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Avrupa Minerals Ltd. (TSXV:AVU ) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to provide a corporate update and progress report covering the Company's programs in Portugal, Finland, and Kosovo. The Company continues to make strong, positive progress in all three jurisdictions
Paul W. Kuhn, President and CEO of Avrupa, commented, "We completed a busy and successful 2022 in all of our jurisdictions, building a strong base to support continuing success in the new year. In the coming months, we expect to initiate drilling in Finland, continue drilling around the Alvalade Project in Portugal, and begin preparations to move the Slivova gold deposit towards a potential mining solution. The Company will continue to search for new opportunities around Europe, particularly for gold and for so-called Green Metals, copper and zinc."
Drilling at the Alvalade Joint Venture with partner Sandfire MATSA continues after a 6-month hiatus during 2022. For now, drilling is dedicated to high-priority exploration targets around the Alvalade license.
The upcoming addition of a second drill rig will speed up the pace of drilling, and we expect to target potential extensions to the Sesmarias massive sulfide deposit, as well as promising satellite targets there. In total, we plan to drill another 8-9 holes around the license during the first half of 2023, totaling roughly 4,000 meters.
We have completed three exploration holes, totaling 1,946 meters, since the beginning of this phase of drilling, aiming at VTEM geophysical targets along the trend of mineral-hosting, Volcano-Sedimentary ("VS") rocks in the Pyrite Belt between the historic Lousal and Caveira Mines. The recent drilling includes two holes in the Lousal NW sector and one in the Azinheira sector (see Figure 1, below). All three drill holes intercepted the targeted VS horizon, with narrow zones of thin-bedded to semi-massive sulfide mineralization present. Sampling results are forthcoming, and are expected to indicate possible proximity to massive sulfide mineralization in the strongly folded and faulted black shale host rocks.
We are presently drilling a fourth hole, located in the Casas Novas sector. Two rounds of follow-up surface geophysics in the 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 the more detailed electromagnetic anomalism, spatially related surface geochemical anomalies, and favorable geology.
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Figure 1. Alvalade Joint Venture license, primary target areas.
In Kosovo, our new partner Western Tethyan Resources ("WTR") continues their extensive, detailed due diligence work at/around the Slivova gold deposit. The work includes review of all technical facets of the deposit and project, including re-evaluation of the NI 43-101 resource, license-wide exploration potential, mining and processing possibilities, minesite infrastructure and layout, and social and environmental ramifications. We expect a near-future decision 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 license applications in process, and a fourth application just submitted. The first two applications, Kolima and Kangasjärvi, covering copper- and zinc-bearing massive sulfide mineralization and targets in the Pyhäsalmi base metal district, are in advanced application status, with public, town hall-style meetings and stakeholder comment periods completed. The decision process is now fully in the hands of the Finnish mining bureau, and we look forward to a decision in the latter part of Q1 2023. We have developed first-pass drill targets within both application areas.
After a successful 2022 work program in Portugal and Finland, and the enlistment of a mining partner for the Slivova gold deposit in Kosovo, we look forward to a successful coming year, and especially to value accretion within Avrupa's three main jurisdictions. Some of the important successes in 2022 were:
Establishment of a new copper-zinc exploration program in the Pyhäsalmi Mining District, central Finland, with initial phase of acquisition of Finnish exploration company Akkerman Finland Oy ("AFOy");
Initiation of a new joint venture in Kosovo with exploration-oriented Western Tethyan Resources and associated company, miner Ariana Resources, to bring the Slivova gold deposit to a mining solution; and
Continuation of advanced exploration in Portugal through the Alvalade Joint Venture with Sandfire MATSA, particularly within the Sesmarias massive sulfide deposit.
Key points to expect in the first half of 2023:
Issuance of the Kolima and Kangasjärvi exploration licenses in Finland;
Progress in the licensing process for two other applications in Finland;
First-pass drilling in Finland on at least one license;
Continuation of the purchase of the remaining portion of AFOy;
Continuation of the Slivova Joint Venture in Kosovo with updated resource estimate (JORC-compliant);
Follow-on plans for a new, improved pre-feasibility study at Slivova, social and environmental baseline work, land acquisition as needed, drilling (both infill and outboard);
For Alvalade, airborne gravity results leading to further targeting comfort for the final eight holes of the present phase of drilling;
Continued Sesmarias and property-wide exploration drilling;
Decision point for how to proceed at the end of the first three years of the Alvalade license.
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.
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