(via TheNewswire)
Drilling at the Alvalade Joint Venture with partner Sandfire MATSA continues after a 6-month hiatus during 2022. For now, drilling is dedicated to high-priority exploration targets around the Alvalade license.
The upcoming addition of a second drill rig will speed up the pace of drilling, and we expect to target potential extensions to the Sesmarias massive sulfide deposit, as well as promising satellite targets there. In total, we plan to drill another 8-9 holes around the license during the first half of 2023, totaling roughly 4,000 meters.
We have completed three exploration holes, totaling 1,946 meters, since the beginning of this phase of drilling, aiming at VTEM geophysical targets along the trend of mineral-hosting, Volcano-Sedimentary (“VS”) rocks in the Pyrite Belt between the historic Lousal and Caveira Mines. The recent drilling includes two holes in the Lousal NW sector and one in the Azinheira sector (see Figure 1, below). All three drill holes intercepted the targeted VS horizon, with narrow zones of thin-bedded to semi-massive sulfide mineralization present. Sampling results are forthcoming, and are expected to indicate possible proximity to massive sulfide mineralization in the strongly folded and faulted black shale host rocks.
We are presently drilling a fourth hole, located in the Casas Novas sector. Two rounds of follow-up surface geophysics in the Lousal NW and
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Figure 1. Alvalade Joint Venture license, primary target areas.
In
In
After a successful 2022 work program in
Establishment of a new copper-zinc exploration program in the Pyhäsalmi
Mining District , centralFinland , with initial phase of acquisition of Finnish exploration companyAkkerman Finland Oy (“AFOy”);
Initiation of a new joint venture in
Kosovo with exploration-oriented Western Tethyan Resources and associated company, miner Ariana Resources, to bring the Slivova gold deposit to a mining solution; and
Continuation of advanced exploration in
Portugal through the Alvalade Joint Venture with Sandfire MATSA, particularly within the Sesmarias massive sulfide deposit.
Key points to expect in the first half of 2023:
Issuance of the Kolima and Kangasjärvi exploration licenses in
Finland ;
Progress in the licensing process for two other applications in
Finland ;
First-pass drilling in
Finland on at least one license;
Continuation of the purchase of the remaining portion of AFOy;
Continuation of the Slivova Joint Venture in
Kosovo with updated resource estimate (JORC-compliant);
Follow-on plans for a new, improved pre-feasibility study at Slivova, social and environmental baseline work, land acquisition as needed, drilling (both infill and outboard);
For Alvalade, airborne gravity results leading to further targeting comfort for the final eight holes of the present phase of drilling;
Continued Sesmarias and property-wide exploration drilling;
Decision point for how to proceed at the end of the first three years of the Alvalade license.
For additional information, contact
On behalf of the Board,
“Paul W. Kuhn”
This news release was prepared by Company management, who take full responsibility for its content. Paul
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