Avrupa Minerals (CVE:AVU) says it has started phase 2 diamond drilling program at its Covas tungsten joint venture in northwest Portugal, which is operated by the Canadian company and fully funded by partner Blackheath Resources (CVE:BHR).

The new diamon drilling program, which will include up to 2,000 metres of drilling at up to 19 separate locations, will aim to expand known deposits and mineralization around the Covas property.

This latest round of drilling follows the previous phase 1, which the partners completed earlier this year.

"We are excited about the start-up of Phase 2 drilling at Covas. After good success in the Phase 1 diamon drilling program, we have developed a number of new targets designed to enlarge and upgrade the known tungsten mineralization in our key areas, as well as several other new areas," said Avrupa president and CEO, Paul W. Kuhn, in a statement released Thursday.

"We are eager to continue to expand the historic resources at Covas and move towards the next phase in the exploration and development of the project."

Specifically, the phase 2 program will focus on step-out expansion targets in several of the known tungsten-bearing skarn zones that were found in the previous round, the company said. It will start with the Lapa Grande area, following on results from phase 1 which included an intercept of 2.89% tungsten over 5.10 metres. The Telheira deposit will also be drilled after results of 2.11% tungsten over 7.98 metres.              

Covas is a past-producing tungsten mine, and remaining historic resources on the property have been estimated at 922,900 metric tonnes of 0.78% tungsten by Union Carbide in 1980, based on work including 327 drill holes on the property. Avrupa says mineralization is open to expansion.

The price of tungsten has increased significantly in recent years and is currently approximately $41 per kilogram of contained tungsten trioxide, according to the Canadian junior explorer's statement.  

Avrupa, which has properties in Portugal, Kosovo and Germany, holds a total of 16 exploration licenses in these European countries, including 10 in Portugal. It operates three joint ventures in Portugal, including the Covas partnership with Blackheath and the Alvalade joint venture with Antofagasta Minerals in the southern part of the country.        

Earlier this year, it signed a third deal to option out its Arga tungsten-gold project to tungsten explorer Blackheath, giving Blackheath the option to acquire up to an 85 per cent interest in the property over several years.


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Vantage Drilling Company (Vantage) announced Monday that the Tungsten Explorer (UDW drillship) commenced initial operations in Southeast Asia on the morning Sept. 20.

Vantage also announced that the Sapphire Driller (375' ILC) has received a Letter of Intent for an 18 month contract plus options to work in West Africa. This contract will replace the previously announced two-year Letter of Award, as Vantage was unable to satisfactorily resolve significant contract issues with the previous customer. The estimated revenue over the initial 18 month term of the contract is approximately $100.4 million, including mobilization.

Allegheny's tungsten material business, ATI Tungsten Materials, makes tungsten powder, tungsten heavy alloys, tungsten carbide materials and carbide-cutting tools.

"It is a very core strategic deal for (Kennametal) that enhances its tungsten recycling capability," Longbow Research analyst Eli Lustgarten told Reuters.

Kennametal said the acquired business, which recovers tungsten from scrap, would boost raw material sourcing and accelerate plans to develop an advanced tungsten carbide recycling facility in the United States.

"We expect this acquisition to reduce our raw material costs while securing our supply of tungsten," Chief Financial Officer Frank Simpkins said on a conference call with analysts.

Kennametal's metal-cutting tools, tooling supplies and other products are used for making products such as airframes, and in mining operations and oil wells.

The deal with Allegheny also aligns with Kennametal's acquisition of Comercializadora Emura S.R.L. that closed in August, the company said.

La Paz, Bolivia-based Emura processes and sells tungsten ore material.

Kennametal's shares were up 1.2 percent at $46.54 in afternoon trading on the New York Stock Exchange, while those of Allegheny Technologies were up nearly 9 percent at $31.12.

Allegheny said the sale would help it concentrate on its high-performance metals and flat-rolled products businesses.

Kennametal said the acquisition would also strengthen its tooling business in the areas of metal cutting and metal finishing technologies, adding brands such as Stellram Products and Garryson Products.

The company said it expects the acquisition to reduce planned capital expenditure by about $30 million-$35 million.

Kennametal said it plans to fund the acquisition through a combination of cash and credit. The deal is expected to be neutral to earnings for fiscal 2014 ending June.

"The acquisition will be accretive to earnings per share within a year," Chief Executive Carlos Cardoso said on the call.

J.P. Morgan Securities LLC advised Kennametal. Goldman, Sachs & Co was the financial adviser to Allegheny, while K&L Gates LLP was the legal counsel.

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CLOVER The Clover High School Band Boosters in partnership with Custom Recycling of York will hold a metal drive 9 a.m.-5 p.m. Saturday, Sept. 7, and 11 a.m.-5 p.m. Sunday, Sept. 8, at Clover High School to raise money for the band program’s general fund.

A 30-yard roll off container will be set up for collections in the back parking lot of the high school. The Boosters will accept almost all scrap metal parts during this metal drive including aluminum, copper, brass, carbide, cobalt, electric motors, electronic scraps, gold, iron, lead, lithosheet, molybdenum, nickel, precious metals, radiators, silver, solder, steel, tin, titanium, tungsten and X-ray film.

Family wins Primrose scholarship

CHARLOTTE The Hancock family of Belmont, who recently moved from Lake Wylie, returned to Primrose School of Lake Wylie in Steele Creek for the first day of school Aug. 26 after winning a scholarship during the Primrose Schools National Facebook Scholarship Sweepstakes.

To promote its inaugural National Open House Event last month, Primrose Schools offered current and prospective families the opportunity to win a one-year scholarship by entering the sweepstakes on Facebook.

Sara Hancock, mother of two, received the one-year scholarship after her family was randomly selected as the grand prize winner.

Family wins Primrose scholarship

CHARLOTTE The Hancock family of Belmont, who recently moved from Lake Wylie, returned to Primrose School of Lake Wylie in Steele Creek for the first day of school Aug. 26 after winning a scholarship during the Primrose Schools National Facebook Scholarship Sweepstakes.

To promote its inaugural National Open House Event last month, Primrose Schools offered current and prospective families the opportunity to win a one-year scholarship by entering the sweepstakes on Facebook.

Sara Hancock, mother of two, received the one-year scholarship after her family was randomly selected as the grand prize winner.
 

Tungsten Carbide Manufacturer & Supplier: http://www.tungsten-carbide.com.cn
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