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Snowden Appointed & Resource
Snowden Appointed & Resource.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n Ortac Resources Limited 28 September 2010 \n \n\nOrtac Resources Ltd / Epic: OTC / Market: AIM / Sector: Mining & Exploration\n28 September 2010\nOrtac Resources Limited ('Ortac' or 'the Company')\nSnowden Appointed & Resource Remodelling Commences \nat Kremnica Gold Project \n \nOrtac Resources Limited, the AIM listed exploration and development company focussed on the development of precious metal projects in Europe, announces that, as contemplated in our AIM Admission Document, it has appointed Snowden Mining Industry Consultants Pty Ltd ('Snowden') to commence resource remodelling and complete a scoping study at its highly prospective Kremnica Gold Project in Slovakia ('Kremnica' or 'the Project'). Kremnica, which is the Company's initial focus has a current resource of c.760,000 ounces ('oz') of gold ('Au') equivalent. The mineralisation will be remodelled and updated by Snowden and classified in accordance with the JORC Code ahead of the publication of a preliminary scoping study in Q1 2011.\n \nOrtac has completed a significant rework of the geological model which will form the basis of this study. Snowden will update the grade model, utilising the historical drilling data that has been compiled over the past 10-15 years, which will enable Ortac to better understand the mineralisation of the Project. Snowden's subsequent scoping study will include a starter pit concept study and an optimal mine mining study. The optimal mine mining study will investigate various strategies involving open pit and underground mining methods and identify and implement the optimum development strategy. \n \nOrtac Resources Limited CEO Vassilios Carellas said, \"This appointment marks a key milestone in the implementation of our defined development plan aimed at progressing Kremnica towards production. The resource estimate, remodelling and subsequent publication of a preliminary scoping study allow the board to establish the best possible path to production, thereby maximising the potential for all stakeholders.\"\n \nResource Estimation\nThe Competent Person's report assigned mineral resources to the Kremnica project as follows:\n \n\n\n\n\nKremnica in situ Resource at 0.75 g/t Gold Equivalent (AuEq) cut off\n\n\n\n\nResource Category\n\n\nQuantity\n\n...