24th May 2016 09:45
LONDON (Alliance News) - Ormonde Mining PLC on Tuesday said it recently completed a drilling programe at the Barruecopardo tungsten project in Salamanca, Spain, which confirmed the potential for the mineral resources to be expanded and extended at depth.
The group said it obtained "excellent results" from the drilling programme which was commenced in the fourth quarter of 2015, with results further supporting the current resource interpretation at the site.
"An opportunity exists to significantly extend the currently defined nine year mine life of the project through the development of a Stage 2 underground operation, with the identification of additional mineral resources below the central part of the planned open pit being the primary focus in this regard," said Ormonde.
The company added that drilling in the northern area of the site had confirmed that this part was "more complex, with multiple schist blocks present within the granite being intersected during drilling", and said more drill testing is warranted to follow up on the original results from the 2012 drilling. However, Ormonde said such work "will not be immediately prioritised".
Shares in Ormonde were untraded on Tuesday, having last traded at 1.34 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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