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Exploration work has commenced in the Portuguese Pyrite Belt, the Avrupa Minerals Ltd. (TSXV:AVU) join venture with major international copper producer Antofagasta Minerals SA. The budget for work in 2012 has been increased to US$ 2.5 million.
Exploration work has commenced in the Portuguese Pyrite Belt, the Avrupa Minerals Ltd. (TSXV:AVU) join venture with major international copper producer Antofagasta Minerals SA. The budget for work in 2012 has been increased to US$ 2.5 million.
As quoted in the press release:
- The work program includes up to 6,000 meters of drilling on various targets in the 1,000-km2 project area. The joint venture agreement was signed at the end of 2011 and includes the following major points:
- The agreement covers three Avrupa licenses (the “Property”): Alvalade, Canal Caveira, and Ferreira do Alentejo. Formerly operating Lousal and Caveira mines are located within the 1,000 square kilometer Property.
- AMSA committed US$ 300,000 over a 6-month period to complete an initial study of the Property, which included acquisition of all remaining historic data, re-logging of selected drill holes, systematic sampling, and integrated geological and geophysical interpretation of the targeted areas. This work was completed in 2011.
- Upon completion of the initial study, Avrupa granted to AMSA the option to acquire an undivided 51% of the Property, which can be exercised by AMSA funding or incurring expenditures of an additional US$ 4 million over three years.
Click here to read the Avrupa Minerals Ltd. (TSXV:AVU) press release
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