28th Feb 2007 07:01
Ormonde Mining PLC28 February 2007 28 February 2007 Ormonde Mining plc Ormonde drilling intersects high-grade gold at Salamanca Gold Project DUBLIN & LONDON: 28 February 2007 - Ormonde Mining plc ("Ormonde" or "theCompany") reports that drilling has intersected a high-grade gold structure atthe Pino de Oro prospect, part of its Salamanca Gold Project, western Spain. Highlights • First Ormonde drill hole intersects 1.0 metre grading 16.6 grams per tonne ("g/t") gold at 73 metres down-hole depth • Previous government drilling on this prospect in the '90s intersected gold mineralization over 500 metres of strike length, with grades including 66 g/t, 15 g/t and 11 g/t gold over 1 to 2 metre intervals • Additionally, Ormonde drilling in another area, the Can prospect, has intersected gold-mineralized quartz veins with up to 8.8 g/t gold. This highlights the potential for new gold discoveries in the Project area. Kerr Anderson, Managing Director, said today, "This is an excellent first result from Pino and is a firm indication of thepotential for a high-grade gold resource. It gives us confidence in our broaderstrategy, which is to delineate sufficient total gold resources within theSalamanca Project area to support a central processing plant. To develop thisstrategy we have generated several highly prospective targets to be testedduring the next twelve months. This early positive result is very encouragingfor us." Drilling Results - Pino de Oro Prospect Results to-date from Ormonde's drilling programme and previous drilling on thestructural zone under investigation include: Ormonde drilling Hole From (m) Width (m) Gold (g/t) ORMP-1 73.0 1.0 16.6 Previous drilling Hole From (m) Width (m) Gold (g/t) P14 74.0 1.0 65.8 P15 132.0 2.0 11.1 P17 44.0 1.0 14.8 P20 124.0 1.0 4.3 Notes: • Previous drilling by a Spanish government agency tested the gold mineralization on 100 to 150 metre spaced sections, too wide for the estimation of JORC-compliant mineral resources. Ormonde's current programme is on 50 metre sections to more fully examine continuity and gold grade. • Gold mineralization has a near vertical orientation, and extends for 500 metres along strike. The mineralized structure crops out on surface and has only been tested to a vertical depth of 100 metres (i.e., gold mineralization is open at depth). • Further drilling is currently in progress. Other mineralized structures of interest occur at the prospect area and these will be investigated as part of the ongoing programme. Drilling Results - Can Prospect An initial short hole drilling programme has been completed at the Can prospect,also part of the Salamanca Gold Project. There has been no previous drilling atCan. Drilling targets were based on soil geochemical anomalies and surface veinexposures over a broad area. Drilling intersected a large, granite-hostedhydrothermal system containing gold-mineralized quartz veins. The results ofthe programme highlight the potential for new gold discoveries in the Projectarea. Results include: Hole From (m) Width (m) Gold (g/t) SC-1 4.2 1.0 4.3 22.6 0.8 4.3 49.4 1.2 5.9 SC-2 28.0 1.0 5.9 SC-3 38.0 1.0 2.2 63.5 0.7 8.8 SC-4 24.0 1.0 2.0 SC-8 59.0 1.0 5.2 90.0 1.3 1.8 These results and other targets at Can are being followed up as part of theongoing exploration programme. Kerr Anderson PhD EurGeol PGeo, Managing Director of Ormonde Mining plc, and aqualified person as defined in the Guidance Note for Mining, Oil and GasCompanies, March 2006, of the London Stock Exchange, has reviewed and approvedthe technical information contained in this announcement. A glossary explaining technical terms contained in this announcement can befound at www.ormondemining.com/glossary.htm. Enquiries to: Kerr Anderson, Managing Director,Ormonde Mining plc Tel: +353 (0)46 9073623 Fraser Gardiner, Director,Ormonde Mining plc Tel: +353 (0)86 3931178 Simon Rothschild,Bankside Consultants Tel: +44 (0)20 7367 8871 Mobile: +44 (0)7703 167065 ENDS About Ormonde Ormonde Mining plc is quoted on the AIM in London and the IEX in Dublin. TheCompany's objective is to enhance shareholder value by developing miningprojects in Spain and taking them into production. Ormonde has a strong localSpanish management team, supported by a Board with extensive mine developmentand exploration experience. Ormonde's lead project is the La Zarza Copper-Gold Project in southwest Spainwhere a Bankable Feasibility Study is currently being carried out by leadinginternational engineering firms. A pre-feasibility study completed in September2006 showed positive economics for the development of an underground miningoperation at La Zarza. For more information please visit www.ormondemining.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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