Megado Finds Copper and Silver in First Iberian Drill Hole
Megado Minerals has returned a shallow copper-silver intersection from the first hole of its maiden drilling campaign in northern Spain, including 0.25 metres at 1.39% copper and 18g/t silver. Two further holes have been completed but remain unassayed, leaving the broader size and continuity of the mineralisation unresolved.
- 0.55m at 0.84% copper and 11g/t silver from 75.05m
- Higher-grade 0.25m interval at 1.39% copper and 18g/t silver
- Three holes completed for 939.5m
- Assays pending for ET-01bis and ET-04
- Follow-up drilling being prepared for Q4 CY26, subject to approvals
First Hole Confirms Shallow Copper-Silver Mineralisation
Megado Minerals Limited (ASX:MEG) has hit copper and silver in the first hole of its maiden drilling program at the Iberian Copper Project in northern Spain. Hole ET-01 returned 0.55 metres at 0.84% copper and 11 grams per tonne silver from 75.05 metres, including a 0.25-metre interval grading 1.39% copper and 18g/t silver.
The result came from drilling beneath historic adits at the Mina Emilia copper carbonate mine. Megado said the mineralisation, identified as chalcocite, appears to extend the same lode exploited in the southern adit and points to a southerly dip of roughly 70 to 75 degrees in the area. The reported interval is down-hole; the announcement does not establish its true thickness.
Two More Holes Await Assays
The more important test of the early result may come from the rest of the program. Megado has completed three diamond holes for a combined 939.5 metres: ET-01, ET-01bis and ET-04. The second hole was drilled from the same pad as ET-01 to test depth extensions and reached 296.3 metres, while ET-04 was drilled 5.6 kilometres east of Mina Emilia to test the same prospective stratigraphic units and reached 383.1 metres.
Assays are pending for both holes. That leaves the current result as an encouraging but narrow reconnaissance intersection rather than evidence of a defined mineralised system or an economic deposit. Megado also noted that the ET-01 mineralisation was not evidently associated with coarse organic matter, despite such material being visible in historic workings. The company believes other parts of the system may contain more abundant organic matter and potentially more copper mineralisation, but that interpretation remains to be tested.
Follow-Up Drilling Paused for a More Targeted Program
Drilling has paused after ET-04 while Megado prepares a proposal for a second program across the Etayo and Eslava investigation permits. The company is targeting a possible Q4 calendar 2026 campaign, with new holes intended to focus on areas around historic workings and the prospective sedimentary sequence. Any program remains subject to board approval, permitting, drill-rig and contractor availability, and the results from the current holes.
A second induced-polarisation survey has also been completed at Mina Emilia using tighter electrode spacing, with processing still underway. The next meaningful catalysts are therefore straightforward: the two outstanding assays, the geophysical interpretation and evidence that copper grades and widths continue beyond the first isolated intersection.
Bottom Line?
The first hit supports Megado’s geological model, but the investment case still depends on whether the pending holes demonstrate continuity, useful widths and repeatable grades.
Questions in the middle?
- Will ET-01bis and ET-04 extend the copper-silver mineralisation at depth or along strike?
- What true thickness and geological controls will emerge once the drilling geometry is better understood?
- Will the pending IP results identify enough targets to justify the proposed Q4 CY26 follow-up program?
