European electric update on portugal copper project gas city indiana post office

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European Electric Metals Inc announced that it has signed an agreement to acquire an exploration application in Portugal for an advanced stage copper asset with historic production. The application for the 329 sqkm (3,290 ha) Borba 2 license is now well advanced after the completion of the public announcement period with no objections or competition. Borba 2 is located 160 road km to the east of Lisbon. The remaining licensing process will involve preparation of definitive terms of the contract with the government. Once this phase is completed the State Secretary of Energy will set the date of signing.

Miguel Vacas is a former operating open pit mine which operated intermittently between 1925 and 1986 producing an estimated amount of 464,000 tonnes of oxide and sulphide mineralized materials grading 2.1% Cu prior to its closure. Mining included a sulphuric acid heap leach operation of the shallower oxidised ore material.

Mineralization consists of secondary copper minerals near surface and primarily chalcopyrite in the sulfide zone below 80m. The mineralization is associated with a 13m wide steeply dipping vein system and breccia zone within a 20-30m wide shear zone trending north-south. Mineralization has been traced on surface and in drill holes over a 2km length of the shear zone.

Sampling by Rio Narcea Gold Mines Ltd., in 2006, in the pit identified a 13m mineralized zone grading 1.6% Cu with a high-grade zone of 2m grading 4.9% Cu. Rio Narcea completed a resource estimate based on 100m x 100m drilling campaign (20 drill holes in total) within 1 km of the 2km recognized shear zone and estimated (non-NI 43-101 compliant) 5.5 Mt of combined oxide and sulfide mineralization grading 1.2% Cu.

The Company believes there is potential for significant mineralization to continue below the historic pit and along the 2km mineralized shear zone both in the remaining near surface oxidised part and the sulphide material below. As no systematic assays for other metals were done in the past, the Company believes there is the potential for finding other valuable metals such as cobalt, gold and/or silver associated with copper.

The Bugalho Mine Area contains a historic underground mine on a separate mineralized trend from the Miguel Vacas zone. Mineralization is associated with a 1km long section of a fault zone that trends generally north-south which includes three veins that were mined in the past. Vein 1 is up to 1.2 m thick and was mined 800 m along strike, Vein 2 averaged 1.3 m thick and thickness and length of Vein 3 is not known.

The primary copper mineralization consists of chalcopyrite and pyrite within quartz-carbonate matrix. Supergene copper mineralization consists of malachite, hematite and scorodite. The mine operated intermittently from 1800 to 1900. There are 9 underground levels known down to a depth of 200m.

European Electric Metals Inc announced that it has signed an agreement to acquire an exploration application in Portugal for an advanced stage copper asset with historic production. The application for the 329 sqkm (3,290 ha) Borba 2 license is now well advanced after the completion of the public announcement period with no objections or competition. Borba 2 is located 160 road km to the east of Lisbon. The remaining licensing process will involve preparation of definitive terms of the contract with the government. Once this phase is completed the State Secretary of Energy will set the date of signing.

Miguel Vacas is a former operating open pit mine which operated intermittently between 1925 and 1986 producing an estimated amount of 464,000 tonnes of oxide and sulphide mineralized materials grading 2.1% Cu prior to its closure. Mining included a sulphuric acid heap leach operation of the shallower oxidised ore material.

Mineralization consists of secondary copper minerals near surface and primarily chalcopyrite in the sulfide zone below 80m. The mineralization is associated with a 13m wide steeply dipping vein system and breccia zone within a 20-30m wide shear zone trending north-south. Mineralization has been traced on surface and in drill holes over a 2km length of the shear zone.

Sampling by Rio Narcea Gold Mines Ltd., in 2006, in the pit identified a 13m mineralized zone grading 1.6% Cu with a high-grade zone of 2m grading 4.9% Cu. Rio Narcea completed a resource estimate based on 100m x 100m drilling campaign (20 drill holes in total) within 1 km of the 2km recognized shear zone and estimated (non-NI 43-101 compliant) 5.5 Mt of combined oxide and sulfide mineralization grading 1.2% Cu.

The Company believes there is potential for significant mineralization to continue below the historic pit and along the 2km mineralized shear zone both in the remaining near surface oxidised part and the sulphide material below. As no systematic assays for other metals were done in the past, the Company believes there is the potential for finding other valuable metals such as cobalt, gold and/or silver associated with copper.

The Bugalho Mine Area contains a historic underground mine on a separate mineralized trend from the Miguel Vacas zone. Mineralization is associated with a 1km long section of a fault zone that trends generally north-south which includes three veins that were mined in the past. Vein 1 is up to 1.2 m thick and was mined 800 m along strike, Vein 2 averaged 1.3 m thick and thickness and length of Vein 3 is not known.

The primary copper mineralization consists of chalcopyrite and pyrite within quartz-carbonate matrix. Supergene copper mineralization consists of malachite, hematite and scorodite. The mine operated intermittently from 1800 to 1900. There are 9 underground levels known down to a depth of 200m.