Peralonso Drilling Results

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 (m)	Dip/Azimuth	From (m)	Thickness (m)	Gold (g/t)
PERDD001	126.1	-50o/288o	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
PERDD002	75.1	-50o/290o	8.9	5.8	1.14
PERDD003	75.2	-50o/290o	No significant mineralisation
PERDD004	100.0	-50o/290o	72.0	1.0	4.51
and			79.0	7.0	2.42
PERDD005	201.3	-50o/290o	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
PERDD006	125.5	-50o/290o	0.0	6.0	1.38
and			78.0	1.0	0.51
PERDD007	125.5	-50o/290o	49.0	2.0	10.18
PERDD008	89.5	-50o/290o	73.7	1.4	0.59
and			80.0	3.0	1.17
PERDD009	100.3	-50o/290o	40.0	18.0	0.70
and			63.0	1.0	0.52
New Assays
PERDD010	126.0	-50o/290o	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
PERDD011	123.0	-50o/293o	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: [phone]

Bankside Consultants

Simon Rothschild  Tel: [phone]   Mob: [phone]

Murray Consultants

Ed Micheau  Tel: [phone]  Mob: [phone]

Davy (Nomad / ESM Adviser)

Eugenée Mulhern / Roland French  Tel: [phone]

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.

 

END

 

 

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