Portex has entered into a joint venture with Empresa de Desenvolvimento Mineiro, SA ("EDM"), a Portuguese state-owned entity, whereby Portex owns 85% of the Lagoa Salgada concession and EDM owns 15%.
The Lagoa Salgada concession covers a partially defined massive sulphide deposit for which a NI 43-101 technical report and resource estimate was prepared by Tetra Tech Wardrop in January 2012. The resource estimate includes indicated resources of 2.9 mt at 7.2% zinc equivalent and inferred resources of 1.6 mt at 5.5% zinc equivalent. In addition, a second polymetallic mineralized horizon on the Lagoa Salgada concession was discovered at Rio de Moinhos, approximately 11 km southeast of the Lagoa Salgada deposit. Intercepts at Rio de Moinhos are interpreted to be lateral fringe mineralization of a separate massive sulphide zone.
The Lagoa Salgada property is located at the northwest extension of the Iberian Pyrite belt, which hosts numerous past and current producing mines in both Spain and Portugal. Lagoa Salgada is located approximately 60 km northwest of the large Aljustrel mining complex and 80 km northwest of the producing Neves-Corvo mine of Lundin Mining. The major connecting highway to the Algarve and rail line for transporting mine concentrates pass adjacent to the Lagoa Salgada project.
Lagoa Salgada NI 43-101 Technical Report and Resource Estimate
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