The Penedo Gordo Project is 100% owned by AHP Lda. and is located in the Southern Region of Portugal, covers 30km2 in the Alter do Chão Municipality – Portalegre District.
The Exploration Contract with the Number MN/PP/002/19 work plan defines 250.000€ for the initial period of evaluation of 3 years, with the option of an additional extension of 2 years with an additional investment of 100.000€.
The dominant geologic feature in the license is the Alter do Chão – Cabeço de Vide (AC-CV) mafic and ultramafic NW-SE elongated (15×2,5 Km) complex. The AC-CV complex is mainly constituted by olivinic gabros, anorthosites, peridotites, dunites and piroxenites that intrude limestones, dolomites, shales, greywackes and quartzites of Cambrian age.
Close to Penedo Gordo property it is possible to identify from the National Archives a few mineral occurrences for gold, but the main references from previous studies are the potential resources in REEs, Zr, Hf, Ti, Nb, Ta and Fe. In a magnetite (Fe) mineralization containing vanadium and titanium, extending for at least 1000 m with an irregular geometry and variable thickness.
The Rio Narcea work associated this soil anomalies to a Magnetite rich unit that was mapped from trenches as continuous for more than 1km, and a width up to 20m. Getting values up to 0.53% V2O5. This trench and vanadium anomaly show a good correlation between them.