Further Positive Results from Gold Joint Venture
28 March 2012
Ormonde Mining plc
("Ormonde" or "the Company")
Further Positive Results from Gold Joint Venture
The Board of Ormonde is pleased to report further positive gold assay results from new drilling on the "El Facho" gold structure at its Zamora Gold Project. Drilling of the nine-hole programme, which is being funded by our joint venture partner Aurum Mining PLC ("Aurum"), has been completed and assay results received for the initial three holes (ORMP 13, 14 and 15).
The nine-hole programme follows on from encouraging results from previous drilling by the joint venture and is designed to test and expand the gold structure over a strike length of some 600 metres.
Highlights
· Drill hole ORMP-15 has returned a significant interval of 22 metres grading 1.94 grammes per tonne ("g/t") gold (from 99m depth) within an overall interval of 49 metres grading 1.16g/t gold (from 96m depth).
· In addition drill hole ORMP-13 returned 10 metres grading 0.56g/t gold (from 154m depth) and ORMP-14 returned a best interval of one metre grading 11.35 g/t gold (from 143m depth).
· Infill assays have also been received for previous drill hole ORMP-10 (completed in the 2011 programme) which now shows an overall mineralised interval of 80 metres grading 0.76g/t gold (from 25m depth) within which the previously reported higher grade interval of 12 metres grading 3.40g/t gold is present.
· Eleven of the twelve holes drilled at El Facho by Ormonde and/or the joint venture for which assay results are available have encountered gold mineralisation in excess of 1 g/t across multiple intersections.
· Following receipt of all assay results from this drilling programme, the joint venture hopes to develop an initial mineral resource estimate for the El Facho prospect.
Kerr Anderson, Ormonde's Managing Director, said:
"We are very pleased with the first assay results from the current drilling programme at the El Facho structure which again show good widths and grades of gold. The results of the remaining six holes completed in the programme will be reported when available. Upon receipt of all the assay results, the joint venture hopes to develop an initial resource estimate for this gold structure."
Detail
On 11 March 2011, Ormonde entered into a joint venture with Aurum Mining PLC ("Aurum") whereby Aurum can earn a 60% interest in two permits in the Zamora Province and a 54% interest in a further two permits in the Salamanca Province, with the total permit area being 106 square kilometres, by spending €500,000 on exploration activities over an 18 month period. The initial drilling has been focused on the two permits in Zamora and in particular the "El Facho" gold structure, where the joint venture has now drilled eleven holes (ORMP-10, 11 and 13-21) for a total of 2,697 metres of drilling. Gold mineralisation is hosted in steeply-dipping structures characterised by quartz veining, silicification and alteration in granites. The joint venture drilling is testing for extensions to the known gold intersections and in particular ascertaining whether broader mineralised intervals can be delineated.
Results from ORMP-13, 14 and 15 are reported below:
|
Hole |
Length (m) |
Dip/Azimuth |
From (m) |
Thickness (m) |
Estimated True Thickness (m) |
Gold (g/t) |
|
ORMP-13 |
180.0 |
-55o/330o |
154 |
10 |
7 |
0.6 |
|
and |
|
|
172 |
3 |
2 |
1.4 |
|
ORMP-14 |
245.5 |
-50o/330o |
143 |
1 |
0.7 |
11.4 |
|
ORMP-15 |
219.0 |
-50o/330o |
96 |
49 |
34 |
1.2 |
|
including |
|
|
99 |
22 |
15 |
1.9 |
|
including |
|
|
109 |
11 |
8 |
3.6 |
Previous drilling by Ormonde and/or the joint venture on the Facho structure includes:
|
Hole |
From (m) |
Thickness (m) |
Gold (g/t) |
|
ORMP 1 |
51 |
23 |
1.1 |
|
ORMP 3 |
131 |
3 |
3.6 |
|
ORMP 4 |
40 |
6 |
3.7 |
|
ORMP 5 |
56 |
9 |
1.5 |
|
ORMP 6 |
104 |
7 |
1.1 |
|
ORMP 7 |
38 |
7 |
1.2 |
|
ORMP-10 |
89 |
12 |
3.4 |
|
within |
75 |
30 |
1.6 |
|
within |
25 |
80 |
0.8 |
|
ORMP-11 |
102 |
10 |
2.2 |
|
and |
275 |
5 |
1.9 |
A plan and section through the mineralisation will be made available on the website following receipt and interpretation of all assay results from the current programme.
In addition to the drilling at El Facho, a short-hole drilling programme is ready to commence on the Peralonso permit in the Salamanca Province to test the shallow depth extent of gold mineralisation located in previous trenching. Gold mineralisation at Peralonso is hosted within Fe-oxide-bearing breccias within altered granites, with previous trenching of an extensive soil geochemical anomaly (400 x 400m) returning a best interval of 5 metres grading 5.4g/t gold.
Notes:
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 the fire assay (FA) method with an atomic absorption (AA) finish. Reference samples (blanks, duplicates and certified standards) are routinely included in each sample batch as quality control measures. .
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/ormonde-mining-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 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:
The Barruecopardo Tungsten Project - Ormonde is developing a low cost mining operation at Barruecopardo to become a major, secure European supply of tungsten.
The La Zarza Copper Project- a large "massive sulphide" deposit; 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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