The Mineworx geological team working in Spain just provided the company with an update on the current status of the current drill program and included a series of photos for us to share with the company’s shareholders.

As a reminder to investors, the iron ore project has the potential to take Mineworx to a whole new valuation level should the drill and work program ultimately confirm historical work plus an Aeromagnetic survey that forecasts a resource of 60 to 100 million tonnes.

Mineworx sees the current program as the pathway to completing an NI 43-101 compliant reserve report this year.

Having the report in hand in combination with the strength of iron ore prices has management seriously considering the merits of a small-scale operating plant to take advantage of the iron ore asset and to begin generating quick cash flow.

Here are the key highlights of the update:

  • Between March and April 2021, the team completed 6 drill holes for a total of 597.8 m,
  • Using two drill rigs: one a truck type and the other on crawler tracks, RL-1000, Rolatec’s most powerful machine currently operating in Spain, capable of drilling to 1,000 metres in depth,
  • Drill holes 1 & 4 confirmed the historical drilling information in terms of elevation and thickness of the mineralized zone,
  • Drill holes 2 & 3 were exploratory drill holes and have confirmed the existence of iron ore in the geophysical anomalies studied, the drill holes did not pass completely through the mineralization, leaving the bodies open at depth.
  • Drill holes 5 & 6 fulfilled their objectives by confirming the information interpreted by previous geophysical data and did not pass-through mineralization confirming the edges of the anomalies.
  • The cores were placed in wooden boxes and transferred to the new corporate warehouse located in the town of Cehegin for storage and further testing.

Figure 3.5: Mineralized section core box

Figure 3.6: All 6 drill holes in the Soldad area of the concession. The first five holes are spaced approximately 100m apart

The current program will see a total of 21 holes drilled and results are expected to be announced in July or August.

To learn more about the Cehegin Iron Ore project, please click here.