Avrupa Minerals reports on progress in Kosovo and Portugal
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December 27, 2017 NR 17 - 2017
Avrupa Minerals reports on progress in Kosovo and Portugal
Avrupa Minerals Ltd. (AVU:TSXV) is pleased to report on progress at drilling projects
in Kosovo and Portugal. The Company’s partners funded two drill programs during
2017. In Kosovo, Byrnecut International Ltd. (“BIL”) completed an 18-hole, 6,280-meter
core drilling program at the Sliv ovo Gold Project, while in Portugal Blackheath
Resources Inc. (“BHR”) completed a single, exploratory test hole at the Covas Tungsten
Project where Avrupa is the operator.
Slivovo Gold Project, Kosovo
The 2017 drill program was originally planned for 5,670 meters. The program was
designed to focus on five areas of interest . These were designated as potential target
areas to significantly expand the known, near-deposit mineralization modeled by BIL as
part of their detailed technical study completed at the end of 2016 . The study fulfilled
their 85% earn -in commitment in the Project. Avrupa is no longer contributing to the
program and expects to be diluted to a 2% NSR in 2018. The areas of interest (Figure
1) were designated as:
Main Gossan Offset
Gossan Extension
Sandstone Gossan
Deep IP Anomaly
Dzemail
The targeting process for the program was assisted by utilization of data and modeling
from previous work phases at Slivovo, which included:
Four phases of historic drilling, 2014 - 2016
Limited, but widespread soil and rock chip sampling, 2014 - 2016
Focused, limited IP and EM geophysical surveys, 2016
Limited field mapping, 2014 - 2016
Structural interpretation
Geological modeling
Targets were selected for viability based on three major factors:
IP anomalies, shallow (less than 100 meters deep) and deep (greater than 100
meters deep), identified in the 2016 geophysical program
Structural and geological models based on historic drilling and geological
mapping
Limited-in-scope, widespread geochemical surveys
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The following figure shows the locations of the five target areas and the 2017 drill holes
and traces.
Figure 1. 2107 drilling program at the Slivovo gold Project, Kosovo (reproduced from BIL
summary report, J. Geier, 2017).
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Figures 2 and 3. Illustrations of the location of the IP chargeability anomalies that factored into the
targeting process for the 2017 drilling program (reproduced from BIL summary report, J. Geier, 2017)
Figures 4 and 5. Illustrations of the geology and structure at Slivovo, then overlain by anomalous gold -
in-soil geochemistry at the Project (reproduced from BIL summary report, J. Geier, 2017).
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Results from the drilling were mixed . New geological and structural information gained
from the work indicated that the complexity of the Slivovo system is greater than
originally suspected. Geochemical results from sampling of the mineralized core did not
significantly extend near-surface gold mineralization. The combination of these results
indicated new mineral possibilities in the immediate Slivovo target area, but none close
enough to the surface to significantly increase the size of the present, potentially
surface-mineable Slivovo gold deposit. Avrupa reported a n indicated mineral resource
conforming to NI 43 -101 definitions of 640,000 mt of 4.80 g/t gold and 14.68 g/t silver,
for 98,700 ounces of gold and 302,000 ounces of silver (May 5, 2016).
BIL commissioned a follow -up, independent technical report to verify potential of
significant mineralization around the Slivovo deposit, at Peshter and Brus, as well as
around the remaining areas of the license. Results of the independent study, completed
in November 2017, diverged somewhat from earlier work, particularly in genesis and
placement of the mineralization in the Slivovo area. Earlier work assumed mineral -
bearing fluids originat ed from perhaps a single , large porphyry intrusive source on the
property, allowing for potential of a larger deposit at Slivovo . The new work presume s
however that Slivovo gold mineralization is sourced from a large, off -property intrusive
center. Numerous small, satellite porphyritic intrusions emplaced perpendicularly to the
mineral-hosting calcareous rocks at Slivovo, thus forming small mineral bodies around
the Slivovo gold deposit. The independent study finally suggests a number of small
(10K) to medium size (100K) targets within the license area, as shown below.
Figure 6. Range of targets on the Slivovo license. The Brus target , #2, lies off the map to the SE of target
#10. Targets #1, #2, and #3, are the highest priority targets according to the independent study, with
suggested possible target size of up to 100K ounces (from BIL Independent Geological Report, 2017).
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Avrupa continues to allow Byrnecut to fully fund the Project to the point where the
Company will be diluted to below 10% ownership, thus assuming a 2% NSR position in
the Slivovo Project.
Covas Tungsten Project, Portugal
The Covas Project hosts a reported conformable to NI 43 -101 indicated mineral
resource of 449,800 MTU’s WO 3 and an inferred mineral resource 767,100 MTU’s WO 3
(as reported in the AVU news release of April 1, 2015). Mineralization is hosted in
seven discrete bodies surrounding a presumed buried granitic intrusion. Over 80% of
the indicated and inferred resourc es lie within 60 meters of the surface. The price of
tungsten lies close to US$ 300 per metric tonne unit (MTU), up from under US$ 200 at
the end of the 2016.
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Avrupa’s partner at Covas, Blackheath Resources Inc., funded a single 225 -meter drill
hole to partially test for the possibility of a large -tonnage, close -to-the-surface, bulk -
mineable, disseminated tungsten deposit directly related to or hosted in the presumed
porphyritic granitic Covas intrusive body. Surface and close -to-surface indications for
potential mineralization included strong alteration affiliated with an intense linear,
negative magnetics anomaly , multi-element geochemical anomalism contained in soil
samples covering the linear magnetics anomaly, and supporting IP/chargeability
anomalism. Following is a plan view of the target area, as well as a conceptual diagram
illustrating the technical merits for the targeting at the Covas site.
Figure 7. Plan view of the intrusion -related, bulk -tonnage, disseminated tungsten target at the Covas
Project. Note the strong east -west band of negative magnetics, probably delineating a major fault zone
across the property. Strong alteration follows the fault zone, as well as supportive trace element anomalism.
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Figure 8. Conceptual cross sect ion of the intrusion-related, bulk-tonnage, disseminated tungsten target
at the Covas Project.
The single drill hole partially tested the target idea. Alteration was present throughout
the hole, particularly strong silicification through the bottom hal f of the hole. Porphyritic
intrusive rocks were present in the hole in the form of cross -cutting dikes . We are
awaiting assay results from the laboratory.
To date, BHR has funded approximately 1.75 million euros of exploration at Covas, and
holds 75% of the Project according to the amended earn -in agreement (see AVU news
release dated May 12, 2014).
Paul W. Kuhn, President and CEO of Avrupa Minerals Ltd., commented , “The Company
continues to successfully advance its programs in Kosovo and Portugal throug h partner
funding. We intend to continue to advance all of our quality projects in both countries in
2018, in addition to potentially completing new joint ventures on our Pyrite Belt Projects
in South Portugal.”
Avrupa Minerals Ltd. is a growth -oriented junior exploration and developme nt
company focused on discovery , using a prospect generator model, of valuable mineral
deposits in politically stable and prospective regions of Europe, including Portu gal,
Kosovo, and Germany.
The Company currently holds e ight exploration licenses in three European countries,
including five in Portugal covering 2,911 km 2, two in Kosovo covering 47 km 2, and one
in Germany covering 307 km 2. Avrupa now has three active option and joint venture
agreements, two in Portugal and one in Kosovo, including:
The Alvito Option Agreement with OZ Minerals Limited covering one license in
the Ossa Morena Zone in southern Portugal, for IOCG deposits;
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The Covas JV , with Blackheath Resources, covering one license in northern
Portugal, for intrusion-related W deposits; and
Avrupa’s partner at the Slivovo Gold Project in Kosovo is fully funding the
program, allowing Avrupa to dilute its ownership in the JV operating company
Peshter Mining JSC. If AVU ownership goes below 10%, the interest in the
project converts to a 2% NSR.
In addition, in the Iberian Pyrite Belt of south Portugal, the Company h olds the
Alvalade VMS Project, now 100% owned by Avrupa, where previous partners
have spent over US$ 7.6 million on exploration for VMS copper, zinc, and lead,
mineralization, resulting in discoveries at Sesmarias and Monte da Bela Vista.
Avrupa is currently upgrading precious and base metal targets to JV -ready status in a
variety of districts on their other licenses, with the idea of attracting potential partners to
project-specific and/or regional exploration programs.
For additional information, contact Avrup a 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 t he 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.