OZ Minerals has entered an earn-in agreement with Canadian-listed exploration company Avrupa Minerals on its Alvito copper-gold exploration project in Portugal.
The project, located two hours from Lisbon, is targeting a 24km long copper in soil anomaly at the Alvito site.
Initial tests at the site returned samples with copper grades in excess of one per cent copper and one gram per tonne of gold.
Under the agreement, OZ Minerals can earn a 51 per cent interest in the tenement by paying a minimum of $1 million on exploration in the first year. It can then earn an additional 24 per cent interest by spending another $3 million on exploration by September 23, 2019.
“Portugal is part of a growing exploration pipeline,” OZ Minerals CEO Andrew Cole said,
“Our international exploration approach is unchanged from Australia – working with good partners, being prepared to look afresh at prospective projects and making decision to stay or exit early based on the future value we see in the project.”
In January this year, OZ Minerals increased its copper production target for the next two years as it shifts towards the metal instead of gold.