Ormonde Mining PLC
06 December 2007
06 December 2007
Ormonde Mining plc
Ormonde intersects 3 metres grading 1.0% Tungsten in the new Filon Principal
Zone at Barruecopardo
DUBLIN & LONDON: 06 December 2007 - Ormonde Mining plc ("Ormonde" or "the
Company") is very pleased to report encouraging high grade results from the
first drillhole in the Filon Principal Zone ("FP Zone") at its Barruecopardo
Tungsten Project in Salamanca, Spain ("the Project"). The Company also reports
two further infill holes from the Filon Maestro Zone ("FM Zone").
Highlights
• First hole BAR-20 in the FP Zone intersects 3 metres grading 1.0% WO3
(tungsten trioxide); this occurs within a broader zone of 13 metres at 0.25% WO3
which would have been the mining zone in the previous open pit operation.
• The FP Zone is a 700 metre long zone below the historic open pit
tungsten mine; BAR-20 was drilled at the southern end of this pit, and indicates
that the FP Zone could be prospective as an underground target; further
drilling, presently in progress, will determine if this high grade zone extends
northwards.
• The FP Zone is additional to the FM Zone, which has been the focus of
Ormonde's drilling to-date; infill drilling of the FM Zone (BAR-21 and 22)
continues to return results in line with expectations.
• The Company intends to complete an initial resource estimate and an
in-house order-of-magnitude viability study on the Project during the next 2-3
months.
Kerr Anderson, Managing Director, said:
"This first hole in the FP Zone is a very encouraging development at the
Project. It demonstrates the potential for significant widths of high-grade
tungsten within this extensive zone which was mined in its upper part by the
historic open pit."
A table of all significant drilling results reported to-date is provided below
and a drawing showing the locations of drillholes and of the zones described
below is included in the PDF version of this announcement at
www.ormondemining.com/doc/press/pr071206.pdf.
The current drilling programme is designed to build up the initial resource base
for the Project. Drilling to-date has identified three main tungsten
mineralised zones:
Filon Maestro Zone
Summary: Ormonde's drilling has focused primarily on this high grade tungsten
zone to the north of the main historic open pit mine. Its current known limits
are 750 metres strike length and over 175 metres depth. Infill and step-out
drilling is ongoing.
New Results: Results reported today from two new infill holes continue to
support previous results, with new intersections of 5 metres grading 0.5% WO3
(BAR-21), 1 metre grading 0.6% WO3 (BAR-22) and 4 metres grading 0.22% WO3
(BAR-22).
Filon Principal Zone
Summary: Previous mining activity was targeted at this wider, lower grade
tungsten zone located beneath the flooded portion of the main pit. A 1985 study
reports that this zone was mined over a 700 metres strike length, with an
average width of 14 metres (maximum 22 metres) and average grade of 0.23% WO3.
Drilling of the FP Zone is underway with a view to identifying higher grade
tungsten zones within it.
New Results: The first drill hole to test this zone, BAR-20, has intersected 3
metres grading 1.0% WO3. This intersection occurs within a broader zone of 13
metres grading 0.25% WO3, which would have been the mining zone in the previous
open pit operation.
Filon Central Zone
Summary: Tungsten-rich quartz veins occur in the granite rock between the FM
and FP Zones. Several intersections can be correlated to define a zone with a
strike length of 500 metres, which is being further tested in the current
drilling programme. No new results.
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/projects/glossary.html.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director,
Fraser Gardiner, Director
Tel: +353 (0)46 9073623
Bankside Consultants
Simon Rothschild / Louise Mason Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703
167065
Davy (Nominated Adviser to Ormonde)
Fergal Meegan Tel: + 353 1 679 6363
ENDS
Drilling Results
FILON MAESTRO ZONE FILON CENTRAL ZONE FILON PRINCIPAL ZONE
Hole From (m) Length WO3% From (m) Length WO3% From (m) Length WO3%
(m) (m) (m)
BAR-01 115.7 1.0 0.5
BAR-02 Hole being deepened
BAR-03 101.5 3.4 1.0
including 101.9 1.0 2.4
BAR-04 122.0 0.9 1.6
142.5 0.6 4.5
BAR-05 133.7 1.7 0.4
BAR-06 245.0 1.0 0.7 181.6 1.2 0.6
BAR-07 Intersected intrusion
BAR-09 119.0 2.0 2.1
BAR-10 125.0 2.0 1.5
BAR-11 114.0 1.0 0.3
BAR-12 128.0 2.0 1.7
BAR-13 123.0 2.0 2.4
BAR-14 114.0 1.0 0.3
BAR-15 122.0 2.0 0.4
BAR-16 202.0 4.0 0.6 91.0 1.0 1.4
BAR-17 125.0 2.0 0.9
BAR-18 254.0 1.0 0.3 91.0 1.0 0.7
BAR-19 268.0 2.0 0.5 96.0 8.0 0.3
96.0 1.0 1.5
BAR-20 137.0 3.0 1.0
BAR-21 125.0 5.0 0.5
BAR-22 110.0 1.0 0.6
132.0 4.0 0.2
Note: BAR-20, 21 and 22 are new holes reported in this announcement. Results
from all other holes have been reported in previous announcements.
About Ormonde
Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin.
Ormonde is a mineral development and exploration company focused on Spain, with
the objective of developing mining projects and taking them into production.
Ormonde's main projects are the La Zarza Copper-Gold-Zinc Project in southern
Spain where a Bankable Feasibility Study is being carried out by leading
international engineering firms, and the Barruecopardo high-grade tungsten
deposit in the Salamanca area where a continuous programme of in-fill and
step-out drilling is now underway with a view to fast-tracking the evaluation of
this project.
The Company's other current activities include successful gold exploration at
the Pino de Oro Prospect (Zamora) and Sierro Prospect (Salamanca).
For more information please visit www.ormondemining.com.
About Tungsten
Tungsten is most frequently used as tungsten monocarbide, which has a hardness
close to diamond, in cemented carbides. The principal tungsten applications
include its use in cutting steels and in tungsten alloys, electronics, and
chemical products.
Prices of tungsten concentrates are expected to remain buoyant for the long
term, and are currently quoted by the Metal Bulletin in the range $160-$180 per
metric tonne unit. A metric tonne unit is equal to 10kg of WO3, which equates
to 1.0% contained WO3 in the rock.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.