Gold miner Aurum Mining has reported that progress is being made at the El Facho structure of its Zamora gold project through its Spanish joint venture with Ormonde Mining.
Two drill rigs are on site and drilling is now taking place on the fifth and sixth holes of the nine hole programme. The current drilling campaign has completed over 1,000m of core drilling across the four completed holes and the two holes currently in progress. Core samples from the first two holes have been forwarded for testing and results are expected soon.
The joint venture will also shortly begin drilling at the highly prospective Peralonso permit area in Salamanca Province, where previous drilling returned some interesting results including an interval of five metres grading 5.4g/t gold.
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The firm also said it is now progressing quickly towards spending €0.5m over the initial eighteen months of the joint venture to earn its majority interest in the permits that are the subject of the agreement with Ormonde.
The company anticipates that expenditure on the joint venture will be around €0.45m by the end of March 2012 and it is expected that Aurum will have earned its majority stake shortly thereafter.
The share price rose 12% to 3.50p by 11:54.
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