Business
Salamanca-Zamora Gold Exploration Update
Salamanca-Zamora Gold Exploration Update.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 8443C Ormonde Mining PLC 14 March 2011 \n \n\n14 March 2011\n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nSalamanca-Zamora Gold Exploration Update\n \nThe Board of Ormonde is pleased to provide an update on its exploration properties in the Salamanca and Zamora Provinces of Spain (\"the Projects). Following a review on exploration strategy in the Salamanca-Zamora area it has been decided to immediately advance its exploration work programmes by separating the Company's ground holdings into gold-tungsten and gold-only prospects and funding these separately.\n \nThe Company has decided to concentrate its internal exploration resources on its gold-tungsten ground which includes the Dora, Marta, Can, Saturno and Bollo prospects. These are also regarded as potential peripheral satellites for the nearby Barruecopardo Tungsten Project. Work programmes are being developed and an exploration programme including drilling will commence shortly. Funding of the gold-only prospects will be via a joint venture with Aurum Mining Plc (\"Aurum\").\n \nGold-Tungsten Projects\n \n· An Independent \"CSA Global\" report (Aug'10), which mainly reported on the gold-tungsten projects in Salamanca, concluded that \"The Salamanca permit block incorporates all the major features of a classic intrusion related gold system (\"IRGS\")\". IRGS systems are known to host multi-million ounce deposits globally.\n· The report also highlighted that \"work to date by Ormonde at the Dora prospect suggests the presence of a large gold system\". To-date, wide low-grade intersections of gold have been encountered in limited drilling and trench sampling, suggesting a significant gold mineralised system.\n· Full assessment of all historic data, including drilling where available, was initiated at the end of last year on the gold-tungsten prospects and this has lead to prioritising targets for drilling.\n· It is anticipated that drilling will commence shortly at Bollo, where a small open pit tungsten mine was developed in the 1970s and where previous grab sampling on the old dumps returned average gold grades of 8.3g/t from 30 samples. \n \n \nThe gold-only ground will be advanced via a farm-out jo...