Further Drilling Results at Barruecopardo
16 October 2012
Ormonde Mining plc
("Ormonde" or "the Company")
Further Drilling Demonstrates Potential to Increase Tungsten Resource at Barruecopardo
The Board of Ormonde is pleased to report further drilling results from its Barruecopardo Tungsten Project, Western Spain.
Two holes were drilled on the northern part of the mineral resource, below a portion of the resource to be mined in the open pit as defined in the Project's Definitive Feasibility Study. These holes were drilled to test a geological concept that the thickness of the narrower, near-surface mineralisation in the northern part of the deposit, may increase at depth, thereby expanding the future mineable potential. This concept has proved valid.
Main Points
· Hole BAR-81 intersected a zone of intense tungsten-bearing veining, similar to that in the main part of the existing defined deposit area where the mineralisation is best developed, and returned 17 metres grading 0.30% WO3 with narrower higher grade intervals below this zone including one metre grading 8.64% WO3
· Hole BAR-82 (drilled some 50 metres below BAR-81) intersected the same zone of veining, although a block or "raft" of schist within the granite was encountered where part of the continuation of the BAR-81 intersection would have been expected (the tungsten veining is normally weakly developed in these small localised schist blocks). Despite this, BAR-81 returned good intersections of 5 metres grading 0.31% WO3 and 4 metres grading 1.16% WO3
A longitudinal section showing the location of these holes in relation to the open pit shell can be accessed by clicking on the following link: Section view of BAR-81 & BAR-82
Kerr Anderson, Ormonde's Managing Director, said:
"These new holes, which encountered tungsten of good grades and widths, confirm that the narrower near-surface mineralisation on this northern part of the deposit is thicker and better developed at depth. This clearly demonstrates the potential to expand the mineral resources at Barruecopardo. The Company plans to focus more fully on such a targeted resource expansion following the commencement of mining activities at Barruecopardo."
Drilling Results
The two drill holes were sited on Section 10150N on the northern part of the deposit and were designed to test for thicker zones of tungsten mineralisation at depth (150-200m below surface) below the narrower, near-surface mineralised zones. Both holes intersected more intense veining than that seen nearer to surface, akin to the thick area of veining seen within the area of the main part of the deposit, which will be mined by open pit. Hole BAR-82 intersected a block of schist some 22m wide within the veined granite. Similar such blocks are observed in the southern part of the deposit and tungsten veining is usually less well developed in these schist blocks due to them being less susceptible to fracturing at the time of mineralisation.
|
Hole |
Length of Hole (m) |
From (m) |
To (m) |
Width (m) |
Est True Width (m) |
WO3% |
|
BAR-81 |
264.3 |
173 |
214 |
41.0 |
29.0 |
0.21 |
|
including |
|
186 |
203 |
17.0 |
12.0 |
0.30 |
|
|
|
230 |
238 |
5.0 |
3.5 |
1.77 |
|
|
|
251 |
252 |
1.0 |
0.7 |
8.64 |
|
BAR-82 |
285.2 |
202 |
207 |
5.0 |
3.5 |
0.31 |
|
|
|
233 |
243 |
10.0 |
7.0 |
0.13 |
|
including |
|
242 |
243 |
1.0 |
0.7 |
0.73 |
|
|
|
249 |
253 |
4.0 |
2.8 |
1.16 |
Notes to table:
Significant intercepts at 0.1% WO3 cut-off (1m minimum width of intercept and 4m maximum internal dilution).
Sampling, Assaying and Quality Control Measures
All 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 carried out over one metre intervals.
Sample preparation and analyses were performed at ALS Chemex (Spain). Assays are reported using the fusion XRF method. 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 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.
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.
This information is provided by RNS
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