Iberian Minerals Corp.
TSX VENTURE : IZN

Iberian Minerals Corp.

February 01, 2011 16:30 ET

Iberian Minerals Announces Positive Drill Results at Condestable's Vinchos Sur, Confirms Continuity of Raul Mine Mineralization

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2011) - Iberian Minerals Corp. (TSX VENTURE:IZN) today announces results from ongoing exploration programs on targets surrounding the Company's Condestable Mine in Peru. The Vinchos Sur, Condestable 10, Condestable Norte and San Marcos targets were identified in previous exploration programs and were included in both the 2010 and 2011 budgets.

Daniel Vanin, President & CEO of Iberian said "The Company has a number of targets at Condestable that are of interest to our team and we are pleased with the initial results of our drill program.

We have identified a porphyry system at surface which could be of interest to the company, and further test work will be undertaken to determine whether it could support a small open pit operation.

The results of this initial drill campaign, and drill hole SDH-4680 in particular, are confirmation of the economic continuity of Raul mine mineralization down to the -530 level; which is 230m below the deepest level of our current operations."

Vinchos Sur

The Vinchos Sur project, part of Condestable's 46,720 hectares of exploration concessions, is located south of the Raul mine and was identified early on as a priority target following the Raul mine purchase. Test work was undertaken in order to identify mineralized targets surrounding the Raul mine to enable the potential expansion of operations. Field work at Vinchos Sur began in May 2010.

As of August 2010, a total of 174 hectares had been mapped in the area. A total of 270 chip samples were logged from vein and mantos outcrops, of which 162 samples were from mineralized structures and 108 from sample lines.

The sampling identified two north-east and north-west mineralized systems of varying thickness from 0.30m-0.40m and mineralized mantos that appear to outcrop in the north-east sector of the project (Chicharron unit roof) with 40-50° SW dip exhibiting strong iron oxidation, which is often associated with copper oxides.

Two mantos, 18 veins and 6 fault veins were identified on the surface with grades averaging between 0.44% - 2.50% copper and two veins with maximum grades of 8.08% and 5.66% copper respectively.

With mapping complete, the Company undertook a drilling program consisting of 6 drill holes totaling 1,800m in order to intercept the mineralized structures. A stockwork zone in andesitic lava south-east of the project was discovered that exhibited copper mineralization with values from 0.67% to 1.28% copper in chip samples.

The drill campaign commenced in November 2010 with three drill holes totaling 1,304m. Highlights from these holes are:

SDH-4596: 466.20 m (Average dip: 42°)

   
From(m)
 
To (m)
Length of
Intercept (m)
Average
% copper
Number of
samples
 
  102.50 106.70 4.20 3.34 5  

Hole SDH-4596 intercepted a fault vein with chalcopyrite mineralization at approximately 73 meters above sea level. While the high grade of the mineralized structure is important, zoning indicates that veins are also usually mantos feeders, giving this fault vein important value as replacement mineralization in mantos deeper in the deposit.

SDH-4662: 237.60 m (45° dip)

No positive results.

SDH-4680: 600.25 m (Average dip: 68°)

To view an image of SDH-4680: 600.25 m (Average dip: 68°) please visit the following link: http://media3.marketwire.com/docs/feb%20i%20image%201.pdf

   
From(m)
 
To (m)
Length of
Intercept (m)
Average
% copper
Number of
samples
 
  50.25 51.05 0.80 1.18 1  
  60.60 61.00 0.40 1.17 1  
  62.75 64.00 1.25 1.40 1  
  69.10 69.80 0.70 0.99 1  
  512.10 512.80 0.70 1.57 1  
  519.40 521.80 2.40 3.24 4  
  526.50 528.20 1.70 2.09 3  
  555.20 555.80 0.60 1.00 1  
  563.20 564.90 1.70 0.76 3  
  594.00 596.90 2.90 3.70 4  
  603.40 605.00 1.60 0.76 3  
  611.20 613.60 2.40 2.45 4  
  614.10 619.90 5.80 1.13 10  
  621.30 623.00 1.70 1.02 3  
  623.30 623.90 0.60 1.09 1  
  641.25 641.70 0.45 1.14 1  
  642.90 645.90 3.00 1.21 5  
  649.00 650.80 1.80 1.05 3  
  651.40 653.60 2.20 2.39 4  
  655.00 665.60 10.60 1.26 18  
  667.40 694.20 26.80 1.73 46  

Hole SDH-4680 intercepted mineralized mantos at different depths as shown in the table above. Mantos within the Polvorin Intermedio lithological units with disseminated pyrite, chalcopryte and bornite were identified from 360 to 528 meters below sea level. These results demonstrate the continuity of mineralization some 350 meters deeper than the current mantos stope operations.

Note: All intervals are core lenghts, true widths have not yet been calculated.

At the bottom of the same drill hole two mineralized sequences measuring 10.60m and 26.80m (down hole lengths) were intercepted with 1.26% and 1.73% Cu average grades respectively.

To view an image of "Overview of the Condestable and Raul Mines showing the location of drill hole SDH 4680" please visit the following link: http://media3.marketwire.com/docs/feb1%20image2.pdf

Condestable 10

The Company will start drilling at Condestable 10 at the end of March this year. Initially part of the 2010 program, drilling at Condestable 10 was deferred in order to concentrate on the Vinchos Sur target. Results will be expected in due course.

Condestable Norte

The Condestable Norte target will follow up on potential extensions to the Condestable Mine. A fault cuts off mineralization to the north of the Mine, and exploration is planned to investigate possible mineralization on the far side of the fault.

San Marcos

The Company previously identified the San Marcos target four kilometers north of the Condestable Mine for inclusion in the 2010 drill program. Four holes were drilled in a geophysical anomaly that intercepted mantos with minor mineralization. San Marcos has been designated a lower priority target.

All technical information in this press release has been reviewed and approved by Mike Newbury, P.Eng. who is a Qualified Person ("QP") under National Instrument 43-101.

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian listed global base metals company with interests in Spain and Peru. The Condestable Mine, located in Peru approximately 90 km south of Lima operates at 2.2 million tonnes per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in the Andalucia region of Spain approximately 110 km north-west of Seville and operates a 2.2 million tonnes per year underground mine and concentrator that produces copper, zinc and lead concentrates that also contain gold and silver.

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward- looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital, operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the section entitled "Risk Factors" in the Corporation's annual information form dated March 29, 2010. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Iberian Minerals Corp.
    Laura Sandilands
    Investor Relations and Corporate Communications
    416-815-8558