Last checked at 21 Feb 2014 07:00
Ortac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration 2014
21 February 2014
Ortac Resources Limited ('Ortac' or 'the Company')
Trial Underground Mining Application Update
Ortac Resources Ltd, the AIM listed exploration and development company, is pleased to announce that, following on from the announcement dated 20 December 2013 connected with Ortac's trial underground mining application, on the 18 February 2014 the Slovak District Mining Bureau, Banska Bystrica, held a consultative meeting at Ortac's representative office in Kremnica.
The purpose of the meeting was for the District Mining Bureau to discuss the mining application with the local interested parties, civic associations and other stakeholders, so that it is in a position to satisfy itself and stakeholders that all concerns connected to the application have been heard and either have been or will be addressed. Following the meeting the District Mining Bureau will then be in a position to make a formal decision to issue or refuse a permit to mine.
In preparation for the trial underground mining of the Sturec deposit, channel samples have been taken from the proposed Phase 1 development area which focuses on the Schramen vein. These channel samples have returned high grade gold and silver intercepts of up to 78g/t Au and 72g/t Ag in a 1.5m long channel sample.
Sampling from cross-cut number 1, taken from the proposed Phase 1 mining area, has confirmed the presence of high grade gold and silver ore as predicted by Ortac's geological model and previous drilling results. Four channel samples were taken across the Schramen vein, two from each side of the Andrej Adit, with eleven samples in total assayed. The results for each channel sample are given in Table 1 below:
Andrej Adit Channel Sample Combined Results | |||
Channel Location | Sampled Length (m) | Gold Grade (g/t Au) | Silver Grade (g/t Ag) |
North Upper | 1.5 | 78.43 | 72.37 |
North Lower | 1.5 | 14.57 | 23.60 |
South Upper | 1.5 | 1.51 | 13.53 |
South Lower | 1.0 | 4.17 | 16.15 |
Detailed Results for each sample assayed are given in Table 2 below:
Table 2: Andrej Adit Length Weighted Channel Sample Assay Results | ||||
Channel Sample | Sample ID | Au g/t | Ag g/t | Length m |
Crosscut 1 - North Side Upper | AS01 | 185.50 | 135.00 | 0.50 |
AS02 | 33.20 | 40.60 | 0.50 | |
AS03 | 16.60 | 41.50 | 0.50 | |
Average | 78.43 | 72.37 | 1.50 | |
Crosscut 1 - North Side Lower | AS04 | 11.15 | 21.50 | 0.50 |
AS05 | 9.36 | 17.10 | 0.50 | |
AS06 | 23.20 | 32.20 | 0.50 | |
Average | 14.57 | 23.60 | 1.50 | |
Crosscut 1 - South Side Upper | AS07 | 0.98 | 10.30 | 0.50 |
AS08 | 0.89 | 7.80 | 0.50 | |
AS09 | 2.65 | 22.50 | 0.50 | |
Average | 1.51 | 13.53 | 1.50 | |
Crosscut 1 - South Side Lower | AS10 | 2.84 | 15.70 | 0.50 |
AS11 | 5.49 | 16.60 | 0.50 | |
Average | 4.17 | 16.15 | 1.00 | |
Ortac's CEO Vassilios Carellas comments: "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".
The technical information in this press release was compiled and prepared by Mr Owen Mihalop (MCSM, BSc (Hons), MSc, MIMMM, CEng), Technical Director, Ortac Resources Limited. By virtue of his education, membership of a recognised professional association and relevant work experience, Mr Mihalop is a Competent Person as defined by 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.
**ENDS**
For further information please visit www.ortacresources.com or contact:
Vassilios Carellas Ortac Resources Ltd Tel: +44 (0) 20 7389 9050
Stewart Dickson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Catherine Leftley Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Jeremy Stephenson Cantor Fitzgerald Europe Tel: +44 (0) 20 7894 7000
Jonathan Williams RFC Ambrian Limited Tel: +44 (0) 20 3440 6800