Project Overview
The Project is located in Northern Spain in the provinces of Navarra and Aragón.
The Project includes 12 permits (under application) covering an area of 956km2. The Strike is 200km East to West and is targeting the North Spanish Oligocene region that saw copper oxide mining activity through to the 1970s. The Project is likely to include multiple targets with the possibility of more than one discrete project.
Map Showing location of permits and Oligocene Formation
Project Setting
Northern Spain, particularly in the provinces of Navarra and Aragón offers a diverse landscape shaped by rugged mountains and abundant valleys. The provinces of Navarra and Aragón, has a rich mining history and continues to play a significant role in the mining sector.
Geology
The permits contain at least 12 historic copper mines with over 50 copper occurrences established in an exploration program completed in the 1970s by the Spanish Government and Asturiana de Zinc (now Glencore). The copper occurrences recorded were copper oxides in sandstones and conglomerates. Modest rock fragment sampling was completed in July 2024 designed to test relevant element and oxide grades from the former St Emilia operating mine. Two samples were taken with one weighing 2.1kgs and the other weighing 377g. The samples were sent to SGS Labs in Huelva, Spain for crushing, pulverizing and splitting before being sent to SGS Labs in Lakefield, Canada for geochemical assessment.
EU Initiatives to Support Critical Minerals’ Projects
On 23 May 2024, the European Critical Raw Materials Act (the Act) came into force. The legislation is designed to enhance the EU’s capabilities in sourcing, processing, and recycling critical raw materials. The EU has identified 34 critical minerals. It has also identified a subset of 17 critical minerals referred to as “strategic” raw materials including copper. the EU is targeting at least 10% of its annual consumption for internal EU extraction and at least 40% of its annual consumption for internal EU processing. Selected strategic projects that include strategic raw materials are legislated to benefit from support for access to finance and shorter permitting timeframes (a maximum of 27 months for extraction projects). In addition to the above, the Spanish Government has grant schemes for critical minerals’ projects and the European Investment Bank has project finance support initiatives.
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