The Grandola joint venture has initiated drilling on the first of four planned holes in a program aimed at testing the central axis of the 3,000-metre-long Porto de Mel gravity anomaly on the Grandola concession in central Portugal.
The joint-venture ownership breaks down as follows: Auspex Minerals (AXR-T), 50%; Redfern Resources (RFR-T), 16.68%; Cumberland Resources (CBD-V), 16.66%; and International Vestor Resources (IVS-V), 16.66%.
The Portuguese government recently contracted a geological survey over the main Porto de Mel gravity anomaly. The anomaly is believed to represent a basement feature analogous to sulphide mineralization in the volcanic rocks of the Iberian Pyrite belt on which the Neves-Corvo high-grade base/precious metal deposit can be found.
Depending on the results of the 4-hole program at Porto de Mel, an expanded program will be carried out.
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