10 Aug 2011 07:00
10 August 2011
Ormonde Mining plc
("Ormonde" or "the Company")
Barruecopardo Drilling Progress
The Board of Ormonde is pleased to report further results from its infill drilling programme at its flagship Tungsten project at Barruecopardo, Western Spain.
Main Points
·; Results from the four latest holes show tungsten mineralisation of good width and grade including:
BAR-65 11 metres grading 0.24% WO3
BAR-66 9 metres grading 0.64% WO3
BAR-68 9 metres grading 1.37% WO3
BAR-69 14 metres grading 0.45% WO3
·; An updated resource estimate will be completed upon receipt of the assays from the remaining seven drill holes from the infill drillhole programme.
Kerr Anderson, Ormonde's Managing Director, said:
"The latest assay results from the infill drilling campaign confirm good tungsten grades and widths in all four drill holes reported. A revised resource estimate will be carried out upon receipt of assays from the final seven holes in the infill drilling programme.
The tungsten price has continued to trade in the US$450-460/mtu range in recent months and we are encouraged by this recent price stability following a period of significant price increases".
New Drilling Results
Hole | From (m) | Width (m) | True Width (m) | WO3% |
BAR-65 | 169 | 11.0 | 7.4 | 0.24 |
BAR-66 | 192 | 9.0 | 6.5 | 0.64 |
BAR-68 | 149 | 3 | 2.0 | 0.46 |
and | 181 | 9 | 6.5 | 1.37 |
BAR-69 | 147 | 20 | 13.2 | 0.34 |
including | 147 | 14 | 9.2 | 0.45 |
Notes to table:
Sampling, Assaying and Quality Control Measures
All core has been routinely logged by an experienced geologist. Relevant core intervals were split in half by diamond saw, with half being sent for assay and the other half being retained in the core boxes for reference. Sampling is carried out over one metre intervals.
Sample preparation and analyses were performed at ALS Chemex (Spain). Assays are reported using the fusion XRF method. Reference samples (blanks, duplicates and certified standards) are routinely included in each sample batch as quality control measures. In addition check assays are performed on selected mineralised samples.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this announcement.
A glossary explaining technical terms contained in this announcement can be found at www.ormondemining.com/en/investors/technical_glossary.
For more information please visit www.ormondemining.com or follow Ormonde on Twitter https://twitter.com/ormondemining or Linkedin http://www.linkedin.com/company/ormondemining-plc
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)46 9073623
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / Fergal Meegan Tel: +353 (0)1 6796363
Fairfax I.S. PLC (Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)207 598 5368
ENDS
About Ormonde
Ormonde Mining Plc is quoted on the AIM in London & the ESM in Dublin. Ormonde is a mineral development and exploration company focused on Spain (Ticker ORM).
Ormonde's key activities include:
The Barruecopardo Tungsten Project - Ormonde is developing a low cost mining operation at Barruecopardo to initially produce ~8% of non-Chinese global mine production from 2012.
The La Zarza Copper Project- a large "massive sulphide" deposit with significant copper, resources; exploration for an enlargement to the current copper resources is being funded through a joint venture Antofagasta Minerals.
Gold Explorationin several highly prospective areas of western Spain.