Thursday, 16 August 2012

Avrupa Minerals prepares for phase 2 drilling at Avalade joint venture

Avrupa Minerals (CVE:AVU) said it is preparing for the second phase of exploration at its Avalade joint venture in Portugal, after completing detailed logging and first-pass sampling of phase 1 drill holes.

The project is operated by Avrupa and funded by Antofagasta Minerals, the mining division of London-listed Antofagasta plc (LON:ANTO).

Full geochemical results from all 971 samples from the phase 1 program are expected by mid-September.

Avrupa said that visual results, supported by core logging, show the widespread presence of "volcanogenic massive sulfide (VMS)-style alteration" and stockwork veining in seven of the eight holes drilled in phase 1.

Two of the holes contain visible copper sulfide mineralization, the miner said.

More importantly, Avrupa said the results from logging continue to support the geo-structural model for targeting potential "massive sulfide mineralization" within the joint venture work area.

The company is continually using results from ongoing mapping, rock sampling and re-logging of historic drill holes to better priortize potential drill targets for the next phase of drilling.

"We are very pleased with the results, so far," said Avrupa CEO Paul Kuhn in a statement.

"The new information, coupled with previously assimilated and compiled geophysical and geochemical data, is being used aggressively to enhance the drill targeting process.

"Full review and interpretation of the Phase 1 drill results will also lead directly to follow-up drilling, though possibly in a potential Phase 3 of the initial JV program, which could start sometime in early 2013."

Kuhn said that the company expects to drill in the range of 3,500 to 3,800 metres in the phase 2 program - slated to begin in mid-September.

Currently, Antofagasta Minerals' activities are primarily concentrated in Chile, where it owns and operates four copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla.

Total production in 2012 is expected to be approximately 700,000 tonnes of copper, 11,000 tonnes of molybdenum and 280,000 ounces of gold.

The company also has exploration programs in North America, Latin America, Europe, Asia, Australia, and Africa.
Avrupa Minerals, meanwhile, is a junior exploration company, with mineral deposits in Portugal, Kosovo, and Germany.

It now holds 15 exploration licenses in three European countries, including eight in Portugal covering 2,532 square kilometres, six in Kosovo covering 198 square kilometres, and one in Germany covering 307 square kilometres.
The company operates two joint ventures in Portugal.
Last month, Avrupa said that work would soon start on its 2012 exploration program at the Covas tungsten-gold joint venture project in northern Portugal, with Blackheath Resources (CVE:BHR).

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