Ormonde Mining Plc: Progress in Joint Venture with Antofagasta on La Zarza
Thursday, September 9th, 2010
Ormonde Mining plc is pleased to provide an update on progress in the Joint Venture with Antofagasta Minerals S.A. (“Antofagasta”) on its La Zarza Cu-Au Project in Huelva Province, Spain.
– Having met their initial committed expenditure of US $1 million under the Joint Venture Agreement, Antofagasta has opted to continue to fund further work on the La Zarza Joint Venture.
– Based upon a new structural interpretation for the La Zarza Massive Sulphide Deposit, a preliminary, non-JORC compliant, global mineral resource of some 61Mt grading 0.80% Cu, 0.9g/t Au, 0.56% Pb, 1.96% Zn and 5.7g/t Ag (1.34% CuEq cut-off) is estimated.
– The estimate includes the results of four new holes, which while intersecting strong chloritic alteration with sulphide in places in three of the holes, did not intersect significant copper mineralisation.
– This new resource includes a higher grade portion of the deposit, which was the subject of an earlier feasibility study by Ormonde.
– Ormonde has submitted applications to the provincial mining authority for additional permits covering the potential strike extension of the La Zarza system.
Kerr Anderson, Ormonde’s Managing Director, said:
“The work activities to-date and the global resource estimate reported to the Joint Venture by Antofagasta demonstrate that there is a significant and substantial copper resource at La Zarza. Joint venture activities will now be targeted at investigating possibilities for the further expansion of the copper resource base in the area through further exploration programmes”.