Peralonso Drilling Results

RNS Number : 1338W

Aurum Mining PLC

23 January 2013

 



January 23^rd 2013

AURUM MINING PLC

("Aurum" or "the Company")

Peralonso Drilling Results

Aurum Mining plc (AIM: AUR), the Spanish focussed gold and tungsten explorer, is pleased to announce further positive assay results from the second stage drilling programme at the Peralonso Permit in the Salamanca Province, which forms part of the Company's joint venture with Ormonde Mining plc (AIM: ORM).

A total of eight holes were drilled over a total depth of 991 metres, to test for near surface extensions to the gold mineralisation identified in the first drilling programme of three holes, the results of which were announced in July 2012. 

Results have now been received for six of these eight holes, and the results do indeed indicate shallow depth extensions of the mineralised structures identified by the initial drilling programme.

Highlights

·    Drill hole PERDD004 has returned 7 metres grading 2.42 grams per tonne ("g/t") gold (from 79m depth).

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

·    Drill hole PERDD006 has returned 6 metres grading 1.38g/t gold (from surface)

·    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 PERDD007 show a strong correlation with zones in hole PERDD001 which intersected 10 metres grading 3.39g/t gold.

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

Sean Finlay, Aurum's Chairman, said:

"These results from the recent drilling programme highlight near surface gold mineralisation of good grade and width which was first identified by the initial drilling programme on the permit area. Despite the relatively limited amount of drilling done on the permit area to date we can already see the potential for there to be large, near surface mineralised structures at Peralonso.

We are extremely encouraged by these results and they give further evidence of the strength and potential of Aurum's gold portfolio in North West Spain."

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. To date a total of 1,267 metres have been drilled on the Peralonso permit though assay results are still awaited from two holes of the most recent drilling campaign.

Drilling tested the shallow depth extent of the gold mineralisation encountered in previous trenching within the area of an extensive gold-in-soil geochemical anomaly (400 x 400m).  Results from the first six holes and are reported below.  Drilling to-date suggests that near surface gold mineralisation is hosted within multiple steeply-dipping altered zones within granites, characterised by quartz veining and breccias which exhibit several phases of brecciation. Detailed structural interpretation and an assessment of the correlation of the mineralised structures identified by the two drilling campaigns will be carried out once all the assay results from the current drilling programme have been received.

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

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

2012 Drilling Programme - 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

The 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.

Qualified Person

Simon Beardsmore, BSc (hons), ARSM, MIMMM, CEng, Technical Manager of Aurum Mining plc, and a qualified person as defined in the Guidance 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.

Contacts:
Aurum Mining plc	www.aurummining.net
Chris Eadie, Chief Executive Officer	[phone]
WH Ireland Limited	Nominated Adviser & Broker
Marc Davies / Mike Coe	[phone]
Newgate Threadneedle	Financial PR
Graham Herring / Beth Harris / Richard Gotla	[phone]

Notes to Editors:

Aurum Mining is an AIM listed exploration and development company focused on its highly prospective portfolio of gold and tungsten assets in North West Spain.

Gold

Through its joint venture agreement with Ormonde Mining plc (AIM: ORM), Aurum currently has a 60% interest in the Pino de Oro project in Zamora Province and a 54% interest in the Peralonso and Cabeza projects in Salamanca Province. 

Tungsten

Aurum's 100% owned Morille Tungsten project is located approximately 15km south west of Salamanca in North West Spain and covers an area of 5,796 hectares. The permit area is a 'brownfield' site with historical data indicating the production from the site of high quality tungsten concentrates from mineralisation grading up to 1% WO3.  This historic work will provide key information on where initial exploration targets are located.

 

END

 

 

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