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Auroch Minerals commences drilling at Alcoutim copper zinc project
1 minute read
Auroch Minerals (ASX:AOU) announced on Monday that drilling had commenced ahead of schedule at the Alcoutim copper zinc project located in Portugal. AOU has the right to acquire 75% of the project by spending approximately $1.4 million (65%) and a further 10% by spending circa $1.25 million.
The project is ideally situated in terms of having major producing mines nearby. This includes the large Neves Corvo deposit in eastern Portugal. Previous geophysical exploration has highlighted 22 targets that are characterised by coincident gravity and magnetic anomalies with modelling suggesting target depths of between 700 metres and 1000 metres.
During the drilling program that has just commenced, the first five holes will all test priority targets along the Neves Corvo Trend. Management expects that the first hole will take between four weeks and six weeks to complete.
AOU has the financial capacity to fund both first and second stage drilling as it currently has approximately $8 million in cash and receivables.
In discussing current developments, AOU Chief Executive Doctor Andrew Tunks said, “Our exploration initiative is also occurring at a time when Lundin Mining has announced the results of a feasibility study confirming a significant increase in zinc production to peak in excess of 180,000 tonnes per annum at the neighbouring Neves Corvo mine”.
Shares in AOU responded positively to the news, up more than 5% in morning trading.
It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.