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Monday, 14 January 2013
Avrupa Minerals shares move up with three new licenses to explore in Portugal
Avrupa Minerals (CVE:AVU) shares closed more than 26 per cent higher on Monday, with the junior mineral explorer recently expanding its footprint in Portugal, and announcing a polymetallic discovery at a Kosovo asset.
Shares in the Canada-based company rose 3 cents to 14.5 cents.
In mid December, the company acquired three new exploration licenses 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 at the time.
"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 last month that the Sines target was brought to the company's attention through the long-time prospecting work of a "local mining persona".
"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.
In November, 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.