Avrupa Minerals (AVU-V) closes $600,000 financing, has closed its financing first reported on Aug. 28, and then increased on Sept. 12, 2013. Certain strategic investors participated in the financing. The management team and several shareholders also increased their positions. The support of the current shareholder group is a significant benefit to Avrupa in working to achieve its goals.
Avrupa Minerals starts drilling up to 2,000 m at Covas - News Release Sept 26, 2013
Avrupa Minerals Ltd.'s phase 2 diamond drilling at the Covas joint venture in northwestern Portugal has started. The project is operated by Avrupa, and fully financed by Blackheath Resources Inc., under a previously announced earn-in agreement. The new drilling program is designed to expand known deposits and mineralization around the Covas property, and will include 1,500 to 2,000 metres at up to 19 separate locations. The new program follows on a successful phase 1 drilling program that the partners completed in early 2013. The phase 2 drill program will focus on step-out expansion targets in several of the known tungsten-bearing skarn zones that were previously identified in the phase 1 program and by the 329 drill holes conducted by Union Carbide and others prior to 1980. Initial holes in this program will test the Lapa Grande area, following on good results there in phase 1, including an intercept of 2.89 per cent WO3 over 5.10 metres in hole CO 13/12 starting at a depth of 52.70 metres, as previously reported. Further drilling in phase 2 will test new expansion potential at the Castelo, Muito Seco and Cerdeirinha targets, and follow up on excellent results at the Telheira deposit, which included an intercept of 2.11 per cent WO3 over 7.98 metres, starting at a depth of 44.57 metres in hole CO 7/12, also previously reported.
Avrupa's president and chief executive officer, Paul W. Kuhn, said: "We are excited about the start-up of phase 2 drilling at Covas. After good success in the phase 1 drilling program, we have developed a number of new targets designed to enlarge and upgrade the known tungsten mineralization in our key areas, as well as several other new areas. We are eager to continue to expand the historic resources at Covas and move towards the next phase in the exploration and development of the project."
Covas is a past-producing tungsten mine, and remaining historic resources on the property have been estimated at 922,900 metric tonnes of 0.78 per cent WO3 by Union Carbide in 1980, based on work including 327 drill holes on the property. Mineralization is open to expansion. The price of tungsten has increased significantly in recent years and is currently approximately $41 per kilogram of contained tungsten trioxide. (These resources are historic in nature, prepared by Union Carbide Corp. in 1980, but are considered relevant. However, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources, and the company is not considering the historical estimates as current mineral resources.)
This news release was prepared by company management, who takes full responsibility for its content. Mr. Kuhn is a licensed professional geologist and a registered member of the Society of Mining Engineers, and is a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. |
