en.Wedoany.com Reported - Megado Minerals (ASX:MEG) has commenced its initial drilling operations at the Iberian Copper Project in northern Spain.
Under the plan, the company will drill up to nine diamond drill holes within the Etayo investigation permit, totaling 1,500 to 2,000 meters, aimed at exploring the depth and lateral extension of the historic Mina Emilia copper oxide deposit. The drilling program is expected to take approximately two months, targeting red-bed sedimentary copper mineralization.
A previous test pole-dipole induced polarization-resistivity survey indicated the potential presence of sulfides below 50 meters depth. Based on these results, Megado is considering the use of time-domain electromagnetic geophysical surveys to detect deep massive sulfide accumulations.
The company has also applied for two new investigation permits, Valdelobero and Guaral, while relinquishing the Biel and Quiteria exploration permits. Currently, the Iberian Project comprises seven investigation permits and five exploration permits, covering a total area of 777 square kilometers in the Navarra and Aragón regions.
Megado's board is seeking shareholder approval to grant 20 million unlisted options to directors and 11 million options to Spanish local employees, with an exercise price of A$0.04 and an expiry date of June 30, 2030. Megado Minerals is an exploration company with projects in Spain, the United States, and Canada.
