28 August 2016

Ortac finds high grade at Sturec

Ben Jaglom

Slovakia-focused Ortac Resources (OTC) has reported an encouraging set of results from its Sturec project.

The AIM-quoted concern declared that the results had shown consistent high grade intercepts with what it described as 'encouraging' widths. The strongest results included 87.9 metres grading at 6.95 grammes a tonne and 66.3 metres grading at 1.26 grammes a tonne.

Ortac argued that the results 'provide further confidence in the robustness of the Sturec resource mode' adding that it should help to enable 'future analysis for conversion of inferred resource ounces into higher indicated and measured categories'.

Chief executive officer Vassillios Carellas remarked that the results show that the 'recently completed scoping study is based on sound principals' noting that the high gold grades 'provide us with with required evidence to justify further drilling to the south of the Sturec fault' where there had been previously little mining activity.

Shares in Ortac were last recommended by Growth Company Investor last November at 0.98p as a speculative buy. Currently trading at 0.86p the company is valued at £19.8 million

Tags: Doing business in Slovakia, Drilling in Eastern Europe, European mining

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