Last checked at 18 Jun 2014 08:10
18 June 2014
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") concerning 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 and all assay results have now been received. 61 Reverse Circulation ("RC") holes were drilled as part of the programme, totalling 3,982m. Plymouth is highly encouraged by numerous significant near-surface scheelite intercepts and the programme has identified multiple follow-up targets for future exploration and resource definition drilling.
· Significant assay results from drilling programme include;
o 4m @ 1.29% WO3 from 61m and 4m @ 0.31% WO3 from 68m (MAC-RC 046)
o 2m @ 0.30% WO3 from 18m (MAC-RC-045)
o 7m @ 1.28% WO3 from 67m (WES-RC-040)
o 6.25m @ 0.29% WO3 from 26.75m (DDH M010)
o 1.45m @ 0.95% WO3 from 19.35m (DDH M001)
o 5m @ 0.24% WO3 (incl 2m @ 0.42% WO3) from 28m (MAC-RC-009)
· Shallow high-grade scheelite mineralisation has been proven in situ both outside of, and as extensions to, the historic operating mines on the Morille project area. Results validate that historic mining at Morille was constrained by landholders and not mineralisation/mine depletion.
· 6 of 16 historic mine areas within the 57km2 tenure were targeted in this first-phase
Sean Finlay, Aurum's Chairman, said:
"As previously noted, we have been impressed by both the speed and scale of Plymouth's initial exploration work on the Morille project and the results to date are certainly very encouraging. Clear targets for follow up drilling have been identified and the prospectivity of the large project area is highlighted by both the results from the drilling done to date and by the fact that there are a large number of target areas still to be tested.
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 production from the site of high quality tungsten concentrates.