Petaquilla Minerals added the Lomero-Poyatos Project to its holdings through its acquisition of Iberian Resources Corp. in 2011.
The Lomero-Poyatos massive sulphide deposit is located in the prolific Iberian Pyrite Belt, which has a long history of mining dating back to Roman times and multiple mines currently in operation.
The project is located in the region of Andalusia in Southern Spain, about 500 km south of Madrid, 85 km northwest of Seville and 60 km northeast of Huelva. The area around the project features excellent infrastructure and logistics with grid power, sealed roads and a deep water port at Huelva. The project benefits from a friendly mining jurisdiction and cooperative local and regional governments.
The Lomero-Poyatos mine produced about 2.6 Mt of pyrite ore, mostly by underground mining methods, for use as sulphuric acid feedstock. It has been closed for over 20 years.
Lomero-Poyatos project highlights:
- 1.17 M Au equivalent oz. NI 43-101 compliant Inferred Mineral Resource report by Behre Dolbear in May 2012;
- Engaged in a drilling campaign of over 20,000 metres;
- Twin drilling program completed in February 2013 with a view to upgrading resources to the Measured & Indicated category in 2013;
- Initiated construction of a mine access ramp;
- Advanced towards a NI 43-101 compliant feasibility study;
- Bulk volume testing expected in 2013;
- Constructed a project office building and improved project internal roads, infrastructure and communications channels;
- Adopted personal protection measures in preparation for the initiation of mining activities; and
- Implemented key environmental protection measures, including the protection of native flora and fauna.