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Ormonde Mining PLC

Publié le 07 juin 2016

Barruecopardo Drilling Results

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Barruecopardo Drilling Results

9e20e151-e94f-40e5-aefb-b250be3466cd.pdf

24 May 2016

Ormonde Mining plc

("Ormonde" or "the Company")

Latest Drilling Supports Potential for Stage 2 Underground Mining at Barruecopardo Project

The Board of Ormonde is very pleased to report the results of the recently completed drilling program at the Barruecopardo Tungsten Project in Salamanca, Spain ("Barruecopardo" or the "Project"). The purpose of this drilling program was to further confirm the potential for the mineral resources to be expanded and extended at depth, with a view to enabling development of a "Stage 2" underground mine at the Project.

Highlights

  • Excellent results obtained from 2,000m drilling program commenced during Q4 2015 including:

    BAR83: BAR83:

    23m 5m

    @ 0.26% WO3 from 172m (including 4m @ 1.23% WO3)

    @ 1.95 % WO3 from 404m

    BAR85: BAR86:

    25m 6m

    @ 0.21% WO3 from 334m (including 5m @ 0.59% WO3)

    @ 2.59% WO3 from 253m

  • Results further support the current resource interpretation at Barruecopardo;

  • Confirm the significant potential to extend tungsten mineralisation at the Project: and

  • Demonstrate the potential to extend the nine year mine life at Barruecopardo substantially through the development of a "Stage 2" underground mine at the Project

Steve Nicol, Ormonde's Managing Director, commented:

"The excellent drilling results achieved from the recently completed drilling program below the base of the planned open pit are most satisfying, confirming our belief that there is significant potential to substantially extend the mine life at Barruecopardo through the development of a Stage 2 underground mine. Works in this regard, including further drilling, will continue during the project construction and initial production periods."

Drilling Results

The five hole drill program was carried out with the objective of confirming extensions to the mineralisation at depth beneath the main central part of the planned 9 year open pit, whilst also following up a potentially expanded zone of mineralisation under the shallow northern end of the planned open pit which was identified by drilling in 2012.

An opportunity exists to significantly extend the currently defined nine year mine life of the Project through the development of a Stage 2 underground operation, with the identification of additional mineral resources below the central part of the planned open pit being the primary focus in this regard. The results of this initial drilling program lends growing support to this potential. The Project Company will continue to advance its goal of establishing and developing a fast track Stage 2 underground mine at the Project.

Drilling in the Northern area (BAR83, BAR84, and BAR87), below the shallow end of the currently defined open pit confirmed that this part of the resource is more complex, with multiple schist blocks present within the granite being intersected during drilling. Further drill testing is warranted to follow up on the original results from the 2012 drilling, but such work will not be immediately prioritised.

A full table of significant intercepts is provided below.

Project Timeline Update

In February the Company reported upon an administrative appeal in relation to an element of the compulsory land acquisition process underway which the Company considered to be merely vexatious. This belief has been supported by a recent negative finding (favourable to the Company's position) at the initial administrative level of this appeal process, however Project timelines remain likely to be impacted. Following receipt of updated specialist legal advice related to the relevant appeals process and timelines the Company is now finalising discussions with its project partner and debt provider on the optimisation of the project delivery schedule with details to be announced in due course.

Table of Significant Intercepts

Hole

Length of Hole

From

To

Length

WO3

Cut WO3

(m)

(m)

(m)

(m)

(%)

(%)

BAR83

473,5

101

105

4

0,16

BAR83

172

195

23

0,26

including

172

176

4

1,23

BAR83

291

298

7

0,37

BAR83

354

359

5

0,11

BAR83

404

409

5

1,95

1,02

BAR83

439

443

4

0,14

BAR83

451

455

4

0,12

BAR84

341,5

307

311

4

0,13

BAR84

329

333

4

0,29

BAR85

401,8

303

317

14

0,14

BAR85

334

359

25

0,21

including

334

337

3

0,53

including

354

359

5

0,59

BAR85

378

382

4

0,50

BAR86

418,5

180

184

4

0,25

BAR86

203

208

5

0,12

BAR86

253

259

6

2,59

1,68

BAR86

290

302

12

0,14

including

290

291

1

1,03

BAR86

330

334

4

0,90

BAR87

359,6

331

336

5

0,11

Notes to table:

All lengths are down-hole lengths.

Significant intercepts at 0.1% WO3 cut-off (4m minimum width of intercept). Where cut grades are shown these are after application of a 5% WO3 topcut.

Sampling, Assaying and Quality Control Measures were implemented as part of the drilling program.

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. Sampling is carried out over one metre intervals.

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.

EurGeol Dr. Mark Holdstock, PGeo, a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, acting in his capacity as consultant geologist, 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

Steve Nicol, Managing Director Tel: +353 (0)1 8253570

Capital M Consultants

Simon Rothschild Mob: +44 (0)7703 167065

Murray Consultants

Mark Brennock Tel: +353 (0)1 4980300 Mob: +353 (0)87 2335923

Davy Corporate Finance (Nomad / ESM Adviser, Joint Broker and Financial Adviser) Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363

SP Angel Corporate Finance LLP (Joint Broker)

Ewan Leggat Tel: +44 (0)20 3 470 0470

About Ormonde

Ormonde Mining plc is admitted to trading on the AIM market in London and the ESM market in Dublin and is a mineral development and exploration company focused on Spain (Ticker: ORM). In partnership with funds managed by Oaktree Capital Management ("Oaktree") through the joint venture company Barruecopardo JV BV (Ormonde 30%/Oaktree 70%), the parties are developing a low cost tungsten mining operation at Barruecopardo in the Salamanca Province to become a major European supplier of tungsten. Ormonde also has other exploration projects for gold and copper.

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Ormonde Mining PLC

EN DÉVELOPPEMENT
CODE : ORM.L
ISIN : IE0006627891
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Ormonde Mining est une société d’exploration minière de zinc et de plomb basée en Irlande.

Ormonde Mining est en développement de projets de zinc, de plomb, d'argent, de cuivre, d'or et de tungsten en Espagne, et détient divers projets d'exploration en Espagne.

Ses principaux projets en développement sont LA ZARZA et BARRUECOPARDO en Espagne et son principal projet en exploration est SALAMANCA & ZAMORA en Espagne.

Ormonde Mining est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 380,4 millions GBX (455,0 millions US$, 398,6 millions €).

La valeur de son action a atteint son plus haut niveau récent le 10 septembre 2004 à 9,97 GBX, et son plus bas niveau récent le 13 mars 2020 à 0,42 GBX.

Ormonde Mining possède 472 507 482 actions en circulation.

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