Drilling Results at Peralonso

RNS Number : 1371W

Ormonde Mining PLC

23 January 2013

 

23 January 2013

Ormonde Mining plc

("Ormonde" or "the Company")

Positive Drilling Results at Peralonso, Salamanca

The Board of Ormonde is pleased to report further encouraging assay results from a second stage of drilling on the Peralonso Permit in the Salamanca Province of western Spain, which forms part of the joint venture with Aurum Mining plc.

A total of eight holes were drilled to test for near-surface extensions to the gold mineralisation identified in the first drilling (three holes) on the permit carried out in 2012.  Results have now been received for six of these eight new holes, and indicate extensions at shallow depths of mineralised structures encountered in the original drilling.

Highlights

·     Drill hole PERDD005 has returned intervals of 6 metres grading 1.87 grams per tonne ("g/t") gold (from 75m depth) and 9.2 metres grading 2.09 g/t gold (from 99.8m depth)

·     Drill hole PERDD007 has returned 2 metres grading 10.18g/t gold (from 49m depth)

·     Drill hole PERDD009 has returned 18 metres grading 0.70g/t gold (from 40m depth)

·     Zones in holes PERDD005 and 007 show good correlation with that in hole PERDD001 from the first campaign which intersected 10 metres grading 3.39g/t gold.

A map showing the locations of these holes can be accessed by clicking here.

Kerr Anderson, Ormonde's Managing Director, said:

"The results from this recent drilling programme build on the success of last year's campaign, with further gold mineralisation of good grade and widths being identified.  We await the results of the final holes to enable an initial interpretation of the two drilling programmes completed to-date at Peralonso."

Detail

Eight holes were drilled for a total of 991.1 metres, principally to test for near-surface strike and depth extensions to the mineralisation encountered during 2012 in the first ever drilling on the permit, which tested the shallow depth extent of gold mineralisation encountered in previous trenching within the area of an extensive gold-in-soil geochemical anomaly (400 x 400m).  Results have been received for six of these eight holes and are reported below.  Drilling to-date suggests that gold mineralisation is hosted within steeply-dipping altered zones within granites, characterised by quartz veining and breccias which exhibit multiple phases of brecciation.  Interpretation will be carried out upon receipt of the results of the remaining holes.

Hole	Length (m)	Dip/Azimuth	From (m)	Thickness (m)	Gold (g/t)
PERDD004	100.0	-50o/290o	72.0	1.0	4.51
and			79.0	7.0	2.42
PERDD005	201.3	-50o/290o	32.0	1.0	0.89
and			68.0	1.0	0.88
and			75.0	6.0	1.87
and			99.8	9.2	2.09
and			150.0	1.0	0.82
and			164.0	1.0	2.68
and			171.0	2.0	1.24
PERDD006	125.5	-50o/290o	0.0	6.0	1.38
and			78.0	1.0	0.51
PERDD007	125.5	-50o/290o	49.0	2.0	10.18
PERDD008	89.5	-50o/290o	73.7	1.4	0.59
and			80.0	3.0	1.17
PERDD009	100.3	-50o/290o	40.0	18.0	0.70
and			63.0	1.0	0.52

Significant Intercepts using a 0.5g/t cut (1m minimum width of intercept and 4m maximum internal dilution)

Previous Campaign - Key Intercepts

Hole	Length (m)	Dip/Azimuth	From (m)	Thickness (m)	Gold (g/t)
PERDD001	126.1	-50o/288o	0	18.0	1.10
and			46.9	10.1	3.39
incl			46.9	1.1	22.7
and			109.1	14.95	2.33
incl			110.7	1.4	21.5
PERDD002	75.1	-50o/290o	8.9	5.3	1.12

True thicknesses are currently interpreted to be around 70% of the drilled thickness (interval).

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: [phone]

Bankside Consultants

Simon Rothschild  Tel: [phone]   Mob: [phone]

Murray Consultants

Ed Micheau  Tel: [phone]  Mob: [phone]

Davy (Nomad / ESM Adviser)

Eugenée Mulhern / Roland French  Tel: [phone]

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.

 

END

 

 

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