Cabeza Trenching Results
23 October 2012
Ormonde Mining plc
("Ormonde" or "the Company")
Excellent Gold Results from Trenching on the Cabeza Prospect
The Board of Ormonde is very pleased to report the results of the first trenching completed on the Cabeza de Caballo ("Cabeza") Gold Prospect in the Salamanca Province, western Spain. This prospect is part of our joint venture with Aurum Mining plc from which results of soil sampling on the Pino de Oro permits in the Zamora Province were recently announced. The Cabeza Prospect is located some 60km southwest of Pino de Oro and some 30km northwest of the Peralonso Prospect, where drilling is currently in progress.
Results have been received from samples collected in four trenches excavated on an extensive gold-in-soil anomaly, which have encountered gold mineralisation over wide zones of good grades. No trenching or drilling has previously been carried out on this area. Applications for further exploration permits in the immediate area have been submitted.
Main Points
· Trench CABTR004 returned 21 metres grading 3.71 grams per tonne ("g/t") gold from a zone of intense quartz-sulphide veining within altered granites.
· Trench CABTR003, some 75 metres along strike from CABTR004, returned several intervals within an overall zone some 40 metres wide including 4m grading 1.96 g/t, 4m grading 1.85g/t, 3m grading 2.13 g/t and 1m grading 11.8g/t gold.
· A gold-in-soil anomaly on which the trenches were sited has a strike length of some 800 metres.
A map showing the location of permit can be accessed by clicking here and a map of the trenches and the gold-in-soil anomaly can be accessed by clicking here.
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Kerr Anderson, Ormonde's Managing Director, said:
"These are extremely good results from the first detailed work carried out on the Cabeza Prospect, with significant gold mineralisation being identified over wide zones of good grade. This indicates that we may have identified a new, near surface gold system. We will undertake further trenching to follow up on these first results, with drilling of targets likely to follow. The effectiveness of the soil geochemistry in identifying this mineralised zone has led us to plan a widening of this programme with the objective of defining further such targets on the licence area. In addition, applications have now been submitted for further exploration permits in the immediate area."
Detail
Four trenches for a total of 339 metres have been excavated on a gold-in-soil anomaly on the Cabeza de Caballo Prospect, which has a strike length of some 800 metres (NNE-SSW) at 50ppb gold. The soil anomaly was defined by sampling carried out over an area where prospecting had returned high-grade gold values from float material (loose blocks) in an area of very poor outcrop. Of a total of thirteen float samples, eight samples returned values greater than 5/gt gold with maximum values of 45.3g/t and 72.2g/t gold.
Trenching has now identified zones of steeply-dipping, gold-bearing quartz-sulphide veining within variably altered granites. Chip sampling was carried out within these trenches in the areas with the most significant veining. Results received from the four trenches are summarised in the table below. It should be noted that other than CABTR004, the trenches were not sampled over continuous intervals, leaving the potential for other gold-bearing intervals within the trenched zones.
|
Trench |
From (m) |
To (m) |
Au g/t |
|
CABTR001 |
5.8 |
6.8 |
1m @ 0.61 |
|
|
8.0 |
9.0 |
1m @ 2.20 |
|
|
17.0 |
18.0 |
1m @ 1.53 |
|
|
28.0 |
29.0 |
1m @ 16.6 |
|
|
59.0 |
60.0 |
1m @ 0.61 |
|
|
69.0 |
70.0 |
1m @ 0.85 |
|
|
113.0 |
114.0 |
1m @ 2.26 |
|
|
143.0 |
144.0 |
1m @ 2.56 |
|
CABTR002 |
3.0 |
4.0 |
1m @ 0.70 |
|
|
11.0 |
12.0 |
1m @ 0.67 |
|
CABTR003 |
13.0 |
14.0 |
1m @ 1.07 |
|
|
18.0 |
19.0 |
1m @ 0.95 |
|
|
28.0 |
31.0 |
3m @ 0.65 |
|
|
40.0 |
41.0 |
1m @ 0.70 |
|
|
58.0 |
59.0 |
1m @ 1.96 |
|
|
64.0 |
67.0 |
3m @ 0.87 |
|
|
69.0 |
70.0 |
1m @ 3.27 |
|
|
71.0 |
75.0 |
4m @ 1.96 |
|
|
78.0 |
82.0 |
4m @ 1.85 |
|
|
88.0 |
91.0 |
3m @ 2.13 |
|
|
92.0 |
94.0 |
2m @ 1.25 |
|
|
97.0 |
98.0 |
1m @ 11.8 |
|
CABTR004 |
0.0 |
21.0 |
21m @ 3.71 |
Significant Intercepts 0.5 g/t cut (1m minimum width of intercept and 2m maximum internal dilution)
Notes to table:
Sampling, Assaying and Quality Control Measures
All trenches have been mapped and sampled by an experienced geologist. Sampling is 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 30g 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
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 & the ESM 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- exploration for an enlargement to the current copper resources is being funded through a joint venture Antofagasta Minerals.
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
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