Last checked at 23 Oct 2012 07:00
23 October 2012 |
AURUM MINING PLC
("Aurum" or "the Company")
Cabeza trenching results
Aurum Mining plc (AIM: AUR), the gold and tungsten explorer focused in Spain, is pleased to report extremely encouraging results from the initial trenching work carried out on the Cabeza de Caballo gold prospect area ("Cabeza") in Salamanca Province. Aurum has a 54% majority interest in Cabeza held through the Company's joint venture with Ormonde Mining plc.
Results have been received from samples collected in four trenches excavated on an extensive gold-in-soil anomaly with a strike length of some 800 metres No trenching or drilling has previously been carried out on this area.
Highlights
·; Trench CABTR004 extended over 30m and included an interval of 21m grading 3.71 grams per tonne ("g/t") gold from a zone of intense quartz-sulphide veining within altered granites
·; Trench CABTR003, some 75m along strike from CABTR004, returned several separate intervals within an overall zone some 40m wide including 4m grading 1.96 g/t, 4m grading 1.85g/t, 3m grading 2.13 g/t and 1m grading 11.8g/t gold
·; Of a total of thirteen previous float samples taken from Cabeza, eight samples returned values greater than 5/gt gold with maximum values of 45.3g/t and 72.2g/t gold
·; Due to the success of this trenching campaign, applications have now been submitted for further exploration permits in the adjacent area to the north of the Cabeza permit area
A map showing the location of the trenches and the 800m gold-in-soil anomaly can be accessed by clicking on the link at the end of this announcement.
Sean Finlay, Aurum's Chairman, said:
"These are exceptional results from the first detailed work to be carried out on the Cabeza Prospect, with significant gold mineralisation being identified over wide zones of high grade. The results indicate the possible identification a new, near surface gold system; we will now undertake further trenching work with drilling of targets likely to follow. The effectiveness of the soil geochemistry in identifying this mineralised zone has led us to plan a widening of this programme with the objective of defining further targets on the licence area.
These results, when considered alongside the results from previous exploration work carried out on the Company's other gold projects, Pino del Oro and Peralonso, highlight the strength of the Company's gold portfolio. We look forward to updating the market with further results from the projects in due course."
Detail
Four trenches for a total of 339 metres were excavated on a gold-in-soil anomaly on the Cabeza de Caballo prospect, which has a strike length of some 800m (NNE-SSW) at greater than 50ppb gold. The soil anomaly was defined by sampling carried out over an area where prospecting had returned high-grade gold values from float material (loose blocks) in an area of very poor outcrop. Out of a total of 13 float samples, eight samples returned values greater than 5/gt gold with maximum values of 45.3 and 72.2g/t gold.
Trenching has identified zones of steeply-dipping, gold-bearing quartz-sulphide veining within variably altered granites. Chip sampling was carried out in the areas with the most significant veining. Results received from the four trenches are summarised in the table below. It should be noted that other than CABTR004, the trenches were not sampled over continuous intervals, leaving the potential for other gold-bearing intervals within the trenched zones.
CABTR004 extended over a distance of 30m, of which 27m was sampled, and included a 21m interval grading 3.71g/t gold.
Trench | From (m) | To (m) | Au g/t |
CABTR001 | 5.8 | 6.8 | 1m @ 0.61 |
8.0 | 9.0 | 1m @ 2.20 | |
17.0 | 18.0 | 1m @ 1.53 | |
28.0 | 29.0 | 1m @ 16.6 | |
59.0 | 60.0 | 1m @ 0.61 | |
69.0 | 70.0 | 1m @ 0.85 | |
113.0 | 114.0 | 1m @ 2.26 | |
143.0 | 144.0 | 1m @ 2.56 | |
CABTR002 | 3.0 | 4.0 | 1m @ 0.70 |
11.0 | 12.0 | 1m @ 0.67 | |
CABTR003 | 13.0 | 14.0 | 1m @ 1.07 |
18.0 | 19.0 | 1m @ 0.95 | |
28.0 | 31.0 | 3m @ 0.65 | |
40.0 | 41.0 | 1m @ 0.70 | |
58.0 | 59.0 | 1m @ 1.96 | |
64.0 | 67.0 | 3m @ 0.87 | |
69.0 | 70.0 | 1m @ 3.27 | |
71.0 | 75.0 | 4m @ 1.96 | |
78.0 | 82.0 | 4m @ 1.85 | |
88.0 | 91.0 | 3m @ 2.13 | |
92.0 | 94.0 | 2m @ 1.25 | |
97.0 | 98.0 | 1m @ 11.8 | |
CABTR004 | 0.0 | 21.0 | 21m @ 3.71 |
Significant Intercepts 0.5 g/t cut (1m minimum width of intercept and 2m maximum internal dilution)
Notes to table:
Sampling, Assaying and Quality Control Measures
All trenches have been mapped and sampled by an experienced geologist. Sampling is carried out over one metre intervals.
Sample preparation and analyses were performed at ALS Chemex (Spain). Assays are reported using Fire Assay and AAS on a 30g sample. 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.
Qualified Person
Simon Beardsmore, BSc (hons), ARSM, MIMMM, CEng, Technical Manager of Aurum 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.
For further information:
Aurum Mining plc | Tel: 020 7499 4000 |
Chris Eadie, Chief Executive Officer | |
Fairfax I.S. plc | Tel: 020 7598 5368 |
Nominated Adviser & Broker Ewan Leggat/Laura Littley | |
Newgate Threadneedle | Tel: 020 7653 9853 |
Financial PR Graham Herring/Beth Harris/Richard Gotla |
Notes to Editors
Aurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.
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.
A map showing the location of the three gold projects can be accessed by clicking on the link at the end of this announcement
Tungsten
Aurum's 100% owned Morille Tungsten project is located approximately 15km south west of Salamanca in North West Spain and covers an area of 5,796 hectares. The permit area is a 'brownfield' site with historical data indicating the production from the site of high quality tungsten concentrates from mineralisation grading up to 1% WO3. This historic work will provide key information on where initial exploration targets are located.
http://www.rns-pdf.londonstockexchange.com/rns/2604P_-2012-10-22.pdf