Europacific Metals Inc is pleased to announce that it has signed an agreement with European Electric Metals Inc. (“EVX”). Whereby, Europacific acquired the remaining 30 % equity interest (for a total of 100% equity interest) in EVX Portugal (a Europacific and EVX subsidiary), a private Portugal based company, that holds the legal exploration rights from the Portugal Government on the Borba 2 (“Borba 2”) exploration properties, covering approximately 328 square kilometers in the Alentejo region in Southern Portugal.
Borba 2 projects have a well-documented potential to host precious and base metals mineralization often enhanced by the presence of abundant Au and /or Cu mineral occurrences in shear zones and in epithermal systems associated with intra-Ordovician volcanics. The most prominent project is the Miguel Vacas open pit copper deposit which produced 1.9 million lbs of copper from the oxide zone of a shear zone in schists at least 2000 meters along strike and 10 to 20 meters in width. Borba 2 includes a total of four separate projects including three past producing mines as follows.
Miguel Vacas- Past Producing Copper Mine
The copper mine last operated in 1986 and has produced at an average grade of 1.2-1.4% Cu. Historical near surface drilling (60 to 71.63m) intercepted 1.79 % Cu over 10.54m including 2.29% Cu over 7.30 m. The project remains open for exploration.
Mostardeira Copper-Gold Mine
This Cu-Au mine area, located approximately 2 km south of the town of Estremoz represents a wide WSW-ESE shear zone that is developed for at least 700 m along strike and is open into both directions. This shear zone has been historically mined for Cu with most of the mining works concentrated along a thin high-grade Cu zone (<2m) averaging over 5% Cu.
Mineralization is hosted by Silurian and Devonian metasediments. Channel sampling by Rio Narcea (2006) has intercepted the following mineralized intervals: 2.60m grading 4.15 g/t Au, 0.40% Cu including 0.60m grading 11.20 g/t Au and 0.65 % Cu and another 3.60m interval grading 2.40 g/t Au, 0.82 % Cu and 80 g/t Ag. The average grade for the total of 34 samples analysed was 1.54 g/t Au, 22 g/t Ag and 0.25% Cu with a maximum of 11.20 g/t Au and a minimum of 0.10 g/t Au. The project is open for exploration.
Bugalho Copper-Gold Mine
Dump samples of silicified and sheared acid tuffs from the Bugalho mine area assay up to 10.97 g/t Au, 5.36% Cu and 20 g/t Ag.
Mineralization can be mapped about 5 km along strike and includes three main veins up to 1.3m thick within a several meter wide shear zone. The project is open for exploration.
Almagreira Gold Prospect
This area Drilling has been identified by Rio Tinto during the early eighties and limited trenching and drilling have indicated the presence of gold mineralization associated with clay-sericite-silica alteration zones associated with a ENE-WSW fracture zone and represents an epithermal system identified in this sector hosted by brecciated acid volcanics and dolomites.
Historical drilling intercepted an interval of 5.45 m grading 1.53 g/t Au, including 2.47m grading 2.44 g/t Au from hole PAM-01. The highest individual value obtained came from a gossanous quartz-dolomite altered marble grading 5.77 g/t Au over an intercept of 0.75m. Hole Pam-02 intercepted an interval of 2m grading 3.7 g/t Au. The mineralized zone coincides with sections of intense silica-carbonate alteration with several massive gossan zones and localized fresh sulphide dissemination (chalcopyrite and pyrite). The project is open for exploration.
Transaction Details
Europacific has acquired the remaining 30% equity interest in EVX Portugal (that it did not already own) by making a cash payment of $50,000 to EVX (paid) and by issuing a total of 700,000 Europacific common shares to EVX by July 25, 2023, subject to receipt of Toronto Stock Exchange Venture approval. The Europacific shares (to be issued) will bear certain trading restrictions.
About Europacific Metals Inc
Europacific Metals Inc. is a Canadian public company listed on TSXV and in US on OTCQB. The Company holds brownfield gold, and copper-gold projects located in Portugal. The Company is focused on exploration in highly prospective geological settings in Europe and Eurasian jurisdictions.
Source: Junior Mining Network
