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Shearwater Group PLC

Aurum Mining hopes drilling at Zamora gold project will prove "significant" gold structure

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Aurum Mining (LON:AUR) hopes results from the latest drilling at the "El Facho" part of the Zamora gold project in Spain will show further evidence of a "significant" gold structure.

Two rigs are currently on site at the joint venture with Ormonde Mining (LON:ORM) and results from the first two holes of a nine-hole programme are expected soon, Aurum said.

It comes after previous drilling showed mineable widths and grades with gold mineralisation of more than 1 gramme per tonne (g/t) across multiple intersections.

One of the most recent holes by the JV showed an interval of 12 metres with 3.4 g/t gold within an overall 30 metres at 1.6 g/t gold.

The JV will soon begin drilling in the highly prospective Peralonso permit area in Salamanca province where previous results showed 5 metres with 5.4g/t gold, Aurum also revealed today.

Sean Finlay, chairman of Aurum, said today: "The ongoing drilling at El Facho is progressing well and I look forward to providing updates on progress from this programme, and from the initial drilling on the highly prospective Peralonso permit area, in due course."

Ormonde currently retains a 100 per cent stake in the Salamanca & Zamora projects, but Aurum can earn 54 per cent and 60 per cent in the respective projects once it has spent €500,000.

Today, Aurum said it was progressing quickly towards spending €500,000 over the initial eighteen months to earn its majority interest in the permits.

It is anticipated that Aurum's expenditure on the joint venture will be approximately €450,000 by the end of March this year and it is expected that Aurum will have earned its majority stake shortly thereafter.

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