All departments within the Mining Office of Mineworx Technologies Ltd have formally approved the environmental impact evaluation and all required permits have been granted to allow the project to proceed. Since Mineworx has now received the required approvals, it is planning to start an exploration drilling program in April 2021, with the focus of both validating historical exploration data and offering more information about other anomalies determined by earlier surveys.
The drilling program and the subsequent analysis will offer information to enable Mineworx to develop a NI 43-101-compliant reserve report. Mineworx will be drilling 21 holes in total for a total of 2,200 m over a four-month period.
The Spanish government, in November 2020, categorized the property as a strategic initiative, thereby opening additional development opportunities like reductions in local and national bureaucratic timelines, fast track opportunities, subsidies and grants, as well as economic verification of large-scale commercial production. This classification would include a small-scale treatment plant that generates up to 60,000 tonnes of concentrate annually per year.
A major part of this is because of the historical importance of the property that was first owned by Altos Hornos de Vizcaya—the largest mining company in Spain—until it was closed in 1989 because of a huge plunge in iron ore prices. In March 2021, CRS INGENIERÍA—a Spanish geology firm—provided Mineworx with a report that offered an interpretation of the data acquired from an aeromagnetic survey of the property performed in 2015. The conclusion of the report is that—based on this data and presuming a density of 3.2 t/m3, the prospective reserve could be 101.27 million tonnes at a 60% average grade.