AVU.V · 2023-11-28 12:00:00

Avrupa Minerals Updates Drilling Results at the Sesmarias VMS target, Alvalade JV, Portugal

Drill Results Partnerships & JV

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November 28, 2023 NR 09 - 2023

Avrupa Minerals Updates Drilling Results at the

Sesmarias VMS target, Alvalade JV, Portugal

• Company completes drilling at Sesmarias for 2023

• Five holes drilled in the Sesmarias Central area targeting

potentially high- grade hinge zone of Sesmarias synform -shaped

VMS target;

• One hole drilled to test potential west limb mineralization in the

Sesmarias South area.

• Company completes IP-Res geophysical survey over Sesmarias Central

and North areas: results pending.

• Partners Avrupa Minerals and Sandfire Minerals making plans for

continued work at Sesmarias in 2024.

Avrupa Minerals Ltd. ( TSXV: AVU) is pleased to update the investor community

concerning progress at the Sesmarias copper -zinc massive sulfide prospect , located

within the Alvalade Joint Venture Project in the Iberian Pyrite Belt of Portugal. The

program is a joint venture between Avrupa Minerals (“AVU” or “Company”) and Min as

de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”) through their local

subsidiaries. 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 at Sesmarias , 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 2023, 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 from 46 holes, totaling nearly 20,000 meters at Sesmarias since 2014, the

JV geological team aimed deeper to 400 meters depth to attempt to locate further high-

grade mineralization.

As reported in June (see June 12, 2023 News Release ), the JV intersected strong

copper-zinc massive sulfide mineralization in SES23- 047. Since completion o f that

hole, the JV drilled a further five holes, totaling 2,766 meters , in the Sesmarias Central

and South Zones . Total drilling at Sesmarias is now at 22,612 meters in 52 diamond

drill holes, over a mineralized strike length of 1,700 meters.

The following general schematic section demonstrates how the target is perceived after

52 drillholes, geological and structural interpretation, surface geochemistry, and a

variety of geophysical surveys since the original discovery in 2014.

Figure 1. Schematic cross section of the Sesmarias massive sulfide target. Note that the field of view is

500 meters SW to NE and encompasses 1,400 meters of strike length of mineralization from SE to NW.

Most of the drilling in the just -completed phase targeted the hinge z one of the Sesmarias synform in the

Central area. Due to small, but important, post -mineral structural complications and drilling difficulties,

three of five holes intersected the hinge zone massive mineralization and/or stockwork, feeder -style

mineralization, while one hole intersected the synform above targeted mineralization, and one hole

missed below the hinge zone. The sixth hole targeted massive sulfide mineralization on west limb of the

synform in the Sesmarias South area. The schematic section suggests that there is significant, un-

explored target area in the hinge zone along strike and in both limbs of the synform, as well, along strike.

Encouraging results continued in the 6- hole phase of drilling in the Central and South

areas on five separate fences over 600 meters of mineralized strike length. The

following diagram shows the extent of drilling in the Sesmarias North and Central Zones

from SES019 northwest to SES21-036 as shown in the general schematic section. The

six recently-completed drill holes are highlighted in red.

Figure 2. Drill hole locations and sections for Sesmarias North and Central (2014- 2023).

The following tables summarize the most important results from the most recent drilling

in the Sesmarias massive sulfide target area:

SES23-047

Drillhole Interval From To Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t)

SES23-047 26.95 393.80 420.75 2.18 2.58 5.60 88.2 0.33

w/i 43.40 392.80 436.20 1.51 2.15 4.78 64.1 0.26

Table 1. Previously-reported high-grade results from SES23- 047. The hole intersected

massive sulfides near the presumed bottom of the hinge zone on Section 650 South.

Figure 3. Section 650 South showing SES002, SES003, SES23 -041, and SES23- 047.Note

that SES23- 041 crossed the Sesmarias synform above the hinge zone, and missed

mineralization. It appears that the high grade SES002/003 mineralization may have been

displaced from the larger hinge zone target intersected by SES23-047.

SES23-048

Drillhole Interval From To Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t)

SES23-048 9.20 419.10 428.30 1.20 1.46 3.05 30.1 0.43

and 8.30 428.30 436.60 0.31 anom. 0.33 anom. 0.43

total 17.50 419.10 436.60 0.78 --- --- --- 0.43

also 0.25 348.40 348.65 1.01 0.74 1.32 39.2 0.14

Table 2. New results for SES23-048. The hole intersected 9.2 meters of massive sulfide

mineralization, followed by 8.3 meters of stockwork sulfide mineralization near the

presumed top of the hinge zone , or possibly on the western, upright limb of the

Sesmarias synform on Section 800 South.

Figure 4. Section 800 South showing SES23-048.

SES23-049

Drillhole Interval From To Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t)

SES23-049 no significant results

0.70 332.55 333.25 0.29 0.19 0.32 anom. anom.

Table 3. SES23-049 did not cut significant mineralization, as the hole crossed too high in

the Sesmarias synform , much like SES23- 041, drilled in 2021. Fragments of massive

sulfide mineralization are present in the major thrust fault that bounds and cuts the

eastern, overturned limb of the Sesmarias synform.

Figure 5. Section 500 South showing SES23- 049 and SES23- 051. SES23 -049 crossed the synform

above the hinge zone, while SES23- 051 crossed zinc-rich stockwork sulfide mineralization below the

hinge zone. Significant results for SES23-051 are found below in Table 5.

SES23-050

Drillhole Interval From To Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t)

SES23-050

samples in lab -- no significant results expected, though crossed

faulted east limb at 397.50 to 398.70 meters, below hinge zone

Table 4. SES23-050 did not intersect any significant visible mineralization, as the hole crossed beneath the

Sesmarias synform. It did cross the east ern limb fault containing abundant disseminated and fragmented

pyrite.

Figure 6. Section 950 South showing SES23- 050 crossing below the hinge zone.

Folding of the hinge zone is possible, as shown in the section, but not yet confirmed.

SES23-051

Drillhole Interval From To Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t)

SES23-051 9.00 456.80 465.80 anom. 0.99 2.35 11.7 anom.

and 8.00 467.80 475.80 anom. 3.04 3.47 50.7

anom.

strong

stkwk 19.00 456.80 475.80 --- 1.77 2.61 27.3 ---

total

stkwk 30.70 456.80 487.50 --- 1.18 1.88 17.8 ---

remainder of samples in lab -- no significant results expected, below hinge zone

Table 5. SES23-051 crossed 30.7 meters of zinc-rich stockwork sulfide mineralization beneath the

hinge zone. This included an intercept of 9 meters of semi -massive to massive sulfide mineralization

and a further zone of 8 meters of semi -massive sulfides, followed by another 11.7 meters of

stockwork sulfide mineralization. The cross section for SES23-051 is shown above in Figure 4.

SES23-052

Drillhole Interval From To Cu (%) Pb (%) Zn (%)

(g/t)

SES23-052 5.60 358.60 364.20 0.45 --- --- --- 0.33

and 7.00 366.20 373.20 anom. 0.84 2.72 24.8

anom.

incl. 4.00 368.20 372.20 anom. 3.40

anom.

3.00 370.20 373.20 anom. 1.33

anom.

2.00 370.20 372.20 anom. 45.1

anom.

w/i 28.40 358.60 387.00

total zone of sulfides, including insipient stkwk to

massive mineralization

now cutting remainder of samples -- no significant intervals of

high-grade results expected, though several zones of stkwk exist

Table 6. SES23-52 crossed the western, upright limb of the Sesmarias synform in the Sesmarias South

area. This is the first deeper intersection of the western limb in the Central and South zones at

Sesmarias. The intersect included 28.4 meters of variable sulfide mineralization from stockwork to

massive mineralization.

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