Auroch Minerals, in which mining investment specialist Cadence Minerals PLC (LON:KDNC) holds a 7.7% stake, has announced that it is to enter into a joint venture near the giant Neves-Corvo copper mine in Portugal.
According to Cadence, the Alcoutim project shows similar geophysical anomalies to Neves-Corvo, which itself contains around eight mln tonnes of copper and zinc metal.
Twenty-two geophysical targets, comprising gravity, magnetic and EM anomalies have now been identified.
Stage one of an exploration drilling programme will commence within ten weeks and comprise five diamond drill holes for approximately 5,600m into the highest priority geophysical targets.
The Iberian Pyrite Belt, on which Neves-Corvo and Alcoutim are both located, is one of the largest and most significant mining districts in the world, and is renowned for its poly-metallic deposits.
There are over eighty known deposits in the district, with combined resources totalling in excess of 1,700 million tons.