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Megado Minerals (ASX:MEG) has this week confirmed major high-grade results in its examination of copper and silver samples from historic mines and workings at the Iberian copper project (IBC) in Spain.
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Rock chip sample assays from the IBC identified mineralisation over a strike of seven kilometres with multiple assays of more than 5% copper and 100 grams per tonne silver. Highlights included 16.41% copper and 147 g/t silver, and 10.59% copper/124 g/t silver.
Megado’s executive director, Lachlan Rutherford, told shareholders the Australian company is now awaiting the results from a regional, high-resolution airborne magnetic survey flown across the entire project area.
“The results of this survey will assist the company in better defining the geological structures in the region that control the migration of the copper-silver rich mineralised fluids,” Mr Rutherford explained today.
Megado js also preparing to undertake an IP/resistivity survey over the historic Mina Emilia workings to test for potential disseminated copper sulphides at depth.
“The company hypothesises copper sulphides may have accumulated at depth below the water table in anoxic environments. The sulphides may be reflected by zones of increased chargeability in the IP/resistivity survey,” Mr Rutherford said.
“Following data processing and interpretation, the company plans to commence its maiden drilling program on the project in Q2, CY26.”
The Iberian project is made up of five investigation permits and seven exploration permits covering 956 sq. km in a region known predominantly for copper oxide mining activity during the 19th and 20th Centuries.
At least 12 historic copper mines and more than 50 copper occurrences were recorded in a 1970’s study by the Spanish government and Asturiana de Zinc (AZSA), now Glencore. Copper sulphide mineralisation has also been exploited at the Biel mine in the east of the project area.
Earlier this month, Megado secured an option to acquire the high-grade Alpartir silver–copper-antimony project in the province of Zaragoza, Aragón, Spain. That particular option has a maximum five-year period, and its exercising rights are at the full discretion of the Megado managing board.
MEG is steady at 2.9¢. Mkt cap $18.40M.
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