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Avrupa Minerals (TSXV:AVU) is a growth-oriented, junior exploration and development company based in Vancouver, British Columbia. Using their unique prospect generator model, Avrupa Minerals is focused on aggressive exploration for valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Germany and Kosovo. (Hear Rick Rule’s views on Prospect Generation) Avrupa Minerals’ projects are all located in areas with existing mines and strong geological potential for discovery of further economic metal deposits. The aim of the prospect generator model is to create shareholder value through building an extensive portfolio of projects suitable for joint venture or sale to larger mining companies.
- Avrupa Minerals targets projects that are in mining-friendly jurisdictions AND prospective for large deposits
- Europe offers established mining districts, pro-mining policies and a variety of metals (gold, silver, copper, lead, zinc, tungsten)
- Avrupa Minerals seeks partners for strategic alliances and/or project-specific JV’s
- Alvalade JV (copper-zinc) with Colt Resources, Pyrite Belt in southern Portugal
- Covas JV (tungsten) with Blackheath Resources, North Portugal W-Au Belt
- Slivovo JV (gold, silver, lead, zinc) with Byrnecut International, Vardar Mineral Belt in Kosovo. Pre-feasibility study underway.
- Two discoveries: Slivovo gold target and the Sesmarias VMS at Alvalade
- Initial tungsten metal resource at Covas completed in April 2015
Silvovo JV: Gold and Base Metals in Kosovo
The Silvovo JV project in Kosovo’s Vardar Mineral Trend is operated by Avrupa Minerals and funded by partner Byrnecut International Ltd. Byrnecut has completed a 51% earn-in requirement by spending €1million for exploration on the 15.2 km2 Slivovo license. Avrupa Minerals is exploring for gold and base metals related to carbonate-hosted massive sulfide deposits at Silvovo.
In 2011, wide-scale geological mapping of the Peshter gossan zone on the property led to the discovery of the potential for the gold-bearing, massive sulfide mineralization common in the Vardar Mineral Trend.
Under the JV signed in 2014, Avrupa Minerals stepped up the exploration activity at Silvovo with an aggressive exploration program which has included trenching, first-pass and follow-up geological mapping and sampling, and drill targeting. Phase one drilling totaled 1,002 meters and was completed in Q4 2014 (see December 17, 2014 and January 27, 2015 news releases). Highlights of this first drill campaign include:
- 126.5 meters @ 6.2 g/t gold, 15.0 g/t silver, 0.092% copper, 0.16% lead, and 0.45% zinc in SLV004
- 12 meters @ 12.2 g/t Au, including 7.4 meters @ 19.3 g/t Au in SLV005
- 8 meters @ 1.25 g/t Au and 3.4 meters @ 3.12 g/t Au in SLV006
Phase two drilling totaled 1,025 meters and was completed in Q2 2015 (see May 28, 2015 news release) and included 30 meters @ 6.92 g/t Au and 16.20 g/t Ag in SLV011.
Phase three drilling was completed which totalled 46 holes and 5,040 meters. Results released by Avrupa Minerals include:
- 35 meters @ 2.09 g/t Au and 15.94 g/t As in SLV014 (see June 25, 2015news release).
- 125 meters of 6.91 g/t gold and 19.19 g/t silver in SLV018( see August 17, 2015 news release)
- SLV025 intercepts 24 meters of 11.59 g/t Au, 9.26 g/t Ag (see September 21, 2015 news release)
- 42 meters @ 9.20 g/t gold and 9.57 g/t silver in SLV033 (see October 26, 2015 news release)
- 74 meters @ 6.02 g/t gold and 20.23 g/t silver in SLV037 (see November 25, 2015 news release)
Paul W. Kuhn, President and CEO of Avrupa Minerals, said, “The final results from the Phase 3 drilling clearly enhance the mineral inventory at Peshter. The Project has been a real success. We have completed our goals in a timely manner, within budget, and with an industry best-practices standard. We are excited to be able to produce an initial resource estimate at Peshter within 19 months of start-up for just two million euros. In addition, looking ahead, we are also excited about the nearby targets with gold potential as we unlock the geological story and use this knowledge to direct further exploration to increase the size of the gold deposit.”
A NI 43-101 compliant maiden gold resource estimate is currently being prepared with target completion for April 2016. Partner Byrnecut has now taken over as the operator of the JV.
Covas JV: Tungsten in Northern Portugal
The Covas JV project in northern Portugal is under option to Blackheath Resources Inc., an experienced tungsten exploration and development company with a focus on Portugal properties. As of April 2015, Blackheath has forwarded approximately €1,484,000 and earned a 75% interest in the tungsten project.
The Covas property hosts seven separate deposits in close proximity and was the site of well-documented past production from small open pits and from shallow underground workings. Recorded production from between 1951 and 1974 was 366,000 tonnes averaging 0.61% WO3.
In April 2015, Avrupa Minerals announced the completion of a NI 43-101 Resource Estimate on the Covas tungsten project (see April 1, 2015 news release). The resource estimate is based on all drilling on the project to date including 46 diamond drill holes completed since 2012 and 326 historic drill holes from previous operators.
The resource estimate shows Covas to contain an Indicated Resource of 449,800 MTUs WO3 based on 1,081,000 tonnes at an average grade of 0.42% WO3; and Inferred Resource of 767,100 MTUs WO3 based on 2,211,000 tonnes at an average grade of 0.35% WO3. Over 80% of the resource is within 60 meters of the surface. The resource estimate makes the Covas Tungsten Project one of the higher-grade reported tungsten deposits.
“The Company is pleased to see the positive results described by the new tungsten resource estimate for the Covas Project,” said Paul W. Kuhn, Avrupa Minerals CEO & President. “We will look forward towards the next steps in moving the Project ahead to potentially production. The continued success at Covas demonstrates the robustness of our Prospect Generator business model in Portugal, and elsewhere in Europe, even during difficult times for the exploration business.”
More than 60% of the tungsten mineralized skarn ring remains open for expansion, according to the technical report. Another drilling program is planned for 2015 with scoping and engineering studies to follow.
Alvalade JV: Copper in Portugal’s Iberian Pyrite Belt
The Iberian Pyrite Belt (IPB) is one of the world’s largest and most prolific copper-zinc-iron massive sulfide belts with mining history dating back more than 2,000 years. Three out of four of the last greenfields discoveries in the IPB are now large operating mines including the giant Neves Corvo copper-zinc-tin massive sulfide mine. However, the area has not experienced any real exploration since the mid-1990’s—until Avrupa Minerals’ team began applying their expertise resulting in a new discovery at Alvalade.
Avrupa Minerals’ IPB licenses (including the Alvalade and Alvito JVs) are located to the northwest of and along trend from the Neves Corvo, currently the largest operating copper-zinc mine in Europe.
The Alvalade project is a joint venture between Avrupa (the operator) and Colt Resources, who has taken over the JV from previous partner Antofagasta Minerals.
Armed with a new geological model, Avrupa Minerals was able to successfully complete four rounds of drilling at Alvalade between April 2012 and October 2014.
The initial 2014 drill program made a significant VMS discovery in the Sesmaria West target on the Alvalade JV; the first of its kind on the Iberian Pyrite Belt in 20 years. New massive sulfide targets were also identified at Sesmarias East and at Pombal (15km south of the Sesmarias area).
Sesmarias drill results include:
- SES002 – 10.85 meters @ 1.81% Cu, 75.27 ppm Ag, 2.57% Pb, 4.38% Zn, 0.13% Sn
- SES010 – 57.85 meters @ 0.45 g/t Au, 25.1 g/t Ag, 0.32% Cu, 0.61% Pb, 1.95% Zn
The key highlights of the 2014 Drill Program results include:
- The large scale of a potential Sesmarias system, with previously-documented sulfide mineralization around the peripheries of the present target area;
- The comparison of the size of a potential Sesmarias system to the size of the giant Neves-Corvo deposits, located 50 kilometers southeast of Sesmarias and presently mined by Lundin Mining Company;
- Historic drilling missed the actual target rock package, leaving a 2,500 meter strike length of never-before-been drilled target area at Sesmarias.
- The complicated geology and structure of the Sesmarias area increases the difficulty in locating lenses of massive sulfide mineralization. Interpretation of the geological, geophysical, and geochemical results is ongoing, and is dedicated to upgrading targets for further drilling in the area.
Under new partner Colt, a drill program was initiated in Q4 2015. Four holes were drilled around the area of SES010 and results confirmed and extended the massive sulfide lens to a present length of 300 meters with a 35-40 meter thickness (see February 3, 2016 news release).
Alvito IOCG JV Project, Portugal
The Alvito iron oxide-copper-gold project covers 853 km2 straddling the northeastern margin of the IPB. In June 2015, Avrupa Minerals and Lowell Copper entered into an option agreement. Avrupa Minerals was the operator of the project. In November 2015, it was announced that Lowell decided to terminate their earn-in option to focus on their other projects.
Highly successive field work at Alvito has already identified the potential for significant copper-gold mineralization and led to the discovery of a large epithermal silver-lead-zinc veining system.
The drill program funded by Lowell allowed Avrupa to complete further geological mapping, in-fill soil sampling, and sub-surface rock sampling, utilizing a portable drill rig to access down to a maximum of approximately 20 meters depth. 29 short holes were drilled, totaling 356 meters, at eight targets located along two sub-parallel trends of strong copper-in-soil anomalism.
Avrupa Minerals also has three other licenses in the IPB including Marateca, Santa Margarida do Sado and Mertola. All information for JV ready properties is available on Avrupa’s website.
Paul Kuhn—CEO & Director
Mr. Kuhn joined Avrupa Minerals in July 2010 after working with Metallica Mining in Oslo, Norway since August 2008. He has more than 30 years of experience in the minerals exploration business in North America, Central Asia and Europe. He earned an A.B. Degree from Dartmouth College, US, in 1978, and an M.S. Degree from the University of Montana, US, in 1983. Mr. Kuhn has worked in a variety of geological terrains, exploring for gold, silver, base metals, uranium, and phosphate deposits, and has spent time as a production geologist in the deep underground mines of the Coeur d`Alene Mining District, historically one of the world’s most important silver districts. Mr. Kuhn has managed successful exploration programs in the US and Turkey, and was involved in a number of base and precious metal discoveries in Turkey, including the Taç and Çorak polymetallic deposits (presently being developed by Mediterranean Resources), the Cerattepe Cu-Au volcanogenic massive sulfide deposit (held by Inmet Mining), the Altıntepe epithermal Au deposit (being developed by Stratex International), the Diyadın Carlin-style Au deposit (developed by Newmont Mining and currently held by Koza Altin), and the Karakartal porphyry Cu-Au deposit (being developed by Anatolia Minerals). Mr. Kuhn was also involved with the original mapping and description of the Çöpler porphyry Au deposit (presently under mine construction and development by Anatolia Minerals).
Mr. Stringer is a Chartered Accountant and former senior partner of a national CA firm in Canada. He has extensive experience in the financial institutions market place and in the real estate industry, and in recent years, has expanded his area of focus to the mining industry, both at the exploration level, as well as in the production phases. Mr. Stringer has taken part in financings for real estate projects, including both public and private businesses. His financial institutions’ expertise includes retail operations of banks, credit unions, pension funds and brokerage firms, as well as advising a foreign Central Bank and other industry regulators.
Mr. Brown is the President of Pacific Opportunity Capital Ltd., headquartered in Vancouver B.C. Pacific Opportunity is a financial consulting and merchant banking firm active in venture capital markets in North America. Mr. Brown has assisted in the successful establishment of several private and public companies. In the mining and mineral exploration sector, Mr. Brown has played key roles in the success of Rare Element Resources Ltd., Sutter Gold Mining Ltd., Portal Resources Ltd., Pitchstone Exploration Ltd., Animas Resources, and other junior exploration companies. His corporate activities include merger and acquisition transactions, financing, strategic corporate planning, and corporate development. Prior to joining Pacific Opportunity, Mr. Brown managed the financial departments of two TSE 300 companies, Miramar Mining Corp. and Eldorado Gold Ltd. Mr. Brown has a Bachelor of Commerce from the University of British Columbia and qualified as a Chartered Accountant in 1993, while working with PricewaterhouseCoopers in Vancouver.
Paul Dircksen— Director
Mr. Dircksen has more than 35 years of experience in the mining and exploration industry, serving in executive, managerial, and technical roles at several companies. He has a strong technical background, serving as a team member on ten gold discoveries, seven of which later became operating mines. Mr. Dircksen has held senior management positions with a number of resource groups including Orvana Minerals, Lacana Gold, The Cordex Group, Brett Resources, and the Bravo Venture Group. He holds an M.S. in Geology from the Mackay School of Mines at the University of Nevada.
Mr. Dircksen is currently the President and CEO of Timberline Resources Corporation which is listed on the NYSE Market Exchange under the symbol “TLR” and on the TSX Venture Exchange under the symbol “TBR”. Timberline holds a 50-percent carried interest ownership stake in the Butte Highlands Joint Venture in Montana, USA. Timberline Resources focuses on exploration and development of precious metal deposits in the western United States.
Dr. Paul Nelles—Director
Dr. Paul Nelles was one of the founders of the Company’s wholly-owned subsidiary Innomatik Exploration Kosovo LLC (“IEK”) and is currently a non-executive director of IEK. Dr. Nelles is the CEO of Peshter Mining Company J.S.C. that holds the Slivovo license in which the Company has 25% interest.
Dr. Nelles graduated from TU Berlin in 1972 with a degree in mining engineering and obtained a PhD in mineral processing in 1975. He worked internationally in base metal mining for Metallgesellschaft between 1975 and 1991, at which stage he held the position of General Manager Project Development. In 1991 he was employed as technical director and appointed to the executive board of DESTAG, a leading dimension stone producer and worldwide trader. He was subsequently appointed CEO of the company. Dr. Nelles joined Normandy LaSource in France, as executive director for gold production and industrial minerals in 1997. In 2002 he was appointed as the “Trepca Manager” by the United Nations Mission in Kosovo and was promoted to Deputy Managing Director of the Kosovo Trust Agency in 2004, in charge of all major publicly owned enterprises. Since 2006 he has worked as an independent mining industry advisor and has been instrumental in the formation of IEK.
Ms. Wong received a Bachelor of Commerce Degree (Honours) from Queen’s University in 1996 and is a member of the Institute of Chartered Accountants of British Columbia. She is currently Vice President of Pacific Opportunity Capital Ltd. Prior to joining Pacific Opportunity Capital Ltd., Ms. Wong was the controller of Pivotal Corporation, a company providing software, services, and support to a variety of businesses. Between 1996 and 1999, Ms. Wong worked with Deloitte & Touche, Chartered Accountants.
Adriano Barros—Managing Director, MAEPA
Mr. Barros received his Degree in Mining Engineering from the University of Oporto, Portugal in 1970. Since then, Mr. Barros has been one of Portugal’s leading exploration and mining consultants, and has been deeply involved in the promotion of the Portuguese mining sector. In addition to working as a lecturer at several leading Portuguese universities, Mr. Barros has worked on tungsten, base metal, and precious metal projects from exploration to production stage. While working for Auspex Minerals and Eurozinc Mining Company in the 1990’s and early 2000’s, Mr Barros was the key person involved in the acquisition of the Aljustrel Mine in 2001 and the Neves Corvo Mine, Europe’s largest copper mine, in 2004. Presently, Mr. Barros is president and general manager of MAEPA Lda., the wholly-owned subsidiary of Avrupa Minerals. His wide experience in the mining sector of Portugal and his extensive contact network in that sector give Avrupa Minerals a significant edge in the exploration business in Portugal. Mr. Barros currently resides in Moledo do Minho, Caminha, Portugal.
Paul Nelles—Managing Director, IEK
Dr. Nelles graduated from TU Berlin in 1972 with a degree in mining engineering and obtained a PhD in mineral processing in 1975. He worked internationally in base metal mining for Metallgesellschaft between 1975 and 1991, at which stage he held the position of General Manager Project Development. In 1991 he was employed as technical director and appointed to the executive board of DESTAG, a leading dimension stone producer and worldwide trader. He was subsequently appointed CEO of the company. Dr. Nelles joined Normandy LaSource in France, as executive director for gold production and industrial minerals in 1997. In 2002 he was appointed as the “Trepca Manager” by the United Nations Mission in Kosovo and was promoted to Deputy Managing Director of the Kosovo Trust Agency in 2004, in charge of all major publicly owned enterprises. Since 2006 he has worked as an independent mining industry advisor and has been instrumental in the formation of Innomatik Exploration Kosovo LLC, a wholly-owned subsidiary of Avrupa Minerals.
Bryan MacFarlane—Chief Geologist, Portugal
Mr. MacFarlane joined Avrupa Minerals in November 2011 to manage the Alvalade Joint Venture project, located in the Portuguese portion of the Iberian Pyrite Belt. He has more than 10 years of experience in the mining and metals sector, specializing in field-based studies, structural geology, and applied geochemistry. Mr. MacFarlane earned his B.S. and M.S. degrees from Arizona State University. After this, he co-founded Metal Resource Development, a specialty geologic consulting group focused on early-stage exploration in structurally deformed terrains. His consulting firm has successfully led exploration projects in Arizona, Nevada, Mexico, Portugal, Spain, and Kosovo. Mr. MacFarlane has experience working in VMS, epithermal, Carlin-like, and porphyry copper mineral systems. As Alvalade JV Project Manager, Mr. MacFarlane is credited for the Sesmarias VMS discovery, a blind prospect buried beneath 100 meters of Tertiary cover and located seven kilometers from the nearest outcrop, and the Monte da Bela Vista stockwork discovery, both within the JV exploration license. Bryan was also involved in planning and carrying out exploration at the Santa Gertudis gold project in Sonora, Mexico (GoGold is currently assessing the feasibility) and the Kinsley Mountain gold project in Nevada (currently being drill tested by Pilot Gold).