New Mineral Resource at Barruecopardo
13 December 2011
Ormonde Mining plc
("Ormonde" or "the Company")
New Mineral Resource at Barruecopardo
The Board of Ormonde is pleased to report a final feasibility study JORC compliant Mineral Resource Estimate ('MRE') for Ormonde's flagship Tungsten project at Barruecopardo. The MRE is being used as the basis for the bankable feasibility study and has been prepared by independent consultants CSA Global Pty Ltd ("CSA Global").
The very successful infill drilling programme has substantially increased both the size of and confidence in the MRE, including the upgrading of a large portion of the resource into the highest confidence "Measured" Resource category.
Main Points
· Total Measured Resources of 5.47Mt grading 0.34% WO3.
· Total Indicated Resources of 12.33Mt grading 0.26% WO3.
· Total Inferred Resources of 9.59Mt grading 0.23% WO3.
Kerr Anderson, Ormonde's Managing Director, said:
"The success of the infill drilling programme will enable a significant portion of the mineral resources which will be mined by open pit during the first nine years of operation to be classified in the Measured Resource category, providing the highest degree of confidence possible under international reporting standards. Having a significant portion of the resources classified at this confidence level will assist us greatly in our discussions on funding the project."
Mineral Resource Estimate
The Mineral Resource Estimate has been prepared by CSA Global and is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2004 edition). This resource estimate incorporates all the results of this year's infill drilling programme (21 holes).
CSA has classified the Mineral Resources in the Measured, Indicated and Inferred categories as follows:
|
Classification |
Tonnes (million) |
Grade (WO3%) |
Contained mtus (WO3) |
|
Measured |
5.47 |
0.34 |
1.86 million |
|
Indicated |
12.33 |
0.26 |
3.20 million |
|
Inferred |
9.59 |
0.23 |
2.20 million |
|
TOTAL |
27.39 |
0.26 |
7.12 million |
Grade compositing, used to define the mineralised volume, has been carried out using a minimum horizontal width of 4 metres at a minimum grade of >=0.06% WO3, allowing for internal dilution. This process defined areas of mineralisation that constitute a potentially mineable width at an economic grade. These resources are effectively diluted to mineable grade by this estimation procedure.
Kerr Anderson PhD EurGeolPGeo, Managing Director of Ormonde Mining plc, and a qualified person as defined in the AIM 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.
A glossary explaining technical terms contained in this announcement can be found at www.ormondemining.com/en/investors/technical_glossary.
For more information please visit www.ormondemining.com or follow Ormonde on:
Twitter https://twitter.com/ormondemining or
Linkedin http://www.linkedin.com/company/ormonde-mining-plc.
Enquiries to:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
Davy (Nomad / ESM Adviser)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
Fairfax I.S. PLC (Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)207 598 5368
ENDS
About Ormonde
Ormonde Mining Plc is admitted to trading on the AIM market in London and the ESM market in
Dublin. Ormonde is a mineral development and exploration company focused on Spain (Ticker
ORM).
Ormonde's key activities include:
The Barruecopardo Tungsten Project - Ormonde is developing a low cost mining operation at Barruecopardo to produce ~12% of non-Chinese annual global mine production from mid 2013.
The La Zarza Copper Project- a large "massive sulphide" deposit with significant copper, resources; exploration for an enlargement to the current copper resources is being funded through a joint venture Antofagasta Minerals.
Gold Exploration in several highly prospective areas of western Spain.
This information is provided by RNS
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