The Borba 2 Copper-Gold Project is Ibero Mining Corp.‘s flagship exploration asset located in the Alentejo region of southern Portugal. Through its wholly owned Portuguese subsidiary, EVX Portugal, the Company holds the Borba 2 exploration licence, covering approximately 230 square kilometres within one of Europe’s most prospective and historically significant mining regions.
The Borba 2 Project encompasses four highly prospective exploration areas, including the past-producing Miguel Vacas, Mostardeira and Bugalho copper mines, together with the Almagreira Gold Prospect. Collectively, these assets provide district-scale exposure to multiple copper and gold mineralized systems and position Borba 2 as one of Portugal’s premier exploration opportunities.
● District-scale land package covering approximately 230 km².
● Three past-producing copper mines and multiple copper and gold exploration targets.
● Located within the Iberian Peninsula, one of Europe’s most established and productive mining regions.u
● Approximately 120 kilometres northeast of the Neves-Corvo Mine, one of Europe’s premier producing copper mines.
● Excellent infrastructure including paved highways, electrical power, rail access, nearby communities and deep-water ports.
● Flagship Miguel Vacas Copper Mine, where successful 2024 drilling confirmed the continuity of high-grade copper mineralization.
● Multiple underexplored regional targets offering significant exploration and discovery potential.
The Borba 2 Project is situated within the Iberian Peninsula, a region renowned for its long history of copper, gold and polymetallic mining dating back thousands of years. Located in southern Portugal, the project lies approximately 120 kilometres northeast of the Neves-Corvo Mine, one of Europe’s premier producing copper operations. The presence of Neves-Corvo, together with numerous active and historic mining districts across Portugal and neighbouring Spain, highlights the exceptional mineral potential of the region and its long record of successful mineral development.
The Company believes the Borba 2 Project shares certain regional geological characteristics with other mineralized districts across the Iberian Peninsula. These regional similarities support the Company’s exploration model and reinforce the prospectivity of the broader Alentejo region for copper and gold mineralization. However, mineral deposits are unique, and there is no assurance that the Borba 2 Project hosts mineralization comparable in size, grade or economic potential to any other deposit or mining operation.
Borba 2 also benefits from outstanding infrastructure, including year-round road access, electrical power, rail transportation, nearby population centres and deep-water ports, providing an excellent foundation for efficient exploration and potential future development.
Miguel Vacas is the most advanced exploration asset within the Borba 2 licence and serves as Ibero Mining’s flagship copper project. As a past-producing copper mine, Miguel Vacas has demonstrated the presence of a significant mineralized system and remains the primary focus of the Company’s exploration activities.
Building upon an extensive historical database, Ibero Mining completed an 11-hole diamond drilling program in 2024 designed to validate historical results, refine the geological model and evaluate the continuity and extent of copper mineralization. The program successfully intersected broad zones of copper mineralization over approximately 1.1 kilometres of strike, confirming the continuity of the mineralized system while demonstrating that mineralization remains open both along strike and at depth.
2024 Drill Highlights
● 22.8 metres grading 2.76% copper, including 9.0 metres grading 7.49% copper.
● 10.5 metres grading 2.56% copper, including 5.0 metres grading 4.52% copper.
● 19.9 metres grading 0.89% copper, confirming the down-dip extension of the mineralized system.
The 2024 drilling program significantly enhanced the Company’s understanding of the Miguel Vacas deposit and confirmed the continuity of high-grade copper mineralization. The results also identified additional opportunities for expansion through systematic step-out and infill drilling. Mineralization remains open both laterally and at depth, highlighting the project’s continued growth potential.
Miguel Vacas forms the cornerstone of Ibero Mining’s exploration strategy while providing a strong foundation for evaluating the broader district-scale potential of the Borba 2 Project.
Mostardeira is a past-producing copper-gold mine located approximately two kilometres south of Estremoz. Historic mining and exploration identified copper and gold mineralization associated with a broad shear zone extending over several hundred metres. Despite its encouraging geological setting, the property has seen limited modern exploration, providing an opportunity to apply contemporary geological modelling and exploration techniques to further define the mineralized system.
The Bugalho target hosts copper, gold and silver mineralization identified through historical exploration programs. Surface sampling and geological mapping indicate a mineralized system extending over several kilometres. Modern exploration has the potential to better define the structural controls on mineralization while identifying additional high-priority drill targets throughout the property.
Almagreira represents an underexplored gold target characterized by alteration, brecciation and historical gold mineralization. The target has received only limited modern exploration and remains an attractive opportunity for additional geological mapping, geochemical sampling and drill testing.
Ibero Mining is applying modern exploration techniques to unlock the full district-scale potential of the Borba 2 Project. Building upon extensive historical mining and exploration data, the Company is systematically advancing priority targets through integrated geological, geophysical and geochemical programs designed to generate new discoveries and expand known mineralization.
Current and planned exploration activities include:
● Geological mapping.
● Surface geochemical sampling.
● Structural interpretation.
● Geophysical surveys.
● Target refinement through integrated geological modelling.
● Diamond drilling of priority targets.
The Company’s objective is to evaluate both near-surface oxide and deeper sulphide mineralization while continuing to assess additional copper and gold targets across the broader Borba 2 licence.
The Iberian Peninsula is one of Europe’s most historically significant mining regions and has been an important source of copper, gold and polymetallic metals for thousands of years. Today, the region continues to attract exploration and development by both major and junior mining companies seeking new discoveries within well-established mineral belts.
Portugal offers an attractive combination of geological prospectivity, excellent infrastructure, political stability and a skilled mining workforce. The country’s growing strategic importance as a supplier of critical minerals to Europe further enhances its appeal as a mining jurisdiction.
The Borba 2 Project benefits from its location within this highly prospective region, with access to paved highways, electrical power, rail transportation, nearby communities and deep-water ports that support efficient exploration and potential future development.
The Company believes the Borba 2 Project shares certain regional geological characteristics with other mineralized districts across the Iberian Peninsula. These regional similarities support the Company’s exploration model and reinforce the prospectivity of the broader Alentejo region for copper and gold mineralization. However, mineral deposits are unique, and there is no assurance that the Borba 2 Project hosts mineralization comparable in size, grade or economic potential to any other deposit or mining operation.
With multiple past-producing mines, encouraging modern drilling results at Miguel Vacas and numerous underexplored regional targets, Ibero Mining believes the Borba 2 Project represents a compelling district-scale copper-gold exploration opportunity within one of Europe’s premier mining jurisdictions.
Goldplay acquired from European Electric Metals Inc. (“EVX”) an initial 70% equity interest in EVX Portugal (an EVX subsidiary), a private Portugal based company, that has the legal rights to an exploration licence application with the Portugal Government to the Borba 2 exploration property (the “Exploration Application” or “Borba 2”), covering approximately 230 square kilometres in the Alentejo region in Southern Portugal. The Exploration Application is in the final stages of being finalized with the Portugal government. The Exploration Application is not granted yet and there are no guarantees that it will be granted as expected.
The Exploration Application has a well-documented potential to host precious and base metals mineralization often enhanced by the presence of abundant Au and /or Cu mineral occurrences in shear zones and in epithermal systems associated with intra-Ordovician volcanics.
The Exploration Application includes a total of four separate projects including three past producing mines that covers an area of 230 square kilometers as follows.
Miguel Vacas – Past Producing Copper Mine
The copper mine last operated in 1986 and has produced at an average grade of 1.2-1.4% Cu. Historical near surface drilling (60 to 71.63m) intercepted 1.79 % Cu over 10.54m including 2.29% Cu over 7.30 m.
A historical non-compliant in-house resource estimation* was completed by Rio Narcea in 2007 based on 20 historical holes and estimated:
• Oxide ore (from 0 to 80m depth): 1.2 Mt @ 1.23% Cu.
• Sulphide ore (from 80m to 250m): 4.4 Mt @ 1.24% Cu
The project remains open for exploration.
*The readers should not rely on any historical estimates. The Company and the QP has not done sufficient work to classify historical estimate as a current resource. Company is not treating the historical estimate as a current resource. Additional work including drilling will be required to verify and upgrade historical estimates.
Mostardeira Copper – Gold Mine
This Cu-Au mine area, located approximately 2 km south of the town of Estremoz represents a wide WSW-ESE shear zone that is developed for at least 700 m along strike and is open into both directions. This shear zone has been historically mined for Cu with most of the mining works concentrated along a thin high-grade Cu zone (<2m) averaging over 5% Cu.
Mineralization is hosted by Silurian and Devonian metasediments. Channel sampling by Rio Narcea (2006) has intercepted the following mineralized intervals: 2.60m grading 4.15 g/t Au, 0.40% Cu including 0.60m grading 11.20 g/t Au and 0.65 % Cu and another 3.60m interval grading 2.40 g/t Au, 0.82 % Cu and 80 g/t Ag. The average grade for the total of 34 samples analysed was 1.54 g/t Au, 22 g/t Ag and 0.25% Cu with a maximum of 11.20 g/t Au and a minimum of 0.10 g/t Au.
The project is open for exploration.
Bugalho Copper – Gold Mine
Dump samples of silicified and sheared acid tuffs from the Bugalho mine area assay up to 10.97 g/t Au, 5.36% Cu and 20 g/t Ag.
Mineralization can be mapped about 5 km along strike and includes three main veins up to 1.3m thick within a several meter wide shear zone.
The project is open for exploration
Almagreira Gold Prospect
This area Drilling has been identified by Rio Tinto during the early eighties and limited trenching and drilling have indicated the presence of gold mineralization associated with clay-sericite-silica alteration zones associated with a ENE-WSW fracture zone and represents an epithermal system identified in this sector hosted by brecciated acid volcanics and dolomites.
Historical drilling intercepted an interval of 5.45 m grading 1.53 g/t Au, including 2.47m grading 2.44 g/t Au from hole PAM-01. The highest individual value obtained came from a gossanous quartz-dolomite altered marble grading 5.77 g/t Au over an intercept of 0.75m. Hole Pam-02 intercepted an interval of 2m grading 3.7 g/t Au. The mineralized zone coincides with sections of intense silica-carbonate alteration with several massive gossan zones and localized fresh sulphide dissemination (chalcopyrite and pyrite).
The project is open for exploration.
