Avrupa Minerals (AVU.V) has been busy this summer as it completed an 18 hole drill program (for a total of just over 2,400 meters) on its Alvito IOCG project in Portugal. The drill program was funded by ASX-listed OZ Minerals (OZL.AX) which was originally earning a 51% stake in the project.
The assay results show some interesting anomalous copper values on the Entre Matinhas zone with for instance 86 meters at 0.16% copper, almost 45 meters of 0.21% copper and 2.55 meters at 0.91% copper. Avrupa is correct in describing these results as ‘anomalous’ as although there are some good traces of copper, the company still has to hit some viable grades over a longer interval than the 2.55 meters at 0.91% copper and 4.45 meters at 0.46% copper.
The encountered mineralization appears to fit the bill for Iron Ore-Copper-Gold deposits, and Avrupa appears to be very encouraged by these first drill results. Unfortunately JV partner OZ Minerals was aiming for something much bigger and the company dropped out of the joint venture agreement, returning full ownership of the project to Avrupa Minerals.
Additionally, Avrupa will remain busy in the next few weeks and months as the company is gearing up for a drill program on its 100% owned Alvalade project (not too far away from Alvito). Avrupa announced a multi-million dollar (C$20M in total!) earn-in program with ‘a big player’ in March, but that joint venture agreement still hasn’t been converted to a definitive agreement. Avrupa doesn’t want to wait any longer and wants to get some drilling done before the end of the year, and that’s the main reason why the company is currently raising C$1.5M in a 5 cent placement. Every unit consists of one common share and a full warrant allowing the warrant holder to acquire an additional share at C$0.10 for a period of three years. A first tranche of C$500,000 has already closed.
We have been talking to CEO Paul Kuhn and director Mark Brown, and will soon provide a more in-depth review of the drill program and the company’s plans.