Iberian Minerals Ltd. is pleased to report on the results of the high-resolution airborne magnetic survey on the Cehegin Iron Ore Project in Southeastern Spain, which was previously announced on April 20, 2015.
The aeromagnetic survey marked the first stage of an aggressive multiphase exploration program to be undertaken during the 2015 season. Magnetitas de Cehegin, a 100% wholly-owned Spanish subsidiary of Iberian Minerals contracted EON Geosciences of Quebec and International Geophysical Technology, S.L. ("IGT") in Madrid to complete a 1,122 line kilometre (100 metre line spacing) helicopter-borne magnetic survey in late May 2015.
The main objectives of the airborne survey were to confirm and define the extent of several additional targets that have been identified through a data compilation program, which was compiled during the 1980's by Altos Hornos de Viscaya, the former operators of the Cehegin Iron Ore mine. These targets exhibit similar geological features to the previously mined region of the Cehegin and are interspersed throughout the project. Details of the history of the project, its complex geology and mineralization, past exploration and potential may be found in the Cehegin Magnetite Project, Murcia, Spain, NI-43-101 Technical Report, dated April 28, 2014 prepared by Micon International Co Limited, in the United Kingdom and is available on the Iberian website and SEDAR.
Based on the detailed considerations of the complex known geology and iron ore (Fe) mineralization in the district, the main Cehegin survey was flown in two directions (E-W and N-S) in partially overlapping blocks. Flight line spacing was specified as 100m to ensure detailed resolution of the isolated and irregular bodies of magnetic mineralization, with tie lines at 1000m to enable accurate leveling of the magnetic data. A separate small block to the west, very close to the town of Cehegin, was also flown.
The detailed heliborne aeromagnetic survey carried out in late May, 2015 over the Cehegin iron district has provided excellent resolution of near-surface magnetic sources, representing a major improvement over prior regional aeromagnetic data. In particular, many of the stronger, better defined, discrete magnetic anomalies correspond to known iron ore (Fe) mines and prospects, such as the important Soledad and Colossus prospects. Most magnetic sources are judged to be quite shallow, or at least have a very shallow, sub-cropping portion. Some of these anomalies are inferred to have a significant gently dipping down-dip or down-plunge extension. A number of anomalies are inferred to lie at a moderate depth (25-100m).
A preliminary interpretation has been developed providing a lithomagnetic and structural framework for the results on the main survey block, in particular:
- The results in the main survey block are inferred to outline five domains;
- The vast majority of significant magnetic anomalies are seen to lie in magnetic domain I, bounded by largely non-magnetic terrains to the north and NW, and to the east;
- Significant magnetic anomalies are located outside of the current Cehegin claim, which the Company is in the process of acquiring.
- Forty-five distinct, moderate to strong magnetic anomalies permissive of magnetic Fe mineralization were defined by the survey, with 30 assigned a higher priority due to greater intensity and size;
In view of the favourable results of the aeromagnetic survey, and the indicated potential of this known Fe district, Iberian has undertaken immediate steps to acquire the magnetic anomalies of interest which remain outside of the Company's claims. Iberian will immediately recast the digital databased and full map products as a GIS-compatible digital version and utilize computer modeling of the key magnetic sources to map out strategic drill hole locations for the upcoming 2015 Work Program. Iberian plans to submit the results of the aeromagnetic survey to the Spanish mining authorities to expedite the exploration permit required for the upcoming Work Program.
"The aeromag survey has greatly enhanced our knowledge of the district and has identified a number of excellent additional targets that require follow-up groundwork and drilling," commented Greg Pendura, President and CEO. "The survey identified many near surface anomalies as well as other targets previously unknown, further highlighting the exploration potential of the project."