ORM Ormonde Mining Plc

 

TIDMORM 
 
RNS Number : 3132Q 
Ormonde Mining PLC 
03 August 2010 
 

03 August 2010 
 
                               Ormonde Mining plc 
                          ("Ormonde" or "the Company") 
 
 Independent Report Highlights Excellent Gold Potential on Salamanca Properties 
 
Ormonde Mining plc announces that it has received a Geological Report on its 
gold properties in the Salamanca Province, Spain (the "Gold Properties") 
prepared by independent consultants CSA Global (UK) Ltd ("CSA Global"), which 
outlines significant gold potential and recommends priority drilling targets on 
the main prospects identified to-date. 
While the Company focuses on progressing its Barruecopardo Tungsten Project (in 
Salamanca) to production in 2012, the report on the Gold Properties was 
commissioned to enable the Company to review the best way to progress and/or 
realise value from these highly prospective gold assets. 
 
 
Report Highlights 
The Report indicates that Ormonde's Salamanca permit area incorporates all the 
major features of classic intrusion related gold systems ("IRGS"). Such systems 
host a considerable number of large scale, lower grade gold deposits in various 
parts of the world, including Mokrsko in the Czech Republic (>3.2 Moz), Dublin 
Gulch, Yukon (3.9 Moz) and Fort Knox, Alaska (3.8 Moz).  The CSA report comments 
that: 
 
·    "The scale of the sheeted vein systems in the western part of the Salamanca 
block, covering a total area of some 10km2, suggests that a major (gold) 
mineralising system has been uncovered by Ormonde, only part of which has been 
tested to-date". 
 
·    "Work to date at the Dora Prospect suggests the presence of a large gold 
system.  Limited drilling (2 holes), testing a broad geochemical anomaly, has 
revealed a new, large-scale sheeted vein system ...". 
 
·    "A number of sheared quartz vein systems associated with exceptionally high 
gold grades have been identified by Ormonde in the eastern part of the Salamanca 
permit block.  Most of these targets are untested by drilling". 
 
·    "Should follow-up exploration be successful, and considering the scale of 
comparative type known deposits, then Ormonde's Salamanca permit block could 
prove to be a district with multi-million ounce gold potential". 
 
 
Kerr Anderson, Ormonde's Managing Director, said: 
 
"This report strongly supports our view that we have several quality gold 
prospects on our highly prospective ground in Salamanca which could develop into 
significant gold resources, and now warrant further drilling and investigation. 
With the Company's clear focus on progressing its Barruecopardo Tungsten Project 
to production in late 2012, we believe that the best way to advance the work 
programmes on our gold properties  recommended in this report would be through 
third party funding via joint venture with possible options now being pursed". 
 
 
Background 
Ormonde has a 90% interest in several permits in the Salamanca Province in joint 
venture with the regional government affiliated company Sociedad de 
Investigación y Explotación Minera de Castilla y León (SIEMCALSA) who holds 10%. 
 Exploration activities, including limited drilling, have been carried out on 
several prospects in the permit area, with encouraging results.  As a 
consequence of the Company's focus on its core tungsten interests in Salamanca, 
Ormonde requested CSA Global to prepare an Independent Geological Report ("IGR") 
on the gold potential of its ground holdings.  CSA Global visited the Salamanca 
permits and main exploration projects, and reviewed technical information and 
results obtained by exploration carried out by both Ormonde and previous 
explorers. 
The main prospects visited and reviewed included: 
 
Dora 
This is an extensive gold-bearing sheeted vein system with a geochemical 
"footprint" of some 800m x 400m.  Only 2 holes have been completed to-date which 
returned 62m grading 0.5 grammes per tonne ("g/t") gold (from 32m depth) and 
183m grading 0.2 g/t gold (from 38 m depth). 
 
Can 
Drilling by Ormonde on this sheeted vein system located within 3 kilometres of 
Dora intersected a regularly veined system greater than 50m wide; the widely 
spaced nature of individual veins resulted in a best interval of 0.5 g/t gold 
over 16.0m (from 22m depth; Hole SC-2). 
 
Saturno 
Drilling in the 1980s of this quartz vein system returned a best interval of 10m 
grading 2.1 g/t gold (from 127m depth in hole SAT-1) including one metre grading 
12.9 g/t gold. 
 
Bollo 
Historic sampling of sulphide-bearing, vuggy quartz on dump material returned an 
average grade of 8.3 g/t gold from 30 samples, with a maximum value of 58.6 g/t 
gold.  This material was mined from a series of narrow quartz veins.  No 
drilling has been carried out. 
 
Marta 
A number of historic short holes drilled on this sheeted vein system in the 
1980s returned a best interval of 12.6m grading 3.4g/t gold (from 31.1m depth). 
 
Peralonso 
Following Ormonde prospecting results from sampling of loose blocks of hematitic 
quartz, which returned high gold values including 51.5, 29.9 and 13.2 g/t gold, 
and subsequent soil sampling over this area, trenching over a main soil anomaly 
returned a best interval of 5.0m grading 5.0 g/t gold.  No drilling has been 
carried out in this area to date. 
 
 
 
Kerr Anderson PhD EurGeol PGeo, Managing Director of Ormonde Mining plc, and a 
qualified person as defined in the Guidance Note for Mining, Oil and Gas 
Companies, March 2006, of the London Stock Exchange, has reviewed and approved 
the technical information contained in this announcement. 
 
 
A glossary explaining technical terms contained in this announcement can be 
found at www.ormondemining.com/en/investors/technical_glossary. 
 
 
Enquiries to: 
 
Ormonde Mining plc 
Kerr Anderson, Managing Director  Tel: +353 (0)46 9073623 
 
Bankside Consultants 
Simon Rothschild / Louise Mason  Tel: +44 (0)20 7367 8888   Mob: +44 (0)7703 
167065 
 
Davy (Nomad / ESM Adviser and Joint Broker) 
Eugenée Mulhern/Fergal Meegan  Tel: +353 (0)1 6796363 
 
Fairfax I.S. PLC (Joint Broker) 
Ewan Leggat/Katy Birkin  Tel: +44 (0)207 598 5368 
 
 
 
ENDS 
 
 
About Ormonde 
Ormonde Mining plc is quoted on the AIM in London and the ESM in Dublin. Ormonde 
is a mineral development and exploration company focused on Spain, with the 
objective of developing the Barruecopardo Tungsten Project to be a major western 
tungsten mine by late 2012. 
 
For more information please visit www.ormondemining.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEAXXEDELEEFF 
 

Ormonde Mining (AQSE:ORM)
Historical Stock Chart
From Sep 2024 to Oct 2024

Ormonde Mining (AQSE:ORM)
Historical Stock Chart
From Oct 2023 to Oct 2024