TIDMORM
RNS Number : 6434O
Ormonde Mining PLC
15 October 2012
15 October 2012
Ormonde Mining plc
("Ormonde" or "the Company")
Update on Zamora Gold Project
Ormonde advised in its interim results issued on 27 September,
2012 that drilling at the El Facho and Peralonso Prospects, the
subject of the joint venture with Aurum Mining plc, had delivered
encouraging results and that further drilling is now underway at
Peralonso.
In relation to the El Facho Prospect in the Zamora Province of
western Spain, Ormonde wishes to advise that our joint venture
partner Aurum Mining PLC has today issued the announcement
below.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde
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.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Joe Heron Tel: +353 (0)1 4980300 Mob: +353 (0)87 690 9735
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
Fairfax I.S. PLC (Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)207 598 5368
"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 by clicking on the
following link: Click here
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".
*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.
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."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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