Aurum Mining PLC Update on the Morille tungsten project (9034J)
June 18 2014 - 3:10AM
UK Regulatory
TIDMAUR
RNS Number : 9034J
Aurum Mining PLC
18 June 2014
18 June 2014
AURUM MINING PLC
("Aurum" or "the Company")
Update on the Morille tungsten project
Aurum Mining plc (AIM: AUR), the gold and tungsten explorer,
notes today's ASX announcement by Plymouth Minerals Limited (ASX:
PLH) ("Plymouth") concerning the Morille tungsten-tin project in
North West Spain, in which the Company currently has a 20% carried
interest following its farmout deal with Plymouth. The Company is
pleased to report the following information which has been
extracted without material adjustment from the Plymouth
announcement.
Highlights
-- The first phase drilling programme at Morille has now been
completed and all assay results have now been received. 61 Reverse
Circulation ("RC") holes were drilled as part of the programme,
totalling 3,982m. Plymouth is highly encouraged by numerous
significant near-surface scheelite intercepts and the programme has
identified multiple follow-up targets for future exploration and
resource definition drilling.
-- Significant assay results from drilling programme include;
o 4m @ 1.29% WO(3) from 61m and 4m @ 0.31% WO(3) from 68m
(MAC-RC 046)
o 2m @ 0.30% WO(3) from 18m (MAC-RC-045)
o 7m @ 1.28% WO(3) from 67m (WES-RC-040)
o 6.25m @ 0.29% WO(3) from 26.75m (DDH M010)
o 1.45m @ 0.95% WO(3) from 19.35m (DDH M001)
o 5m @ 0.24% WO3 (incl 2m @ 0.42% WO(3) from 28m
(MAC-RC-009)
-- Shallow high-grade scheelite mineralisation has been proven
in situ both outside of, and as extensions to, the historic
operating mines on the Morille project area. Results validate that
historic mining at Morille was constrained by landholders and not
mineralisation/mine depletion.
-- 6 of 16 historic mine areas within the 57km(2) tenure were targeted in this first-phase
Sean Finlay, Aurum's Chairman, said:
"As previously noted, we have been impressed by both the speed
and scale of Plymouth's initial exploration work on the Morille
project and the results to date are certainly very encouraging.
Clear targets for follow up drilling have been identified and the
prospectivity of the large project area is highlighted by both the
results from the drilling done to date and by the fact that there
are a large number of target areas still to be tested.
Plymouth's strong financial position and the experience of its
management team at progressing tungsten projects were two of the
key reasons in Aurum's decision to partner with Plymouth on the
Morille project and the work carried out to date enforce the
Board's view that Plymouth will add significant value for Aurum's
residual stake in Morille.
We look forward to keeping the market updated on progress at
Morille."
Qualified Person
Sean Finlay, Professional Geologist, Chartered Engineer,
Chairman of Aurum Mining plc, and a qualified person as defined in
the Guidance Note for Mining, Oil and Gas Companies, June 2009, of
the London Stock Exchange, has reviewed and approved the technical
information contained in this announcement.
Contacts:
Aurum Mining plc www.aurummining.net
Chris Eadie, Chief Executive
Officer +44 (0) 20 7499 4000
WH Ireland Limited Nominated Adviser & Broker
Mike Coe +44 (0) 117 945 3470
Notes to Editors:
Aurum Mining is an AIM listed exploration and development
company focused on its highly prospective portfolio of gold and
tungsten assets in North West Spain.
Gold
Through its joint venture agreement with Ormonde Mining plc
(AIM: ORM), Aurum currently has a 60% interest in the Pino de Oro
project in Zamora Province and a 54% interest in the Peralonso and
Cabeza projects in Salamanca Province.
Tungsten
Aurum's 20% owned Morille Tungsten project is located
approximately 15km south west of Salamanca in North West Spain and
covers an area of 5,796 hectares. The permit area is a 'brownfield'
site with historical data indicating production from the site of
high quality tungsten concentrates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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