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21/06/2024
Mining News

Hispania Resources Acquires Lumbrales Deposit Permit, Aims for Continued Growth in Spain’s Mining Sector

Hispania Resources Inc. announced an update on its 100% owned Lumbrales Deposit (“Lumbrales”), in the Stanniferous Iberian Belt of Spain. A region known for its more than 100 Tin and Tungsten deposits across Spain and Portugal, the prolific belt is set to be further enriched by Hispania’s ambitious expansion plans. The Company has now acquired the Lumbrales Permit from Siemcalsa, a company controlled by the administration of Castile y Leon in Spain.

The Lumbrales Permit covers 2,900 hectares and contains the formerly producing Mari Tere mine and two other artisanal tin prospects. These sites are situated approximately 115 kilometers west of the city of Salamanca, Spain. Prior to its closure in 1986, the Mari Tere mine contained a confirmed resource of 2.5 million tons at a grade of 0.25% Tin and 100 ppm Molybdenum. Based on Siemcalsa’s historical records, an additional 3 million tons of potential resources might be present, although these figures are historical and hence, are not reliable for current evaluation.

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These resources are located within two parallel Quartz vein systems, which are exposed to a depth of 200 meters and stretch along a strike length of 750-meter section. This exposure was made possible by extensive surface drilling and underground development. Each vein measures between 3 to 6 meters each in width, averaging at 4 meters, and are spaced 45 meters apart. An intermittent third system exists between these two.

The Mari Tere mine was initially developed with a surface shaft and four underground levels. These were operated by England’s Lumbrales Mining and Power Company Ltd. from 1935 to 1941, followed by Montes de Galicia from Germany during 1941-45. More recently, Mina Duro SA, another significant player in this timeline, undertook a substantial development project. The company constructed an underground infrastructure consisting of a 658 meter long, 4.5 by 4.5 meter decline that goes down to a depth of 220 meters, as well as associated levels stretching 3,600 meters. Excavated in 1982/83, these structures remain in a well-preserved state.

Norman Brewster, CEO of Hispania, commented, “We are extremely excited about the acquisition of the Lumbrales permit and our expansion in Spain. The property is located in the Stanniferous Iberian Belt, a geological region our team is familiar with. This property has been a previous producer of Tin, now considered a critical metal. Given the current market forecasts of Tin, this property holds considerable financial potential. We plan to explore the expansion of the resource and consider the reprocessing of existing tailings as we begin work on the site. 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. We eagerly anticipate our continued growth in Spain.”

Following the development of the underground infrastructure, Mina Duro SA established a pilot plant to treat a 10 ton sample. In the period of 1984/85, 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 due to a fall in Tin prices. Throughout Mina Duro SA’s period of activity, a total of 30,000 tons of material were mined and processed in the on-site facility.

The surface projection of the two vein systems (green), decline ramp (yellow), and diamond drill locations (red) is depicted in this image.

During its tenure, Siemcalsa carried out extensive surface exploration programs. These included trenching and sampling, along with geophysics and geochemistry studies. This work resulted in the extension of the mineralized veins along strike and unveiled the possibility of a third vein system and other prospects.

Furthermore, the permit for the Lumbrales sites has been renewed for a three-year term, effective until 2026. Mr. Brewster, CEO of Hispania, expressed the company’s immense satisfaction with this development, noting, “We are overwhelmingly pleased with the Administration, our stakeholders, and partners, who helped make this process a reality. We look forward to growing our presence in and with the region.”

About Hispania Resources Inc.

Hispania Resources Inc. is a mineral exploration company focused on mining opportunities in Spain. Hispania is currently focused on developing the long-term mining potential of its core assets, the Zinc, Copper, Lead enriched Puebla de la Reina (“PBR”) property in the low-risk and historic mining district of Extremadura in Southwest Spain; as well as the Marie Tere project in Lumbrales. Hispania, through its subsidiary, La Joya, has entered into a purchase agreement with Auplata S.A. to acquire a 100% interest in the PBR property and has acquired the Lumbrales property.

The management of Hispania contains industry veterans who have more than 120 years of mineral exploration and production experience in multiple jurisdictions and have successfully managed multiple international mining companies. This includes in Spain, where some of the team was responsible for the founding and building of Iberian Resources, with the continued support of the local and regional governments, including the well-developed and sophisticated transportation and mining infrastructure.

 

Source: Junior Mining Network

 

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