Last checked at 11 Mar 2013 07:00
News Release
March 11th 2013
AURUM MINING PLC
("Aurum" or "the Company")
Peralonso drilling results and update
Aurum Mining plc (AIM: AUR), the Spanish focussed gold and tungsten explorer, is pleased to announce further positive assay results from the second stage drilling programme at the Peralonso Permit in the Salamanca Province and to give an overview of progress made on the project to date.
Highlights
·; Of the 11 holes drilled at Peralonso to date over 1,267 metres, 10 have encountered gold mineralisation in excess of 1 g/t over multiple intersections.
·; Assay results indicate the existence of multiple near surface gold bearing structures within the area of an extensive gold-in-soil geochemical anomaly (400 x 400m).
·; Drilling results have identified some wide mineralised structures in addition to some high grade sections. Best results include; 13.3m at 2.59 g/t, 10.1m at 3.39 g/t, 9.2m at 2.09 g/t, 18m at 0.70 g/t, 6m at 1.38g/t (from surface) and 1.0m at 33.2g/t.
·; Prospecting work carried out 1.2 kilometres ENE of the area of drilling at Peralonso returned some excellent results - of a total of 23 float samples collected in this area, 13 samples returned grades greater than 3 g/t gold, with maximum values of 10.05 g/t and 13.5 g/t. This prospecting work was carried out along the inferred strike extensions of Peralonso and raises the prospect that the opportunity in this area may have significant scale.
·; Follow up exploration is now being undertaken on the permit area to ensure that the extent of the opportunity is more fully understood.
A map showing the drill hole locations at Peralonso and a cross sectional view of the mineralised structures is available on the Company's website.
Sean Finlay, Aurum's Chairman, said:
"We are very encouraged by these results from Peralonso. Of the eleven holes drilled on the permit area to date, ten have encountered gold mineralisation in excess of 1 g/t over multiple intersections. These, combined with other exploration work carried out at the permit area, verify our belief that Peralonso and the surrounding area has the potential to host sizeable, near surface gold bearing structures. Follow up work is now being undertaken to enable us to better understand the scale and extent of the opportunity.
Given the positive results that have come from all three of the Company's gold projects in recent months, we continue to be both optimistic and excited about the potential of our gold portfolio in North West Spain.
Exploration work continues across the Company's gold portfolio and we are strongly of the opinion that this activity will provide us with further positive news in the months ahead."
Further detail
To date, 11 holes have been drilled at Peralonso over a total depth of 1,267 metres, testing for near surface gold mineralisation. The results from the initial three hole drill programme were announced in July 2012, and the results from the first six holes of the recent eight hole programme were announced in January 2013.
Results have now been received for all 11 holes drilled at Peralonso, and they clearly demonstrate widespread near surface gold mineralisation on the target area. Recent prospecting work carried approximately 1.2 kilometres ENE of the drilling area, along the inferred strike extensions, also produced very encouraging results raising the prospect that the structures identified to date at Peralonso may have significant scale. These prospecting results were announced in February 2013.
Drilling tested the shallow depth extent of the gold mineralisation encountered in previous trenching within the area of an extensive gold-in-soil geochemical anomaly (400 x 400m). Results from the 11 holes drilled so far are reported below. Drilling to-date suggests that near surface gold mineralisation is hosted within multiple steeply-dipping altered zones within granites, characterised by quartz veining and breccias which exhibit several phases of brecciation. Detailed structural interpretation and an assessment of the correlation of the mineralised structures identified by the two drilling campaigns is currently being carried out.
Significant Intercepts at a 0.5g/t cut (1m minimum width of intercept and 4m maximum internal dilution)
Hole | Length (m) | Dip/Azimuth | From (m) | Thickness (m) | Gold (g/t) |
PERDD001 | 126.1 | -50o/288o | 0 | 7.0 | 1.30 |
and | 16.0 | 1.0 | 9.88 | ||
and | 40.0 | 1.2 | 1.61 | ||
and | 46.9 | 10.1 | 3.39 | ||
incl | 46.9 | 1.1 | 22.7 | ||
and | 78.0 | 1.0 | 0.89 | ||
and | 110.7 | 13.3 | 2.59 | ||
incl | 110.7 | 1.4 | 21.5 | ||
PERDD002 | 75.1 | -50o/290o | 8.9 | 5.8 | 1.14 |
PERDD004 | 100.0 | -50o/290o | 72.0 | 1.0 | 4.51 |
and | 79.0 | 7.0 | 2.42 | ||
PERDD005 | 201.3 | -50o/290o | 32.0 | 1.0 | 0.89 |
and | 68.0 | 1.0 | 0.88 | ||
and | 75.0 | 6.0 | 1.87 | ||
and | 99.8 | 9.2 | 2.09 | ||
and | 150.0 | 1.0 | 0.82 | ||
and | 164.0 | 1.0 | 2.68 | ||
and | 171.0 | 2.0 | 1.24 | ||
PERDD006 | 125.5 | -50o/290o | 0.0 | 6.0 | 1.38 |
and | 78.0 | 1.0 | 0.51 | ||
PERDD007 | 125.5 | -50o/290o | 49.0 | 2.0 | 10.18 |
PERDD008 | 89.5 | -50o/290o | 73.7 | 1.4 | 0.59 |
and | 80.0 | 3.0 | 1.17 | ||
PERDD009 | 100.3 | -50o/290o | 40.0 | 18.0 | 0.70 |
and | 63.0 | 1.0 | 0.52 | ||
New Holes | |||||
PERDD010 | 126.0 | -50o/290o | 31.0 | 3.0 | 1.59 |
and | 56.0 | 1.0 | 0.56 | ||
and | 92.0 | 1.0 | 33.20 | ||
and | 110.0 | 6.0 | 0.69 | ||
PERDD011 | 123.0 | -50o/293o | 28.0 | 1.0 | 2.14 |
and | 58.0 | 1.0 | 1.12 | ||
and | 79.0 | 1.0 | 3.59 |
The true thicknesses are currently interpreted to be around 70% of the drilled thickness (interval).
Notes to table:
Sampling, Assaying and Quality Control Measures
All drill core has been routinely logged by an experienced geologist. Relevant core intervals were split in half by diamond saw, with half being sent for assay and the other half being retained in the core boxes for reference. Sampling is mainly 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 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 |
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.