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Geophysical Survey at Lutila Gold Licence
Geophysical Survey at Lutila Gold Licence.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 14 June 2011 \n \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n14 June 2011\nOrtac Resources Ltd ('Ortac' or 'the Company')\nCommencement of Geophysical Survey at Lutila Gold Licence\n \nOrtac Resources Ltd, the AIM listed exploration and development company focussed on precious metal projects in Europe, is pleased to announce the commencement of a ground based geophysical survey over the northern section of its 63 km sq Lutila Exploration Licence Area ('Lutila') to generate gold mineralised targets for follow up drilling. Lutila is part of the Company's flagship Kremnica Gold Project in Central Slovakia and is contiguous to the Kremnica Mining Licence Area, which has a current JORC resource of 1.1 million ounces of gold equivalent, and is being fast-tracked towards production.\n \nThe Titan 24 ground based geophysical survey will be conducted by Quantec Geoscience Ltd ('Quantec') and will consist initially of three survey lines, totalling 7.2km each, of direct current, induced polarisation and magnetotelluric resistivity data acquisition. Each Titan 24 line will be approximately 2.4km long with each survey line having the ability to acquire data over a 100m wide zone. All field data will be compiled, processed and interpreted by experienced professionals at Quantec's Interpretation Centre in Toronto, Ontario.\n \nOrtac CEO Vassilios Carellas commented, \"This geophysical survey represents our initial phase of work focussed on the exploration of the wider Kremnica Gold Project, which we believe has the potential to house a gold equivalent resource in excess of 2 million ounces. \n \n\"The previous work carried out at Lutila has indicated that the gold mineralisation may be of a similar style as that at the Kremnica deposit, which we are currently fast-tracking towards production. Any Kremnica-type vein potential at Lutila is believed to be hosted in the underlying andesitic volcanic sequence, as at Kremnica, rather than in the surface outcropping rhyolites, therefore this Titan 24 ground based geophysical survey will be highly valuable in identifying economic mineralised targets for drill testing.\" \n \nThe information in this report is based on information compiled by Mr Vassilios Carellas (who ta...