Ormonde Mining, the AIM and IEX listed mining outfit with operations in Spain, today said it had put “significant effort” into progressing its two main projects during the first half of the year.
Work on the Barruecopardo tungsten project saw a doubling of the projected annual production to 400,000 tons following further appraisal work on the asset.
The currently defined JORC Inferred Resource at Barruecopardo is 5.2 million tons at an average grade of 0.48% tungsten trioxide. The company noted that with this size and grade of resource, Barruecopardo was already a major western world tungsten deposit. It is currently looking for a funding partner to help develop the project.
At the La Zarza copper-gold project Ormonde had better luck in attracting a partner after agreeing a deal with a mining major to inject US$7 million over a three year period via a joint venture to earn a 51% interest in the project.
Source: Small Cap News
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