Avrupa Minerals Updates on Exploration Progress and Opportunities
VANCOUVER, British Columbia, Oct.03, 2017(GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (TSX-V:AVU) presents the following update on completed Summer 2017 exploration work.Exploration work is ongoing at several projects in Portugal, and the summer program in Kosovo has been completed.Partners are funding two projects in Portugal: Alvito with OZ Minerals and Covas with Blackheath Resources Inc.In Kosovo, Byrnecut International, through the JV company Peshter Mining JSC, is operating the Slivovo Gold Project.Avrupa continues to review new projects in Germany, Kosovo, Portugal and elsewhere in Europe.
Avrupa plans to attend the Mines and Money Americas Conference in Toronto (October 3-4).The Company's technical and financial management will be available both days at Booth B31 at the Delta Toronto Hotel Conference Center.
In the coming month, Avrupa also plans to attend and exhibit at the New Orleans Investment Conference (October 25-28), and at the Munich Precious Metals Show (November 2-3).Details on how to contact Company management will be forthcoming.
Portugal - Iberian Pyrite Belt
- Alvalade Project (copper-zinc), now 100% owned
-- Avrupa's updated study of newly-available information shows that the Alvalade Project holds a significant brownfields/development target in the Caveira-Lousal-Sesmarias District.
-- Historic mining at the Lousal Mine during the 19th and 20th centuries reportedly produced 20-25 million metric tonnes of high iron sulfide material for the sulfuric acid (fertilizer) business.
The numbers are compiled from numerous historic internal production reports.These reports are incomplete, but they indicate that the mine hoisted about 238,000 metric tonnes per year from 1953 through its closure in 1988. The production estimate extrapolated an annual production of 238,000 metric tonnes per annum back to 1900, and is believed to provide a reasonable maximum production estimate. No mining estimates have been made for the Caveira Mine, and the Sesmarias discovery has not been mined. Avrupa's QP has reviewed the data and has verified its existence and accuracy.
-- Historical reports suggest that up to 30 million metric tonnes of copper-zinc-iron-bearing massive sulfide material remain in the ground at the historic Lousal Mine.
The historic resource estimates are contained in a report authored by Leistel et al in 1998, estimated a global mineral inventory of 50 Mt grading 0.7% Cu, 0.8% Pb, and 1.4% for the Lousal Mine. The Caveira Mine does not have any known global mineral inventory. The Sesmarias discovery has limited scout drilling and no global mineral inventory.
The work needed to provide a modern estimate has not been done, but would include re-analysis of historic core, drilling, sampling, and three-dimensional modeling. Avrupa's QP has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company does not treat the historical estimate as current mineral resources or mineral reserves.
-- Avrupa's recent copper-lead-zinc discoveries at Sesmarias and Monte da Bela Vista add to potential upgrades in the District.
-- The Company has identified greenfields exploration targets along the entire 20-kilometer trend.
-- Avrupa controls the mineral rights along the entire trend.
-- Avrupa is actively looking for a joint venture partner to further advance the Alvalade opportunity.
- Mertola Project (copper-zinc), 100%-owned
-- Avrupa is preparing an updated study of the historic S??o Domingos Mine located on the eastern end of the license.
-- The mine reportedly produced up to 25 million metric tonnes of copper-bearing massive sulfide material during the 20th century.
This resource estimate was compiled from historic reports. The 1963 Mason & Barry Annual Report indicates that nearly 22 million metric tonnes had been extracted during 106 years of production, and the reserves were expected to run out at the end of 1965.
No newer resource estimates have been done for the S??o Domingos Mine. The work needed to provide a modern estimate has not been done, but would include re-analysis of historic core, drilling, sampling, and three-dimensional modeling. Avrupa's QP has reviewed the data and has verified its existence and accuracy.
-- New information suggests further brownfields exploration possibilities within sight of the mine complex.
-- Several targets at the old Chan??a Mine, located less than 10 kilometers away from S??o Domingos, are currently drill-ready.
-- Avrupa plans to option out the Mertola project to a partner, and marketing of the project is underway. - Marateca Project (copper-zinc), 100%-owned
-- The Marateca Project covers more than ten massive sulfide targets around the license.
-- Several targets are drill-ready, including the Pego do Altar gossan target, at which recent scout drilling demonstrated continuity of mineralization down dip from the gossan outcrops.
-- The Company recently located two new potential target areas during regional exploration traverses.
-- Marateca is drill-ready and is available for joint venture.
Portugal - IOCG and Tungsten
- Alvito Option Project (copper-gold), 100%-owned
-- OZ Minerals funding all exploration work.
-- Ground geophysical surveys nearly completed; interpretations underway.
-- Geological mapping continuing.
-- The Company discovered new copper targets within the license area during the geophysical surveying and data collection.
-- Detailed drill targeting is underway, based on historical data and data from the detailed exploration work completed this summer.
-- Plans for 1,500- to 2,000-meter drilling program are underway for a mid-October startup.
- Covas JV (tungsten), 75% Blackheath Resources Inc./25% Avrupa Minerals
-- Blackheath Resources funding all exploration work.
-- Plans for a drill test of a bulk tonnage tungsten target are underway.
-- Single hole, deep test of a coincident geophysical and geochemical anomaly is planned for Q4 2017.
-- The Covas area is strongly altered, has a strong reverse geophysical signature, is hosted in mixed granitic and sedimentary rocks, and carries an Au-As-Mo-Bi-Tl-Fe-Sn geochemical signature.
-- The geochemical signature is a positive feature for intrusion-related tungsten mineralization.
Kosovo - Vardar Mineral Trend
- Slivovo Gold Project
-- Drill program completed at the Peshter target area, including 17 holes and 6,176 meters.
-- New, more robust geo-structural exploration model updated for the Slivovo area.The structure is more complicated than previously interpreted, but leaves room and targets for future drilling programs.
-- Results to be reported upon receipt.
-- Byrnecut continues to fully fund the Project.
-- Avrupa being diluted to a 2% NSR royalty at Slivovo.
- Metovit Ag-Pb-Zn Project
-- Previous soil sampling suggests gold and base metal target areas.
-- Planning underway for geological, geochemical, and targeting follow-up for Q4 work.
-- Aim to get to a decision point for partner-readiness.
Germany - Erzgebirge Mining District
- Oelsnitz Au-Sn Project
-- Project inactive until now.
-- Reviewing historic targeting data from start of project.
-- Plans for Q4 follow-up of separate Au-Sb and Co geochemical anomalism underway.
-- The Company has identified three areas for further follow-up work with the idea of identifying the source of anomalism and deciding on the path of further, more detailed update and targeting.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company currently holds eight exploration licenses in three European countries, including five in Portugal covering 2,911 km2, two in Kosovo covering 47 km2, and one in Germany covering 307 km2.Avrupa now has three active option and joint venture agreements, two in Portugal and one in Kosovo, including:
- The Alvito Option Agreement with OZ Minerals Limited covering one license in the Ossa Morena Zone in southern Portugal, for IOCG deposits;
- The Covas JV, with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W deposits; and
- Avrupa's partner at the Slivovo Gold Project in Kosovo is fully funding the program, allowing Avrupa to dilute its ownership in the JV operating company Peshter Mining JSC.If AVU ownership goes below 10%, the interest in the project converts to a 2% NSR.
- In addition, in the Iberian Pyrite Belt of south Portugal, the Company has the Alvalade Project, now 100% owned by Avrupa, where previous partners have spent over US$ 7.6 million on exploration for VMS copper, zinc, and lead, mineralization, resulting in discoveries at Sesmarias and Monte da Bela Vista.
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
On behalf of the Board,
"Paul W. Kuhn"
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content.Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.He has reviewed the technical disclosure in this release.Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.