13:25:16 EDT Fri 03 Jul 2020
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Avrupa Minerals Ltd
Symbol AVU
Shares Issued 110,433,797
Close 2020-06-24 C$ 0.02
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Avrupa receives exploitation licence for Alvalade

2020-06-25 11:23 ET - News Release

Mr. Paul Kuhn reports


Avrupa Minerals Ltd. has received the new experimental exploitation licence (EEL), approved by the Portuguese mining bureau, for the Alvalade copper-zinc massive sulphide project, located in the Iberian pyrite belt (IPB) of Portugal.

Paul W. Kuhn, president and chief executive officer of Avrupa Minerals, commented: "We are extremely pleased to have the Alvalade five-year EEL issued to the joint venture company, PorMining Lda. With partner MATSA, we will be able to move forward using our joint, long-term Pyrite-belt experience and recent successes to potentially develop a world-class copper-zinc project within the Alvalade licence boundaries. We plan to immediately start the necessary work programs leading to the next drill project later this year."

Audra Walsh, CEO of MATSA, stated: "Obtaining the Alvalade exploration licence opens up new opportunities for exploration in Portugal. Exploration is one of MATSA's permanent objectives, as it is our future. The agreement with Avrupa Minerals is the beginning of our exploration in the Portuguese Pyrite belt."

The EEL covers an area of approximately 115 square kilometres, is valid for up to five years, and includes the Sesmarias massive sulphide discovery, the nearby historic Lousal mine, the Monte da Bela Vista stockwork zone and a number of other already-known massive sulphide targets. Avrupa will operate the project through a joint technical committee with full financing by MATSA for up to three years, subject to project milestones.

The size of the licence is approximately 115 square km and covers the most prospective panels of host rocks for massive sulphide deposits along the north-central zone of the Neves Corvo mineralization trend.

The project is optioned out to Minas de Aguas Tenidas SA (MATSA). The companies formed a joint venture entity, PorMining, to operate the continuing exploration on the Alvalade project (see company news releases of Oct. 1, 2019, and Nov. 20, 2019). As soon as physically and safely possible, work will commence with the review and full compilation of all historic data from the licence area. In order to define new and upgrade existing drill targets, both around Sesmarias and at other locations, initial physical work will include relogging selected Sesmarias core, first logging, and sampling of available, prior-to-Avrupa, historic core, geochemical exploration in selected target areas and Sesmarias extensions, and property-wide geophysics. Given the amount of initial targeting work planned and continued deference to the COVID-19 pandemic, commencement of drilling on the project is expected to occur during Q4 2020. All efforts to maintain a healthy, safe and sustainable working environment will continue to be the first and foremost priority at the project facilities and in the field.

MATSA is a private Spanish mining company, which owns and operates three mines in the province of Huelva (Andalusia, Spain): Aguas Tenidas, Magdalena and Sotiel. MATSA also holds 1,312 square km of exploration permits in the south of Spain and 1,106 square km in Portugal. Focused on innovation and the most advanced technology to develop modern and sustainable mines, MATSA is a 50:50 joint venture company of Mubadala Investment Company, which manages a global asset portfolio, endorsing the vision of a globally integrated and diversified economy through sustainable returns for its shareholder, the government of Abu Dhabi, and Trafigura, one of the world's leading commodity trading houses.

Paul W. Kuhn, president and chief executive officer 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.

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, now optioned to MATSA in an earn-in joint venture agreement.

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