- Hispania Resources (TSXV: ESPN) acquired the Lumbrales Permit from Siemcalsa
- The permit covers 2,900 hectares and has a past producing mine on site, Mari Tere
- The mine did close down in 1986, and it was said to have a resource of 2.5 million tons at a grade of 0.25 per cent tin and 100 ppm molybdenum
- 3 million tons of potential resources were found that could be present
- Hispania Resources is a mineral exploration company focused on mining opportunities in Spain
- Hispania Resources (ESPN) is trading at C$0.14 at 12:04 p.m. EDT
Hispania Resources (TSXV: ESPN) acquired the Lumbrales Permit from Siemcalsa, a company controlled by the administration of Castile y Leon in Spain.
The permit covers 2,900 hectares and has a past producing mine on site, Mari Tere.
These sites are around 115 kilometres west of the city of Salamanca, Spain.
The mine closed down in 1986 and it was said to have a resource of 2.5 million tons at a grade of 0.25 per cent tin and 100 ppm molybdenum.
Looking back at historical records, the company found 3 million tons of potential resources that could be present.
There are two parallel quartz vein systems where the resources are located. In addition, they are exposed to a depth of 200 metres and stretch along a strike length of 750 metres.
An intermittent third system exists between these two.
Norman Brewster, CEO of Hispania said “Given the current market forecasts of tin, this property holds considerable financial potential.”
“Equally important is the existing infrastructure, including decline ramps, surface shafts and underground developments. The construction of these features would typically take a mining company several years of permitting and work, positioning us favorably to advance this crucial project,” Brewster added.
Back in 1984 to ’85, the company constructed an on-site treatment plant capable of processing 400 tons per day and subsequently commenced mining operations.
However, operations were closed in 1986 because of a fall in tin prices. Since Mina Duro SA’s activity, 30,000 tons of material were mined and processed in the on-site facility.
Furthermore, the permit for the Lumbrales sites has been renewed for a three-year term, effective until 2026.
Hispania Resources is a mineral exploration company focused on mining opportunities in Spain.
Hispania Resources (ESPN) is trading at C$0.14 at 12:04 pm EST.
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