Avrupa Minerals Ltd. 2023 Progress and 2024 Plans
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February 21, 2024 NR 01 - 2024
Avrupa Minerals Ltd. 2023 Progress and 2024 Plans
Avrupa Minerals Ltd. (AVU:TSXV) is pleased to report on its progress during 2023 on
programs in Portugal, Kosovo, and Finland, as well as comment on expected programs
for 2024. The Company’s projects in Kosovo and Portugal are fully -funded by Joint
Venture partners. The Company is seeking a potential joint venture entity for its
program(s) in the Vihanti-Pyhäsalmi VMS District, Central Finland.
Paul W. Kuhn, President and CEO of Avrupa Minerals (“AVU” or “Company”), noted,
“Strong progress in deposit definition work at the Sesmarias copper-zinc-lead Project in
Portugal during 2023 will be the underpinning for an aggressive drilling program in the
SES Central Zone starting in Q2 2024.
After a successful PEA and Mineral Resource Estimate upgrade at the Slivova Project
in Kosovo during 2023, we are looking forward to further upgrade of the precious metal
inventory in and around the deposit, itself, as well as continued progress in the ESG
aspects of the Project.
In Finland, we acquired new massive sulfide licenses in a well -endowed mining district,
defined new drilling targets at one former producer, discussed the potential of acquiring
several other VMS base metal targets, and commenced search for viable joint venture
partners to advance the program there.”
Portugal
Drilling continued throughout the year around the Alvalade pre- exploitation license in
several target areas, including Caveira South, Casas Novas, Lousal Northwest, Brejo,
and Sesmarias. The Company drilled 14 holes totaling 6,530 meters in 2023: two at
Caveira South, one at Casas Novas, four in the Lousal Northwest area, one at Brejo,
and six in the Sesmarias massive sulfide VMS deposit area.
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Figures 1, 1a. 2023 drilling along trend of Pyrite Belt mineralization within the Alvalade JV license, with
Sesmarias enlargement. Background data from 2020- 21 helicopter -supported VTEM project. Intense
electromagnetic response to railroad tracks and power lines in linear purple colors.
The highlight of the 2023 drilling program was the re- discovery of the high- grade
copper-zinc-lead-silver mineralization at Sesmarias in SES23 -047 (see AVU news
release June 12, 2023 ). Follow -up drilling at Sesmarias confirmed potential for more
high-grade massive sulfide and stockwork mineralization in the Central Zone at
Sesmarias (see AVU news release November 28, 2023 ). The success of the
Sesmarias drilling underlies potential for the next phase of drilling there, tentatively
commencing in Q2 of 2024. This phase w ill be aimed at defining the high- grade
mineralization located in/around the hinge of the Sesmarias Syncline, particularly along
strike between the 250 South and 800 South section lines , noted in the figures below .
Plans for the next phase are underway.
To enhance targeting at Sesmarias, The Company performed an IP -Resistivity survey
at the end of 2023 covering Sesmarias Central and Northern Zones and the Brejo target
area just north of Sesmarias. Results are presently under evaluation, particularly for the
North area and for the Brejo area where we have less historic drilling information. The
level of success in the coming phase of drilling will determine how best to move towards
a mining license application which will be necessary in the first half of 2025.
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Figure 2. Sesmarias section lines , AVU generated. Drillholes in red were completed
during 2023 drilling program. Coordinate system, UTM Zone 29 (ED50).
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Figure 3. Known massive sulfide mineralization at Sesmarias, open both north and south. Drilling in the
upcoming phase will target potential high- grade mineralization in the Central Zone between 250 South
and 800 South sections. Modeling and interpretation of accumulated data suggests that strong,
polymetallic VMS mineralization is hosted in and close to the hinge of the Sesmarias Syncline. UTM
Zone 29 (ED50).
Drilling in the northern target areas of the Alvalade license was less successful than at
Sesmarias. Drilling intersected narrow lenses of polymetallic sulfide mineralization in
both Caveira South drill holes and wispy, distal facies, replacement sulfide
mineralization in the Casas Novas drill hole. We hope to do follow -up drilling in both
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areas at some point in the future, but there are no plans for this in the up-coming drilling
phase. Drilling at Lousal Northwest intercepted the mineral horizon black shales, but no
significant sulfide mineralization.
The Alvalade project is a joint venture between Avrupa Minerals 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.
Kosovo
Work continued at the Slivova gold- silver project in Kosovo during 2023, undertaken by
partner Western Tethyan Resources , and supported by 70% -owner Ariana Resources .
Highlights of the work inclu ded the completion of a NI 43- 101 Preliminary Economic
Assessment (PEA) study that included a significant mineral resources’ upgrade (see
AVU news releases July 17, 2023 and September 6, 2023 for further, detailed
information and notes concerning QP sign-off).
• Global in situ gold resource increases by 78% over original MRE
• Global in situ silver resource increases by 113% over original MRE
• New MRE figures:
o Measured Resources: 835,000 mt @ 4.3 g/t Au and 15 g/t Ag
o Indicated Resources: 296,000 mt @ 3.6 g/t Au and 15 g/t Ag
o Inferred Resources: 250,000 mt @ 3.7 g/t Au and 13 g/t Ag
• 4,500-meter drilling program planned for the next phase of field work, which will
include resource infill drilling and exploration drilling around the license
Western Tethyan also commenced environmental and social baseline studies in the
project area, committ ing to a strong and positive social relationship with the
communities around the project area, and performed exploration rock and soil sampling
around the license to help identify satellite deposits. The government issued trenching
and drilling permits for this year, and Western Tethyan is in the midst of planning and
budgeting for the 2024 program. Work planned, in addition to continued environmental
and social licensing, includes trenching over several untested targets and exploration
drilling outside of the main deposit in efforts to increase the mineral resources.
Eventually, there may be some infill drilling completed in 2024, as well. We anticipate
that Western Tethyan will perform the necessary work to reach the 51% ownership level
of the license during 2024, as required by the JV agreement (see news release of May
9, 2023).
Finland
During 2023, Avrupa’s 49%-held Akkerman Finland Oy (AFOy ) continued to advance
the exploration program in the Vihanti -Pyhäsalmi VMS District of central Finland. The
joint venture now holds two exploration permits covering known massive sulfide
deposits (Kangasjärvi and Hallaperä), an application over a massive sulfide deposit
(Rauhala), and an exploration permit covering a massive sulfide target (Kolima) that has
been approved by the mining bureau, but not yet issued due to appeals court handling
of the process.
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Basic exploration work, continued review of historic core and geophysical data, and
modeling of SkyTEM data from the Kangasjärvi license suggest an outstanding un-
drilled target close to the old Kangasjärvi Mine. The joint venture is making plans for
drilling at the target in 2024. There are further Sk yTEM anomalies that may rate drilling
after planned exploration work during the up-coming field season.
Figure 4. Map of Vihanti-Pyhäsalmi VMS District with AFOy-AVU holdings and location of the two major
mines, Pyhäsalmi and Vihanti.
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Figure 5. Plan view of the Kangasjärvi SkyTEM drill target , showing a strong conductor northwest and
across a major area fault from the historic Kangasjärvi Mine. Most of the conductor has never been
drilled.
Figure 6. Kangasjärvi SkyTEM drill target, section view. The joint venture plans three diamond drill holes
totaling 1000 meters later this year. There are other SkyTEM anomalies around the license that may
become drill-ready later this year.
AFOy officially acquired the Hallaperä exploration license in the past year. The license
covers a known massive sulfide deposit discovered by Outokumpu in 1967. The
deposit is 1,500 meters long and ranges from two to 18 meters thick. It remains open at
depth below 200 meters from the surfac e. The most recent drilling, in 1990, cut 1.85
meters @ 1.72% Cu, 1.7 g/t Au, and 44 g/t Ag, with no further work completed since
that time.
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Figure 7. Copy of the original geological map of the Hallaperä VMD deposit.
The Finnish mining bureau recent ly awarded an exploration permit to AFOy for another
license covering a massive sulfide deposit near the historic Vihanti Mine. The Rauhala
deposit was discovered in 1985 by the Finnish Geological Survey (GTK), and later
worked by Outokumpu Oy. It measures nearly 600 meters long and 350 meters wide
and averages about 2 meters thick, as presently known. Virtually no work on the
deposit has been completed in the past 20-25 years.
Figure 8. Plan view of the Rauha Deposit (blue/black/yellow lentic ular outline). The
deposit was discovered via a zinc anomaly in till material, and is covered by 2-20 meters
of till at its closest point to the surface.