Avrupa recovers 100% ownership of Alvalade VMS Project
19.6.2017 15:00 | NASDAQ OMX
Avrupa Minerals Ltd. / Avrupa recovers 100% ownership of Alvalade VMS Project . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
- Past Sesmarias results over 1.8 km strike length
- Copper, lead, zinc in drill core, with gold & silver
- 20 km NW of Almina's Aljustrel Mine
- 60 km NW of Lundin Mining's Neves Corvo Mine
VANCOUVER, British Columbia, June 19, 2017 (GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (TSXV:AVU) (US DTC:AVPMF) is pleased to announce that it has recovered 100% ownership of the Alvalade VMS copper/lead/zinc Project, in the Iberian Pyrite Belt of southern Portugal. Avrupa has signed agreements with two former partners that transfer the outstanding 60% ownership of the project back to Avrupa in return for certain debts being forgiven to one partner, and future success-based payments to another former partner. Avrupa now holds 100% of the Alvalade Project.
About the Alvalade Project
Avrupa acquired the Alvalade Project in 2010 and initially optioned it out in 2012, but has been the operator of the project since acquisition. During that first earn-in period (2012-15), an initial hole, SES002, was drilled into the Sesmarias target and intersected 10.85 meters of 1.81% copper, 2.57% lead and 4.38% zinc . Drilling encountered numerous faults, but subsequent holes hit mineralization, on and off, over a 1.8 kilometer strike length, including SES010 which intersected 58 meters of 0.32% copper, 0.61% lead, 1.95% zinc, 0.45 g/t gold, 25 g/t silver.
A summary of some of the previously announced results from Alvalade is presented below:
- 10.85 meters @ 1.81% Cu; 75.27 ppm Ag; 2.57% Pb; 4.38% Zn; 0.13% Sn
- 1.5 meters @ 1.66% Cu; 54 ppm Ag; 2.30% Pb; 3.66% Zn; 0.091% Sn -- mineralization cut off by faulting
- 5.0 meters @ 0.64% Cu; 36.8 ppm Ag; 0.94% Pb; 1.54% Zn - mineralization cut off by faulting
- 2.3 meters of massive pyrite (not analyzed)
- SES010 - 57.85 meters @ 0.45 g/t Au; 25.1 g/t Ag; 0.32% Cu; 0.61% Pb; 1.95% Zn
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/bfb6d85a-f340-45bc-8297-efd1c1aafe22
The Project was optioned out a second time in Q3 2015. During this earn-in period (2015-17), Avrupa drilled four additional holes into the Sesmarias target area that confirmed and extended one massive sulphide lens in the area to a length of 300+ meters with a 20-40 meter thickness. The lens is open to the northwest and down dip to the northeast. The assays from those four holes are reported below.
|Drill hole ID||
|Cu (%)||Pb (%)||Zn (%)||Au (g/t)||Ag (g/t)|
Table 1. 2015-16 drill intercepts from the SES010 lens.
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/f6e7784f-6844-4a83-9772-f420e2c118e0
In 2015, Avrupa conducted downhole geophysics, utilizing the "mise-a-la-masse" (MALM) method, and combined with historic ground magnetics data, suggested that the sulfide lens may continue another 300 meters or more to the northwest from SES022.
To date, 54 holes have been drilled around the license by Avrupa for a total of 21,121 meters. More than 10 of the holes intercepted massive sulfides with various grades of copper, lead and zinc. Details of those results are on the Avrupa's website at www.avrupaminerals.com under the "Alvalade Project" tab.
Avrupa is in the process of re-assembling and reviewing all of the previous data on the Alvalade project and will report its plans for the project for 2017 shortly.
There are at least four other separate targets in the immediate Sesmarias area, a significant target in the Pombal area located about 15 km southeast of Sesmarias, and several targets at the Monte da Bela Vista stockwork discovery located about 10 km north of Sesmarias, all on the Neves Corvo mineral trend. Numerous general targets exist on the Aljustrel mineral trend, on the São Domingos mineral trend, and in several other areas along the Neves Corvo mineral trend. All three mineral trends cut the Alvalade license, giving a total of 85 km of prospective Pyrite Belt potential on the license.
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/e4c6d5f5-b071-4a10-ab24-792c30e33a13
Terms of the Agreements with the former Partners
Avrupa has agreed to forgive approximately 160,000 euros in debts, assume a deposit on the project of 75,000 euros, and make the following payments to the initial partner on the project in return for increasing its interest in the project from 40% back to 100%:
- Cash payment of US$ 250,000 on the filing of an initial NI43-101 compliant resource estimate meeting certain minimum criteria;
- Staged cash payments totaling US$ 1,000,000 on the completion of a NI43-101 compliant feasibility study meeting certain minimum criteria; and
- Staged cash payments totaling US$ 3,000,000 on the commencement of commercial production from the project.
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 nine exploration licenses in three European countries, including six in Portugal covering 3,268 km2, two in Kosovo covering 47 km2, and one in Germany covering 307 km2. Avrupa has three joint ventures, two in Portugal and one in Kosovo, including:
- The Alvito Option Agreement with Oz Minerals Ltd. covering one license in the Ossa Morena Zone in southern Portugal, for IOCG deposits;
- The Alvalade Project , owned 100% by Avrupa.
- The Covas JV , with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W 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.
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
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.
Avrupa Minerals Ltd.
T: (604) 687-3520
F: (888) 889-4874
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Avrupa Minerals Ltd. via Globenewswire
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