Mr. Paul Kuhn reports

AVRUPA MINERALS LTD. 2023 PROGRESS AND 2024 PLANS

Avrupa Minerals Ltd. has provided an update on its progress during 2023 on programs in Portugal, Kosovo and Finland, and commented on expected programs for 2024. The company's projects in Kosovo and Portugal are fully financed by joint venture partners. The company is seeking a potential joint venture entity for its program(s) in the Vihanti-Pyhasalmi volcanogenic massive sulphide district, central Finland.

Paul W. Kuhn, president and chief executive officer of Avrupa Minerals, noted: "Strong progress in deposit definition work at the Sesmarias copper-zinc-lead project in Portugal during 2023 will be the underpinning for an aggressive drilling program in the SES Central zone starting in Q2 2024.

"After a successful PEA and mineral resource estimate upgrade at the Slivova project in Kosovo during 2023, we are looking forward to further upgrade of the precious metal inventory in and around the deposit itself, as well as continued progress in the ESG aspects of the project.

"In Finland, we acquired new massive sulphide licences in a well-endowed mining district, defined new drilling targets at one former producer, discussed the potential of acquiring several other VMS base metal targets and commenced search for viable joint venture partners to advance the program there."

Portugal

Drilling continued throughout the year around the Alvalade pre-exploitation licence in several target areas, including Caveira South, Casas Novas, Lousal Northwest, Brejo and Sesmarias. The company drilled 14 holes totalling 6,530 metres in 2023: two at Caveira South, one at Casas Novas, four in the Lousal Northwest area, one at Brejo and six in the Sesmarias massive sulphide VMS deposit area.

The highlight of the 2023 drilling program was the rediscovery of the high-grade copper-zinc-lead-silver mineralization at Sesmarias in SES23-047 (see news release June 12, 2023). Follow-up drilling at Sesmarias confirmed potential for more high-grade massive sulphide and stockwork mineralization in the Central zone at Sesmarias (see news release Nov. 28, 2023). The success of the Sesmarias drilling underlies potential for the next phase of drilling there, tentatively commencing in Q2 of 2024. This phase will be aimed at defining the high-grade mineralization located in/around the hinge of the Sesmarias syncline, particularly along strike between the 250 South and 800 South section lines. Plans for the next phase are under way.

To enhance targeting at Sesmarias, the company performed an induced polarization resistivity survey at the end of 2023 covering Sesmarias Central and Northern zones and the Brejo target area just north of Sesmarias. Results are presently under evaluation, particularly for the north area and for the Brejo area where the company has less historic drilling information. The level of success in the coming phase of drilling will determine how best to move toward a mining licence application, which will be necessary in the first half of 2025.

Drilling in the coming phase will target potential high-grade mineralization in the Central zone between 250 South and 800 South sections. Modelling and interpretation of accumulated data suggest that strong, polymetallic VMS mineralization is hosted in and close to the hinge of the Sesmarias syncline.

Drilling in the northern target areas of the Alvalade licence was less successful than at Sesmarias. Drilling intersected narrow lenses of polymetallic sulphide mineralization in both Caveira South drill holes and wispy, distal facies, replacement sulphide mineralization in the Casas Novas drill hole. Avrupa hopes to do follow-up drilling in both areas at some point in the future, but there are no plans for this in the coming drilling phase. Drilling at Lousal Northwest intercepted the mineral horizon black shales, but no significant sulfide mineralization.

The Alvalade project is a joint venture between Avrupa Minerals and Minas de Aguas Tenidas SA (Sandfire MATSA or MATSA). Avrupa continues to operate the project through the JV entity PorMining Lda., and MATSA continues to finance the exploration work.

Kosovo

Work continued at the Slivova gold-silver project in Kosovo during 2023, undertaken by partner Western Tethyan Resources, and supported by 70-per-cent owner Ariana Resources. Highlights of the work included the completion of a National Instrument 43-101 preliminary economic assessment (PEA) study that included a significant mineral resources upgrade (see news releases July 17, 2023, and Sept. 6, 2023, for further, detailed information and notes concerning qualified person sign-off).

• Global in situ gold resource increases by 78 per cent over original MRE;
• Global in situ silver resource increases by 113 per cent over original MRE;
• New MRE figures:
  • Measured resources: 835,000 metric tonnes at 4.3 grams per tonne gold and 15 g/t silver;
  • Indicated resources: 296,000 metric tonnes at 3.6 g/t Au and 15 g/t Ag;
  • Inferred resources: 250,000 metric tonnes at 3.7 g/t Au and 13 g/t Ag.
• 4,500-metre drilling program planned for the next phase of fieldwork, which will include resource infill drilling and exploration drilling around the licence.

Western Tethyan also commenced environmental and social baseline studies in the project area, committing to a strong and positive social relationship with the communities around the project area, and performed exploration rock and soil sampling around the licence to help identify satellite deposits. The government issued trenching and drilling permits for this year, and Western Tethyan is in the midst of planning and budgeting for the 2024 program. Work planned, in addition to continued environmental and social licensing, includes trenching over several untested targets and exploration drilling outside of the main deposit in efforts to increase the mineral resources. Eventually, there may be some infill drilling completed in 2024, as well. Avrupa anticipates that Western Tethyan will perform the necessary work to reach the 51-per-cent ownership level of the licence during 2024, as required by the JV agreement (see news release of May 9, 2023).

Finland

During 2023, Avrupa's 49-per-cent-held Akkerman Finland Oy (AFOy) continued to advance the exploration program in the Vihanti-Pyhasalmi VMS district of central Finland. The joint venture now holds two exploration permits covering known massive sulphide deposits (Kangasjarvi and Hallapera), an application over a massive sulphide deposit (Rauhala) and an exploration permit covering a massive sulphide target (Kolima) that has been approved by the mining bureau, but not yet issued due to appeals court handling of the process.

Basic exploration work, continued review of historic core and geophysical data, and modelling of SkyTEM data from the Kangasjarvi licence suggest an outstanding undrilled target close to the old Kangasjarvi mine. The joint venture is making plans for drilling at the target in 2024. There are further SkyTEM anomalies that may rate drilling after planned exploration work during the coming field season.

The joint venture plans three diamond drill holes totalling 1,000 metres later this year. There are other SkyTEM anomalies around the licence that may become drill ready later this year.

AFOy officially acquired the Hallapera exploration licence in the past year. The licence covers a known massive sulphide deposit discovered by Outokumpu in 1967. The deposit is 1,500 metres long and ranges from two to 18 metres thick. It remains open at depth below 200 metres from the surface. The most recent drilling, in 1990, cut 1.85 metres at 1.72 per cent Cu, 1.7 g/t Au and 44 g/t Ag, with no further work completed since that time.

The Finnish mining bureau recently awarded an exploration permit to AFOy for another licence covering a massive sulphide deposit near the historic Vihanti mine. The Rauhala deposit was discovered in 1985 by the Finnish Geological Survey (GTK), and later worked by Outokumpu Oy. It measures nearly 600 metres long and 350 metres wide and averages about two metres thick, as presently known. Virtually no work on the deposit has been completed in the past 20 to 25 years.

Coming events

Avrupa will attend Prospectors & Developers Association of Canada and participate in the Western Tethyan and Europe session, organized by Mundoro Capital, on Sunday morning, March 3, at 8 a.m. to 12 p.m. in Room 206D. The company has accepted an invitation to present updated information about the company's Sesmarias joint venture project. Later, Avrupa will display Sesmarias core at booth No. 2614B, Tuesday and Wednesday, March 5 and 6, in the main investor's hall at the conference.

About Avrupa Minerals Ltd.

Avrupa is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The company holds one 100-per-cent-owned licence in Portugal, the Alvalade VMS project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The company now holds one 100-per-cent-owned exploration licence covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its joint venture in Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland and Kosovo. The company continues to seek and develop other opportunities around Europe.

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