Auroch Minerals (ASX: AOU)
Auroch Minerals (ASX:AOU) has now begun drilling for copper and zinc in the Iberian Pyrite Belt.
The Belt is one of the world’s most expansive and significant mining districts and plays host to the super-giant deposits of La Zarza and the original Rio Tinto mine, where it acted as the springboard for Rio’s success.
The area is known as the Land of the Giants due to the presence of nine giant (>100Mt) and three super-giant (>200Mt) volcanogenic massive sulphide (VMS) ore deposits.
The tightly held AOU has begun drilling at its Alcoutim Project, a 576 km2 area immediately along strike and down plunge from the $5.4 billion capped Lundin Mining’s giant Neves Corvo deposit — one of the world’s greatest minerals deposits, containing over 200 Mt of ore.
AOU has identified 22 targets and is currently drilling five diamond drill holes for a total of 5,600m.
The company commenced drilling ahead of schedule and its first assay results are now just around the corner.
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With copper expected to bounce back this year and zinc performing well, AOU is not only well placed in the region it is exploring, but with the commodities it is exploring for.
Currently capped at a tiny $15.4M, but with $7.8M in cash at hand, this company could now be on the verge of another giant mineral discovery, which could give it the leg up it needs to join existing giants in the region.