logo-loader
viewShearwater Group PLC

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

gold_ounce350_4f3a0f9a10009.jpg

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.

Quick facts: Shearwater Group PLC

Price: 227 GBX

AIM:SWG
Market: AIM
Market Cap: £50.18 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

PCF Bank's Scott Maybury reports on strong lending growth and increased...

PCF Group Plc's (LON:PCF) Scott Maybury speaks to Proactive London's Andrew Scott after the specialist lender posted record numbers in its latest year. Loans outstanding rose 55% to £339mln with profits for the twelve months to September climbing by 54% to £8mln. Maybury says targets for a...

11 hours, 40 minutes ago

2 min read