15 Oct 2012 07:00
15 October 2012
Ormonde Mining plc
("Ormonde" or "the Company")
Update on Zamora Gold Project
Ormonde advised in its interim results issued on 27 September, 2012 that drilling at the El Facho and Peralonso Prospects, the subject of the joint venture with Aurum Mining plc, had delivered encouraging results and that further drilling is now underway at Peralonso.
In relation to the El Facho Prospect in the Zamora Province of western Spain, Ormonde wishes to advise that our joint venture partner Aurum Mining PLC has today issued the announcement below.
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.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Joe Heron Tel: +353 (0)1 4980300 Mob: +353 (0)87 690 9735
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
Fairfax I.S. PLC (Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)207 598 5368
"AURUM MINING PLC
("Aurum" or "the Company")
Pino de Oro - Further large gold target identified
Aurum Mining plc (AIM: AUR), the gold and tungsten explorer focused in Spain, is pleased to provide the results from the soil sampling programme that has been carried out on the Pino de Oro ("Pino") permit area in North West Spain.
Previous work on the Pino permit area has focused on the "El Facho" structure where drilling to date has enabled a preliminary non-compliant resource estimate of some 122,000-145,000 ounces of gold at average grades of approximately 1g/t. *
The recent soil sampling programme was undertaken in an attempt to expand the potential resource on the permit area through the identification of additional mineralised structures in close proximity to El Facho.
Highlights of the Soil Sampling Programme
·; A major new gold target ("Manton de Roble") with two main anomalous zones has been identified 500m to the north of El Facho.
·; The target is potentially an extension or a repetition of the El Facho structure and, if looked at in conjunction with El Facho, could significantly bolster the size of the opportunity at Pino.
·; Anomaly 1 is North-East trending with a strike length of some 400m when contoured at 250ppb gold. In the main section of the anomaly, there were consecutive values of 651ppb, 1,185ppb, 937ppb, 487ppb and 622ppb from samples 20m apart.
·; Anomaly 2 is North-North-East trending with a strike length of some 150m, contoured at 250ppb gold. In the main section of the anomaly, there were consecutive values of 780ppb, 430ppb and 537ppb gold from samples 20m apart. The strike extends to 1,200m when it is contoured at 100ppb.
·; Further exploration work will now be undertaken to determine the relationship between Manton de Roble and El Facho.
A map highlighting the results from Manton de Roble and showing its proximity to El Facho can be accessed by clicking on the following link: Click here
The work carried out at Pino has been done as part of Aurum's comprehensive gold exploration programme in Spain. In addition, the seven hole drilling campaign at Peralonso is in progress and trenching work at Cabeza is underway.
Initial mapping, sampling and data collection work at Morille, Aurum's tungsten project in Salamanca Province, has also commenced.
Sean Finlay, Aurum's Chairman, said:
"We are delighted with the results of this soil sampling programme. The work has identified a major new target in close proximity to El Facho, and if it can be shown to be either an extension or repetition of the El Facho structure it would be a significant addition to the size and potential of the opportunity we have at Pino.
We look forward to updating the market on the results from work being carried out on the Company's other gold and tungsten projects in due course".
\* This initial resource estimate was calculated by Aurum Exploration Services (the Irish based exploration consultants who are totally independent of the Company). It is important to note that this is an early stage resource estimation rather than being a resource that has been calculated in accordance with any internationally recognised standard.
Gold
Through its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a 60% interest in the Pino de Oro project in Zamora Province and a 54% interest in the Peralonso and Cabeza projects in Salamanca Province."