October 8, 2021 (Investorideas.com Newswire) Avrupa Minerals is getting nearer to fixing the Sesmarias puzzle in Portugal, and the Vital Investor needs to know all about its exploration technique.
Though Avrupa Minerals Ltd. (AVU:TSX.V; AVPMF:OTC; 8AM:FSE) and JV companion MATSA are progressing slowly however certainly on the Sesmarias goal, a part of their flagship Alvalade challenge in Portugal, Avrupa not too long ago introduced drill intercepts like 36.45m @ 0.72% copper (Cu) and 39.2m @ 0.44% Cu with a number of byproducts present they’re heading in the right direction. Fortuitously, a second rig is deliberate to be deployed quickly, so extra assays might be anticipated to be introduced in the identical time-frame.
On an necessary sidenote: MATSA is within the midst of being taken over by Sandfire Assets for a staggering US$1.87 billion (insiders valued MATSA at US$1-1.2 billion) which requires an fairness elevate bigger than its personal market cap, so it stays to be seen if this might have penalties for the JV.
Because the geology of the focused 8 Lens at Sesmarias seems to be advanced and folded, administration is drilling a number of fences to be able to rigorously map geologic constructions, earlier than having the ability to step out a lot additional, the place extra important mineralization is anticipated. On this article CEO Paul Kuhn will elaborate additional on the exploration technique.
After a information break of virtually 4 months, Avrupa Minerals introduced 4 extra drill outcomes on its Sesmarias goal, a part of the Alvalade challenge in Portugal. So far, the corporate has accomplished 5,862 meters (m) of drilling, consisting of 11 holes on six totally different fences, and is drilling a twelfth gap (SES21-042) now, testing potential large sulfide mineralization on Part 350S. The assays of 10 holes (SES20-031 to SES21-040) have been reported now, and the outcomes of the eleventh gap (SES21-041) are pending.
Listed here are the highlights of the most recent outcomes:
– SES21-039: 39.2 meters @ 0.44% Cu, 0.71 grams per tonne (g/t) gold (Au), 27.1 g/t silver (Ag), 2.07% zinc (Zn), and 0.79% lead (Pb) from 348m, with a second intercept at larger depth of: 14.8m @ 0.45% Cu, 0.29 g/t Au and 28.7 g/t Ag from 419m.
– SES21-040: 36.45 meters @ 0.72% Cu, 0.36 g/t Au, 21 g/t Ag, and 0.82% Pb from 479.4m , together with:
– 11.0 meters @ 1.05% Cu, 0.51 g/t Au, 39.2 g/t Ag, and 1.64% Pb.
These are robust intercepts; SES21-039 is even the most effective up to now. Holes SES21-037 and SES21-038 have been much less spectacular, as they returned a lot shorter intercepts of three.9m @ 0.28% Cu, 0.48 g/t Au, 24.4g/t Ag, 1.7% Zn and 0.77% Pb from 476.85m 037, and in 038, 6m @ 0.72% Cu, 0.6 g/t Au, 33.1 g/t Ag, 1.57% Zn and 0.98% Pb from 356.85m and a deeper intercept of two.8m @ 0.75% Cu from 376.35m.
CEO Paul Kuhn informed me earlier he would not prefer to report copper equivalents as MATSA is in search of 1% or higher copper grades, and he considers it to be window dressing, as polymetallic recoveries are normally a lot decrease (50-70%) than pure copper recoveries (85-90%). However with these substantial by-products that improve the copper grade considerably, it will be a waste to not calculate copper equal (CuEq) grades. This implies SES21-039 returned one intercept of 39.2m @ 1.49% CuEq at right this moment’s metallic costs, and one other deeper intercept of 14.8m @ 0.85% CuEq, and SES21-040 resulted in 36.45m @ 1.29% CuEq. Though the depth of the 8 Lens at Sesmarias is critical, this may very effectively end in financial mineralization.
An outline of the drilling on the 8 Lens at Sesmarias might be seen beneath, with the varied fences drawn in coloured rectangles, which additionally define corresponding sections. SES21-039 has been drilled in part 120S, and SES21-040 in part 350S:
This map makes me surprise what can be in between sections 120S and 350S, and I requested CEO Kuhn if that they had plans to do infill drilling right here. He answered, “We anticipate to do some infill between 120 S and 350 S, however we have to see what the outcomes are for SES21-042 (above 040) and SES21-043 (beneath 040). As we’re seeing enchancment of the metallic content material in direction of the south, we could also be extra inclined to first step out in that path for our subsequent fence. We’re closing in on the Central (discovery) sector, the place SES002/003 had copper grades nearer to 2%.”
The next part exhibits the very complexly folded mineralization of Lens 8, found by MATSA and Avrupa geologists. Because the folding is so advanced, the geologists thought it was greatest to advance by small step outs of 50m alongside the strike:
The unlucky concern is that the geologists have not hit the massive pink goal zones of doable/potential mineralization but, and have to attract these conceptually extra to the fitting with every follow-up gap drilled. Let’s hope they hit these 100-200m intercepts of 0.8-1% Cu quickly. On a aspect observe, I questioned (as a non-geologist who likes to ask all kinds of questions) whether it is doable to make use of directional drilling at depth, to decrease prices and purpose faster for deeper targets, for instance utilizing gap SES21-037. CEO Kuhn replied, “It’s not a problem of directional drilling, however considered one of depth to focus on versus extending the mineralization alongside strike and a brief methods down dip. So as to be certain that MATSA continues after the 51% earn-in, we’re drilling the upper proportion targets first, those which have a greater likelihood of hitting important large sulfide mineralization, those which have actual which means to MATSA. The pink goal areas will nonetheless be there for MATSA to drill as they transfer in direction of the subsequent earn-in stage.”
This final half made me surprise if MATSA would not wish to examine these pink targets asap earlier than persevering with with the JV, as these signify actually important large sulfide mineralization. Kuhn answered:
Holes like SES21-40 for positive already look extra promising:
What I did not actually perceive was why the presently drilled gap SES21-042 (see dashed line in part above, in between SES009 and SES21-040) wasn’t designed on the proper aspect of SES21-040, because the potential mineralization has been deliberate there. CEO Kuhn answered, “The geology of the folds predicated an earlier reply as to the place the highest of the fold, and thus the large sulfide physique, could be. The following gap is deliberate to focus on the downdip potential and can be collared roughly 40 meters to the fitting aspect (northeast) of SES21-040.”
As I nonetheless did not fairly observe this technique, as a small high fold intercept appears low threat but in addition low worth as it will simply point out the restrict to that aspect, I requested Paul for extra rationalization. That is what he answered:
“As might be seen, folded constructions like this may solely be described correctly by strings of intently spaced drill holes, mapping stratigraphy and mineralization in an in depth vogue. Since mineralization could possibly be situated at important depth on this case, deep drilling can also be crucial. Bear in mind the close by historic Lousal Mine which mined 20Mt and is estimated to comprise one other 30Mt of large sulfide mineralization, has the same mineralized envelope consisting predominantly of large sulfides hosted by the black shales, and that is what Avrupa and MATSA are in search of at Sesmarias.”
CEO Kuhn elaborated some extra on the folded construction and the resemblance with Lousal:
“By means of detailed logging of the brand new core from this part of drilling, in addition to detailed re-logging of all of the Sesmarias space historic core, we now have established that the Sesmarias large sulfide system is closely folded and strongly modified by a number of phases of post-mineralization faulting. This geometry explains the historic state of affairs of the quite a few large sulfide lenses that make up the Lousal deposit, simply seven kilometers north of Sesmarias. We anticipate the same focusing on story for Monte da Bela Vista, an additional two kilometers past Lousal, because the difficult geology in all three goal areas seems to be comparable, if circuitously associated.”
The corporate can also be re-mapping the Monte da Bela Vista goal space, accomplished a mapping and rock chip sampling program, and relogged historic core holes, to be able to outline additional drill targets. Moreover this, the corporate additionally accomplished a 380-sample soil program, exhibiting robust anomalies. The mixture of outcomes from the VTEM survey, current mapping and sampling, relogging, and an enhanced understanding of the construction and geology, suggests a brand new, buried and comparatively untouched goal zone, instantly adjoining to the southwest of the uncovered Volcano Sedimentary (VS) mineral horizon rocks, and straight on pattern with large sulfides on the Lousal Mine.
The pink and magenta dots within the maps beneath point out excessive worth copper in soil pattern outcomes.
I zoomed in some extra on the map on the fitting:
It may be seen that the mineralized pattern stretches out over greater than 20km, and there are a number of targets to observe upon. One thing of curiosity in these circumstances is at all times to search out out to what diploma sampling, VTEMs, mapping, and many others. pertains to precise mineralization if there may be the posh of getting any. On this case Avrupa has the historic Lousal and Caveira Mines, each of that are assumed to have large sulfide mineralization remaining in situ.
Caveira Mine
CEO Kuhn had this to say about this topic:
“Our ongoing work north of the Lousal Mine signifies that there’s a string of drillable goal areas highlighted by geology, historic sampling, and the current VTEM survey. We anticipate the arrival of a second drill rig to get began on these anomalies whereas the primary rig continues to drill within the Sesmarias space.”
Additionally of significance within the map above is the white polygon close to Brejo, which represents a small village, which might trigger allowing points because it appears situated precisely on the mineralized pattern. In line with Kuhn, “For the time being we’re not working near the village and don’t anticipate any points within the close to future. We do work intently with all the landowners in our speedy goal areas, rent and buy domestically, and take actual care to wash up our working areas to the approval of the landowner, and to current rules. After we get to the Brejo space, the locations we anticipate drilling are usually not significantly near the village, nor actually close by.”
Lousal Mine
As you would possibly know from earlier articles, I hold circling again to this former Lousal Mine, as I think about its historic useful resource base of an estimated 30 Mt low hanging fruit. And never solely that, because the geological make-up of all the 20km pattern appears to be fairly comparable, a strong evaluation of Lousal might present a wealth of data for exploration methods. Kuhn shared final time they began engaged on the Lousal knowledge, being a sophisticated digital re-construction, and extremely necessary to be as exact as doable as to the placement of all of the outdated workings. I questioned how far they’re with this reconstruction. He answered that the re-construction challenge is simply getting underway and we anticipate it to be accomplished earlier than the tip of the yr.
Within the final replace Kuhn disclosed to me MATSA was budget-constrained (and accessible rig-constrained) close to deploying a second drill rig. As a result of the challenge now has sufficient targets between Caveira and Lousal to make use of a second rig, and since a rig has grow to be accessible, the corporate expects to see a second rig within the very close to future, maybe inside 7-10 days, relying on mobilization and landowner authorization of explicit drill websites. Kuhn expects Sandfire to honor the JV budgets, as Sandfire is eager on doing exploration.
Conclusion
Avrupa Minerals introduced fairly first rate drill outcomes at Sesmarias, and is busy delineating a probably important mineralized envelope. Due to the advanced, folded geology at 400m+ depth, this can be a gradual course of. Fortuitously, the JV is about to deploy a second drill rig quickly, which is able to probably generate extra drill outcomes altogether in the identical time interval. The newest assays appear to strategy the specified targets of mineralization nearer and nearer, so it solely appears a matter of time and extra drilling. The corporate is planning to proceed drilling at Sesmarias, and if Avrupa manages to hit the estimated copper intercepts of 1% and 100m lengthy, my expectations for a re-rating of the share value are excessive, at present metallic costs. Let’s have a look at how issues pan out.
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The Critical Investor is a e-newsletter and complete junior mining platform, offering evaluation, weblog and newsfeed and all kinds of details about junior mining. The editor is an avid and demanding junior mining inventory investor from The Netherlands, with an MSc background in building/challenge administration. Quantity cruncher at challenge economics, in search of prime quality firms, largely development/turnaround/catalyst-driven to keep away from an excessive amount of dependence/affect of long-term commodity pricing/market sentiments, and sometimes in search of long-term deep worth. Getting burned up to now himself at junior mining investments by following overly constructive sources that most of the time averted to say (hidden) dangers or essential flaws, The Vital Investor realized his lesson effectively, and goes a number of steps additional ever since, offering a recent, extra in-depth, and demanding imaginative and prescient on issues, therefore the identify.
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