Avrupa Progress on Portugal Projects
VANCOUVER, B.C., Aug. 07, 2018 (GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (TSXV:AVU) (OTC:AVPMF) (FRANKFURT:8AM) (“Avrupa” or the Company”) is pleased to provide an update on its recent exploration activities in Portugal.
Alvito IOCG Project
In July, Avrupa completed drilling on the Alvito Iron Oxide Copper-Gold (IOCG) Project, presently joint ventured with OZ Minerals (see recent news releases, May 3 and July 3, 2018), who are spending A$ 1 million on exploration as the first stage earn-in to 51% of the 300-square kilometer Project. Avrupa is the operator of the program.
Avrupa drilled 18 holes, totaling 2,437.5 meters in eight separate prospect areas on the Alvito exploration license. IOCG-style mineralization is present in drill holes in at least two of the prospect areas, Entre Matinhas and Entre as Matas. Possible IOCG-style sulfide mineralization is present in drill holes at the Outeiro and Manisela prospects. Epithermal-style sulfide mineralization is present at the Mata and Cova das Minas prospects. All samples from drill holes with IOCG-style mineralization have now been processed and delivered to the ALS Minerals prep lab in Seville, Spain. Results are expected during the second half of August.
Pyrite Belt licenses – Alvalade, Mertola, and Marateca
Avrupa continues in the negotiation process with a large, North American mining company to joint venture all three licenses. The process has been slower than anticipated, but continues in a positive manner. In the meantime, Avrupa continues to explore on the licenses, maintaining the validity of the licenses for the anticipated joint venture.
Covas Tungsten Project
Blackheath Resources has notified Avrupa of their intention to cease funding for the Covas Tungsten Project. Avrupa has let the license lapse and is in the process of handing over data and core to the Geological Survey of Portugal (LNEG), as required by the mining regulations of Portugal.
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 seven exploration licenses in three European countries, including four in Portugal covering 2,892 km2, two in Kosovo covering 47 km2, and one in Germany covering 307 km2. Avrupa now has five active option and joint ventures, four in Portugal and one in Kosovo, including:
- The Alvalade, Marateca and Mertola properties with an international mining company on the Iberian Pyrite Belt in southern Portugal.
- The Alvito Option Agreement with OZ Minerals Limited covering one license in the Ossa Morena Zone in southern Portugal, for IOCG 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.
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.