TIDMORM
RNS Number : 6405Z
Ormonde Mining PLC
11 March 2013
11 March 2013
Ormonde Mining plc
("Ormonde" or "the Company")
Further Drilling Results from Peralonso, Salamanca
The Board of Ormonde is pleased to report assay results from the
final two holes of the second stage of drilling on the Peralonso
Permit in the Salamanca Province of western Spain, which forms part
of the joint venture with Aurum Mining plc.
A total of eight holes have been drilled to test for
near-surface extensions to the gold mineralisation which had been
identified by the first ever drilling on the permit carried out
during 2012. The objective of the drilling was to test for near
surface gold mineralisation. On 23 January 2013, Ormonde announced
results from the first six holes, which indicated extensions at
shallow depths of mineralised structures encountered in the
original drilling. Results have now been received for the last two
holes (PERDD010 and 011) of this eight hole programme, further
confirming the presence of near-surface gold-bearing
structures.
Highlights
-- Drill hole PERDD010 has returned a best interval of one metre
grading 33.2 grams per tonne ("g/t") gold (from 92m depth).
-- Drilling to-date on the Prospect has identified near-surface,
broad mineralised structures and higher grade intervals, with
results including 10.1m grading 3.39g/t gold, 13.3m grading 2.59g/t
gold, and 9.2m grading 2.09g/t gold.
-- Several structures are evidenced within a 400 x 400m gold-in-soil anomaly.
-- Recently reported prospecting work showed gold present in a
significant number of float samples from an area of some 700m x
200m, centred approximately 1.2 kilometres east northeast (along
strike) of the area of drilling at Peralonso. From a total of 23
samples of rock collected, 13 samples returned grades greater than
3g/t gold, with maximum values of 10.05g/t and 13.5g/t gold.
-- Work to-date suggests several gold-bearing structures in this
area with considerable strike potential.
A map showing the locations of all drill holes can be viewed by
clicking here and a cross-section can be accessed by clicking
here.
Kerr Anderson, Ormonde's Managing Director, said:
"Drilling on the first target to be tested within the Peralonso
Permit area has delivered good results and indicates that we are
dealing with several near-surface mineralised structures.
Additionally the recent prospecting work carried out approximately
1.2 kilometres east northeast of the drilling area, along the
inferred strike extensions, returned very encouraging results. This
suggests that the structures identified to date at Peralonso may
have significant scale."
Detail
To date, eleven holes have been drilled at Peralonso for a total
of 1,267 metres, the objective being to test for near surface gold
mineralisation. The results from the initial three hole drill
programme (PERDD001-3) were announced in July 2012, and the results
from the first six holes (PERDD004-9) of the follow-up eight hole
programme were announced in January 2013. The results of the last
two holes (PERDD010-11) of this programme are covered in this
release.
Drilling has tested the shallow depth extent of gold
mineralisation encountered in previous trenching within an area
where an extensive gold-in-soil geochemical anomaly (400 x 400m)
had been identified. Results from all holes drilled to-date are
reported in the table below. This drilling suggests that gold
mineralisation is hosted within several steeply-dipping altered
zones within granites, characterised by quartz veining and breccias
which exhibit multiple phases of brecciation. Detailed structural
interpretation and an assessment of the correlation of the
mineralised structures identified by the two drilling campaigns are
currently being carried out.
In addition, recent prospecting work (reported in February 2013)
carried out approximately 1.2 kilometres ENE of the drilling area,
along the inferred strike extensions, returned very encouraging
results, suggesting that the structures identified to date at
Peralonso may have significant scale.
Hole Length Dip/Azimuth From (m) Thickness Gold (g/t)
(m) (m)
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD001 126.1 /288(o) 0 7.0 1.30
---------- ------- ------------ --------- ---------- -----------
and 16.0 1.0 9.88
---------- ------- ------------ --------- ---------- -----------
and 40.0 1.2 1.61
---------- ------- ------------ --------- ---------- -----------
and 46.9 10.1 3.39
---------- ------- ------------ --------- ---------- -----------
incl 46.9 1.1 22.7
---------- ------- ------------ --------- ---------- -----------
and 78.0 1.0 0.89
---------- ------- ------------ --------- ---------- -----------
and 110.7 13.3 2.59
---------- ------- ------------ --------- ---------- -----------
incl 110.7 1.4 21.5
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD002 75.1 /290(o) 8.9 5.8 1.14
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD003 75.2 /290(o) No significant mineralisation
---------- ------- ------------ ----------------------------------
-50(o)
PERDD004 100.0 /290(o) 72.0 1.0 4.51
---------- ------- ------------ --------- ---------- -----------
and 79.0 7.0 2.42
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD005 201.3 /290(o) 32.0 1.0 0.89
---------- ------- ------------ --------- ---------- -----------
and 68.0 1.0 0.88
---------- ------- ------------ --------- ---------- -----------
and 75.0 6.0 1.87
---------- ------- ------------ --------- ---------- -----------
and 99.8 9.2 2.09
---------- ------- ------------ --------- ---------- -----------
and 150.0 1.0 0.82
---------- ------- ------------ --------- ---------- -----------
and 164.0 1.0 2.68
---------- ------- ------------ --------- ---------- -----------
and 171.0 2.0 1.24
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD006 125.5 /290(o) 0.0 6.0 1.38
---------- ------- ------------ --------- ---------- -----------
and 78.0 1.0 0.51
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD007 125.5 /290(o) 49.0 2.0 10.18
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD008 89.5 /290(o) 73.7 1.4 0.59
---------- ------- ------------ --------- ---------- -----------
and 80.0 3.0 1.17
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD009 100.3 /290(o) 40.0 18.0 0.70
---------- ------- ------------ --------- ---------- -----------
and 63.0 1.0 0.52
---------- ------- ------------ --------- ---------- -----------
New Assays
---------------------------------------------------------------------
-50(o)
PERDD010 126.0 /290(o) 31.0 3.0 1.59
---------- ------- ------------ --------- ---------- -----------
and 56.0 1.0 0.56
---------- ------- ------------ --------- ---------- -----------
and 92.0 1.0 33.2
---------- ------- ------------ --------- ---------- -----------
and 110.0 6.0 0.69
---------- ------- ------------ --------- ---------- -----------
-50(o)
PERDD011 123.0 /293(o) 28.0 1.0 2.14
---------- ------- ------------ --------- ---------- -----------
and 58.0 1.0 1.12
---------- ------- ------------ --------- ---------- -----------
and 79.0 1.0 3.59
---------- ------- ------------ --------- ---------- -----------
Significant Intercepts using a 0.5g/t cut (1m minimum width of
intercept and 4m maximum internal dilution)
True thicknesses are currently interpreted to be around 70% of
the drilled thickness (interval).
Notes to table:
Sampling, Assaying and Quality Control Measures
All drill core has been routinely logged by an experienced
geologist. Relevant core intervals were split in half by diamond
saw, with half being sent for assay and the other half being
retained in the core boxes for reference. Sampling is mainly
carried out over one metre intervals.
Sample preparation and analyses were performed at ALS Chemex
(Spain). Assays are reported using Fire Assay and AAS on a 50g
sample. Reference samples (blanks, duplicates and certified
standards) are routinely included in each sample batch as quality
control measures. In addition check assays are performed on
selected mineralised samples.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde
Mining plc, and a qualified person as defined in the 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.
A glossary explaining technical terms contained in this
announcement can be found at
www.ormondemining.com/en/investors/technical_glossary.
For more information please visit www.ormondemining.com or
follow Ormonde on Twitter https://twitter.com/ormondemining or
Linkedin http://www.linkedin.com/company/ormondemining-plc
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
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
ENDS
About Ormonde
Ormonde Mining Plc is admitted to trading on the AIM market in
London & the ESM market in Dublin. Ormonde is a mineral
development and exploration company focused on Spain (Ticker:
ORM).
Ormonde's key activities include:
Barruecopardo Tungsten - Ormonde is developing a low cost mining
operation at Barruecopardo to become a major, secure European
supply of tungsten.
La Zarza Copper- polymetallic massive sulphide deposit in the
prolific Iberian Pyrite Belt of southern Spain.
Gold Explorationin several highly prospective areas of western
Spain which includes its joint venture agreement with Aurum Mining
plc (AIM: AUR), where Ormonde currently has a 40% interest in the
Pino de Oro project in the Zamora Province and a 46% interest in
the Peralonso and Cabeza projects in Salamanca Province of western
Spain. Ormonde is Manager of the Joint Venture.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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