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Friday, 1 February 2013
Avrupa Minerals says more follow up drilling planned at Alvalade joint venture after "exciting" phase 2 results
Avrupa Minerals (CVE:AVU) has revealed drilling results from its phase 2 exploration program on its Alvalade joint venture in Portugal, calling them "highly exciting", with 5,000 metres of follow up drilling now being planned.
The joint venture is operated by Avrupa Minerals and fully funded by Antofagasta Minerals, the mining division of London-listed Antofagasta plc (LON:ANTO).
Avrupa drilled eight holes in the second round of drilling, for a total of 16 holes in the two phases of the program in 2012.
The company said the best results from phase 2 came from hole MBV02 - a follow-up hole from phase 1 in the Monte da Bela target - which intercepted 45.9 metres at 0.24% copper, including 8.05 metres at 0.39% copper and 15.8 metres at 0.44% copper.
The hole also intersected 24.15 metres at 0.24% copper, including 1.5 metres at 1.64% and 7.5 metres at 0.44%.
Gold results from the hole included 23.7 metres at 1.35 parts per million (ppm) gold, including 1.5 metres at 5.11 ppm and 7.45 metres at 2.16 ppm.
It also saw 97.5 metres at 0.4 ppm, including 7.00 metres at 1.08 ppm and 9.5 metres at 2.30 ppm.
The company said the hole returned several intervals of lead and zinc as well.
"The results of follow-up drilling at Monte da Bela Vista are highly exciting," said president and CEO, Paul Kuhn.
"The Avrupa team is working with Antofagasta and its consultants to design additional follow-up drilling to test the VMS potential in the Monte da Bela Vista area near the historic Lousal massive sulfide deposit."
Monte da Bela Vista is located around two kilometres north of the past-producing Lousal mine. The company said it drilled hole MBV02 to 653.1 metres, and intercepted long intervals of probable feeder zone-style mineralization, which Avrupa says is often indicative of a nearby massive sulfide system.
"We are also encouraged by the presence of mineralization in several other areas in the proximity of Lousal and further north towards the old Caveira Mine.
"Our efforts, now, are directed towards planning the Phase 3 drilling program, scheduled for 5,000 meters and start-up in early March."
Avrupa said this drilling will continue in the Lousal area, particularly at Monte da Bela Vist, but the company noted it also has a "large number of other target areas" to test within the project boundaries.
The junior mineral explorer 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.
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.