Avrupa Receives Five-Year License for Alvalade Project: Exploration to Commence with Spanish mining partner MATSA
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, "We are extremely pleased to have the Alvalade 5-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 license 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 license 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 sulfide discovery, the nearby historic Lousal Mine, the Monte da Bela Vista stockwork zone, and a number of other already-known massive sulfide targets noted on the map. Avrupa will operate the Project through a joint technical committee with full funding by MATSA for up to three years, subject to project milestones.
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Figures 1/2: Location of new Alvalade Experimental Exploitation License, with important target areas. The size of the license is approximately 115 square kilometers and covers the most prospective panels of host rocks for massive sulfide deposits along north-central zone of the Neves Corvo mineralization trend.
The Project is optioned out to Minas de Aguas Tenidas, S.A. (MATSA). The companies formed a joint venture entity, PorMining Lda., to operate the continuing exploration on the Alvalade Project (see AVU news releases of October 1, 2019 and November 20, 2019). As soon as physically and safely possible, work will commence with the review and full compilation of all historic data from the license area. In order to define new and upgrade existing drill targets, both around Sesmarias and at other locations, initial physical work will include re-logging 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 first and foremost priority at the Project facilities and in the field.
Minas de Aguas Tenidas, S.A. (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 km2 of exploration permits in the south of Spain and 1,106 km2 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.
Avrupa Minerals Ltd. 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%-owned license in Portugal, the Alvalade VMS Project, now optioned to MATSA in an earn-in joint venture agreement. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal and Kosovo. The Company continues to seek and develop other opportunities around Europe.
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.
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