Auspex, Vestor size up Portuguese prospect

Partners Auspex Minerals (APJ-V) and International Vestor Resources (IVS-V) are encouraged by results from a hole drilled on surface at the Aljustrel Mining complex in south-central Portugal.

To date, four holes have been drilled on the Feitais deposit, three of which intersected massive sulphides. The first hole was deflected away from the plunging sulphide deposit and did not intersect it, and assays for the third and fourth holes have yet to be released.

The second hole, which was designed to test a relatively undrilled area of the deposit, cut 95 metres of massive sulphides followed by 33 metres of stockwork mineralization. Assays from the massive sulphide portion returned 50.6 metres (true width) grading 0.3% copper, 1.5% lead and 5.5% zinc, plus 60 grams silver and 0.9 gram gold per tonne, starting at a depth of 350.2 metres downhole.

Included in the hole were three higher-grade intercepts. The first started at a downhole depth of 350.2 metres and cut 31.8 metres (true width 25.8 metres) averaging 0.2% copper, 2% lead, 7% zinc, 72.1 grams silver and 0.8 gram gold; the second started at 394.2 metres downhole and hit 5 metres (true width 4 metres) grading 0.5% copper, 2.6% lead, 10.3% zinc, 86.7 grams silver and 1.2 grams gold; while the third started at a depth of 408 metres downhole and intersected 4.6 metres (true width 3.8 metres) grading 0.4% copper, 1.3% lead, 6.3% zinc, 41.8 grams silver and 1.6 grams gold.

A 43.6-metre (true width) copper-rich zone was intersected at a depth of 424 metres downhole. The zone was intersected in the lower portion of the massive sulphide body and continued into the footwall stockwork zone. Average grades ran 1.8% copper, 0.2% lead, 0.9% zinc, 14.7 grams silver and 0.4 gram gold. The intercept included a 9.7-metre interval (true width) grading 3% copper, 0.1% lead, 1% zinc, 21.1 grams silver and 1.2 grams gold starting at a depth of 466.2 metres downhole.

The overall hole assayed 103.7 metres (true width) grading 0.9% copper, 0.9% lead, 3.3% zinc, 37.3 grams silver and 0.7 gram gold starting at a depth of 350.2 metres downhole.

The deposit remains open down- and up-plunge.

Auspex and Vestor will spend a combined $1.8 million this year on 6,000 metres of surface core drilling, metallurgical testing, environmental baseline data collection, and engineering studies on the deposits and mill facilities.

SRK Canada will conduct a feasibility study, whereas Rescan Engineering, Knight Piesold and Hallam Knight Piesold will be responsible for mill design modifications, surface hydrology, and geotechnical and environmental studies, respectively.

Auspex and Vestor each hold a 37.5% interest in the Aljustrel Mining complex. The Portugese state, in conjunction with a majority-owned local operating company, holds the remainder.