Megado Minerals Secures Iberian Copper Permits, Sets Stage for Drilling

Iberian Copper Project Advances

Megado Minerals Limited (ASX, MEG) has made significant progress in its flagship Iberian Copper Project located in Northern Spain, covering a substantial 956 square kilometres across the provinces of Navarra and Aragón. The company announced that all seven exploration permits required for this project have now been granted, clearing a major regulatory hurdle and enabling the next phase of exploration activities.

The project area is historically significant, containing at least 12 historic copper mines and over 50 copper occurrences identified in exploration programs dating back to the 1970s. These copper occurrences primarily involve copper oxides in sandstones and conglomerates, suggesting multiple potential targets within the region. Megado is developing a comprehensive work program to prioritise these targets for upcoming drilling campaigns.

Ongoing Exploration and Planned Activities

During the quarter, geological mapping activities continued across the entire permit area, supported by collaboration with Masters’ students from the University of Zaragoza. The company is preparing to commence airborne geophysical surveys once the remaining five Investigation Permits are awarded, expected imminently. Following this, a maiden drilling program is planned to test the highest priority targets identified through mapping and geophysical data.

Megado is also conducting a riverbed geochemical survey and reviewing extensive historical exploration reports from the 1970s, which involved significant expenditure and detailed data on copper mineralisation. These efforts aim to refine the understanding of the mineralisation and guide efficient drilling.

Corporate and Financial Updates

On the corporate front, Megado appointed Adrien Wing as an independent non-executive director, bringing over 25 years of ASX experience and expertise in corporate governance and capital markets. This appointment strengthens the company’s board as it advances its exploration programs.

Financially, the company completed an institutional placement raising A$780,000 at A$0.02 per share, with free attaching options offered to investors. At the end of the quarter, Megado held A$2.65 million in cash. Exploration expenditure for the period was A$199,000, with administration and corporate costs at A$186,000.

Strategic Portfolio Adjustments

Megado continues to hold 100% interests in its Canadian lithium and gold projects, including the Cyclone Lithium and Gold Project and the K Lithium Project in Quebec. However, the company has decided to exit its Ethiopian gold projects due to ongoing geopolitical uncertainties, focusing resources on more prospective and stable jurisdictions such as Spain and Canada.

Looking ahead, the market will be watching closely for the award of the remaining Investigation Permits, the commencement of airborne geophysics, and the maiden drilling results that will provide the first modern data on this historically significant copper belt.