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Tuesday, 11 December 2012
Avrupa Minerals snags three new exploration licenses in Portugal
Avrupa Minerals (CVE:AVU) says it has acquired three new exploration licenses in Portugal, expanding its footprint in the region.
Two of the licenses, Candedo and Sabroso, are located in northern Portugal in a developing belt of potential tungsten and gold mineralization, the company said, while the third license, Sines, is located in southern Portugal in a "relatively unexplored" part of the Portuguese Pyrite Belt.
The eastern boundary of the Sines license is located just six kilometres west of the boundary of the company's Alvalade joint venture, operated by Avrupa and funded by Antofagasta Minerals.
"The company is excited about the new acquisitions. In our generative exploration work in northern Portugal, we visited several historic tungsten workings and sampled quartz vein material found in the prospect areas," said president and CEO, Paul Kuhn.
"Of the four prime areas visited, three of the old prospects contained gold-bearing quartz veins. Results from 18 select samples averaged 3.62 ppm gold, and ranged in values from 0.4 ppm to 14.75 ppm gold. Candedo and Sabroso, as well as the previously-acquired Arcas license, cover these anomalous prospects and surrounding areas."
Kuhn further said that the Sines target was brought to the company's attention through the long-time prospecting work of a "local mining persona".
"Our initial review of the target area showed that altered and weakly copper-mineralized Pyrite Belt target rocks outcrop on the property in the area of several old prospects. This is a part of the Pyrite Belt that has received little or no modern exploration attention.
"With visible copper mineralization at the surface, we expect to generate further interest from potential JV partners after completing our evaluation of the target areas."
Avrupa operates two joint ventures in Portugal, including the Alvalade joint venture with Antofagasta for copper-rich massive sulfide deposits, and the Covas joint venture with Blackheath Resources (CVE:BHR) in northern Portugal, for intrusion-related, gold-tungsten deposits.
Last month, the company reported first drill results from the Covas joint venture, which the company said confirmed the high grade tungsten nature of historic results from the 1970s.
The company also has several other precious and base metal targets that it is upgrading to JV-ready status, including the porphyry copper-gold potential in southern Portugal in the Alvito license area.
A map of The company's landholdings in Portugal can be seen at http://www.avrupaminerals.com/projects/portugal/.
Avrupa also holds properties in Germany and Kosovo, where in late November, the company announced the discovery of a polymetallic gossan zone on its newly-acquired Slivovo exploration license.