Iberian Minerals Corp.: Initial Drilling at Aguas Tenidas Encounters 54 Metres of 2.03% Copper in Stockworks and 30 Metres of 8.00% Zinc in Massive Su
Wed Jul 25, 9:00 AM
http://ca.news.finance.yahoo.com/s/25072007/28/link-finance-news-iberian-minerals-corp-initial-drill...
TORONTO, ONTARIO--(CCNMatthews - July 25, 2007) - Iberian Minerals Corp. (TSX VENTURE: IZN.V) ("Iberian") is pleased to report the receipt of initial assay results from its 2007 underground drilling program at its wholly owned Aguas Tenidas copper/zinc project.
The principal target of this initial part of the drilling program was the investigation of the extent of copper mineralisation in a stockworks zone (veinlet swarms), known to underlie part of the massive sulphide deposits at Aguas Tenidas.
Assay Results from the Mineralized Sections:
Section 690960E
Ag Au
From To Length Cu (%) Pb (%) Zn (%) (g/t) (g/t) Comment
ATSW-2 43.7m 71.3m 27.6m 1.09 0.90 3.92 31.5 0.6 Polymetallic
71.3m 91.3m 20.0m 0.89 0.07 0.41 7.7 0.0 Stockwork
ATSW-3 51.5m 82.0m 30.5m 0.88 0.18 1.14 11.7 0.1 Stockwork
Inc. 51.5m 68.5m 17.0m 1.19 0.29 1.94 19.8 0.1 Stockwork
ATSW-4 59.7m 137.8m 78.1m 1.15 0.08 0.28 5.7 0.1 Stockwork
Inc. 101.8m 117.8m 16.0m 1.61 0.01 0.05 2.3 0.1 Stockwork
Section 690940E
Ag Au
From To Length Cu (%) Pb (%) Zn (%) (g/t) (g/t) Comment
ATSW-5 38.3m 68.3m 30.0m 1.33 3.06 8.00 83.8 1.7 Polymetallic
84.5m 102.6m 18.1m 1.35 0.02 0.11 3.4 0.1 Stockwork
Section 690920E
Ag Au
From To Length Cu (%) Pb (%) Zn (%) (g/t) (g/t) Comment
ATSW-7 33.5m 59.5m 26.0m 0.96 2.00 6.14 60.2 0.9 Polymetallic
71.5m 125.5m 54.0m 2.03 0.02 0.06 4.4 0.1 Stockwork
Inc. 79.5m 101.5m 22.0m 3.26 0.02 0.07 7.5 0.1 Stockwork
Note 1: The dips on the above holes were as follows: ATSW-2 14 degreesS,
ATSW-3 35 degreesS, ATSW-4 6 degreesSE, ATSW-5 24 degreesS &
ATSW-7 50 degreesS.
Note 2: The approximate distances of the top of the copper stockworks
mineralisation below the Aguas Tenidas massive sulphide
mineralisation are as follows: ATSW-2 0m, ATSW-3 10m, ATSW-4 10m,
ATSW-5 16m & ATSW-7 22m.
Note 3: The drill intercepts noted above are linear measurements of the
drill core, the true widths have not yet been determined.
The results in the above table are from a 40 metre long E-W section at the extreme eastern (shallowest) end of the Aguas Tenidas deposit. Three of the five holes intersected polymetallic (zinc rich) massive sulphide mineralisation, lying immediately above the stockworks. All five holes passed through the 'Northern Fault' in a north to south direction.
Please note: A figure titled "Idealised X Section Through Aguas Tenidas Deposit" is available on the Marketwire website at the following link: http://www.ccnmatthews.com/docs/izn0724.pdf
In addition, historical drilling of the massive sulphides also intersected copper stockworks mineralisation at various places along the length of the Aguas Tenidas deposit; these are interpreted at present as being discrete mineralising events.
The recently updated mineral reserves at Aguas Tenidas (press release of May 22nd 2007) do not include any copper stockworks mineralisation.
The Aguas Tenidas stockworks have a different structure and emplacement of mineralization to the overlying massive sulphides and are believed to represent the probable access route of the massive sulphide mineralisation to surface. Iberian's geologists interpret these stockworks as being 'plume-shaped', multiple independent mineralising events, which were emplaced along the southern side of the 'Northern Fault'. This fault marks the northern boundary of the 2,500 metre long Aguas Tenidas massive sulphide deposit (including the 1,200 metres that contain the proven and probable mineral reserves (See the "Technical Report on Aguas Tenidas Mine Project" June 29, 2007)). The stockwork mineralisation is generally coarser than that of the massive sulphides and its sulphur content is considerably lower, 15-25% as opposed to 40-50%. The massive sulphide deposits dip at around 15 degrees to the west, while the stockworks appear to be either vertical, or steeply dipping to the north.
Iberian has recently arranged with Cabo Drilling Corp. for a second underground drilling rig to be delivered to Aguas Tenidas in late August this year. One of the principal uses of this rig will be to determine the geometry (particularly the vertical component) and mineralisation of the stockworks zones. No previous drilling at Aguas Tenidas has ever specifically targeted the copper stockworks. However, the June 29th 2007 Technical Report on Aguas Tenidas (page 132) refers to previous mining of the stockworks: "An old copper stockwork stope (C1010) was mined in the past with good results".
The drill core from this program was examined and logged, and samples selected, by Jose Malave B.Sc, P.Geol, chief geologist for the Aguas Tenidas project. The selected samples were split, bagged and tagged under the supervision of Mr. Malave, and sent by bonded air courier to Omac Laboratories (Ireland) for analysis by 19 element Agua-Regia ICP-ORE assay and fire assay for gold. QA/QC procedures were designed under the guidance of Mike O'Neill B.Sc, P.Geo, EurGeol (Independent qualified person), which included the submission of systematic duplicates, blanks and both low and high grade standard samples within the batches submitted to Omac Laboratories. In conjunction with this, 10% of all samples were submitted to ALS Chemex in Vancouver for external laboratory check assays.
Mike Newbury P.Eng is the "qualified person" as such term is defined under National Instrument 43-101 who has reviewed and approved the technical information in this news release on behalf of the Company.
About Iberian Minerals Corp.
Iberian Minerals Corp., through its wholly owned subsidiary MATSA, is currently proceeding with the re-opening of the Aguas Tenidas copper/zinc project located in the Region of Andalucia, SW Spain. In January 2006, a feasibility report on the project was prepared by SRK Consulting of Cardiff UK, which demonstrated the technical feasibility and economic viability of the project (press release January 20, 2006). Elements of this feasibility report have been updated by Adam Wheeler and RSG Consulting Pty Ltd. (press release of May 22, 2007), which is available at www.sedar.com. The Company has also signed a long-term offtake agreement with Trafigura Beheer AG for the sale of all its metal concentrates from Aguas Tenidas.
In addition to the Aguas Tenidas project the Company, through MATSA, holds an extensive land position of exploration properties within the Iberian Pyrite Belt.
Iberian Minerals Corp. trades on the TSX-V under the symbol IZN.
This press release includes certain "Forward-Looking Statements" within the meaning of the US Private Securities Reform Act of 1995. Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". All dollar amounts are in Canadian dollars unless otherwise noted.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Peter Miller or Norm Brewster
Iberian Minerals Corp.
(416) 815-8558
