The company manages the Aguilas Project through its agreement to acquire Spanish company, Minera Aguila SLU. Minera Aguila SLU holds the Las Aguilas I, II and III Investigation Permit applications, referred to as the "Aguilas Project".
Permitting of Aguilas I, II and III mineral rights continue to progress. Definitive Admission and Publication of the permits in the Official Bulletin will precede a mandatory Public Consultation period and full granting of the Investigation Permits.
Reconnaissance prospecting has commenced in the Aguilas Project aimed at helping map the extent and nature of the copper and lead-silver mineralization. Detailed review and compilation of historical exploration data has also commenced. The results of this work will be used to delineate areas for more detailed geological mapping, geochemistry and geophysics. The recent prospecting has identified copper mineralization in float and outcrop together with suspected ancient mine workings over a strike length of approximately 1.4 kilometers (open). Prospecting will continue this quarter with the first assay results anticipated before the end of April.
Aguilas Minera Agreement
The terms of the Agreement include are as follows:
Ore Body Model
cl = chlorite qt = quartz
ht = haematite ca = cabonate
Regional Geological history
Some 200 million years ago Andalucia was within a massive continent called Pangea, close to both Africa and North America. Slowly Pangea broke into pieces, a new ocean basin – the Atlantic – filling the gap as the Americas drifted away. Some 50 million years ago, Africa was pushed north in Europe creating a long mountain range. Andalucia was part of this. Mountains form when the crust is thickened, pushing rock into the sky. A similar process at the base of the lithosphere 1 also forms a thick balancing ‘root’. Under Andalucia, this thick root ‘fell off’2 and sank into the hot convecting mantle beneath.
Mountain belts are surprisingly fragile. The sudden removal of the heavy root caused the over-thickened crust to collapse, flowing sideways and bringing deeply buried rocks up to the surface3. Fragments of mantle called peridotite, not often seen at the surface, form brown mountains around the town of Ronda. The collapse of the mountain belt went so far that its centre is now the very western part of the Mediterranean, the Alboran Sea. The mountain became a great hole in the ground.
Most of Andalucia is made up of sedimentary or metamorphic rocks folded and twisted by these dramatic changes. An exception is the basin of the Guadalquivir river. Here the weight of the collapsing rocks pushed down the rocks to the north, making a depression that has filled with recent sediments – a feature called a foreland basin. The edge of this flat basin makes a clear line that is easily visible from satellite views of Southern Spain.
Lead and copper mining in the area extends back to pre-Roman and Roman times.
The most recent lead-silver and copper mining occurred in the late 1800’s to mid-1900’s.
Several shafts and trial workings follow narrow high grade veins along a 20km section of the Zumajo lead-silver structure. The structure is up to 12-14m wide.
High grade lead-silver concentrates were transported to a smelter in Peñarroya. Copper, zinc, uranium, barite and fluorite are also reported in association with the lead mineralization.
Small shafts, trials workings and copper indications occur along a 7km section of the Torrubia structure. Float and dump material includes chalcopyrite, bornite and secondary copper minerals in veins/breccias with red and black hematite, quartz and carbonate. The structure is up to several 10’s of metres wide.
Small bismuth (gold), tin and tungsten mine workings occur adjacent to the NW corner of the property near the contact with the Batholith.
Aguilas Target shares similarities with Olympic Dam District