Barruecopardo Drilling Progress
The
Board of Ormonde is pleased to report the first results
from the current infill drilling programme at its
flagship Tungsten project in Barruecopardo and
progress on the project permitting process.
Fifteen
holes of the current programme have so far been
drilled. Assay results from the initial three holes on the southern extreme of
the deposit, where all current resources are in the "Inferred"
category, have been received and are reported below.
Main
Points
?
All
three holes encountered tungsten mineralisation with
expected widths and grades in line with previously reported wider spaced holes
in the narrower southern extreme of the deposit where these holes are located.
?
Results
include 6 metres grading 0.5% WO3
(tungsten trioxide), 3 metres grading 0.8%
WO3 and 2 metres grading 2.0% WO3.
?
A
total of fifteen holes have been drilled to-date in this programme and drilling
continues. Further assay results from this drilling will be released on a
4-5 week basis over the coming months.
?
Preparation
of further documentation in the permitting process is progressing in close
liaison with our Spanish consultants.
Kerr
Anderson, Ormonde's Managing Director, said:
"The
drilling is progressing well with these initial results from the narrow
southern extent of the deposit in line with our expectations.
Following
submission in January of initial permitting documentation and the application
for a mining concession, our focus at Barruecopardo
in the coming months is on advancing the required technical works and the
permitting process for a Mining Concession. I look forward to reporting
on-going progress on both fronts.
Tungsten
prices have continued to rise due to on-going supply shortages with the
European tungsten APT price now quoted as US$368-372 per metric tonne unit (mtu), a rise of
almost 50% in the past six months."
New Drilling Results
Hole
|
From (m)
|
Width (m)
|
True Width (m)
|
WO3%
|
|
|
|
|
|
BAR-57
|
59.0
|
1.0
|
0.7
|
1.21
|
|
|
|
|
|
BAR-58
|
79.0
|
2.0
|
1.4
|
2.04
|
|
89.0
|
1.0
|
0.7
|
0.91
|
|
109.0
|
3.0
|
2.1
|
0.81
|
|
|
|
|
|
BAR-59
|
38.0
|
6.0
|
4.2
|
0.49
|
Notes to table:
Sampling,
Assaying and Quality Control Measures
All 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.
Sample
preparation and analyses were performed at ALS Chemex
(Spain). Assays are reported using the fusion XRF method. 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 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.
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.
Enquiries
to:
Ormonde Mining plc
Kerr
Anderson, Managing Director Tel: +353 (0)46 9073623
Bankside Consultants
Simon
Rothschild / Louise Mason Tel: +44 (0)20 7367 8888 Mob: +44
(0)7703 167065
Davy
(Nomad / ESM Adviser)
Fergal
Meegan / Roland French Tel: +353 (0)1 6796363
Fairfax
I.S. PLC (Joint Broker)
Ewan
Leggat / Katy Birkin
Tel: +44 (0)207 598 5368
ENDS
About
Ormonde
Ormonde Mining Plc is quoted on the AIM in
London & the ESM in Dublin. Ormonde is a mineral
development and exploration company focused on Spain (Ticker ORM).
Ormonde's key activities include:
The Barruecopardo Tungsten
Project
- Ormonde is developing a
low cost mining operation at Barruecopardo to
initially produce ~8% of non-Chinese global mine production from 2012.
The La Zarza
Copper-Gold Project - Joint Venture with Antofagasta Minerals - a large "massive sulphide" deposit with
significant copper, gold and zinc resources; exploration for an enlargement to
the copper resource is being funded by Antofagasta.
Gold
Explorationin several highly prospective areas of
western Spain.