‘Excellent gold potential’

IRISH mineral exploration company Ormonde Mining has unveiled that its project in Salamanca, Spain, has found “excellent gold potential”, according to an independent report.

Independent consultants CSA Global (UK) Ltd recommends priority drilling targets on the main prospects identified at the Salamanca site. Tungsten prospector Ormonde commissioned the report on the gold properties to analyse the best way to realise the full value of the gold assets

Meantime, Ormonde will continue to focus on progressing its Barruecopardo Tungsten Project in Salamanca to production in 2012.

Ormonde MD, Kerr Anderson, said: “This report strongly supports our view that we have several quality gold prospects on our highly prospective ground in Salamanca which could develop into significant gold resources and now warrant further drilling and investigation.

“With the company’s clear focus on progressing its Barruecopardo Tungsten Project to production in late 2012, we believe that the best way to advance the work programmes on our gold properties recommended in this report would be through third-party funding via joint venture with possible options now being pursed.”

Ormonde Mining retains a 90% interest in its permits in the Salamanca Province in a joint venture with the regional government affiliated company Sociedad de Investigacion y Explotacion Minera de Castilla y Leon (SIEMCALSA), which holds the other 10% share.

Exploration activities, including limited drilling, have been carried out on several prospects in the permit area, with encouraging results.