Last checked at 22 May 2014 07:00
AURUM MINING PLC
("Aurum" or "the Company")
Update on the Morille tungsten project
Aurum Mining plc (AIM: AUR), the gold and tungsten explorer, notes today's ASX announcement by Plymouth Minerals Limited (ASX: PLH) ("Plymouth") in which it provides an update on progress made on the Morille tungsten-tin project in North West Spain, in which the Company currently has a 20% carried interest following its farmout deal with Plymouth. The Company is pleased to report the following information which has been extracted without material adjustment from the Plymouth announcement.
Highlights
· The first phase drilling programme at Morille has now been completed. 61 Reverse Circulation ("RC") holes have been drilled totalling 3,982m and Plymouth is encouraged by the identification of scheelite mineralisation in numerous drill holes. In addition to this, Plymouth has verified several historical drill holes from the project to JORC standards and is now able to publically report these.
· Assay results from the first twelve drill holes have now been received. Key intersections from these drill holes and from verified historic data include;
§ 5m @ 0.24% WO₃ (incl 2m @ 0.42%) WO₃ from 28m
§ 1.45m @ 0.95% WO₃ from 19.35m
§ 6.25m @ 0.29% WO₃ from 26.75m
§ 3.85m @ 0.16% WO₃ from 17.4m
· Samples from the remaining 49 drill holes have been despatched in batches for analysis and all results are expected in 4-5 weeks
· Metallurgical testwork remains ongoing
Sean Finlay, Aurum's Chairman, said:
"We are impressed by the quick progress that Plymouth has made on the Morille project and the results to date are certainly encouraging.
Plymouth's strong financial position and the experience of its management team at progressing tungsten projects were two of the key reasons in Aurum's decision to partner with Plymouth on the Morille project and the work carried out to date enforce the Board's view that Plymouth will add significant value for Aurum's residual stake in Morille.
We look forward to keeping the market updated on progress at Morille."
Qualified Person
Sean Finlay, Professional Geologist, Chartered Engineer, Chairman 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 |
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 20% 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.