AVU:CC - Avrupa Minerals to Continue Positive Progress in Finland Portugal and Kosovo in 2023
(TheNewswire)
Vancouver, BC, - TheNewswire - February 8, 2023 – Avrupa Minerals Ltd. (TSXV:AVU ) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to provide a corporate update andprogress report covering the Company’s programs in Portugal,Finland, and Kosovo. The Company continues to make strong, positiveprogress in all three jurisdictions.
Paul W. Kuhn, President and CEO of Avrupa, commented,“We completed a busy and successful 2022 in all of ourjurisdictions, building a strong base to support continuing success inthe new year. In the coming months, we expect to initiate drillingin Finland, continue drilling around the Alvalade Project in Portugal,and begin preparations to move the Slivova gold deposit towards apotential mining solution. The Company will continue to search fornew opportunities around Europe, particularly for gold and forso-called Green Metals, copper and zinc.”
Drilling at the Alvalade Joint Venture with partnerSandfire MATSA continues after a 6-month hiatus during 2022. Fornow, drilling is dedicated to high-priority exploration targets aroundthe Alvalade license.
The upcoming addition of a second drill rig will speedup the pace of drilling, and we expect to target potential extensionsto the Sesmarias massive sulfide deposit, as well as promisingsatellite targets there. In total, we plan to drill another 8-9holes around the license during the first half of 2023, totalingroughly 4,000 meters.
We have completed three exploration holes, totaling1,946 meters, since the beginning of this phase of drilling, aiming atVTEM geophysical targets along the trend of mineral-hosting,Volcano-Sedimentary (“VS”) rocks in the Pyrite Belt between thehistoric Lousal and Caveira Mines. The recent drilling includes twoholes in the Lousal NW sector and one in the Azinheira sector (seeFigure 1, below). All three drill holes intercepted the targeted VShorizon, with narrow zones of thin-bedded to semi-massive sulfidemineralization present. Sampling results are forthcoming, and areexpected to indicate possible proximity to massive sulfidemineralization in the strongly folded and faulted black shale hostrocks.
We are presently drilling a fourth hole, located in theCasas Novas sector. Two rounds of follow-up surface geophysics inthe Lousal NW and Monte da Bela Vista target areas are now complete. We plan next to drill a third hole in the Lousal NW area to test themore detailed electromagnetic anomalism, spatially related surfacegeochemical anomalies, and favorable geology.
Figure 1. Alvalade Joint Venture license, primary target areas.
In Kosovo, our new partner Western Tethyan Resources(“WTR”) continues their extensive, detailed due diligence workat/around the Slivova gold deposit. The work includes review of alltechnical facets of the deposit and project, including re-evaluationof the NI 43-101 resource, license-wide exploration potential, miningand processing possibilities, minesite infrastructure and layout, andsocial and environmental ramifications. We expect a near-futuredecision on how to proceed, as stated in the “Heads of Agreement”reported by the partners on September 7, 2022.
In Finland, we have three exploration licenseapplications in process, and a fourth application just submitted. Thefirst two applications, Kolima and Kangasjärvi, covering copper- andzinc-bearing massive sulfide mineralization and targets in thePyhäsalmi base metal district, are in advanced application status,with public, town hall-style meetings and stakeholder comment periodscompleted. The decision process is now fully in the hands of theFinnish mining bureau, and we look forward to a decision in the latterpart of Q1 2023. We have developed first-pass drill targets withinboth application areas.
After a successful 2022 work program in Portugal andFinland, and the enlistment of a mining partner for the Slivova golddeposit in Kosovo, we look forward to a successful coming year, andespecially to value accretion within Avrupa’s three mainjurisdictions. Some of the important successes in 2022 were:
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Establishment of a new copper-zinc exploration programin the Pyhäsalmi Mining District, central Finland, with initial phaseof acquisition of Finnish exploration company Akkerman Finland Oy(“AFOy”);
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Initiation of a new joint venture in Kosovo withexploration-oriented Western Tethyan Resources and associated company,miner Ariana Resources, to bring the Slivova gold deposit to a miningsolution; and
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Continuation of advanced exploration in Portugalthrough the Alvalade Joint Venture with Sandfire MATSA, particularlywithin the Sesmarias massive sulfide deposit.
Key points to expect in the first half of 2023:
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Issuance of the Kolima and Kangasjärvi explorationlicenses in Finland;
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Progress in the licensing process for two otherapplications in Finland;
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First-pass drilling in Finland on at least onelicense;
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Continuation of the purchase of the remaining portionof AFOy;
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Continuation of the Slivova Joint Venture in Kosovowith updated resource estimate (JORC-compliant);
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Follow-on plans for a new, improved pre-feasibilitystudy at Slivova, social and environmental baseline work, landacquisition as needed, drilling (both infill and outboard);
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For Alvalade, airborne gravity results leading tofurther targeting comfort for the final eight holes of the presentphase of drilling;
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Continued Sesmarias and property-wide explorationdrilling;
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Decision point for how to proceed at the end of thefirst three years of the Alvalade license.
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 gold prospect in Kosovo, and is activelyadvancing four prospects in central Finland through its in-processacquisition of Akkerman Finland Oy. Avrupa focuses its projectgeneration work in politically stable and prospective regions ofEurope, presently including Portugal, Finland, and Kosovo. TheCompany continues to seek and develop other opportunities aroundEurope.
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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