Ormonde Mining has reported a new mineral resource estimate for its Barruecopardo Tungsten project in Salamanca, Spain, prepared by independent consultants CSA Global Pty Ltd, which shows a threefold increase in resource tonnage.
The highlight of the estimate included a new mineral resource of 3.0 million tonnes grading 0.60% tungsten trioxide (WO3) in the JORC Inferred category, up threefold from the previous figure of 1.0 million tonnes at 0.70% WO3,
This equates to 1.8 million metric tonne units, or 18,000 tonnes, of contained WO3, up from the 7,000 tonnes of WO3 listed in the company's January 2008 resource estimate.
Kerr Anderson, managing director of Ormonde Mining, said: "This new Mineral Resource estimate has considerably exceeded our near term target and demonstrates the increasingly substantial scale of the Barruecopardo deposit. The enlarged resource contains an in-ground metal value of over $300m (€193m) at current metal prices, with the resource open in all directions.
"The new resource, combined with the excellent metallurgical results reported last week, favourable mining conditions and good infrastructure, makes Barruecopardo a significant tungsten development project by global standards. This is a huge boost to our efforts to get the Project into production and generate cashflow as soon as possible."