Salamanca Drilling Results
Ormonde Mining PLC
28 February 2007
28 February 2007
Ormonde Mining plc
Ormonde drilling intersects high-grade gold at Salamanca Gold Project
DUBLIN & LONDON: 28 February 2007 - Ormonde Mining plc ("Ormonde" or "the
Company") reports that drilling has intersected a high-grade gold structure at
the Pino de Oro prospect, part of its Salamanca Gold Project, western Spain.
Highlights
• First Ormonde drill hole intersects 1.0 metre grading 16.6 grams per tonne
("g/t") gold at 73 metres down-hole depth
• Previous government drilling on this prospect in the '90s intersected gold
mineralization over 500 metres of strike length, with grades including 66
g/t, 15 g/t and 11 g/t gold over 1 to 2 metre intervals
• Additionally, Ormonde drilling in another area, the Can prospect, has
intersected gold-mineralized quartz veins with up to 8.8 g/t gold. This
highlights the potential for new gold discoveries in the Project area.
Kerr Anderson, Managing Director, said today,
"This is an excellent first result from Pino and is a firm indication of the
potential for a high-grade gold resource. It gives us confidence in our broader
strategy, which is to delineate sufficient total gold resources within the
Salamanca Project area to support a central processing plant. To develop this
strategy we have generated several highly prospective targets to be tested
during the next twelve months. This early positive result is very encouraging
for us."
Drilling Results - Pino de Oro Prospect
Results to-date from Ormonde's drilling programme and previous drilling on the
structural zone under investigation include:
Ormonde drilling
Hole From (m) Width (m) Gold (g/t)
ORMP-1 73.0 1.0 16.6
Previous drilling
Hole From (m) Width (m) Gold (g/t)
P14 74.0 1.0 65.8
P15 132.0 2.0 11.1
P17 44.0 1.0 14.8
P20 124.0 1.0 4.3
Notes:
• Previous drilling by a Spanish government agency tested the gold
mineralization on 100 to 150 metre spaced sections, too wide for the
estimation of JORC-compliant mineral resources. Ormonde's current programme
is on 50 metre sections to more fully examine continuity and gold grade.
• Gold mineralization has a near vertical orientation, and extends for 500
metres along strike. The mineralized structure crops out on surface and has
only been tested to a vertical depth of 100 metres (i.e., gold
mineralization is open at depth).
• Further drilling is currently in progress. Other mineralized structures
of interest occur at the prospect area and these will be investigated as
part of the ongoing programme.
Drilling Results - Can Prospect
An initial short hole drilling programme has been completed at the Can prospect,
also part of the Salamanca Gold Project. There has been no previous drilling at
Can. Drilling targets were based on soil geochemical anomalies and surface vein
exposures over a broad area. Drilling intersected a large, granite-hosted
hydrothermal system containing gold-mineralized quartz veins. The results of
the programme highlight the potential for new gold discoveries in the Project
area.
Results include:
Hole From (m) Width (m) Gold (g/t)
SC-1 4.2 1.0 4.3
22.6 0.8 4.3
49.4 1.2 5.9
SC-2 28.0 1.0 5.9
SC-3 38.0 1.0 2.2
63.5 0.7 8.8
SC-4 24.0 1.0 2.0
SC-8 59.0 1.0 5.2
90.0 1.3 1.8
These results and other targets at Can are being followed up as part of the
ongoing exploration programme.
Kerr Anderson PhD EurGeol PGeo, Managing Director of Ormonde Mining plc, and a
qualified person as defined in the Guidance Note for Mining, Oil and Gas
Companies, March 2006, 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/glossary.htm.
Enquiries to:
Kerr Anderson, Managing Director,
Ormonde Mining plc Tel: +353 (0)46 9073623
Fraser Gardiner, Director,
Ormonde Mining plc Tel: +353 (0)86 3931178
Simon Rothschild,
Bankside Consultants Tel: +44 (0)20 7367 8871 Mobile: +44 (0)7703 167065
ENDS
About Ormonde
Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. The
Company's objective is to enhance shareholder value by developing mining
projects in Spain and taking them into production. Ormonde has a strong local
Spanish management team, supported by a Board with extensive mine development
and exploration experience.
Ormonde's lead project is the La Zarza Copper-Gold Project in southwest Spain
where a Bankable Feasibility Study is currently being carried out by leading
international engineering firms. A pre-feasibility study completed in September
2006 showed positive economics for the development of an underground mining
operation at La Zarza.
For more information please visit www.ormondemining.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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