Plymouth Minerals ties up Spanish tungsten project
THE DRILL SERGEANT: Plymouth Minerals (ASX: PLH) has secured an agreement to acquire an 80 per cent beneficial interest in the Morille tungsten-tin project in Spain.
Plymouth has negotiated to acquire a 100 per cent holding in Spanish company, Castilla Mining, which has an 80 per cent beneficial interest the Morille project from Aurum Mining.
The Morille project comprises five Investigation Permits covering multiple historic underground and open pit tungsten and tin mines covering a contiguous area of over 57 square kilometres.
Over 50 mineral occurrences/workings have been documented within the tenements, the majority of which were small artisanal workings operated during fragmented tenure ownership.
The larger of these historical mines within the project area are known as the; Alegria, Claudina, Mundaca and Anarbellas tungsten mines.
Plymouth described the project as a brownfields exploration and development opportunity.
It is located in the Salamanca Province, within the Castilla y León Region, in central Spain.
Plymouth said it views the project to be an excellent opportunity, which produced a sought-after, high-quality tungsten concentrate until its closure in 1985 due a rapid decline in the tungsten price.
The company aims to commence exploration activities in the near future, and plans to explore for extensions of known mineralisation, repeats and new discoveries.
A first phase of drilling is planned for late 2013 or early 2014.
“The Morille project brings together the specialty metal and development skills of the Plymouth Board and management and combines them with an advanced tungsten project in a tungsten producing region,” Plymouth Resources managing director Adrian Byass said in the company’s announcement to the Australian Securities Exchange.
“The tungsten price is robust with strong fundamentals going forward.
“This acquisition complements other projects currently under review by Plymouth in the region and is further evidence of the company’s growing regional focus in the Iberian Peninsula.
Location of Morille project in relation to other Plymouth
projects under review in the Iberian region. Source: Company
announcement
“We consider the acquisition has exciting potential to deliver a solid tungsten project in a mining friendly district, and the company remains well funded to acquire the project.
“We look forward to working with our partner, Aurum Mining PLC in advancing this project as rapidly as possible.”