Ormonde-Antofagasta venture to extend Spain copper project
Ormonde Mining announced on Monday it has been awarded four new permits, which extend the area of the La Zarza copper project in the Huelva Province of southern Spain by around 95 square kilometres.
La Zarza is being developed in a joint venture of London-listed Chilean miner Antofagasta dating back to October 2009. In terms of the deal Antofagasta could earn an initial 51% interest in the La Zarza permit area by spending US$7 million over a three year period on exploration activities.
The Joint Venture has prepared an aggressive work programme to cover the entire permit area. This work will include an airborne EM survey (VTEM method) supported by ground gravity surveying, both being methods that have proven highly effective in the discovery of massive sulphide bodies, such as La Zarza, with an allocation for 3,000 metres of diamond drilling to follow-up on any anomalies identified. A budget for this programme of US$ 1.3 million has been approved by Antofagasta.
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