Last checked at 1 Feb 2011 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration
1 February 2011
Ortac Resources Ltd ('Ortac' or 'the Company')
Rio Paranaíba Iron Ore Project Update
Ortac Resources Ltd, the AIM listed exploration and development company, is pleased to announce an update to investors which includes positive results from a ground magnetic processing, interpretation and modelling exercise from its Rio Paranaíba iron ore project in Brazil ('Rio Paranaíba').
Rio Paranaíba Iron Ore Project
Following on from Templar Minerals' initial exploratory programme on the Rio Paranaíba iron ore project in 2009, Ortac engaged Reconsult Geophysics, a Brazilian consulting company with 15 years experience specialising in the interpretation and modelling of geophysical surveys, to undertake a ground based magnetic survey over its exploration licence areas in Brazil. This work was carried out during January and was recently concluded with a report from Reconsult Geophysics which is summarised below:
·; Ground magnetic survey conducted over four blocks of the Rio Paranaíba Project to delineate magnetic bodies in the subsurface to generate targets for drilling
·; Significant magnetic anomaly identified in the Curral da Estrada block which has the potential to extend to north-west - recommendation to extend the grid for additional analysis
·; Additional anomaly for follow up work identified in north-east section of the Curral da Estrada block
·; Important anomaly identified in extreme south-west section of the Zé Andrade block - recommendation to extend grid to that direction for re-survey
·; Magnetics show anomalies are close to surface (sub outcropping) - drilling campaign required to determine parameters
Following the results of the ground magnetic survey, the Company will continue to evaluate its options in order to maximise the value of this project for Ortac shareholders, which may include further exploratory activities.
Ortac CEO Vassilios Carellas said, "The results from this ground magnetic processing, interpretation and modelling exercise from our Rio Paranaíba iron ore project has yielded encouraging results which underpins the prospectivity of our licence area. It is our intention to fund this independently through a farm-in or joint venture arrangement as the development the Kremnica Gold Project in Slovakia remains the principal focus of the Company."
The information in this Announcement that relates to Mineral Exploration results and Mineral Resources, together with any related assessments and interpretations, have been verified by and approved for release by Vassilios Carellas, a qualified geologist and full-time employee of the Company. Vassilios Carellas has sufficient experience which is 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 in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Vassilios Carellas consents to the inclusion of the information contained in this release in the form and context in which it appears.
**ENDS**
For further information please visit www.ortacresources.com or contact: | ||
Vassilios Carellas | Ortac Resources Ltd | Tel: +44 (0) 20 7440 0646 |
Charles Wood | Ortac Resources Ltd | Tel: +44 (0) 20 7440 0646 |
Roland Cornish | Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |
Rosalind Hill Abrahams | Beaumont Cornish Limited | Tel: +44 (0) 20 7628 3396 |
Jeremy King | Optiva Securities Ltd | Tel: +44 (0) 20 3137 1904 |
Jason Robertson | Optiva Securities Ltd | Tel: +44 (0) 20 3137 1906 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Media & Finance Ltd | Tel: +44 (0) 20 7236 1177 |
Notes:
Ortac Resources Limited is an AIM listed exploration and development company focussed on the development of precious metal projects in Europe. Its focus is on the Carpatho Balkan Metallogenic Belt, initially the Central Slovakian Volcanic Field.
The Company has a current JORC compliant resource of 1.1Moz of gold equivalent from its flagship Kremnica Gold Project in Slovakia, and Snowden Mining Industry Consultants Pty are in the process of preparing a preliminary scoping study on the project, which is expected in H2 2011. The Company's objective is to complete a definitive feasibility study and environmental impact assessment with a view of bringing the Kremnica Gold Project into production.
The Company's strategy is to utilise its highly experienced board and management team and its solid foothold in Central Europe to consolidate additional precious metal development opportunities to build shareholder value.