Ortac Resources Ltd, the AIM listed exploration and development company focussed on resource projects in Europe, has received the final Geophysical Survey Interpretation Report conducted in June 2011 over part of its 63 sq km Lutila Exploration Licence Area (‘Lutila’), in Slovakia. These results have identified 14 anomalous zones for follow-up diamond drilling, with at least six considered to be first priority targets ranging in depths from sub-surface to greater than 650m and a further four classified as second priority targets with similar depth ranges.
Ortac CEO Vassilios Carellas commented, “We are delighted with the positive results generated from the geophysical survey at Lutila, which correlate well with the previously postulated target depths and locations for discovering high grade gold mineralisation within the licence area. This new data will now be incorporated with the existing historical exploration data and re-evaluated to further optimise the geological model and define firm drill targets. This is an exciting start for us as we look to explore the wider Kremnica Gold Project, which itself is generating encouraging initial results from its geological exploration drilling programme.”
The survey was conducted by Quantec Geoscience Limited (‘Quantec’) over part of Lutila, which is contiguous to the Company’s flagship Kremnica Mining Licence Area in Slovakia, where previous limited exploration works had demonstrated the potential for high grade gold mineralisation at depth. Its objective was to assess an area known as Certov Vrch for geophysical signatures related to new mineralisation that might be present at depth. Certov Vrch is comprised of a large, resistant, silicified rhyolite flow-dome that caps the hill, which is interpreted to be the present-day manifestation of a fully preserved, fossilised geothermal system.
The geophysical survey used a Titan 24 Distributed Acquisition System (‘DAS’; Sheard, 1998), which employs a combination of multiplicity of sensors, 24-bit digital sampling, and advanced signal processing to measure the resistivity (‘direct current’ or ‘DC’), induced polarisation (‘IP’), and magnetotelluric (‘MT’) properties of the underlying rock. The survey consisted of three Titan-24 DC/IP and MT lines (three single spreads), which acquired a total of 7.2 line kilometres of data with 100m station spacing and line intervals of approximately 400m.
The DC/IP component of the survey provides an excellent means of delineating target mineralisation within the top 500m to 750m depending on geologic and cultural environment. The MT resistivity provides additional resistivity information from surface to depths beyond 1km. The MT resistivity is useful for mapping geological contacts with resistivity contacts and deep conductors that may potentially represent alteration or mineralisation.
Results of the Survey
Based on the IP chargeability inversion models and the association with DC and MT resistivity, a total of ten anomalous zones/targets, from near-surface to approximately 700m depth, have been identified to be followed up. In addition, four MT anomalous zones have been identified for deeper drill targeting. Of all the interpreted DC, IP and MT anomalous zones, six have been classified as first priority targets and range in depths from sub-surface to greater than 650m in depth, with a further four anomalous zones classified as second priority targets with similar depth ranges.
The information in this report is based on information compiled by Mr. Vassilios Carellas (who takes responsibility for the data and geological interpretation).
Mr. Vassilios Carellas (BSc (Hons), MAusIMM) is the Chief Executive Officer of Ortac Resources Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code. Mr. Carellas consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears