Last checked at 4 Feb 2013 07:00
February 4th 2013
AURUM MINING PLC
("Aurum" or "the Company")
Encouraging Gold Prospecting Results - Salamanca Province, Western Spain
Aurum Mining plc (AIM: AUR), the Spanish focussed gold and tungsten explorer, is pleased to announce encouraging results from prospecting on areas covered by permit applications contiguous with its Peralonso and Cabeza de Caballo ("Cabeza") permits in Salamanca Province, western Spain.
Results received from float samples collected along the inferred strike extension of gold-bearing structures previously identified at Cabeza and Peralonso highlight that the mineralised structures identified by previous exploration work at these permit areas potentially extend beyond the boundaries of these existing permit areas and into areas covered by the new permit applications.
This prospecting work has identified new exploration targets and gives further evidence of the extension and continuation of the near surface gold mineralisation previously identified at both Peralonso and Cabeza.
Highlights
Peralonso area
·; Gold present in a significant number of float samples located over an area of some 700m x 200m, centred approximately 1.2 kilometres ENE of the area of drilling at Peralonso. From a total of 23 samples collected, 13 samples returned grades greater than 3g/t gold, with maximum values of 10.05 and 13.5g/t gold.
·; Two samples collected in an area some 800m NE of the drilling area returned values of 4.22 and 34.3g/t gold respectively.
Cabeza area
·; Gold-bearing material identified in several float samples located over an area some 1.2 kilometres north of the main zone of gold discovered in trenching to date at Cabeza. Five of nine samples collected returned greater than 3g/t gold with a maximum value 4.92g/t gold.
·; Two float samples collected some 800m northwest of the Cabeza trenching returned values of 0.57 and 43.5 g/t gold
o Supports a developing theory that the original float samples on this prospect (8 of 13 samples returned values greater than 3g/t gold with maximum values of 45.3g/t and 72.2g/t gold) which are located some 400 metres northwest of the current trenching, may represent a separate gold structure with little or no soil geochemical expression.
·; Float samples with gold values greater than 1g/t now occur over some 2.6km of strike length.
Sean Finlay, Aurum's Chairman, said:
"The objective of this prospecting work was to identify indications of extensions or repetitions to the previously identified gold bearing mineralised structures at Peralonso and Cabeza.
The results of this work suggest that extensions to the known mineralisation and further separate gold structures may be present in the broader area and this is highly encouraging.
The exploration work carried out at Peralonso and Cabeza in recent months has yielded some really significant results and we are increasingly optimistic about the potential of these opportunities to host large, near surface gold structures."
Detail
A total of 112 samples of predominantly float material (loose blocks) were collected over areas extending away from the existing prospects at Peralonso and Cabeza de Caballo, principally in areas covered by adjacent permit applications submitted to the provincial mining authorities in the second half of 2012. The samples collected were dominantly of quartz veining and altered granite, with varying amounts of iron oxides and sulphide in places. The averaged sample weight was around two kilogrammes. Statistical presentation of the gold results from all the samples is summarised in the following table.
Detail | Peralonso Area | Cabeza Area |
Total No Samples | 95 | 17 |
No Samples => 1g/t Au | 18 (19%) | 9 (50%) |
No Samples => 3g/t Au | 16 (17%) | 6 (33%) |
No Samples => 5g/t Au | 8 (8%) | 1 (6%) |
No Samples => 10g/t Au | 3 (3%) | 1 (6%) |
Exploration programmes in these areas will be carried out upon the granting of the permits by the mining authorities.
Notes to table:
Sampling, Assaying and Quality Control Measures
Sample preparation and analyses were performed at ALS Chemex (Spain). Assays are reported using Fire Assay and AAS on a 50g 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.
Contacts: | |
Aurum Mining plc | www.aurummining.net |
Chris Eadie, Chief Executive Officer | +44 (0) 20 7499 4000 |
WH Ireland Limited | Nominated Adviser & Broker |
Marc Davies / Mike Coe | +44 (0) 117 945 3470 |
Newgate Threadneedle | Financial PR |
Graham Herring / Beth Harris / Richard Gotla | +44 (0) 20 7653 9853 |
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.
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.