Business
Resource Update
Resource Update.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n Ormonde Mining PLC\n24 April 2006\n\n24 April 2006\n\n\n Ormonde Mining plc\n\n La Zarza JORC-Compliant Mineral Resource Estimate\n\nDUBLIN & LONDON: 24 April 2006 - Ormonde Mining plc (\"Ormonde\" or \"the Company\")\nreports its first JORC-compliant Mineral Resource estimate for the La Zarza\nProject in the Pyrite Belt mining district of southern Spain, where it is\nearning a minimum 70 per cent interest. This is the first estimate which\ncomplies with an internationally recognised reporting standard to be published\non the Project.\n\nHIGHLIGHTS\n\n • Total Indicated and Inferred resources estimated to be 6.8 million tonnes\n containing 85,000 tonnes of copper, 486,000 ounces of gold and 6.9 million\n ounces of silver, for an in-situ resource equivalent to 163,000 tonnes of\n copper, or 1.3 million ounces of gold\n\n • Sixty-five per cent of the total resource tonnage in the Indicated\n category\n\n • Immediate potential to increase resources through current infill drilling\n and planned deeper drilling; the deposit is open at depth with the present\n resource estimated down to a depth of 500 metres, with the deepest hole\n containing intervals of 8 metres at 2.6 per cent copper overlying 12 metres\n at 8.3 g/t gold\n\nThe copper resource is comparable to the previously quoted figures (SEIEMSA,\n1997). The gold resource is lower due to less continuity of the zone when\ncompared with the previous operator's interpretation, combined with Ormonde's\nuse of a conservative estimation method. The Company anticipates that current\ndrilling will significantly increase the gold resource.\n\nKerr Anderson, Managing Director, said today,\n\n\"Our resource estimation shows that at La Zarza we have a large\ncopper-gold-silver resource with the potential to become a successful mining\noperation, which could produce circa 65,000 ounces gold equivalent per year.\"\n\n\"The resource estimate will now be used in conjunction with the metallurgical\ntestwork in our Preliminary Assessment Study (\"PAS\"). Testwork results to-date\nindicate that copper, gold and silver can all be recovered to copper\nconcentrates by standard flotation methods, which has a very positive impact on\nthe project economics by significantly reducing both capital and operating costs\nfrom those initially envisaged.\"\n\n\"La Zarza is therefore proving to be ...