Among the highlights, it reported 28.95m at 0.48% copper, 0.77g/t gold, 15.7ppm silver, 0.52% lead and 1.31% zinc from 385.7m in hole SES026, which it said extended the "10" Lens by 300m to north.

It said it discovered a possible new mineralised horizon in SES026 above the "10" Lens, and intersected it with another two holes, while SES028 intercepted the end of "a significant feeder zone stockwork" beneath the "8" Lens.

"Discovery of the stockwork system in SES028 further supports that the Sesmarias system is a robust mineralising event," president and CEO Paul Kuhn said.

Avrupa owns 100% of Alvalade, after previous partners Antofagasta then Colt Resources bowed out, having spent about US$6.5 million and €1 million (US$1.1 million) respectively.

The company also owns the Alvito IOCG project in Portugal, previously subject to an earn-in by ASX-listed OZ Minerals, which opted out in October.

Avrupa has two other Portuguese projects, one in Germany and two in Kosovo either under, or available for, joint venture.

The company announced plans to raise C$1.5 million in October by issuing 30 million units at 5c to fund drilling at Alvalade and for general working capital, but closed the final tranche in February having raised a total of $832,000 (US$621,000).

Its shares, which had touched a 52-week high of C12.5c in June, lost 11% yesterday to remain at a one-year low of 4c, capitalising it at $4.4 million.