Iberian Minerals Identifies Additional Magnetic Targets Over Cehegin Iron Ore Concessions
High-Resolution Aeromagnetic Survey First Stage of Aggressive Multiphase Exploration Program
Immediate Steps Have Been Initiated to Acquire the Magnetic Anomalies of Interest Which Remain Outside of the Company's Claims
CALGARY, ALBERTA--(Marketwired - Aug 12, 2015) - Iberian Minerals Ltd. ("Iberian" or the "Company") (TSX VENTURE:IML)(OTCQB:SLDRF) 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."
Stanley C. Bartlett, M.Sc., PGeo. is the Qualified Person who reviewed and approved the contents of this news release.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain. The Company is currently studying the re-opening of the Cehegin iron ore concessions in south eastern Spain and is further evaluating its recently acquired Caurio gold/copper/silver concessions located in the Rio Narcea Gold Belt in Asturias, northern Spain. Iberian Minerals' business strategy is to actively engage its Spanish contacts and technical team towards the further accumulation of high interest assets throughout the country. For further information, visit www.iberianminerals.ca
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This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, the likelihood of commercial mining and financing requirements and the ability to fund future exploration and development are forward-looking statements and contain forward-looking information. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "intends" or "anticipates," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "should," "would" or "occur." Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
