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Ormonde Mining may be dealing with several gold structures at Peralonso

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Ormonde Mining (LON:ORM) believes it is dealing with several near surface mineralised structures at its Peralonso permit in western Spain after analysing results from the final two holes.

The eight-hole drill programme at Peralonso, a joint venture with Aurum Mining (LON:AUR), was testing for extensions to gold mineralisation found during drilling in 2012.

The drilling at Peralonso so far has identified near-surface, broad mineralised structures and higher grade intervals, with results including 10.1 metres (m) grading 3.39g/t gold, 13.3m grading 2.59g/t gold, and 9.2m grading 2.09g/t gold.

Of the final two holes announced today, the best showed an interval of one metre grading 33.2 grams per tonne gold from 92m depth.

Several structures are evidenced within a 400m x 400m gold-in-soil anomaly, Ormonde added.

Kerr Anderson, Ormonde's managing director, said:"Drilling on the first target to be tested within the Peralonso Permit area has delivered good results and indicates that we are dealing with several near-surface mineralised structures.

“Additionally the recent prospecting work carried out approximately 1.2 kilometres east northeast of the drilling area, along the inferred strike extensions, returned very encouraging results. This suggests that the structures identified to date at Peralonso may have significant scale."

To date, eleven holes have been drilled at Peralonso for a total of 1,267 metres.

 

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Price: 2.1 GBX

AIM:ORM
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Market Cap: £9.92 m
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