Salamanca Drilling Update
28 June 2013
Ormonde Mining plc
("Ormonde" or "the Company")
Salamanca Drilling Update
The Board of Ormonde is pleased to report the results to-date of initial drilling on the Cabeza de Caballo Permit in the Salamanca Province of western Spain, which forms part of our joint venture with Aurum Mining plc.
To-date, four diamond holes have been drilled testing for near-surface extensions to the gold mineralisation identified by trenching and soil geochemistry. Due to poor (wet) ground conditions (resulting in it not being possible to complete trenching required for the additional planned drill holes) the drilling programme had to be paused. This trenching is now underway as ground conditions have improved, following which the drilling programme can recommence. Results have now been received for the initial four holes.
Main Points
· Best results returned from hole CABDD002 with an interval of 24 metres grading 0.35 grams per tonne ("g/t") gold (from surface)
· The mineralisation is associated with three sets of quartz-sulphide veins, with the most extensive quartz-sulphide veining seen in thicker granite intervals, although the intensity of veining is less than that seen in trenching at surface
· Style of veining and associated multi-element geochemistry is consistent with an "Intrusion-related" gold mineralising system
· Trenching underway to enable drilling to resume on defined targets
· Trenching will also be carried out over the summer on the Peralonso permit ahead of further drilling as a follow-up to the results from the drilling campaign completed earlier this year on the main prospect where results included 10m grading 3.39g/t gold and 2m grading 10.18g/t gold.
Kerr Anderson, Ormonde's Managing Director, said:
"The style of mineralisation evident over wide intervals in the early drilling is encouraging, albeit with lower grades than indicated at surface. There are several targets to be followed up in this extensive prospect and I look forward to the resumption of testing on some of these following completion of the trenching currently being carried out. Work will also resume at Peralonso as a follow-up to the higher grade gold intersections in the last drilling campaign".
Detail
Four holes were drilled for a total of 442 metres, principally to test for near-surface extensions to the gold encountered in trenching. The best trenched interval was 21m grading 3.71g/t gold in trench CABTR004. The drill holes intersected a sequence of alternating granites and schists. Quartz-sulphide veining, which hosts the gold mineralisation, is best developed in the granite intervals, where logging shows three types of veining in terms of vein geometries. The density of veining observed is less than that seen in the trenching which returned the best gold results, and indicates that vein density is a control on the gold grade. The results are shown in the table below and include a best interval of 24m grading 0.35g/t gold. The style of veining and associated multi-element geochemistry is consistent with an "Intrusion-related" gold system.
|
Hole |
Length (m) |
Dip/Azimuth |
From (m) |
Thickness (m) |
Gold (g/t) |
|
CABDD001 |
77.8 |
-50o/280o |
17 |
1.0 |
0.31 |
|
CABDD002 |
84.5 |
-50o/280o |
0 |
24.0 |
0.35 |
|
CABDD003 |
108.4 |
-50o/280o |
52 |
3.0 |
0.64 |
|
CABDD004 |
171.3 |
-50o/280o |
82 |
1.2 |
1.06 |
|
and |
|
|
126 |
18.0 |
0.22 |
|
and |
|
|
164 |
1.0 |
0.31 |
|
and |
|
|
170 |
1.3 |
0.46 |
Significant Intercepts using a 0.2g/t cut (1m minimum width of intercept and 4m maximum internal dilution)
At Peralonso, trenching will also be carried out over the summer ahead of further drilling as a follow-up to the results from the drilling campaign completed earlier this year on the main prospect where results included 10m grading 3.39g/t gold and 2m grading 10.18g/t gold.
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: +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
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)20 3463 2260
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.
This information is provided by RNS
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