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Friday, 19 April 2013
Avrupa Minerals sees "highly successful" new field work at Alvito license, with further upside potential
Avrupa Minerals (CVE:AVU) has released results from exploration work on the Alvito license in southern Portugal, saying it found strong copper-gold-silver in rock samples.
The company told investors late Thursday that it has now collected 144 rock chip samples on the license, centering around 16 separate prospect areas, with 14 of these samples containing more than 0.4 parts per million (ppm) of gold, and up to 3.95 ppm gold.
In terms of silver, 27 of the samples have more than 5 ppm of the precious metal, with a high value of up to 160 grams per tonne (g/t) silver.
Avrupa also said that 42 of the samples carry greater than 0.25 per cent copper, including 26 with more than 1 per cent copper.
Other samples also carried strong lead, zinc, and molybdenum values as well, the company added in the statement Thursday.
The Alvito license covers around 988 square kilometres of prospective ground that straddles both the Iberian Pyrite Belt and in the Ossa Morena tectonic zone.
Recent exploration work concentrated on the Ossa Morena portion of the license, which covers about 800 square kilometres, with the work reviewing less than 10 per cent of this land.
"The new field work was highly successful, identifying potential for significant copper-gold-silver mineralization in known and new occurrences, as well as leading to the discovery of a previously un-documented, large epithermal silver-lead-zinc veining system, partially mineralized over a length of two kilometres," the company said in its release.
"Additionally, the prospecting work identified several possible precious metal-bearing, massive sulfide mineral occurrences within the license boundaries.
Avrupa also said that many of the copper-gold-silver occurrences that were visited in the exploration program lie within the 24-km long Alcocovas Copper Belt (ACB), which has been defined by over 66,000 soil samples collected by previous operators in the district.
The junior exploration company, which has properties in Portugal, Kosovo and Germany, says it is focused on attracting potential joint venture partners to further develop projects within the license.
Avrupa has made a data package available to four international exploration and mining companies, it said Thursday.
The Canadian junior already operates two joint ventures in Portugal, including the Alvalade joint venture with Antofagasta, and the Covas joint venture with Blackheath Resources, where it last month said further progress has indicated positive potential for the prospect.
The company also has several other precious and base metal targets that it is upgrading to JV-ready status, including 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.