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28 Oct 2008 07:00
Ormonde Mining plc
New High Grade Drilling Result of 20 Metres Grading 1.2% Tungsten at Barruecopardo
DUBLIN & LONDON: 28 October 2008 - Ormonde Mining plc ("Ormonde" or the "Company") is pleased to report very encouraging results from the completion of drilling on the first infill cross section at its Barruecopardo Tungsten Project in Salamanca, Spain (the "Project").
Highlights
New infill drill hole (BAR-48) has returned the best interval in terms of thickness and grade intersected to-date at the Project, 20 metres grading 1.2% WO3.
This intersection has an estimated true thickness of 16 metres, and includes the highest individual one-metre sample grade recorded at the Project of 7.8% WO3.
The intersection lies 20 metres below the base of the existing open pit in an area currently planned for initial mining.
This hole, together with hole BAR-47 previously reported on 6 October, completes the drilling on cross section 9560, with the results of both holes depicted on the accompanying figure.
The new results build on previously reported initial infill drilling results to support the Company's interpretation of the Project's main resource zone, the Filon Principal Zone, with widths and grades of tungsten mineralisation in line with previous 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 plan and cross section showing the situation of BAR-48 is included in the pdf version of this announcement posted at www.ormondemining.com/news/press.html. Drill hole BAR-48 was drilled under the main open pit to test the thick Filon Principal Zone, on the same infill section as BAR-47 (reported on 6th October 2008), and between previous holes BAR-26B and BAR-35. BAR-48 compares very favourably to these surrounding drill holes which had 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 |
The infill results received to-date therefore continue to be in line with expectations and support the view that this zone could be amenable to either bulk mining or higher grade selective mining methods.
Technical Notes:
BAR-48 - Assays are reported using the fusion XRF method.
In estimating mineral resources Ormonde currently applies an upper cut of 2.5% to all high grade 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 at 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 (UK 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 WO3 in the rock. More information can be found on Ormonde's tungsten information page at http://www.ormondemining.com/about-tungsten/index.html.
About Ormonde
Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. Ormonde is a mineral development and exploration company focused on Spain, with the objective of developing mining projects and taking them into production.
For more information please visit www.ormondemining.com.
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