported intervals in the table above are intersecting the mineralised structures at angles of around 65ş. The diamond drill holes were drilled with a combination of PQ (85mm core diameter), HQ (63.5 mm core diameter) and NQ (47.6 mm core diameter) size in order to be able to obtain larger sample volumes from the mineralised zones and to reach the targeted depths.
The holes are started with PQ, which is drilled as deep as the drill can drill or until the ground conditions are such that a reduction to HQ is required to further deepen the hole, which is similarly drilled as deep as the drill can drill or until the ground conditions are such that a reduction to NQ is required to further deepen the hole. All bore holes are down hole surveyed at 30m intervals to determine constant azimuth and dip.
The core is delivered to the core shed where it is photographed with hole numbers and depths clearly visible. The core is then logged with detailed descriptions of sample location, nature of material sampled, representative characteristics of the sample, type of lithology, alteration, structure and mineralisation, if any, recorded from the drill core. Most of the drill core is sawed or split longitudinally with half cores sampled to geological boundaries at approximate one metre intervals.
Sampling of the core is carried out after the core has been logged. Mineralised, altered and silicified sections of the core are sampled separately. The sample is marked in the core box and in the sample interval book. A sample ticket book is used to record each sample interval and to give each sample a unique identifying number. The first part of the sample ticket book is used to record: Hole Name, Depth, From, To and any important features. The second part of the sample interval page is stapled to the box at the start of every sample interval. No ticket is stapled to the box for blank samples. The third part of the sample interval page goes with the core for preparation (drying, crushing and milling/pulverising) and accompanies the sample to the Company's independently approved sample preparation laboratory, which is equipped to treat rock and soil samples.
Assays are conducted through ALS Minerals, Romania, with gold samples being fire assayed with an Atomic Absorption finish. Any samples with grades of over 10g/t Au are fire assayed again and finished by gravity. The silver samples were assayed using conventional ICP-AES analysis and any grades of silver in excess of 100g/t were re-assayed by aqua regia digestion with an AAS finish.
The information in this report is based on information compiled by Mr Owen Mihalop (who takes responsibility for the data and geological interpretation).
Mr Owen Mihalop (MCSM, BSc (Hons), MSc, MIMMM, CEng) is Group Mining Engineer for Ortac Resources Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2004). Mr Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Ortac Resources Limited is an AIM listed exploration and development company focussed on natural resource projects in Europe. Its primary focus is on precious metals exploration and development within the Carpatho-Balkan Metallogenic Belt, primarily the Central Slovakian Volcanic Field.
The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its Šturec Project in Slovakia, and a scoping study on the project was completed in January 2012. 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.
The chemical symbol for gold.
The chemical symbol for silver
Aqua Regia Digestion
A mixture of Hydrochloric Acid (HCI), Nitric Acid (HNO3) and de-mineralised water (2:2:2). A strong acid digestion capable of decomposing metal salts, carbonates, sulphides, most sulphates and some oxides and silicates. Aqua Regia will digest precious metals including Au, Ag, Pt and Pd.
Atomic Absorption Finish (AAS Finish)
The final stage in determining the grade of a sample by a method that measures the concentration of atoms of an element by passing light, emitted by a hollow cathode lamp of that element, through a cloud of atoms from that sample. Only those atoms that are the same as those in the lamp will absorb the light from the lamp. A reduction in the amount of light reaching the detector is seen as a measure of the concentration of that element in the original sample.
Is a highly fractured zone, initially caused by the mixing of hot hydrothermal magmatic fluids and cooler meteoric waters in combination with syn-and post-tectonic activity and further complicated by recent underground mining activities.
grammes per tonne
Gold equivalent ounces include silver ounces, converted to a gold equivalent based on a ratio of 50:1.
The size (63.5mm core diameter) of hole in rock or other material made by a rotational and downward force, to recover a sample of the material.
Often referred to simply as ICP, is a multi-element analysis technique that uses an inductively coupled plasma source to dissociate the sample into its constituent atoms or ions, exciting them to a level where they emit light of a characteristic wavelength. A detector measures the intensity of the emitted light, and calculates the concentration of that particular element in the sample.
Indicated Mineral Resource
That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.
Inferred Mineral Resource
That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill-holes which may be limited or of uncertain quality and reliability.
Resource estimated according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, as published by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.
Measured Mineral Resource
That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity.
The process or processes by which a mineral is introduced into a rock, resulting in a valuable or potentially valuable deposit. It is a general term, incorporating various types; e.g., fissure filling, impregnation, and replacement.
A volume of rock which contains mineralisation.
The size (47.6mm core diameter) of hole in rock or other material made by a rotational and downward force, to recover a cylindrical sample of the material.
The size (85mm core diameter) of hole in rock or other material made by a rotational and downward force, to recover a sample of the material.
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