Business
Tharsis Option Agreement
Tharsis Option Agreement.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n RNS Number : 0074K Ormonde Mining PLC 12 April 2010 \n \n\n12 April 2010\n \nOrmonde Mining plc\n \nOrmonde Signs Option Agreement over Tharsis Project, Spain - a Major Copper and Gold Exploration Opportunity\n \nDUBLIN, LONDON and HUELVA: 12 April 2010 - Ormonde Mining plc and its wholly owned Spanish subsidiary Ormonde Mineria Iberica U.S.L. (collectively \"Ormonde\" or \"the Company\") are pleased to announce that Ormonde has signed an Option Agreement over the Tharsis Project in Huelva Province, Spain (the \"Project\"). Tharsis is an area of previous mining containing significant copper and gold mineralisation. The Option Agreement is with Nueva Tharsis S.L., the private Spanish company from whom Ormonde acquired the La Zarza Project, and covers mining concessions totalling some 4,000 hectares.\n \n· Tharsis is one of the major mineral districts within the Iberian Pyrite Belt containing several known copper-bearing massive sulphide deposits with combined global resources believed to be in the order of 115 million tonnes grading in the region of 0.5 to 0.7% copper, 22 g/t silver and 0.7 g/t gold (non JORC compliant). \n \n· The Project also includes areas of known gold mineralisation; significant open pit gold mining operations were conducted in this area in the past. The available data indicate potential to define additional gold (and gold associated with cobalt) resources at Tharsis.\n \n· Ormonde sees the potential at Tharsis for extensions to existing known deposits and discovery of completely new deposits, using modern geophysics methods and revised geological modelling to identify new exploration targets for follow up drilling and evaluation.\n \n· Ormonde has a 9 month option period to complete technical and legal due diligence on the Project. Ormonde thereafter has the right to acquire a 100% interest in the Project by investing 1.86 million euro over a period of three years and thereafter making staged payments totalling 1.5 million euro related to milestones in the transfer of title, financing and development of a mining operation. \n \n \nThe Project would represent a significant expansion to Ormonde's mineral interests in the Iberian Pyrite Belt mining district - host to several opera...