<PAGE>
                                                                    EXHIBIT 10.1

                           NORD RESOURCES CORPORATION
                                  STOCK OPTION

NORD RESOURCES CORPORATION, a Delaware corporation (the "Company"), hereby
grants to RONALD A. HIRSCH ("Optionee"), effective October 20, 2003 ("Date of
Grant"), as a separate inducement and agreement in connection with Optionee's
services to the Company and not in lieu of any other compensation or fees paid
to the Optionee for services, the right and option to purchase THREE MILLION
(3,000,000) shares of Common Stock of the Company ("Shares") at the purchase
price of U.S.$0.02 per Share (the "Option").

     The Option is granted upon the following terms:

          1.   Subject to subparagraph 4 below, the Option shall expire at the
               close of business on the earlier of: (i) October 19, 2008, or
               (ii) ninety (90) days after the date that the Optionee no longer
               has a contract and/or a business or employment relationship with
               the Company, unless exercised prior thereto.

          2.   The Option is exercisable at any time, in whole or in part,
               subject to the provisions of subparagraphs 3 and 4 below.

          3.   The Optionee shall vest 100% immediately.

          4.   In the event Optionee dies or becomes permanently disabled, the
               Option may be exercised within one (1) year after the date of
               death or permanent disability by the person or persons (including
               the Optionee's estate) to whom the Optionee's rights under the
               Option shall have passed by will or by the laws of descent and
               distribution or by the Optionee or his or personal
               representatives, as the case may be. Under no circumstances,
               however, may the Option be exercised after the expiration date of
               the Option specified in subparagraph I above.

          5.   The Option may not be assigned, transferred, pledged or otherwise
               encumbered by Optionee other than by will or the laws of descent
               and distribution; the Option may not be subject to execution,
               attachment, or similar process; and the Option may be exercised
               during the lifetime of Optionee only by Optionee.

          6.   Payment for all Shares purchased to exercise the Option shall be
               made in cash or by certified check, money order or by personal
               check (if approved by the Board of Directors). In lieu of a
               check, the Optionee may, with the approval of the Board of
               Directors in its sole discretion, submit certificates for stock
               of the Company

<PAGE>

                                      -2-


               tendered as full or partial payment of the option exercise price.
               Certificates for stock tendered must be endorsed or accompanied
               by signed stock powers with the signature guaranteed by the
               commercial bank or trust company or by a brokerage firm
               acceptable to the Company. Stock tendered in payment will be
               valued at its fair market value on the date of exercise of the
               Option. Any deficiency in the option exercise price shall be paid
               by certified check. Such payment shall be made at the time that
               the Option or any part thereof is exercised and no Shares shall
               be issued or delivered until full payment therefor has been made.

          7.   If and to the extent that the number of issued shares of common
               stock of the Company shall be increased or reduced by change in
               par value, split up, reclassification, distribution of a dividend
               payable in stock or the like, the number of shares subject to the
               Option and the option price per share shall be proportionately
               adjusted. If the Company shall be involved in any merger or
               consolidation, recapitalization, reclassification of shares or
               similar reorganization, the holder of this Option shall be
               entitled to purchase, at the same times and upon the same terms
               and conditions as are then provided in this Option, the number
               and class of shares of stock or other securities to which a
               holder of the number of shares of stock subject to this Option at
               the time of such transaction would have been entitled to receive
               as a result of such transaction. Except as expressly provided in
               this Section 7, the holder of this Option shall have no rights by
               reason of any subdivision or combination of shares of stock of
               any class or the payment of any stock dividend or any other
               increase or decrease in the number of shares of stock or any
               class or by reason of any dissolution, liquidation, merger or
               consolidation or distribution to the Company's shareholders of
               assets or stock of another corporation. Except as expressly
               provided herein, any issue by the Company of shares of stock of
               any class, or securities convertible into shares of stock of any
               class, shall not affect, and no adjustment by reason thereof
               shall be made with respect to, the number or price of Shares of
               stock subject to this Option.

          8.   Optionee shall have no rights as a stockholder with respect to
               the Option until payment of the option price and delivery to him
               of the Shares as herein provided.

          9.   This Option Agreement shall be governed by and construed in
               accordance with the laws of Delaware, without giving effect to
               principals of conflict of laws.

          10.  Neither this Option Agreement nor the Shares are registered under
               the Securities Act of 1933, as amended. This Option is subject to

<PAGE>

                                      -3-


               the condition that if at any time the listing, registration or
               qualification of the Shares covered by this Option upon any
               securities exchange or under any state or federal law is
               necessary or desirable as a condition of or in connection with
               the purchase or delivery of Shares hereunder, the delivery of any
               or all Shares pursuant to this Option may be withheld unless and
               until such listing, registration or qualification shall have been
               effected. If a registration statement is not in effect under the
               Securities Act of 1933 or any applicable state securities laws
               with respect to the Shares purchasable or otherwise deliverable
               under this Option, the Company may require, as a condition of
               exercise of this Option, that the Optionee represent, in writing,
               that the Shares received pursuant to this Option are being
               acquired for investment and not with a view to distribution and
               agree that the Shares will not be disposed of except pursuant to
               an effective registration statement, unless the Company shall
               have received an opinion of counsel that such disposition is
               exempt from such requirement under the Securities Act of 1933 and
               any applicable state securities laws. The Company may endorse on
               certificates representing Shares delivered pursuant to this
               Option such legends referring to the foregoing representations or
               restrictions or any other applicable restrictions on resale as
               the Company, in its discretion, shall deem appropriate.

          11.  This Option Agreement shall inure to the benefit of and be
               binding upon the parties hereto and their respective heirs,
               executors, administrators, successors and assigns.

IN WITNESS WHEREOF, the Company has executed this Option as of the 20th day of
October, 2003.

NORD RESOURCES CORPORATION


By: /s/ Ronald A. Hirsch
    ---------------------------------
    Ronald A. Hirsch
    Chairman & Chief Executive Officer


ATTEST:


/s/ Erland A. Anderson
-------------------------------------
Erland A. Anderson
President