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 AIM; ORM
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Company Statement
Ormonde Mining Plc is an Irish junior mining company which is developing mining projects and carrying out exploration in Spain.
Ormonde’s shares are listed on both the Irish Stock Exchange (on the Irish Enterprise Exchange, IEX) where it trades in euro under the symbol ORM.I and on the London Stock Exchange (on the Alternative Investment Market, AIM) where it trades in sterling under the symbol ORM.L
Current Operations
Barruecopardo Tungsten Project
Ormonde’s 90% owned Barruecopardo Tungsten Project in western Spain is one of the premier undeveloped tungsten projects in the world outside of China:
- High Grade - 5.2 Mt grading 0.48% WO3 Inferred Mineral Resource
- Deposit open in all directions – likely long life mine
- Low capital cost
- Forecasted operating cost in the lower end of western world costs
- Initial production rate 400,000 tonnes per year, to produce 1,300 tonnes of tungsten trioxide (WO3) per year
- 80% recovery to a 65% WO3 (industry standard) scheelite concentrate using simple gravity processing
- Well serviced and politically stable location
- 2011 production target
Barruecopardo is a steeply dipping, multiple zone mineralised system with a strike length of over 1.6km. The deposit is open at depth, drilling having tested only the top 250m. Drilling has intersected broad zones of high grade tungsten including:
- 27.5m @ 1.2% WO3
- 11.8m @ 0.9% WO3
The current JORC resource estimate (CSA Global, Jun-08) stands at 5.2 Mt grading 0.48% WO3 using a 0.25% cut-off grade (all Inferred Resources). Significant resource potential exists:
- multiple tungsten zones remain open along strike and at depth
- satellite resource opportunities exist in the surrounding permit area.
La Zarza Copper-Gold Project
New Joint Venture with Antofagasta Minerals
Ormonde announced on 27th October 2009 that it had signed an agreement with Antofagasta Minerals S.A., on an exploration joint venture on Ormonde’s La Zarza ground holdings in the Huelva Province of southern Spain.
Key Terms
Antofagasta will extend the previous exploration by Ormonde to cover the entire extent of the 3km long La Zarza massive sulphide deposit, to evaluate the potential for this major body to host much larger resources of copper mineralisation.
Antofagasta has the right to earn a 51% interest in La Zarza over a three year period by spending US$7 million on these expanded exploration programmes and subsequent evaluation activities, with a minimum commitment of US$1 million in the first year.
Subject to completion of the earn-in, Antofagasta will have the right to increase its interest in La Zarza to 75% by the completion of a feasibility study on a mining project that meets its investment criteria.
Salamanca & Zamora Gold Exploration
Location: Salamanca and Zamora Provinces, Castilla y Leon Region, Western Spain, approximately 70 km west of the city of Salamanca and 350 km west-north west of Madrid.
Ownership: Ormonde has earned a 90% interest in nine investigation permits in Salamanca Province, totalling approximately 360 sq kilometres through a joint venture with Siemcalsa (10%), a regional, partially state-funded company. These permits are held by Saloro S.L., a wholly-owned Ormonde subsidiary and by Siemcalsa. Saloro also holds a 100% interest in two permits in the Zamora Province covering a total area of approximately 50 sq kilometers. All the permits are issued for an initial period of 3 years, renewable for further periods of 3 years upon submission of work programmes to the regional authority, the Junta de Castilla y Leon.
Ormonde considers the Salamanca-Zamora area to be one of the most prospective gold terrains in Spain and is targeting gold mineralisation associated with granites intruded into a variable sequence of meta-sediments. The permits cover mineral prospects and occurrences with potential for high-grade vein-hosted and large, bulk tonnage low-grade deposits.
Drilling has been carried out on the most advanced targets in the permit area, which has successfully intersected gold mineralisation.
Pino de Oro Gold Prospect
Current Status: Follow up drilling on multiple vein target defined by previous drilling.
Drilling has been carried out on the Pino de Oro gold prospect in the Zamora Province, where previous drilling by Spanish government agencies in the 1990s intersected high-grade gold mineralisation, with better intersections including 1.0m grading 65.8 g/t and 10.7m grading 3.7 g/t gold on the El Facho and La Solana structures. Drilling by Ormonde in 2007 confirmed the previous government drilling with intersections including 1.0m grading 18.9 g/t, 1.0m grading 16.6 g/t and 3.0m grading 4.3 g/t gold. The results of Ormonde's drilling programme were reported in August 2007 (see press release for details and table of results). All drilling to-date has defined mineralisation over a strike length of 500 metres varying in width from 1m to 11m with grades ranging from 1.6g/t to 66g/t. This is considered a very prospective target and this, coupled with some positive initial gold metallurgical testwork and presence of several other untested structures, will ensure that Pino de Oro will be the priority for Ormonde's gold exploration programmes.
Sierro Gold Prospect
Current Status: Initial drilling on targets defined by geological and geochemical field work.
The first drilling and trenching on a new prospect termed “Sierro” on Ormonde’s Salamanca Gold Project in Western Spain has returned very encouraging wide gold intersections in a sheeted vein system.
The Company identified its ground holdings in Salamanca as having potential to host large, granite-related gold systems and Sierro has all the characteristics of such a system.
- The first hole on Sierro, drilled on a gold-in-soil geochemical anomaly some 800m long by 400m wide, returned gold over a 62 metre interval averaging 0.5 g/t, within a newly-defined sheeted vein system;
- A trench excavated across the part of the anomaly tested by this drillhole returned 25 metres grading 1.0 g/t gold within a broad zone of 57 metres averaging 0.7 g/t gold;
- Gold occurs as continuous mineralisation within wide zones of sheeted quartz veining of a broadly similar nature to the extensive systems hosting large, low-grade, granite-related gold deposits.
Geographical Spread
Spain
Board of Directors and Key Management
| Kerr Anderson | Managing Director |
| John Carroll | Company Secretary & Non-Executive Director |
| Mike Donoghue | Executive Chairman |
| Fraser Gardiner | Director |
| Steve Nicol | Chief Operating Officer |
Company AddressMetges Lane, Navan
|
Additional Address/Key ContactFinancial PR |
CapitalIssued Shares: 230,958,959
|
Annual General MeetingMid-Year (Dublin) | Year End31 December |
Nominated BrokersNOMAD, IEX Adviser & Joint Broker | Nominated AdvisorsDavy |
Major Shareholders
| JP Morgan Asset Management (UK) Limited | 9.26% |
| Saracen Fund Managers Limited | 8.84% |
| Director Holdings | |
| Kerr Anderson | 0.36% |
| John Carroll | 0.92% |
| Michael Donoghue | 3.89% |
| Stephen Nicol | 0.02% |
Related News
25/02/10 - Ormonde Mining’s La Zarza Project Is Alive And Kicking, Under The New Management Of Antofagasta28/10/09 - Antofagasta Breathes New Life Into Ormonde’s La Zarza Copper Project In Spain
22/07/09 - Ormonde Mining Signs Up A New Partner For The La Zarza Copper-Gold Project And Will Now Focus On Tungsten For Early Cash Flow
30/04/09 - Ormonde Mining’s Tungsten Project Is Shaping Up Nicely For Scheduled First Production In 2011
13/01/09 - Ormonde's Barruecopardo Tungsten Project Now Looks As Though It Could Be Producing Next Year
17/07/08 - Ormonde Beats A Path Towards Tungsten Production, But Still Holds Out Hope For Copper And Gold From La Zarza
Most Recent Statement
19/02/10 - La Zarza Update19/02/10 - Update on Joint Venture activities with Antofagasta at La Zarza
27/10/09 - Ormonde signs Joint Venture with Antofagasta on La Zarza
27/09/09 - Interim Results
19/07/09 - Issue of Equity
12/07/09 - Ormonde in Exploration Deal with Major on La Zarza