Avrupa Minerals Ltd. (TSX VENTURE:AVU) is pleased to report on its progress towards forming the Alvalade Joint Venture with Antofagasta Minerals S.A. ("AMSA").
The two companies are working towards completion of Initial Study Period targeting and due-diligence work. The six-month study period, as stipulated in the binding Memorandum of Understanding (see AVU news release of June 6, 2011), will expire in early December.
Data collection, field work, analysis, and interpretation are continuing. Work completed to date includes re-logging of 31 historic drill holes, collection of approximately 250 samples from the drill core, re-processing of regional gravity and magnetics data, first-pass selection of specific target areas, including the Azinheira dos Barros and Aldeia dos Elvas locations, detailed re-processing of gravity data for the Aldeia area, and 1:10,000-scale geologic mapping and rock chip sampling at Aldeia and Azinheira. Integration of geophysical data, geochemical data, and the results of recent surface work in these two districts suggests the potential for multiple drilling targets in both places.
First-pass review of re-processed regional gravity and magnetics covering the Alvalade license led to the identification of up to ten target areas on the potential Alvalade JV property. We are presently upgrading two of these areas, listed below, with the idea of defining drill targets for the potential Alvalade Joint Venture. Four more of the target districts need further detailed examination, while the other four areas have been downgraded, for the time-being. Further first-pass review of recently completed re-processing of regional geophysics, covering the entire three-license block (Canal Caveira, Ferreira do Alentejo, and Alvalade licenses), is in progress.
Aldeia dos Elvas
The 25-square kilometer Aldeia area lies in the southwest corner of the potential JV lands, along the northwesterly extension of the Neves Corvo mineral belt, about 40 km from the Neves Corvo Mine. Previous drilling in the area intersected favorable rock units that generally lie just above the usual host rocks for potential massive sulfide mineralization in the Portuguese portion of the Iberian Pyrite Belt. However, from review of the historic core and drill logs, it was quite clear that most of the historic drilling did not fully test known gravity anomalies and targets. Detailed surface mapping and sampling in the Aldeia area has demonstrated the presence of the target rock package, repeated in at least three locations possibly due to multiple instances of thrust faulting. Through the use of historic and newly-generated data, drilling programs to test these targets are being designed.
Azinheira dos Barros
Azinheira, located in the north-central part of the potential Alvalade JV area, along the Aljustrel mineral belt, is an un-drilled target area with outcropping stockwork quartz + pyrite ± chalcopyrite mineralization. Historic soil sample results (copper and zinc) from the Azinheira area, acquired from the Portuguese Geological Survey, indicate potential targets along a 3- to 4-kilometer strike length. At this time, Avrupa and Antofagasta geologists are mapping the strike extensions from the Azinheira discovery outcrop. Team geologists have also noted the possibility of repeated target geological section due to thrust faulting, much like at Aldeia dos Elvas, allowing for more drill targeting potential. Channel sampling at the Azinheira quarry has been completed, and both visual and geochemical results suggest the potential presence of a hydrothermal alteration system in the Azinheira area.
In order to continue the upgrade of the potential JV area, we are moving forward with further mapping and sampling at both Azinheira and Aldeia, construction of regional cross sections to help with basin identification, analysis of geochemical results, and correlation of geology, geochemistry, and geophysical parameters in the first two target areas. It is hoped that the culmination of this encouraging work will lead to the official formation of the Alvalade Joint Venture with AMSA.