Last checked at 15 Oct 2012 07:00
15 October 2012
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 via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6470O_-2012-10-12.pdf
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".
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 |
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Fairfax I.S. plc | Tel: 020 7598 5368 |
Nominated Adviser & Broker Ewan Leggat/Laura Littley |
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Newgate Threadneedle | Tel: 020 7653 9853 |
Financial PR Graham Herring/Beth Harris/Richard Gotla |
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\* 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.
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 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.