European Electric Metals announce that it has signed an agreement to acquire an exploration application in Portugal for an advanced stage copper asset with historic production.
The application for the 329 sqkm Borba 2 license is now well advanced after the completion of the public announcement period with no objections or competition. Borba 2 is located 160 road km to the east of Lisbon. According to the company Borba 2 has two main copper exploration targets; Miguel Vacas and Bugalho.
The remaining licensing process will involve preparation of definitive terms of the contract with the government.
As quoted in the press release:
Miguel Vacas is a former operating open pit mine which operated intermittently between 1925 and 1986 producing an estimated amount of 464,000 tons of oxide and sulfide mineralized materials grading 2.1 percent copper prior to its closure. Mining included a sulfuric acid heap leach operation of the shallower oxidized ore material.
The company believes there is potential for significant mineralization to continue below the historic pit and along the 2km mineralized shear zone both in the remaining near surface oxidized part and the sulfide material below. As no systematic assays for other metals were done in the past, the company believes there is the potential for finding other valuable metals such as cobalt, gold and/or silver associated with copper.
The Bugalho mine area contains a historic underground mine on a separate mineralized trend from the Miguel Vacas zone. Mineralization is associated with a 1km long section of a fault zone that trends generally north-south which includes three veins that were mined in the past. Vein 1 (main vein) is up to 1.2 m thick and was mined 800 m along strike, Vein 2 averaged 1.3 m thick (no strike length reported) and thickness and length of Vein 3 is not known.
The primary copper mineralization consists of chalcopyrite and pyrite within quartz-carbonate matrix. Supergene copper mineralization consists of malachite, hematite and scorodite. The mine operated intermittently from 1800 to 1900. There are 9 underground levels known down to a depth of 200m.