Megado Minerals Ltd (ASX: MEG) has launched its maiden drilling program at the Iberian Copper Project in northern Spain. The campaign aims to test depth and lateral extensions of the historic Mina Emilia copper oxide mine. Geologists are specifically targeting sedimentary-hosted, red-bed copper deposits within an Oligocene-aged sandstone and micro-conglomerate sequence.

The operational plan involves completing up to nine diamond drill holes, totaling approximately 1,500m to 2,000m of drilling. This work is intended to define the scope of mineralisation associated with fluvial paleochannel systems and organic-rich horizons that provided the necessary reducing conditions for copper precipitation in the historic workings. The company anticipates completing this inaugural drilling program by mid-September 2026.

To further refine future targets, the company is evaluating advanced geophysical methods. While recent pole-dipole induced polarisation surveys reached a depth of about 50 metres without identifying chargeable zones, the technical team believes potential for sulphide mineralisation remains at greater depths. Management is now assessing the use of Time Domain Electromagnetics, a method previously successful in discovering massive sulphide deposits within the Iberian Pyrite Belt, to better resolve potential deeper targets.

Beyond the current exploration at Mina Emilia, the company is expanding its footprint in the region. New investigation permit applications for Valdelobero and Guaral have been submitted to government agencies. These permits aim to cover areas near historic copper occurrences.

The company is also preparing for corporate developments later this year. Shareholders will be asked to provide their formal approval at an Extraordinary General Meeting scheduled for the third quarter of 2026 regarding the proposed acquisition of the Alpartir Silver-Copper Project. This upcoming meeting represents a key milestone for the board as it continues to advance its activities across the Spanish project portfolio.

Read the full announcement: Drilling Commences at Iberian Copper Project