Confirmation on Monday morning by Auroch Minerals (ASX: AOU) that the group had made rapid progress with its first deep diamond drill hole at the Alcoutim copper zinc project in Portugal prompted a share price spike of more than 5%.
AOU has the right to acquire 75% of the base and precious metals project located in south-eastern Portugal along strike from the supergiant Neves Corvo mine situated in the Western half of the world famous Iberian pyrite belt.
The Alcoutim project covers 576 square kilometres and lies immediately east and down plunge of Neves Corvo. Previous geophysical exploration has highlighted 22 targets that are characterised by coincident gravity and magnetic anomalies, and modelling of the data suggests target depths of between 700 metres and 1000 metres.
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