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Ormonde Mining - Summary
Summary
  • Ormonde’s  gold properties in western Spain have the potential to host significant gold resources, as highlighted in a Geological Report prepared by independent consultants CSA Global (UK) Ltd (“CSA”) in 2010, which outlined significant gold potential and recommended priority drilling targets on the main prospects identified.

  • The CSA Report indicates that Ormonde’s Salamanca permit area incorporates all the major features of classic intrusion related gold systems (“IRGS”).

  • The gold properties are being explored through a joint venture with Aurum Mining Plc (“Aurum”).

  • Ormonde is Manager of the Joint Venture.

  • Results from the Aurum JV have been very encouraging with initial drilling at Peralonso returning several gold intersects at shallow depth including 10m grading 3.4 g/t gold (from 46.9m depth). Initial trenching at Cabeza de Caballo has returned good gold grades over significant widths including 21m grading 3.7g/t gold. At the El Facho Prospect in Zamora a preliminary, non-JORC compliant Mineral Resource (undertaken to guide future drilling programmes) of 122,000-145,000 ounces of gold has been estimated based upon all drilling to-date.

Detailed Information top

Location:
Salamanca and Zamora Provinces, Castilla y Leon Region, Western Spain.

Ownership:
Through a joint venture with AIM listed Aurum Mining plc, Ormonde has a 46% interest in two investigation permits (Peralonso and Cabeza de Caballo) in the Salamanca Province totalling 69 square kilometres and a 40% interest in two additional permits in the Zamora Province (Cueva Negra and Antofagasta; termed the "Pino" permits) totalling some 37 square kilometres. Investigation permits are issued for an initial period of 3 years, renewable for further periods of 3 years upon submission of work programmes to the regional authority, the Junta de Castilla y Leon.

Ormonde considers the Salamanca-Zamora area to be one of the most prospective gold terrains in Spain and is exploring for gold mineralisation associated with granites intruded into a variable sequence of meta-sediments. The permits cover mineral prospects and occurrences with potential for high-grade vein-hosted and large, bulk tonnage low-grade deposits.

Peralonso Gold Prospect top

Current Status: Joint Venture with Aurum Mining PLC (46% Ormonde); initial drilling on strong gold-in-soil geochemical anomaly (See Fig-1).

Results: Results from the first eleven holes (total of 1,268m) drilled on the Prospect returned mineralised intervals including:

  • PERDD001:     10m @ 3.4g/t Au from 46.9m depth, incl. 1.1m @ 22.7g/t Au, and 

                                    15m @ 2.3g/t Au from 109.1m depth, incl. 1.4m @ 21.5g/t Au.

  • PERDD007:     2m @ 10.2g/t Au from 49.0m depth
Cabeza de Caballo Gold Prospect top

Current Status: Joint Venture with Aurum Mining PLC (46% Ormonde); initial trenching on extensive gold-in-soil geochemical anomaly (800m of strike at 50ppb gold) being followed up by limited drilling (four holes for a total of 442 metres) (See Fig-2).

Results: Results from trenching returned best intervals of:

  • 21m @ 3.7g/t Au from a zone of intense quartz-sulphide veining within altered granites 
  • 4m @ 8.2g/t Au and 1m @ 14.0g/t Au within a similar mineralised zone some 19m wide.

Results from initial drilling returned a best interval of:

  • CABDD001: 24m @0.4g/t Au from surface

Pino de Oro Gold Project top

Current Status: Joint Venture with Aurum Mining PLC (40% Ormonde); preliminary non-JORC compliant Mineral Resource on the El Facho Prospect of some 3.8-4.8 million tonnes with overall grades from 0.9-1.0g/t gold using a 0.3g/t gold cut-off (total of 122,000-145,000 ounces). It is important to note that this resource has not been estimated in compliance with any internationally recognised standard and has been undertaken to guide further drilling programmes. The range in estimates is due to the use of differing modelling assumptions in the estimation process. Soil sampling has identified further target areas in close proximity to El Facho.

Previous Drilling: In the 1990s drilling was carried out on the Pino de Oro gold prospect in the Zamora Province, by Spanish government agencies which intersected high-grade gold mineralisation, with better intersections including 1.0m grading 65.8 g/t and 10.7m grading 3.7 g/t gold on the El Facho and La Solana structures. Drilling by Ormonde in 2007 confirmed the previous government drilling, with intersections including 1.0m grading 18.9 g/t, 1.0m grading 16.6 g/t and 3.0m grading 4.3 g/t gold.

Drilling by the Joint Venture: Drilling to date by the Joint Venture has been focused on the “El Facho” gold structure, where the Joint Venture has drilled eleven holes (ORMP-10, 11 and 13-21) (See Fig-3 and 4) for a total of 2,697 metres of drilling, bringing total drilling at El Facho to eighteen holes drilled by Ormonde / or the Joint Venture for a total of 3,658 metres. Gold mineralisation is hosted in steeply-dipping structures characterised by quartz veining, silicification and alteration in granites. The Joint Venture drilling was designed to test for extensions to the known gold intersections and in particular to ascertain whether broader mineralised intervals can be delineated.