Mineworx Immediately Commencing Work Program on Spanish Iron Ore Property

EDMONTON, Alberta, March 24, 2021 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the “Company” or “Mineworx“) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) is very pleased to announce that final approvals have been granted for the commencement of the Company’s work program on the Cehegin iron ore concessions in Spain. Importantly, the environmental impact assessment has been formally approved by all departments within the Mining Office and all required permits have been received to enable the project to move forward.

With the required approvals now in place, the Company is planning to commence an exploration drilling program in April 2021 intended to both validate historical exploration data and provide additional information on other anomalies identified by previous surveys. This drilling program and subsequent analysis will provide information to allow the Company to create a NI 43-101 complaint reserve report.

Over a period of four months, Mineworx will drill a total of 21 holes for a total of 2,200 metres.

In November 2020, the Spanish government classified the property a strategic initiative, which opens additional development opportunities such as reductions to local and national bureaucratic timelines, grant and subsidies, fast track opportunities and economic verification of large-scale commercial production. A small-scale treatment plant that produces up to 60,000 tonnes of concentrate annually would fall under this classification.

Much of this is due to the historical significance of the property initially owned by the largest mining company in Spain, Altos Hornos de Vizcaya until its closure in 1989 due to a collapse in iron ore prices.

In March 2021, the Company received a report from the Spanish geology firm CRS INGENIERÍA that provided an interpretation of the data obtained from an aeromagnetic survey of the property conducted in 2015. The report concluded, based on this data and assuming a density of 3.2 t/m3 that the potential reserve could be 101.27 million tonnes at an average grade of 60%.

Greg Pendura, Mineworx President and CEO stated, “Although it has taken longer than expected to receive the required approvals, we are excited about the potential of this project and believe the Company is strongly positioned to enhance the value of the asset. With the current price of iron ore and the demand for a high-grade product with such low impurities, the Mining Department in the province of Murcia is and will be actively involved in moving this project forward expeditiously.”