Iberian Minerals Ltd. (the “Company”) (TSX VENTURE:IML)(OTCQB:SLDRF) is pleased to announce that it has submitted the results of the 2015 high-resolution aeromagnetic survey on its 100% wholly owned Cehegin Iron Ore Project in Southeastern Spain to the Spanish mining authorities to expedite an exploration permit required to commence a Work Program to enhance the project’s … Continued
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 1,212 line kilometre helicopter-borne magnetic survey in 2015. The results of this survey were announced on August 12, 2015. The detailed heliborne aeromagnetic survey provided excellent resolution of near-surface magnetic sources, representing a major improvement over prior regional aeromagnetic surveys. The majority of magnetic sources detailed on the aeromagnetic survey are judged to be quite shallow, representing near surface mineralization.
“Iron ore rallied over 80 percent during 2016 to over $80/ton for 62% Fe, achieving price levels not seen in almost three years,” commented Greg Pendura, President and CEO. “The survey identified many near surface anomalies as well as other targets previously unknown. As a former iron ore producer, Cehegin historically achieved an average grade of concentrate of over 65% Fe, with very low impurities (1), which is very attractive to the European market, commanding a premium price to the benchmark 62% Fe. The Cehegin project has over 38,000 metres of historical drilling on four major deposits on its 62 mineral concessions. This combined with Cehegin’s close proximity to the major deep sea Port of Cartagena and nearby rail, connecting throughout all of Europe, makes it an attractive project for potential strategic alliances for Iberian.”
The Work Program will see approximately 2,200m (15-18 boreholes) drilled to verify the historical data. Further information will be provided to shareholders upon the commencement of the program.
Stanley C. Bartlett, M.Sc., PGeo is the Qualified Person who reviewed and approved the contents of the technical information in this news release.
(1) Cehegin Magnetite Project Murcia, Spain, NI 43-101 Technical Report, dated April 28, 2014 by Stanley C. Bartlett, M.Sc., PGeo, Micon International Co Limited.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company positioned for growth through the partnership of advanced cash flow mining opportunities utilizing the Mineworx environmentally friendly mineral processing technologies. In addition the Company is undertaking strategic alliances with its Spanish minerals assets.
For further information, go to www.iberianminerals.ca
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This press release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Iberian’s business. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Iberian’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Iberian believes that the expectations in the forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Iberian does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
V.P. Corporate Development