AVPMF - Avrupa Minerals Ltd. 2023 Progress and 2024 Plans
(TheNewswire)
Vancouver, BC – TheNewswire –February 21, 2024 - AvrupaMinerals Ltd. (AVU:TSXV) is pleased to report onits progress during 2023 on programs in Portugal, Kosovo, and Finland,as well as comment on expected programs for 2024. The Company’sprojects in Kosovo and Portugal are fully-funded by Joint Venturepartners. The Company is seeking a potential joint venture entityfor its program(s) in the Vihanti-Pyhäsalmi VMS District, CentralFinland.
Paul W. Kuhn, President and CEO of Avrupa Minerals(“AVU” or “Company”), noted, “Strong progress in depositdefinition work at the Sesmarias copper-zinc-lead Project in Portugalduring 2023 will be the underpinning for an aggressive drillingprogram in the SES Central Zone starting in Q2 2024.
After a successful PEA and Mineral Resource Estimateupgrade at the Slivova Project in Kosovo during 2023, we are lookingforward to further upgrade of the precious metal inventory in andaround the deposit, itself, as well as continued progress in the ESGaspects of the Project.
In Finland, we acquired new massive sulfide licenses ina well-endowed mining district, defined new drilling targets at oneformer producer, discussed the potential of acquiring several otherVMS base metal targets, and commenced search for viable joint venturepartners to advance the program there.”
Portugal
Drilling continued throughout the year around theAlvalade pre-exploitation license in several target areas, includingCaveira South, Casas Novas, Lousal Northwest, Brejo, and Sesmarias. The Company drilled 14 holes totaling 6,530 meters in 2023: two atCaveira South, one at Casas Novas, four in the Lousal Northwest area,one at Brejo, and six in the Sesmarias massive sulfide VMS depositarea.
Figures 1, 1a. 2023 drilling along trend of Pyrite Belt mineralizationwithin the Alvalade JV license, with Sesmarias enlargement. Background data from 2020-21 helicopter-supported VTEM project. Intense electromagnetic response to railroad tracks and power linesin linear purple colors.
The highlight of the 2023 drilling program was there-discovery of the high-grade copper-zinc-lead-silver mineralizationat Sesmarias in SES23-047 (see AVU news release June 12, 2023 ). Follow-updrilling at Sesmarias confirmed potential for more high-grade massivesulfide and stockwork mineralization in the Central Zone at Sesmarias(see AVU news release November 28, 2023 ). The successof the Sesmarias drilling underlies potential for the next phase ofdrilling there, tentatively commencing in Q2 of 2024. This phasewill be aimed at defining the high-grade mineralization locatedin/around the hinge of the Sesmarias Syncline, particularly alongstrike between the 250 South and 800 South section lines, noted in thefigures below. Plans for the next phase are underway.
To enhance targeting at Sesmarias, The Companyperformed an IP-Resistivity survey at the end of 2023 coveringSesmarias Central and Northern Zones and the Brejo target area justnorth of Sesmarias. Results are presently under evaluation,particularly for the North area and for the Brejo area where we haveless historic drilling information. The level of success in thecoming phase of drilling will determine how best to move towards amining license application which will be necessary in the first halfof 2025.
Figure 2. Sesmarias section lines, AVU generated. Drillholes in redwere completed during 2023 drilling program. Coordinate system, UTMZone 29 (ED50).
Figure 3. Known massive sulfide mineralization at Sesmarias, open bothnorth and south. Drilling in the upcoming phase will targetpotential high-grade mineralization in the Central Zone between 250South and 800 South sections. Modeling and interpretation ofaccumulated data suggests that strong, polymetallic VMS mineralizationis hosted in and close to the hinge of the Sesmarias Syncline. UTMZone 29 (ED50).
Drilling in the northern target areas of the Alvaladelicense was less successful than at Sesmarias. Drilling intersectednarrow lenses of polymetallic sulfide mineralization in both CaveiraSouth drill holes and wispy, distal facies, replacement sulfidemineralization in the Casas Novas drill hole. We hope to dofollow-up drilling in both areas at some pointin the future, but there are no plans for this in the up-comingdrilling phase. Drilling at Lousal Northwest intercepted the mineralhorizon black shales, but no significant sulfidemineralization.
The Alvalade project is a joint venture between AvrupaMinerals and Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or“MATSA”). Avrupa continues to operate the project through the JVentity PorMining Lda., and MATSA continues to fund the explorationwork.
Kosovo
Work continued at the Slivova gold-silver project inKosovo during 2023, undertaken by partner Western Tethyan Resources,and supported by 70%-owner Ariana Resources. Highlights of the workincluded the completion of a NI 43-101 Preliminary Economic Assessment(PEA) study that included a significant mineral resources’ upgrade(see AVU news releases July 17, 2023 and September 6, 2023 for further,detailed information and notes concerning QP sign-off).
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Global in situ gold resource increases by 78% over original MRE
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Global in situ silver resource increases by 113% over original MRE
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New MRE figures:
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Measured Resources: 835,000 mt @ 4.3 g/t Au and 15 g/t Ag
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Indicated Resources: 296,000 mt @ 3.6 g/t Au and 15 g/t Ag
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Inferred Resources: 250,000 mt @ 3.7 g/t Au and 13 g/t Ag
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4,500-meter drilling program planned for the next phase of field work,which will include resource infill drilling and exploration drillingaround the license
Western Tethyan also commenced environmental and socialbaseline studies in the project area, committing to a strong andpositive social relationship with the communities around the projectarea, and performed exploration rock and soil sampling around thelicense to help identify satellite deposits. The government issuedtrenching and drilling permits for this year, and Western Tethyan isin the midst of planning and budgeting for the 2024 program. Workplanned, in addition to continued environmental and social licensing,includes trenching over several untested targets and explorationdrilling outside of the main deposit in efforts to increase themineral resources. Eventually, there may be some infill drillingcompleted in 2024, as well. We anticipate that Western Tethyan willperform the necessary work to reach the 51% ownership level of thelicense during 2024, as required by the JV agreement (see news releaseof May 9, 2023 ).
Finland
During 2023, Avrupa’s 49%-held Akkerman Finland Oy(AFOy) continued to advance the exploration program in theVihanti-Pyhäsalmi VMS District of central Finland. The jointventure now holds two exploration permits covering known massivesulfide deposits (Kangasjärvi and Hallaperä), an application over amassive sulfide deposit (Rauhala), and an exploration permit coveringa massive sulfide target (Kolima) that has been approved by the miningbureau, but not yet issued due to appeals court handling of theprocess.
Basic exploration work, continued review of historiccore and geophysical data, and modeling of SkyTEM data from theKangasjärvi license suggest an outstanding un-drilled target close tothe old Kangasjärvi Mine. The joint venture is making plans fordrilling at the target in 2024. There are further SkyTEM anomaliesthat may rate drilling after planned exploration work during theup-coming field season.
Figure 4. Mapof Vihanti-Pyhäsalmi VMS District with AFOy-AVU holdings and locationof the two major mines, Pyhäsalmi and Vihanti.
Figure 5. Plan view of the Kangasjärvi SkyTEM drill target, showing astrong conductor northwest and across a major area fault from thehistoric Kangasjärvi Mine. Most of the conductor has never beendrilled.
Figure 6. Kangasjärvi SkyTEM drill target, section view. The jointventure plans three diamond drill holes totaling 1000 meters laterthis year. There are other SkyTEM anomalies around the license thatmay become drill-ready later this year.
AFOy officially acquired the Hallaperä explorationlicense in the past year. The license covers a known massive sulfidedeposit discovered by Outokumpu in 1967. The deposit is 1,500 meterslong and ranges from two to 18 meters thick. It remains open atdepth below 200 meters from the surface. The most recent drilling,in 1990, cut 1.85 meters @ 1.72% Cu, 1.7 g/t Au, and 44 g/t Ag, withno further work completed since that time.
Figure 7. Copy of the original geological map of the Hallaperä VMDdeposit.
The Finnish mining bureau recently awarded anexploration permit to AFOy for another license covering a massivesulfide deposit near the historic Vihanti Mine. The Rauhala depositwas discovered in 1985 by the Finnish Geological Survey (GTK), andlater worked by Outokumpu Oy. It measures nearly 600 meters long and350 meters wide and averages about 2 meters thick, as presently known. Virtually no work on the deposit has been completed in the past20-25 years.
Figure 8. Plan view of the Rauha Deposit (blue/black/yellow lenticularoutline). The deposit was discovered via a zinc anomaly in tillmaterial, and is covered by 2-20 meters of till at its closest pointto the surface.
Figure 9. Section view of the sediment-hosted Rauhala Deposit,sub-cropping under 2 to 20 meters of till.
Upcoming Events
Avrupa will attend PDAC and participate in the WesternTethyan and Europe Session, organized by Mundoro Capital on Sundaymorning, March 3 rd , at 8-12 am in Room 206D. We haveaccepted an invitation to present updated information about theCompany’s Sesmarias Joint Venture Project. Later, Avrupa willdisplay Sesmarias core at Booth # 2614B, Tuesday and Wednesday, March5 th and 6 th in the main investor’s hall at the Conference.
Minas de Aguas Teñidas, S.A.(Sandfire MATSA) is a modern mining companywhich owns and operates the MATSA Mining Operations in the Huelvaprovince of Spain. With a processing plant located to the north of theIberian Pyrite Belt that sources ore from three underground mines,Aguas Teñidas and Magdalena Mines in Almonaster la Real and theSotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and leadmineral concentrates that are sold from the port of Huelva. SandfireMATSA also holds an extensive portfolio of exploration tenements inboth Portugal and Spain. Sandfire MATSA is a wholly owned company ofSandfire Resources Ltd, a mining and exploration company listed on theAustralian Securities Exchange (ASX: SFR).
Western Tethyan Resources (WTR) is a UK-registered, mineral exploration anddevelopment company focused on South East Europe. The company has astrategic alliance with Newmont Corporation and Ariana Resources andis currently focused on exploration for major copper-gold deposits inthe Lecce Magmatic Complex and Vardar Belt. The company is assessingseveral other exploration project opportunities across Eastern Europe,targeting copper-gold deposits across the porphyry-epithermaltransition.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and developmentcompany directed to discovery of mineral deposits, using a hybridprospect generator business model. The Company holds one 100%-ownedlicense in Portugal, the Alvalade VMS Project, presently optioned toSandfire MATSA in an earn-in joint venture agreement. The Companynow holds one 100%-owned exploration license covering the Slivova goldprospect in Kosovo, and is actively advancing four prospects incentral Finland through its joint venture in Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable andprospective regions of Europe, presently including Portugal, Finland,and Kosovo. The Company continues to seek and develop otheropportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared byCompany management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a LicensedProfessional Geologist and a Registered Member of the Society ofMining Engineers, is a Qualified Person as defined by NationalInstrument 43-101 of the Canadian Securities Administrators. He hasreviewed the technical disclosure in this release. Mr. Kuhn, the QP,has not only reviewed, but prepared and supervised the preparation orapproval of the scientific and technical content in the newsrelease.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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