Megado Minerals Launches Drilling at Iberian Copper Project and Advances Alpartir Exploration

Maiden Drilling Targets Historic Copper Extensions at Iberian Project

Megado Minerals (ASX:MEG) has started drilling at its Iberian Copper Project in northern Spain, aiming to extend the known copper oxide mineralisation at the historic Mina Emilia mine. The maiden program, initiated post-quarter on 14 July 2026, plans up to nine diamond drill holes totalling 1,500 to 2,000 metres within the Etayo Investigation Permit. The focus is on depth and lateral extensions of the copper oxide zones, with prospective stratigraphic units identified along strike both east and west of the mine.

The project targets sedimentary-hosted copper deposits in Oligocene-aged sandstone and micro-conglomerate layers, where copper oxides and sulphides formed through interaction of mineralising fluids with organic matter or precursor minerals. The company’s geological understanding has been sharpened by a 2,777 line kilometre aeromagnetic survey and an Induced Polarisation (IP) resistivity survey near Mina Emilia, which, while not detecting sulphides at shallow depths, leaves open the potential for deeper mineralisation beyond 50 metres.

Geophysical Surveys and Stream Sediment Sampling Refine Targets

Complementing the drilling, Megado’s aeromagnetic interpretation has highlighted lithological contrasts and structural lineaments crucial for targeting. Meanwhile, a stream sediment survey completed with the University of Zaragoza validated known mineralisation at historic mines and uncovered new prospective zones, notably in the Quiteria Exploration Permit area. Geological mapping has also revealed previously unknown historic workings and the first identification of secondary copper sulphide minerals west of Mina Emilia.

These advances underpin new Investigation Permit applications at Valdelobero and Guaral, adjacent to historic copper oxide and sulphide workings, while the Biel and Quiteria Exploration Permits have been allowed to lapse. The company plans a more targeted exploration program for the second half of 2026, including ground geophysics and drilling, building on its improved geological model.

Alpartir Silver-Copper Project Shows Strong Exploration Upside

At the Alpartir Silver-Copper-Antimony Project, also in northern Spain, high-resolution magnetic surveys have delineated multiple priority structural corridors indicative of a district-scale hydrothermal system. The magnetic architecture aligns with numerous historical copper, silver, lead, and antimony workings, reinforcing the project’s prospectivity.

Megado is conducting field validation and a regional stream sediment geochemical survey to refine targets further. The company expects a shareholder vote in September 2026 to approve acquisition of an 80% interest in Alpartir, which covers 576 km2 across three Investigation Permits (under application) and five granted Exploration Permits. Drilling is planned following permit grants.

Canadian Lithium and Gold Projects Remain on Hold

Megado retains 100% ownership of its Cyclone Lithium and Gold and K Lithium projects in Quebec, Canada. The Cyclone project, adjoining Sirios Resources’ high-grade Aquilon Gold Project, is prospective for lithium, gold, and nickel. Despite notable nearby gold grades reported by Sirios, Megado’s Canadian assets saw no new exploration activity during the quarter as the company focuses on its Spanish projects.

Financial Position and Capital Raising

The company ended the quarter with A$2.03 million in cash following a placement that raised A$1.5 million at 2 cents per share, plus attaching options. Exploration expenditure was A$433,000, primarily on geological consulting and geophysics, while administration and corporate costs totalled A$281,000. Payments to directors and related parties amounted to A$145,000. No mining production or development occurred during the period.

Megado’s cash position provides roughly 2.9 quarters of funding at current expenditure levels, supporting ongoing exploration and planned drilling campaigns.