Avrupa Minerals (AVU.V) announced in December it has started to drill the Alvalade copper-zinc project and hopefully the company will be able to take advantage of the attention directed to those two metals these days as copper is trading around $3.50/pound while the zinc price consistently trades above $1.20 per pound.
The rig has started to drill at the northern end of the known massive sulfide mineralization at the Sesmarias target and will make its way further south as the joint venture partners (Avrupa and MATSA) are planning to drill 12-15 diamond holes for a total of 7-8,000 meters. This will go a long way for MATSA to complete its 1.2M EUR exploration commitment in the first year of the joint venture as part of the initial 51% earn-in agreement.
Meanwhile, the joint venture partners will complete a VTEM electromagnetic survey over the northern part of the Alvalade license and perhaps this survey will highlight additional zones of massive sulfide targets. In a best case scenario, the VTEM survey will show additional zones of massive sulfides between the past producing Caveira mine and the Sesmarias discovery, which is approximately 8 kilometers to the south.
Disclosure: The author has a long position in Avrupa Minerals. Please read our disclaimer.
