European Electric Metals Inc. signed an agreement to acquire an exploration application for the Borba 2 area in Portugal, which holds two main copper targets, Miguel Vacas and Bugalho.
The company said May 23 that the Borba 2 license is now well-advanced after the completion of the public announcement period with no objections or competition.
Under the agreement, it will pay ePower Metals Inc. US$20,000 on approval of the license. EPower Metals will retain a 1% net smelter return, which can be acquired at any time by European Electric Metals for US$1 million.
Borba 2 covers 329 square kilometers, is 160 kilometers, by road, from Lisbon and has a history of copper production
The Miguel Vacas area is a former open pit mine that operated intermittently between 1925 and 1986, producing an estimated 464,000 tonnes of oxide and sulphide mineralized materials grading 2.1% copper.
The Bugalho mine area is on a separate mineralized trend to the Miguel Vacas zone and operated intermittently from 1800 to 1900.
