A newly formed joint venture will explore a Portuguese property underlain by the famous Iberian Pyrite Belt.
The partners include Auspex Minerals (VSE), Cumberland Resources (VSE), International Vestor Resources (VSE) and Redfern Resources (TSE).
An initial $180,000 program on the Grandola concession, 80 km southeast of Lisbon, will be funded jointly by Cumberland, Redfern and International Vestor.
Subsequent costs will be funded in accordance with the respective joint-venture interests: 50% by Auspex, with the remaining half split equally among the three other companies.
The Iberian Pyrite Belt hosts numerous volcanogenic massive sulphide (VMS) deposits, and the Grandola concession is contiguous to the recent Lagoa Salgada VMS discovery.
The Grandola overlies two significant gravity anomalies, which are similar to those that originally led to the discovery of the Lagoa Salgada mineralization.
The joint venture plans to begin exploring Grandola as soon as possible, starting with geochemical and geophysical surveys. Drilling will follow.
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