The central Ossa Morena Zone (SW Iberia) hosts a regionally extensive ironstone level interbedded with bimodal volcanic rocks, limestone and shale of Lower-Middle Cambrian age. The stratabound ironstone includes dominant magnetite and hematite with locally abundant chert and barite. It is interpreted as being (sub-)exhalative at or near the seafloor and formed during a rifting event that postdated the Cadomian orogeny. In some places, such as in the Las Herrerías deposit, the ironstone is irregularly replaced by a chalcopyrite-rich ore; the Cu-rich mineralization is accompanied by the pervasive phyllic alteration of the hosting siliciclastic sediments. The highest copper grades are found when the ironstone is crosscut by WNW-ESE-trending late-Variscan extensional brittle-ductile structures that are interpreted as the feeder channels for deep hydrothermal fluids. A similar nearby copper-rich mineralization (Pallares) is is likely controlled by the tectonic contact between limestone and pyrite-rich black shale.

Sr-Nd whole-rock isotope geochemistry data suggests that the Sr in the ironstone (⁸⁷Sr/⁸⁶Sr_i ≈ 0.7088) is close to isotopic equilibrium with the local exhalative barite (0.7084–0.7086) and Cambrian seawater. The ironstone has a significantly more crustal εNd initial signature (<-1.8) than the coeval volcanic rocks (+5.2 to + 7.9). The younger sulfide mineralization inherited the Nd isotope composition of the ironstone but shows a significant enrichment in ⁸⁷Sr (⁸⁷Sr/⁸⁶Sr > 0.7091) that is interpreted as related with the input of genetically different and more crustally-derived hydrothermal fluids.

³⁹Ar-⁴⁰Ar dating of the phyllic alteration suggest that the copper mineralization was formed at ca. 332–330 My. These ages are coeval with those of small peraluminous granite intrusions that host Cu-Au vein-like mineralization and dated at 331.8 ± 1.6 Ma (LA ICPMS U-Pb zircon). Our interpretation is that the copper-rich mineralization at the Las Herrerías area is the distal expression of an intrusion-related hydrothermal system.

Numerical modelling shows that ironstone is an effective trap for copper precipitation due to the large changes in pH and fO2 that take place when copper-bearing acid and reduced fluids react with the brittle ironstone. The precipitation of chalcopyrite, however, is controlled by the amount of available reduced sulfur in the ore trap. The δ³⁴S values of the sulfides (+12.6 to + 21.6 ‰) suggest that the most likely source for the reduced sulfur is the thermogenic reduction of aqueous sulfate equilibrated with the exhalative barite (δ34S, +31.4 to + 35 ‰) with some minor input of reduced sulfur leached from the metasediments.This system could be considered as a variant of the IOCG clan. The formation of the ironstone and the copper mineralization, however, are separated by more than 200 My. Probably, many IOCG systems have a similar origin as Las Herrerías, with an ironstone being just a passive geochemical trap for the copper–gold mineralization.