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Megado Minerals (ASX:MEG) has today added the Iberian Copper Project in northern Spain to its expanding collection after buying an 80% interest in Iberian Copper, which owns 100% of the North Spanish Oligocene dig.
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The project stretches across Aragon and Navarra, covering a 956-square-kilometre prospective region that boasts several once-active copper and silver mines.
Under the acquisition agreement, Megado will issue 175 million shares to vendors alongside 175M class A performance rights and 175M class B rights.
The explorer will also pay $100K cash to the vendors to cover bargaining expenses.
“This is a massive milestone for the company,” Megado chairman Anthony Hall said on the acquisition. “We now have a massive opportunity with full control of an entire copper and silver belt hosting multiple historic mines.”
Megado intends to take full advantage as quickly as possible, too: Maiden drilling is already pencilled in for Q4 this calendar year, should plans come together.
To that end, the company’s in-country Spanish team is already working hard on extensive geological mapping activities. Airborne geophysics tests will start soon, with these expected to “confirm high priority targets.”
“Importantly, we have secured a very capable in-country team that have a track record for success,” Mr Hall explained. “We are already starting to see this with early geological mapping and our agreement with the University of Aragon.”
That agreement – also locked in today – will see the Spanish university support Megado’s early exploration runs. In fact, it’s already identified “multiple opportunities.”
The strike in focus extends 200 kilometres east to west, all of which is in the project.
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Overall, it’s been a good Week 24 for Megado as the explorer prepares to break into Spain and Iberia – the company has also now banked $144,000 from its chairman (traded for shares) after shareholders gave the go-ahead.
MEG heads into Friday’s trade selling at 1.3cps; a 7% jump is now expected.
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