Ortac resources

In addition to the Kremnica Mining Licence, Ortac owns nine exploration licences across Slovakia. Two exploration licences are adjacent and to the south of the Kremnica Mining License, while the remaining seven exploration licences are located in central and eastern Slovakia.

The Porubsky potok (Poruba pod Vihorlatom) licence area is located approximately 75km ENE of the town of Košice in the east of Slovakia. The most recent exploration over the licences was conducted in 2008 and comprised resistance (SOP), induced polarisation (IP) magnetometry and gravity profiling, together with soil geochemical and lithogeochemical sampling.

The Cejkov licence area is located near Trebišov in the south east of Slovakia, 40km SE of Košice and close to the Hungarian border. The area has been explored since the mid-1960s with effort being concentrated around the villages of Cejkov and Zemplin. This exploration involved soil geochemistry, geophysics and drilling, although very little information was seen on the results of this work.

The Cinobaňa licence area is located in central Slovakia 175km ENE of Bratislava and 40km SE of the town of Banská Bystrica. It was subject to minor historical working by short adits, trenches and pits on hydrothermal gold, iron and quartz mineralised structures. Since the 1990s, the license area has been explored in some detail by geological mapping, stream sediment and soil geochemical sampling, rock sampling, geophysics and drilling.

The Byšta Skároš licence area is located in the south east of Slovakia, 25km SSE of Košice and adjacent to the Hungarian border. There are five national nature reserves in the most prospective southern part of the exploration licence but their significance in terms of future mining development is uncertain.

The Smoĺnik licence is located 60km west of Košice. The area is one of historic mining for antimony from the 16th Century to 1962, using adits as the principal means of underground access. With the successful development of flotation technique, gold began to be recovered as a by-product after World War I.

Ruská Bystrá licence area is located approximately 75km ENE of the town of Košice in the east of Slovakia. The most recent exploration over the licence was conducted in 2008 and comprised resistance (SOP), induced polarisation (IP) magnetometry and gravity profiling, together with soil geochemical and lithogeochemical sampling.

The Zlatá Baňa licence area is located in the east of Slovakia 24km NE of the town of Košice. It is an area of historic mining activity with the main interest being for gold and silver mineralisation. The licence area was extensively explored over the period 1960-90 through more than 120 holes and some 4,000m of underground development in three adits.

Ortac has recently completed a programme of confirmation drilling at Zlatá Baňa.

The Šturec project is located in central Slovakia close to the town of Kremnica and 17km west of central Slovakia's largest city, Banská Bystrica. The project area is easily accessed from the international airports at Vienna and Bratislava by driving northeast along the newly constructed highway between Bratislava and Banská Bystrica. The Šturec project comprises three licences: the Kremnica Mining Licence with an area of 11.8km² , the Lutila Exploration Licence with an area of 63.2km and the Vyhne Exploration Licence of 36.9km² .

SRK Scoping Study confirms the economic viability of the Šturec Project - Ortac intends to significantly advance the project during 2012.