Business
Rio Paranaiba Iron Ore Projec
Rio Paranaiba Iron Ore Projec.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n Ortac Resources Limited 01 February 2011 \n \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n1 February 2011\nOrtac Resources Ltd ('Ortac' or 'the Company')\nRio Paranaíba Iron Ore Project Update\n \nOrtac 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'). \n \nRio Paranaíba Iron Ore Project\n \nFollowing 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:\n \n· Ground magnetic survey conducted over four blocks of the Rio Paranaíba Project to delineate magnetic bodies in the subsurface to generate targets for drilling\n· 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\n· Additional anomaly for follow up work identified in north-east section of the Curral da Estrada block\n· Important anomaly identified in extreme south-west section of the Zé Andrade block - recommendation to extend grid to that direction for re-survey\n· Magnetics show anomalies are close to surface (sub outcropping) - drilling campaign required to determine parameters\n \nFollowing 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.\n \nOrtac 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 ou...