logo-loader

Auroch Minerals to explore world-class copper‐zinc district in Portugal

Published: 12:00 27 Mar 2017 AEDT

shutterstock_265299104-001
Auroch spending circa $1.4 million to earn a 65% interest

Auroch Minerals (ASX:AOU) has entered a joint venture to earn up to 75% of the Alcoutim Project, a significant copper‐zinc‐lead‐gold‐silver opportunity in south‐eastern Portugal.

The project is located immediately along strike of the super-giant Neves Corvo Mine in the western half of the well-known Iberian Pyrite Belt (IPB).

The IPB is one of the largest and most significant mining districts in the world, and is renowned for its poly‐metallic (copper‐zinc dominant) volcanic massive sulphide (VMS) deposits.

The mining district hosts over 80 known deposits and resources totalling more than 1,700 million tonnes. It is home to 10 giant deposits (> 100Mt ore) and three super giant deposits (> 200Mt ore).

Auroch is planning to spend circa $1.4 million to earn a 65% interest in the Alcoutim Project.

The company will also have the right, but not the obligation, to earn a further 10% by spending a further $1.25 million.

Previous geophysical exploration at the Alcoutim Project has highlighted twenty‐two targets that are characterised by coincident gravity and magnetic anomalies.

Auroch is expected to start a drilling program in the second quarter of 2017.

The phase 1 drilling will comprise five diamond holes that will target five priority geophysical targets with coincident magnetic, gravity and electromagnetic anomalies.

An early success supporting the potential of the project would be if the drilling intersected sulphide mineralisation.

Copper is becoming an important input for the clean green energy sector, since lithium and cobalt are crucial elements of the battery technology for electric vehicles (EV).

For example, the average car using a combustion engine requires around 25kg of copper, however an EV vehicle will require around 75kg of copper.

Auroch’s share price has increased circa 39% since the start of 2017, last trading at $0.215.

OzAurum to start drilling at Boca Rica Lithium Project

OzAurum Resources Ltd (ASX:OZM) CEO and managing director Andrew Pumphrey sits down with Proactive’s Jonathan Jackson to discuss an upcoming drilling program at Boca Rica Lithium Project in Brazil, following the identification of a spodumene zone. The company plans to start drilling in the next...

1 hour, 47 minutes ago