Business
Kremnica Gold Project Progress Report
Kremnica Gold Project Progress Report.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \n Ortac Resources Limited 18 April 2011 \n \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n18 April 2011\nOrtac Resources Ltd ('Ortac' or 'the Company')\nKremnica Gold Project Progress Report\n \nOrtac Resources Ltd, the AIM listed exploration and development company focussed on precious metal projects in Europe, is pleased to announce a progress report on its 100% owned Kremnica Gold Project ('Kremnica' or 'the Project') in Slovakia, setting out the commencement of a drilling programme and advancement of the Scoping Study. \n \nThe diamond drill programme, which currently includes approximately 5,000m of drilling, has been designed to target areas of the deposit where there is currently little or no information. Results from this, along with the additional geological and geotechnical data, should allow for an increase in the current JORC compliant resource of 1.1 million ounces ('Moz') of gold equivalent ('Au eq'), in addition to upgrading additional ounces into higher confidence Indicated and Measured categories. \n \nThe plans for the drilling programme were submitted to the various stakeholders and regulatory authorities in March this year. Following receipt of the necessary approvals to start, a local contractor, Geovrty-Drillrock s.r.o. ('Geovrty-Drillrock'), a company with extensive previous experience of drilling the style of mineralisation at Kremnica, commenced the programme.\n \nThe Company continues to work closely with Snowden Mining Industry Consultants Pty Ltd ('Snowden') with the assistance of newly appointed Knight Piesold Canada ('Knight Piesold') and a number of independent consultants in advancing the Scoping Study at Kremnica. Elements recently completed include the conducting of additional metallurgical test work, blasting and vibration studies as well as the re-design and locating of tailings storage facilities. The board believes it is on track to announce the results of this report in H2 2011.\n \nOrtac CEO Vassilios Carellas said, \"I am delighted to announce the commencement of the drilling campaign at Kremnica, our flagship project. The programme will focus on targeting areas of the deposit where we have limited information, and where results will enable the Company to get a better geolo...