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Spain-focused metal explorer Ormonde Mining PLC (ORQ.DB) said Monday the definitive feasibility study for its Barruecopardo tungsten project in western Spain is complete and the results will be ready by late February, allowing the company to progress to ongoing funding talks.
The study offers a detailed technical, economic and market assessment of the project for management.
"This will be a key milestone in the company's plans to become a major European producer of tungsten concentrates," said managing director Kerr Anderson. "With aggressive drilling programs underway on our copper and gold assets, I also anticipate being in a position to report developments on these fronts over the coming months."
Ormonde said at the La Zarza Copper project in southwest Spain, the 3,000 meter drilling program, fully funded by joint venture partner Antofagasta PLC (ANTO.LN), started in January. Several targets will be tested by drilling, with a priority on those where the geology is interpreted to be similar to that for the existing La Zarza deposit.
At its Salamanca & Zamora gold projects, the firm said drilling is on-going on the El Facho gold structure, where joint venture partner Aurum Mining PLC (AUR.LN) is focused on testing and expanding this structure. Core samples from the first holes in the current drilling program have been forwarded for assay, it noted.
At 0925 GMT shares flat at 0.1 cents.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected]