Megado Minerals (ASX:MEG) has started its maiden drilling program at the Iberian Copper Project in northern Spain.
The program covers up to nine diamond drill holes totaling 1,500–2,000m within the Etayo investigation permit to test depth and lateral extensions of the historic Mina Emilia copper oxide mine.
The program is expected to take approximately two months to complete, targeting red-bed sedimentary-hosted copper mineralisation.
Megado is also considering time domain electromagnetics geophysical survey methods to detect deep massive sulphide accumulations, following a test pole-dipole induced polarisation-resistivity survey that indicated potential for sulphides below 50m depth.
The company has also applied for two new investigation permits, Valdelobero and Guaral, while allowing the Biel and Quiteria exploration permits to lapse.
The Iberian Project now consists of seven investigation permits and five exploration permits covering 777km² across the Navarra and Aragón regions.
Megado’s board is seeking shareholder approval to award 20 million unlisted options to directors and 11 million options to Spanish-based employees, featuring a $0.04 strike price and expiring on 30 June 2030.
Megado Minerals is an explorer with projects in Spain, the US, and Canada.
Write to Paula Fabe at Mining.com.au
Images: Megado Minerals
