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Tuesday, 5 March 2013
Avrupa Minerals starts phase three drilling at Alvalade joint venture
Avrupa Minerals (CVE:AVU) says it has started the third phase of drilling at its Alvalade joint venture in southern Portugal, sending its shares higher on Tuesday.
The project is operated by Avrupa Minerals and fully funded by Antofagasta Minerals.
The companies anticipate drilling up to 10 holes, or around 4,500 to 5,000 metres in the third phase. Avrupa shares advanced 15% to 11.5 cents this morning.
The first part of the new program will target the Monte da Bela Vista area, where previous drilling by the joint venture intersected copper- and gold-bearing vein mineralization, while also focusing around the formerly-producing mines at Canal Caveira and Lousal.
Further drilling is also planned for several other areas along the Neves Corvo and Aljustrel target trends, they said.
"Along with high expectations for the follow-up holes at Monte da Bela Vista, Canal Caveira, and Lousal, we also have a long list of new, high-quality targets," said president and CEO of Avrupa, Paul Kuhn, in a statement released today.
"The Alvalade team has developed a total of 23 targets that deserve drill-testing in this phase, though only eight or nine are planned for the coming program."
He added that the company will continue to test areas with exposed target rocks, as well as areas where the targets have been developed under the "extensive, property-wide sand, gravel and structural cover".
In January, the company revealed drilling results from its phase 2 exploration program on its Alvalade joint venture, calling them "highly exciting".
The best results from phase 2 came from hole MBV02 - a follow-up hole 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 junior mineral explorer operates two joint ventures in Portugal, including the Alvalade joint venture with Antofagasta, and the Covas joint venture with Blackheath Resources.
Shares of Avrupa rallied over 40% last Friday after reporting high grade tungsten drill results from its Covas joint venture that expanded mineralized zones.
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.
In addition, Avrupa 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.