
(TheNewswire)
Avrupa Minerals Ltd. (TSXV:AVU)(TSXV:AVU) is pleased to provide new assay results from the Sesmarias massive sulfide target area, Alvalade JV Project, Portugal. The program is a joint venture between Avrupa Minerals (“AVU” or “Company”) and Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”). Avrupa continues to operate the project through the JV entity PorMining Lda., and MATSA continues to fund the exploration work. Previously, through the JV, during 2020-2021, the Company drilled 17 diamond drill holes, totaling 8,900 meters, on six different fences along a strike length of 400 meters in the Sesmarias North Zone.
The JV returned to drilling at Sesmarias in mid-April, targeting the Central Zone, where Avrupa drilled the high-grade discovery hole, SES002, in 2014 (see February 27, 2014 News Release). Follow-up drilling in the immediate discovery area at that time unsuccessfully targeted shallow extensions of the mineralization seen in SES002 at a depth of about 150 meters. Armed with a significantly upgraded targeting model constructed after a total of 46 holes and nearly 20,000 meters of drilling at Sesmarias since 2014, the JV geological team aimed deeper to 400 meters depth to attempt to locate further high-grade mineralization.
Results from SES23-047 are:
At this time, with only one drill hole in the new zone, the true thickness of the massive sulfide mineralization is unknown. The drill hole intercepted at least part of the eastern limb of the target mineralized syncline, and possibly part of the hinge of the syncline. Further drilling is clearly necessary to search for both extension and shape of the mineral body. We are currently drilling a follow-up hole, collared approximately 150 meters southeast of SES23-047, with five more holes planned, also funded by the JV partner.
Paul W. Kuhn, President and CEO of Avrupa Minerals commented, “We are truly excited about the SES23-047 results. The entire team effort putting together a coherent targeting model led to this initial success in the Sesmarias Central Zone, which we hope will continue with follow-up drilling. Previous JV drilling demonstrated the potential for significant thicknesses of massive sulfide mineralization, and we recognized the potential for higher grade mineralization as we moved south towards the Central Zone, perhaps the center of the mineral system. We now recognize that the SES002 lens should be part of the new discovery lens, separated by faulting. Perseverance, continued creative thinking, and strong financial support led to a real success that shows possibilities for further follow-up success.”
The following summary cross section demonstrates the potential for further mineralization on this section line, in the middle of the Central Zone.
Figure 1. SES23-047 cross section showing previous drilling and discovery hole SES002. The mineralized syncline seen here is a continuation from the previously-reported, more northerly sections that show development of an eastern overturned limb, a western normal limb, and development of a robust hinge zone. Further drilling is warranted to develop a potential high grade central zone to the developing system.
Potential for further higher-grade mineralization lies from the present 650S section to the 350S section, north of the present drilling, and possibly for another 300 to 400 meters to the south of the 650S section. We are presently drilling at SES23-048, collared approximately 150 SE of SES23-047, on the 800S section.
Figure 2. Simplified, schematic diagram of Sesmarias massive sulfide “lenses”, actually the limbs of the synclinal mineralization. Note that the Central Zone appears to be open and untested for at least 300 meters in either direction from the 650S section. Presently drilling on the 800S section line at SES23-048.
Results and information for SES21-044, Section 350S, may be found in the January 25, 2022 News Release. Results and information for SES026, located approximately 350 meters SE of SES23-047 on the 1000S section, may be found in the March 11, 2019 News Release.
Notes on analytical methods and quality control. The JV analyzed the mineralized material at two different laboratories, as the table below demonstrates. For certified, NI43-101 – acceptable assay results, we selected the ME-MS61 method performed by ALS Global at their Seville sample preparation facility and Loughrea, Ireland analytical laboratory. For in-house reasons and desire to have overnight results, we authorized preliminary analytical procedures at the non-certified, MATSA laboratory facilities at the Aguas Teñidas Mine.
Table 1. Fully accredited, NI 43-101 compliant, certified analytical results from ALS Global laboratory highlighted in yellow. Overnight analytical results from MATSA mine lab at Aguas Teñidas, Spain.
For technical reasons, at the depth of the Sesmarias mineral intersection, drillers had reduced core size to NQ (47.6 mm diameter). Project personnel collected oriented drill core twice daily from the drill rig and delivered the boxes directly to the Project core storage facilities in Grândola, Portugal. Here, after geological and geotechnical review of the core, a Project geologist measured and marked the core for sampling, with sample length averaging one meter depending on visual factors such as change in texture, style of mineralization, and/or host rock type. Project employees systematically and methodically halved the core, utilizing an electric core saw, and then placed one half of the split material for each sample length into separate, numbered, plastic sample bags. In order to get fast, first-hand results, Project personnel transported the core samples to partner Sandfire MATSA’s Aguas Teñidas Mine laboratory in Almonaster la Real, Spain for preliminary, non-certified analytical information.
After acquiring the preliminary results, Project personnel carried the sample pulps (-80 mesh material used for metals’ digestion) to the ALS Global (“ALS”) sample preparation facility in Seville, Spain. ALS directly shipped the pulp material to their main European analytical laboratory located in Loughrea, Ireland. At the analytical laboratory, we requested the samples to be analyzed via the lab’s ME-MS61 technique which uses a four-acid, near-total metals’ extraction method, followed by analysis using the industry-standard technique of inductively coupled plasma – atomic emission spectroscopy (ICP-AES).
At all times, prior to submission of the samples to ALS Global, Project or Sandfire MATSA personnel maintained supervision, oversight, and custody of the samples.
In addition to ALS Global in-house quality assurance/quality control (QA/QC) for all work orders, the Project conducted its own normal, internal QA/QC from results generated by the systematic inclusion of certified reference materials, blank samples and field duplicate samples. Project personnel reviewed and evaluated the analytical results from the quality control samples in the SES23-047 work orders, and confirmed that these results conform to industry best practice standards.
Minas de Aguas Teñidas, S.A. (Sandfire MATSA) is a modern mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva. Sandfire MATSA also holds an extensive portfolio of exploration tenements in both Portugal and Spain. Sandfire MATSA is a wholly owned company of Sandfire Resources Ltd, a mining and exploration company listed on the Australian Securities Exchange (ASX: SFR).
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, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, 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, 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.
Click here to connect with Avrupa Minerals Ltd. (TSXV:AVU) to receive an Investor Presentation
Vancouver, BC, October 16, 2024 TheNewswire Avrupa Minerals Ltd. (TSX-V: AVU) is pleased to announce that initial scout drilling at the Kangasjärvi volcanogenic massive sulfide target, located in the Pyhäsalmi Mining District of central Finland, started during the past week. The Company plans to drill two holes, totaling up to 1,000 meters, on the first of two strong, previously un-tested, geophysical targets located in close proximity to historic mining at the location.
During the mid-1980's, Finnish mining company Pyhäsalmi Mine Oy exploited, via open pit, a small high grade massive sulfide deposit with an in-house calculated resource of approximately 300,000 mt @ 5.4% zinc. The property had remained dormant and un-explored since that time until Akkerman Finland Oy (AFOy—49% Avrupa Minerals, 51% Akkerman Exploration BV) acquired the exploration rights in 2022. AFOy performed an airborne electromagnetic survey (SkyTEM) covering the general mine area and nearby mineral targets, and producing two standout EM conductors close-in to the old mine, but in areas where there has been no historic drilling.
Figure 1. Two strong EM anomalies to be targeted on first-pass scout drilling at Kangasjärvi. Ideally, the Company hopes to drill two holes at the Kangas target and one hole at Kangas North. Difficult access to Kangas North may preclude drilling there, for now. Flight lines are approximately 100 meters apart, and distance between the two conductors is about 700 meters. (Courtesy of AFOy)
Figure 2. Cross section, looking NNW, of the two EM anomalies with general drilling locations. The conceptual drill hole locations in the Kangas main EM target, are marked as white lines. Also shown are traces of previous holes drilled and the outline of the mined Kangasjärvi zinc deposit in red, between the two drill holes at Kangas Main. Advanced Maxwell geophysical modelling of the EM anomalies yielded a strong target plate which is depicted as a straight red line. (Courtesy of AFOy)
The main anomaly is located adjacent to the old workings, but across a prominent fault from the open pit-mined area. The Company plans to drill two "wildcat" exploration drill holes into this anomaly to test the recently-generated target. The first hole will be drilled from stratigraphically below the historic mineralization and fault directly into the conductor, while the second hole will be drilled from above the massive sulfide body and fault into the conductor Drill testing of the less-accessible Kangas North target will be subject to the outcome of these first two holes. Advanced geophysical modeling suggests the possible presence of mineralization in these two locations, along with several other locations on the property, to be tested at a later date. Avrupa expects that the drilling will take 4-6 weeks to complete.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, "We are excited to begin this first serious look at the potential for significant, polymetallic massive sulfide mineralization. While these first-pass drill holes are highly speculative, we do have good reason to think that there is further mineralization on the Kangasjärvi exploration permit, especially in the vicinity of previously-exploited mineralization. With our highly competent partner, AFOy, overseeing the drilling program, we are looking forward to the results of this initial drilling program at Kangasjärvi."
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 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova Gold Project in Kosovo, optioned to Western Tethyan Resources, and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy (AFOy). Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, 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, 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
SES24-054 cuts 41.2 meters of sulfide mineralization containing: 1.59% copper, 1.71% lead, 3.36% zinc, and 54.90 g/t silver.
- Includes 28.6 meters containing: 1.68% copper, 2.42% lead, 4.75% zinc, and 73.90 g/t silver.
SES24-053 cuts 13.15 meters of sulfide mineralization containing: 0.31% copper, 1.57% lead, 3.00% zinc, and 38.40 g/t silver.
- Includes 9.15 meters containing: 0.40% copper, 2.09% lead, 4.02% zinc, and 50.5 g/t silver.
Three of seven holes completed, with results from the first two included; results pending for third hole; fourth hole in progress.
Potential for two additional contingency holes; second drill on its way to the project.
Vancouver, BC, September 19, 2024 – TheNewswire - Avrupa Minerals Ltd. (TSXV: AVU) is pleased to announce the first set of analytical results from the present phase of drilling at the Sesmarias VMS Project in the Alvalade Joint Venture, Iberian Pyrite Belt, Portugal. The drilling program at Sesmarias is part of a joint venture between Avrupa Minerals and Sandfire Mineira Portugal, Unipessoal Lda. ("Sandfire Portugal"), a 100%-owned subsidiary of Minas de Aguas Teñidas, S.A. ("Sandfire MATSA") . Avrupa continues to operate the project through the JV entity PorMining Lda., and Sandfire Portugal continues to fund the exploration work.
At this time, The Company has completed three drill holes in the current Sesmarias Central program, totaling 1,715.4 meters, with a fourth hole in progress. We have seven holes planned, with the contingency of two additional holes to be drilled as/where needed. We expect a second drill in the near future to speed up the completion of this phase of drilling. To date, we have received analytical results from sampling of the first two holes (SES24-53 and SES24-054). Samples from the third hole (SES24-055) are now in the laboratory, and results are pending for these samples.
Paul W. Kuhn, President and CEO of Avrupa Minerals, stated, "These are exciting new assay results, as we continue to develop a potential high-grade polymetallic core zone in the SES Central area. The ongoing drilling program is designed to test for further high-grade copper and zinc-lead-silver mineralization along a 600-meter strike length in the Sesmarias Central zone. Extending both north and south of SES Central, known massive sulfide mineralization totals over 1,700 meters, and is open in both directions along the strike of the targeted, mineral-host black shales in the Sesmarias synform."
Results for SES24-054:
SES24-054 intercepts | |||||||||
From (m) | To (m) | Total (m) | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | |||
Geological Intercept | |||||||||
(includes Fault breccia, massive, semi-massive replacement, stockwork sulfides) | 377.2 | 418.4 | 41.2 | 1.59 | 1.71 | 3.36 | 54.90 | ||
including best copper intervals | incl. | 377.2 | 412.4 | 35.2 | 1.78 | ||||
incl. | 386.8 | 396.8 | 10.0 | 2.24 | |||||
Best Polymetallic Interval (total) | |||||||||
377.2 | 405.8 | 28.6 | 1.68 | 2.42 | 4.75 | 73.90 | |||
incl. | 385.8 | 393.8 | 8.0 | 1.90 | 4.98 | 9.78 | 131.30 |
Table 1. Results for SES24-054 demonstrate further potential for high grade copper and polymetallic mineralization in the hinge zone of the Sesmarias synform in the Central area. This intersect is located approximately 150 meters SE of SES23-047, drilled last year, which intersected 26.95 meters of 2.18% Cu, 2.58% Pb, 5.60% Zn, and 88.20 g/t Ag within a wider interval of 43.40 meters of 1.51% Cu, 2.15% Pb, 4.78% Zn, and 64.1 g/t Ag. ( SES23-047 results )
Figure 1. Geological cross section 800 S, looking NW, showing mineralization in SES23-048 (western limb/hinge zone) and SES24-054 (hinge zone). See Figure 3 for location of this section.
Results for SES24-053:
SES24-053 intercepts | |||||||||
From (m) | To (m) | Total (m) | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | |||
Geological Intercept | |||||||||
Includes stockwork to semi-massive replacement sulfide mineralization | 439.70 | 452.85 | 13.15 | 0.31 | 1.57 | 3.00 | 38.4 | ||
incl. | 439.70 | 448.85 | 9.15 | 0.40 | 2.09 | 4.02 | 50.5 |
Table 2. Results for SES24-053 demonstrate polymetallic potential on the western limb of the Sesmarias synform, but perhaps distal from the hinge zone area. Similar zinc-rich, polymetallic mineralization is present in SES23-052, drilled last year, which cut the western limb some 470 meters SE of SES24-053. ( Sesmarias Results -- 2023 )
Figure 2. Geological cross section 650 S, looking NW, showing mineralization in SES23-047 and SES24-053. See Figure 3 for location of this section.
Kuhn commented further, "Following the great copper and polymetallic results in SES24-054, and the strong zinc-lead-silver results in SES24-053, we are beginning to see a metal zonation centered in the SES Central hinge zone with high copper and associated base metals, transitioning outwards/upwards and along the limbs of the Sesmarias synform to more zinc-rich mineralization. Previous results in the SES North area show lower copper and stronger zinc-lead in the eastern limb of the synform, but we have yet to cross the hinge zone in the north, nor much of the western limb. The present drilling program may shed more light on the perceived metal zonation within the body of mineralization, and we look forward to more strong results."
Figure 3. Contour map showing 2024 new and planned drill hole collar locations in red color and inferred massive sulfide mineralization, using drillhole interval grade (CuEq) as an exploration targeting tool . The aim of the current phase of drilling is to expand the orange-red zone in the SES Central area, and improve continuity of the high-grade, copper and polymetallic mineralization over a strike length of 600 meters, and forming a central core to the deposit.
Notes concerning Figure 3. We use CuEq strictly as a proxy for total metal content, and as such, simply as an exploration targeting tool. In no way, are we commenting on a possible resource size or value. When reporting drill results, we utilize only individual metals' values, as reported by an accredited laboratory.
We have designed the present drill program to upgrade the +2% CuEq zone in the SES Central sector and expand the potential +2% CuEq domain into the SES North sector where historic drilling is less concentrated. Yellow and green zones generally indicate areas where historic drilling missed the target and/or recent, better-targeted drilling is sparse.
For exploration purposes, using the results from Sesmarias drilling, 2014 to present, we calculate the total amount of copper, lead, zinc, silver, and gold, without respect or indication of any/all further downstream activities, followed by calculating the value of said total metal content (in this case, as of September 10, 2024, using: Cu = US$ 4.04/lb.; Pb = US$ 0.89/lb.; Zn = US$ 1.23/lb.; Ag = US$ 28.31/oz.; and Au = US$ 2513/oz.). Finally, we calculate the equivalent content of copper, or CuEq, by dividing the value of the total contained metals by the price of copper at that time. The shape and contouring of the inferred Sesmarias mineralization, using Leapfrog geological modeling software, is courtesy of the Sandfire Portugal geological team. While metals' prices have fluctuated in a fairly narrow range since the original CuEq calculations, the shape of the VMS target area remains much the same, as it depends on metal content, not the price.
Notes on analytical methods and quality contol. T he JV analyzed the mineralized material at ALS Global facilities in Europe. For certified, NI43-101 – acceptable assay results, we selected the ME-MS61 method performed by ALS Global at their Seville sample preparation facility and Loughrea, Ireland analytical laboratory.
Due to good drilling conditions at both holes, the drillers were able to extract HQ-size (63.5 mm) core for the entire mineral intercept to get a large example of the mineralization. Project personnel collected the oriented drill core twice daily from the drill rig and delivered the boxes directly to the Project core storage facilities in Grândola, Portugal. Here, after geological and geotechnical review of the core, a Project geologist measured and marked the core for sampling, with sample length averaging one meter depending on visual factors such as change in texture, style of mineralization, and/or host rock type. Project employees systematically and methodically halved the core, utilizing an electric core saw, and then placed one half of the split material for each sample length into separate, numbered, plastic sample bags. In order to get fast, first-hand results, Project personnel transported the core samples directly to the ALS Global preparation lab in Seville, Spain.
ALS prepared the samples, using their method PREP-31by, to crush to -2mm, split off a 1-kg sample, and to pulverize to 85% passing 75 microns. The pulverized material is shipped to their main European analytical laboratory located in Loughrea, Ireland. At the analytical laboratory, we requested the samples to be analyzed via the lab's ME-MS61 technique which uses a four-acid, near-total metals' extraction method, followed by analysis using the industry-standard technique of inductively coupled plasma – atomic emission spectroscopy (ICP-AES). Another split of the pulverized material is sent to the ALS lab in Vancouver for Sn-XRF05 pressed pellet, XRF analysis to obtain a full value for tin in the drill core.
At all times, prior to submission of the samples to ALS Global, Project or Sandfire MATSA personnel maintained supervision, oversight, and custody of the samples.
In addition to ALS Global in-house quality assurance/quality control (QA/QC) for all work orders, the Project conducted its own normal, internal QA/QC from results generated by the systematic inclusion of certified reference materials, blank samples and field duplicate samples. Project personnel reviewed and evaluated the analytical results from the quality control samples in all work orders, and confirmed that these results conform to industry best practice standards.
Sandfire Portugal is a 100%-owned subsidiary of Sandfire MATSA, a modern mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, the Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva.
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 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova Gold Project in Kosovo, optioned to Western Tethyan Resources, and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, 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, 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Vancouver, BC TheNewswire - September 5, 2024 Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that it has closed the private placement as announced on August 14 and August 23, 2024.
The Company raised $350,000 from the sale of 10,000,000 Units at $0.035 per Unit. Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share for $0.10 per common share until September 5, 2027. The common share purchase warrants are non-transferable. All securities are subject to a four-month hold expiring on January 6, 2025. The Company did not pay any finders' fees.
A director of the Company purchased or acquired direction and control over a total of 371,429 Units under the private placement. The placement to this person constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland (approximately 130,000 euros/C$197,000), to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes. None of the proceeds will be utilized for investor relations activities and no-payments will be made to non-arms-length parties of the Company.
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 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, 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, 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 the 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Vancouver, BC TheNewswire - August 23, 2024 Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that the $350,000 private placement of Units as announced on August 14 th 2024 is fully subscribed and will close shortly. The proceeds of the private placement financing will primarily be used to fund exploration and drilling at the projects in Finland and for working capital.
Private Placement
Subject to the approval of the TSX Venture Exchange (the "Exchange" or "TSXV"), the Company intends offer by way of a non-brokered private placement offering (the "Offering") 10 million units (each, a "Unit") at a price of $0.035.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $0.10 for a period of 36 months from the date of closing of the Offering. Finders' fees of 7.0% in cash will be paid to eligible parties.
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland (approximately 130,000 euros/C$197,000), to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes. None of the proceeds will be utilized for investor relations activities and no-payments will be made to non-arms-length parties of the Company.
Related parties, particularly Pacific Opportunity Capital Ltd., controlled by Mark T. Brown who is a director of Avrupa, that has supported the Company for many years, has subscribed for $28,000 of the Offering. The issuance of Units to the insider, pursuant to the Offering, is considered a related party transaction within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The Company has relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of these related party transactions on the basis that the fair market value (as determined under MI 61-101) of the transactions do not, in aggregate, exceed 25% of the market value of the Company.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
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 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, 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, 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 the 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Vancouver, BC August 14, 2024 TheNewswire Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that it intends to complete a $350,000 private placement of Units. The proceeds of the private placement financing will be used to fund exploration and drilling at the projects in Finland and for working capital. Avrupa has two other European drilling projects underway, or soon to be underway, this summer, one for copper and zinc and one for gold and silver, both funded by partners.
Private Placement
Subject to the approval of the TSX Venture Exchange (the "Exchange"), the Company intends to raise $350,000 by way of a non-brokered private placement offering (the "Offering") by issuing 10 million units (each, a "Unit") at a price of $0.035.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.10 per common share, for a period of 36 months from the date of closing of the Offering. Finders' fees of 7.0% in cash will be paid to eligible parties.
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland, to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
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 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, 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, 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 the 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
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Australian mining company Cobre (ASX:CBE) has secured a major investment from BHP, which has agreed to spend $25 million on exploration at Cobre’s Kitlanya projects in Botswana, in exchange for the right to acquire a 75 percent stake, according to a news report from Reuters.
This agreement follows Cobre's participation in BHP's Xplor program in January of the previous year, where Cobre received $500,000 to advance its Kalahari copper projects in Botswana.
Under the terms of the agreement, BHP will provide at least $5 million in funding to Cobre within two years from the commencement date, with an initial exploration budget of $7 million set to begin next month. Cobre's CEO, Adam Woolridge, expressed optimism about the partnership, stating that the collaboration with BHP will enable a technology-driven exploration program aimed at discovering significant deposits in the Kitlanya East and West projects, the Reuters report said.
This strategic move underscores BHP's commitment to expanding its presence in the African copper sector and leveraging advanced exploration techniques to identify potential high-grade copper deposits in Botswana's Kalahari region.
Click here to connect with Cobre for an Investor Presentation
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is providing up to AU$40 million for exploration work atCobre’s (ASX:CBE) Kitlanya East and West copper projects in Botswana, Cobre said on Monday (March 10).
The funding is under an earn-in agreement between Cobre, other Cobre-owned subsidiaries and a wholly owned subsidiary of BHP. It gives BHP the right to acquire a 75 percent interest in the Kitlanya assets.
The agreement comes after Cobre’s participation in BHP’s Xplor program in 2024. Through Xplor, Cobre received US$500,000 to accelerate its exploration plans for its Kalahari copper projects in Africa.
It also follows the signing of a letter of intent with a BHP subsidiary in September 2024. The companies agreed at the time to negotiate a material earn-in joint venture agreement for Kitlanya East and West.
“This significant transaction with BHP ... is a major moment in time for Cobre as a company as well as a testament to the success of BHP's Xplor program,” said Cobre CEO Adam Woolridge in a press release.
“The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work program designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West Projects.”
Cobre acquired Kitlanya East and West through its November 2022 purchase of Kalahari Metals. BHP conducted fixed-wing AEM surveys over much of Kitlanya West’s project area in the late 1990s, but there was little on-site work.
The copper market is reportedly growing in Africa, with the Democratic Republic of Congo and Zambia as its largest producers. Botswana is also recognized as one of the continent's primary producers.
Mobilisation for drilling at Kitlanya West is set to start next month, and will test targets identified in a 2024 seismic program. The plan is to assess the mineral system for components required for tier-one copper deposit formation.
"We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement,” said BHP Group Exploration Officer Tim O’Connor in Cobre's release.
“This collaboration reflects our excitement for the exploration potential in Botswana and underscores the high standard of partnerships we see coming out of the BHP Xplor program.”
The Xplor program was introduced by BHP in 2022 as a means of assisting companies in accelerating exploration opportunities and developing new critical minerals sources.
Selected companies receive benefits such as an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The 2025 BHP Xplor cohort holds the highest number of successful applicants in the program's history at eight companies. Cobre formed part of the 2024 cohort, joining five other companies.
This week's transaction between Cobre and BHP does not involve Cobre's flagship Ngami and Okavango copper projects, which are also located in Botswana. Cobre will continue advancing both assets independently.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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