Salamanca Prospect Update
4 February 2013
Ormonde Mining plc
("Ormonde" or "the Company")
Encouraging Gold Results from Prospecting in Salamanca
The Board of Ormonde is pleased to report encouraging results from new prospecting on areas covered by permit applications which are adjacent to its existing Peralonso and Cabeza de Caballo ("Cabeza") permits and prospects in the Salamanca Province, western Spain, and which form part of the joint venture with Aurum Mining plc.
The prospecting in the adjacent application areas was undertaken as it had proven to be a highly successful method in identifying the gold prospects at Peralonso and Cabeza.
Results received from float samples (loose blocks) collected along the inferred strike extensions of gold-bearing structures identified to-date have returned good gold values, and new targets have also been identified.
Main Points
Peralonso Area
· Gold present in a significant number of float samples located over an area of some 700m x 200m, centred approximately 1.2 kilometres east northeast of the area of drilling at Peralonso. From a total of 23 samples of rock collected, 13 samples returned grades greater than 3g/t gold, with maximum values of 10.05g/t and 13.5g/t gold.
· Two samples collected in an area some 800m northeast of the drilling area returned values of 4.22g/t and 34.3g/t gold respectively.
Cabeza Area
· Gold-bearing material was indentified in several float samples located over an area some 1.2 kilometres north of the main zone of gold discovered in trenching to date at Cabeza. Five of 9 samples collected returned greater than 3g/t gold with a maximum value 4.92g/t gold.
· Two float samples collected some 800m northwest of the Cabeza trenching returned values of 0.57g/t and 43.5 g/t gold, and support a developing theory that the original float samples on this prospect (8 of 13 samples returned values greater than 3/gt gold with maximum values of 45.3g/t and 72.2g/t gold), which are located some 400 metres northwest of the current trenching, may represent a separate gold structure with little or no soil geochemical expression.
· Overall, float samples with gold values greater than 1g/t now occur over some 2.6km of strike length.
Kerr Anderson, Ormonde's Managing Director, said:
"Prospecting has proven very successful for us in the past leading to the discovery of the Cabeza and Peralonso Prospects. Our widening of the prospecting coverage around the gold prospects identified to date suggests that extensions to the known mineralisation and further separate gold structures may be present in the broader area. This is very encouraging."
Detail
A total of 112 samples of predominantly float material (loose blocks) were collected over areas extending away from the existing prospects at Peralonso and Cabeza de Caballo, principally in areas covered by adjacent permit applications submitted to the provincial mining authorities in the second half of 2012. The samples collected were dominantly of quartz veining and altered granite, with varying amounts of iron oxides and sulphide in places. The averaged sample weight was around two kilogrammes. Statistical presentation of the gold results from all the samples is summarised in the following table.
|
Detail |
Peralonso Area |
Cabeza Area |
|
Total Number of Samples |
95 |
17 |
|
No. of Samples => 1g/t Au |
18 (19%) |
9 (50%) |
|
No. of Samples => 3g/t Au |
16 (17%) |
6 (33%) |
|
No. of Samples => 5g/t Au |
8 (8%) |
1 (6%) |
|
No. of Samples => 10g/t Au |
3 (3%) |
1 (6%) |
Exploration programmes in these areas will be carried out upon the granting of the permits by the mining authorities.
Notes to table:
Sampling, Assaying and Quality Control Measures
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
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 its 100% owned Barruecopardo Tungsten Project as a low cost mining operation 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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