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28 Oct 2008 07:00
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Ormonde Mining plc
Newย High Gradeย Drillingย Resultย of 20 Metresย Grading 1.2% Tungstenย at Barruecopardo
DUBLINย &ย LONDON:ย 28ย Octoberย 2008ย -ย Ormonde Mining plcย ("Ormonde" orย theย "Company")ย is pleased toย reportย very encouraging results fromย theย completion ofย drilling on the first infill crossย sectionย atย itsย Barruecopardo Tungsten Projectย inย Salamanca,ย Spainย (theย "Project").
Highlights
New infill drill holeย (BAR-48)ย has returnedย the best interval in terms of thickness and grade intersected to-date at the Project,ย 20ย metresย gradingย 1.2%ย WO3.
Thisย intersection has an estimated true thickness ofย 16ย metres,ย and includes the highest individual one-metre sample gradeย recorded at the Projectย ofย 7.8%ย WO3.
The intersection liesย 20 metresย below the base of the existing open pit in an area currently planned for initial mining.
This hole,ย together with hole BAR-47ย previously reported on 6 October,ย completes the drilling on cross sectionย 9560, with the results of both holesย depicted on the accompanying figure.
Theย new results build on previously reported initialย infill drillingย resultsย to support the Company's interpretation ofย the Project's main resource zone, the Filon Principal Zone,ย withย widths and gradesย of tungsten mineralisationย in line with previousย widely spaced drilling.
Kerr Anderson, Managing Director, said:
"The infill drilling continues to impress us, with these new results including some truly spectacular tungsten grades."
New Drilling Results
|
Hole |
From (m) |
Width (m) |
True Width (m) |
WO3% |
Zone |
|
Infill drilling |
|||||
|
BAR-48 |
146.0 |
20.0 |
16.0 |
1.20 |
FP |
Zone codes:
FP = Filon Principal Zone
A drill planย and cross sectionย showing theย situation ofย BAR-48 is included in the pdf version of this announcement posted atย www.ormondemining.com/news/press.html. Drill holeย BAR-48ย was drilled under the mainย open pit to test theย thick Filon Principal Zone, onย the sameย infill sectionย asย BAR-47 (reported onย 6thย October 2008), andย between previous holesย BAR-26B andย BAR-35. BAR-48 compares very favourably to theseย surrounding drillย holesย whichย hadย returned the following results:
|
Hole |
From (m) |
Width (m) |
True Width (m) |
WO3% |
Zone |
|
Infill drilling |
|||||
|
BAR-47 |
168.0 |
51.0 |
33.8 |
0.27 |
FP |
|
Including |
205.0 |
10.0 |
6.6 |
0.65 |
FP |
|
Including |
205.0 |
2.0 |
1.6 |
1.08 |
FP |
|
Previous drilling |
|||||
|
BAR-26B |
138.0 |
67.0 |
49.0 |
0.30 |
FP |
|
Including |
138.0 |
7.0 |
5.5 |
1.10 |
FP |
|
185.0 |
4.0 |
2.9 |
0.93 |
FP |
|
|
203.0 |
2.0 |
1.5 |
1.87 |
FP |
|
|
BAR-35 |
124.0 |
82.0 |
62.6 |
0.25 |
FP |
|
Including |
141.0 |
5.0 |
3.8 |
0.89 |
FP |
|
160.0 |
2.0 |
1.5 |
4.48 |
FP |
|
|
190.0 |
1.0 |
0.8 |
2.11 |
FP |
Theย infill results received to-dateย thereforeย continue to beย in line with expectations and supportย the viewย that this zone could be amenable to either bulk mining or higher grade selective mining methods.
Technicalย Notes:
BAR-48ย - Assays are reportedย using the fusion XRF method.
In estimating mineral resourcesย Ormonde currently applies anย upper cut of 2.5% to all high gradeย assays.
Kerr Anderson PhD EurGeol PGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, March 2006, 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 atย www.ormondemining.com/invest/glossary.html.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director,
Fraser Gardiner, Director
Tel: +353 (0)46 9073623
Bankside Consultants
Simon Rothschild / Louise Mason Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Davy (Nomad / IEX Adviser)
Fergal Meegan Tel: +353 (0)1 6796363
Brewin Dolphin (UKย Adviser)
Alexander Dewar Tel: +44 (0)131 529 0276
ENDS
About Tungsten
Tungsten is most frequently used as tungsten monocarbide, which has a hardness close to diamond, in cemented carbides. The principal tungsten applications include its use in cutting steels and in tungsten alloys, electronics, and chemical products.
Prices of tungsten concentrates are expected to remain buoyant for the long term, and are currently quoted by the Metal Bulletin in the range $160-$180 per metric tonne unit. A metric tonne unit is equal to 10kg of WO3, which equates to 1.0% contained WO3ย in theย rock. More information can be found on Ormonde's tungsten information page atย http://www.ormondemining.com/about-tungsten/index.html.ย
About Ormonde
Ormonde Mining plc is quoted on the AIM inย Londonย and the IEX inย Dublin. Ormonde is a mineral development and exploration company focused onย Spain, with the objective of developing mining projects and taking them into production.
For more information please visitย www.ormondemining.com.
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