Ibero Mining Corp (TSX-V:IMC) has confirmed significant depth extensions of copper mineralization at its Miguel Vacas project in Portugal.
The latest drill results from a deep undercut hole revealed 19.9 meters (m) grading 0.89% copper (Cu), including high-grade intervals of 5m grading 1.35% Cu and 6.2m grading 1.11% Cu.
The results signal potential to expand the existing resource base, according to a statement from the company.
CEO Karim Rayani noted plans for a second phase of drilling early next year. “This last deep undercut hole signifies potential of the zone all while adding two kilometres of strike to focus in on,” he said, adding that the company now has an idea of the depth extension.
Rayani highlighted improvements in core recovery using the advanced triple-tube Triplex system, which has expanded the thickness of mineralized zones from 5m to 30m.
The ongoing drill campaign at Miguel Vacas has consistently encountered copper-rich zones, demonstrating both grade and continuity over a strike length of 1.1 kilometers. Notable intercepts include 22.8 meters (m) grading 2.76% copper (Cu), which includes 9m grading 7.49% Cu from 57.8m.
Jose Mario, vice president of exploration, expressed optimism about the scale and quality of the mineralized system. "Field observations confirm extensions of the system to more than 2km, and only a fraction of this total strike length has been drilled," Mario said.
The company is targeting a deposit of over 20 million tonnes (Mt) from near surface to depths of 200m.
In addition to drilling, Ibero plans further ground induced polarization (IP) surveys to refine subsurface mapping and delineate deeper mineralized zones. These efforts aim to enhance the understanding of the high-grade sulphide lenses located beneath an oxidative blanket at depths of 150 to 300m.
Ibero Mining aims to leverage these findings to drive resource growth and advance towards more formal resource estimations in the coming months.