Salamon Gold Deposit
18 6월 2003 - 1:02AM
UK Regulatory
RNS Number:4382M
Ormonde Mining PLC
17 June 2003
Ormonde Mining plc
Ormonde Mining options high-grade Salamon gold deposit in Spain Encouraging gold
results from NW Spain.
Ormonde Mining plc ("Ormonde"; ORM) is pleased to announce that it has signed a
Heads of Terms with SIEMCALSA, a Spanish geological company, relating to the
Salamon gold deposit and surrounding exploration permits, totalling some 120
square kilometres in the Leon Province of northern Spain. Under the terms of
this agreement, Ormonde has a three-month exclusivity period to examine
SIEMCALSA's existing data and resource models, followed by the option to enter
into a joint venture on the deposit to earn a 51% interest by spending Euro0.9
million on evaluation of the Salamon gold deposit and Euro0.3 million on
exploration.
Trenching and drilling by SIEMCALSA have outlined a high-grade gold deposit up
to 22m thick over a presently defined strike length of some 350 metres.
SIEMCALSA's most recent resource estimate for the upper 100-120 metres of the
deposit is some:
640,000 tonnes grading 9.1 g/t gold (187,000 oz)
Better drill hole intervals include:
29.0m grading 20.5 g/t gold - from 70.5m depth in hole S-31
16.0m grading 7.6 g/t gold - from 64.0m depth in hole S-17
14.0m grading 5.7 g/t gold - from 24.0m depth in hole S-6
The steeply-dipping deposit remains open at depth and partially along strike to
the northeast, where recent trenching has returned intervals including:
26.5m @ 13.4 g/t gold
13.2m @ 25.8 g/t gold
A step-out drilling programme has been scheduled to start in September.
The surrounding 120 square kilometre exploration ground is considered highly
prospective, containing many old workings and gold showings. Recent trenching on
one prospect some 1.8 kilometres to the west of Salamon returned a best interval
of:
11.5m @ 4.1 g/t gold
Following further trenching to better define this westerly mineralised zone, it
is intended to drill this prospect later this year.
Preliminary metallurgical testwork carried out on the Salamon deposit indicates
that gold recoveries of 80-90% can be achieved by sulphide pre-treatment
followed by cyanidation.
The medium-term objective would be to establish a resource of over 500,000
ounces of gold at Salamon and thereafter to commence pre-feasibility studies on
the economic viability of a mining operation.
Enquiries to:
Kerr Anderson - Managing Director
Ormonde Mining plc
Tel: 00 353 46 73623
kanderson@ormondemining.com
Colin Andrew - Chairman
Ormonde Mining plc
Tel: 00 353 46 73623
candrew@ormondemining.com
John Carroll - Director
Ormonde Mining plc
Tel: 00 353 1 492 2936
offacc@iol.ie
17 June 2003
This information is provided by RNS
The company news service from the London Stock Exchange
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