La Zarza
 
Summary
  • Ormonde has a 100% interest (subject to staged payments to local Spanish company Nueva Tharsis S.A.) in a mining concession at La Zarza. The Mining Concession is currently held by Nueva Tharsis S.A.

  • The concession covers a polymetallic masive sulphide body dominated by pyrite but containing significant zones of copper, zinc and gold mineralisation.

  • In 2008, the Company completed a feasibility study on developing an underground mine recovering copper, lead, zinc, gold and silver in to metal concentrates via flotation. The study recommended that the potential for further copper resources be investigated to improve the project economics.

  • From October 2009 to November 2012, exploration activities were funded by Antofagasta Minerals SA through an Option Agreement whereby Antofagasta could earn an initial 51% interest in Ormonde’s holdings.

  • Based upon the activities carried out in 2010, a preliminary non-JORC compliant global mineral resource of some 61Mt, grading 0.8% Cu, 0.9g/t Au, 0.6% Pb, 2.0% Zn & 5.7g/t Ag, was estimated at La Zarza.

  • In November 2012 Antofagasta withdrew from the Option and retained no interest in the La Zarza Project.

  • The company is looking at strategies to divest this project.