Rio Narcea explores Spanish prospects

Denver-based Rio Narcea Gold (TSE) has acquired its second group of gold exploration properties in northern Spain.

The Ibias project, in Asturias province, includes 78 sq. km of investigation permits and more than 2,700 sq. km of exploration permits. With the acquisition, the company acquired first rights of refusal on two other properties, totaling 90 sq. km and situated south of Ibias.

The project was purchased for US$250,000 from a Spanish group and is within 80 km of the company’s other project, which is itself known as Rio Narcea. Ibias is hosted within the Naveloas gold belt, one of a series of southwest-northeast-trending parallel gold belts that also includes the Rio Narcea gold belt and the project of the same name.

Both belts were mined by the Romans between 25 BC and AD 150 and since then, little modern exploration or development has been completed in the area. Two zones of particular interest within the Ibias are the Penedela and Nevera zones.

Channel sampling at the Penedela has exposed a 2.1-metre-wide vein with a known strike length of 250 metres. Samples taken across the vein have averaged as high as 12.4 grams gold per tonne. In addition, previous drilling indicates that the mineralization may extend beyond the vein into the host rock. Samples here have run as high as 1.7 grams across 25 metres. The company plans to complete drilling on the Ibias after the drill program on the Rio Narcea project is finished. Results from two holes testing two zones at the project are providing encouragement for the junior. Hole BOI-27, drilled to test the Boinas zone, intersected a section that averaged 4.1 grams over 101 metres. This included 31.1 metres that ran 7.8 grams and 0.6 metres that assayed 77.6 grams. Another section from the same hole averaged 1.6 grams over 12.2 metres.

Hole VAL-42, drilled to test the northern extension of the Valle deposit, intersected a section that averaged 8.5 grams over 6.4 metres, including an intercept that ran 36.9 grams over 1.1 metres.