Juniors consolidate stake in Portuguese project

International Vestor Resources (IVS-V) has completed an arrangement with joint-venture partners Redfern Resources (RFR-T) and Cumberland Resources (CBD-T) to increase its interest in the Aljustrel mining complex in south-central Portugal.

Vestor’s interest has risen by 25%, to 37.5%, with Cumberland and Redfern relinquishing their respective 12.5% interests in return for 4.7 million shares of Vestor priced at 75 cents per share. Auspex Minerals (APJ-V), the project operator, holds a 37.5% interest, whereas the Portuguese state holds the remaining 25%.

Aljustrel encompasses four massive sulphide deposits: Feitais, Moinho, Sao Joao and Gaviao. These were historically mined for pyrite but still host zinc, copper and lead mineralization.

Reserve estimates from Portuguese authorities indicate that the Moinho deposit contains a resource of 44 million tonnes of 2.98% zinc, 1.1% lead and 0.85% copper; the Feitais deposit is estimated to host 54 million tonnes grading 3.43% zinc, 1.12% lead and 0.43% copper; Sao Joao rings in at 45 million tonnes of 3.37% zinc and 1.2% lead; and the Gaviao is said to host 25.7 million tonnes grading 2.98% zinc, 1.01% lead and 1.51% copper.

As a result of the deal, Vestor also now holds a 30% interest in the Estacao massive sulphide deposit, which is adjacent to the Aljustrel deposits. Auspex holds 30% of Estacao as well, with the remaining 40% belonging to the Portuguese state.

Auspex acknowledges the relatively low overall grades but states that its objective is to carve out smaller blocks of higher-grade mineralization.

Drilling at Feitais indicates zones of higher grade. Hole 40 intersected 26.9 metres (true width) grading 11.16% zinc, 3.4% lead and 0.27% copper, while, at the Moinho deposit, hole 127 cut 30.69 metres (true width) of 7.07% zinc, 3.05% lead and 0.38% copper.

The Aljustrel properties are currently undergoing a 25,000-metre surface and underground drilling program, with the bulk of the drilling focused on the Feitais deposit. The results will be incorporated into a study to evaluate the reopening of the Aljustrel mine as a major base metal producer of zinc, lead and silver.