Avrupa to Acquire Four Exploration Properties in Finland
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TSX-V: AVU
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December 20, 2021 NR 06 - 2021
Avrupa to Acquire Four Exploration Properties in Finland
• Three base metal p roperties cover approx. 600 km2 in the Vihanti–Pyhäsalmi
VMS Belt, central Finland
• 65 km south of Pyhäsalmi base metal mine and flotation plant
• Two properties contain small historic copper/zinc resource estimates (see
below)
• Under-explored gold pro perty located in the Oij ärvi Greenstone Belt in north -
central Finland included in property package
• Binding Letter Agreement signed with private Finnish company
• Avrupa to pay 3 million common shares, €165,000, and fund earn-in exploration
expenditures of €400,000 to earn 100%
Avrupa Minerals Ltd. (AVU:TSXV) is pleased to report that it has signed a binding letter
agreement (the “Letter Agreement”) with Dutch holding company , Akkerman Exploration
B.V., to acquire 100% ownership of Akkerman Finland OY (“AFOy”). Finnish-registered
AFOy owns three mineral reservations in the past -producing and highly pr ospective
Vihanti-Pyhäsalmi VMS district in central Finland . Deposits in this belt are similar , though
much older than those found in the Iberian Pyrite Belt where Avrupa is currently drilling in
southern Portugal. The three projects will be upgraded from a “reservation” to “licenses ”
as the first s tep of the exploration program . Once license areas are defined and the
application process is underway, Avrupa will oversee detailed systematic data compilation
and review, historic drill core review, basic sur face geochemical exploration, and new drill
targeting in preparation for drilling when the license applications are approved.
The acquisition includes a fourth reservation held by AFOy covering under-explored gold
targets in a greenstone belt -hosted, major shear zone located along strike from the Oijärvi
gold project recently purchased by Gold Line Resources Ltd. from Agnico Eagle Mines
Limited.
Paul W. Kuhn, President and CEO of Avrupa, commented, “ We are excited to make these
additions in two active, historic mining district s in Finland to our ongoing projects in
Portugal and Kosovo. The current market for copper and zinc is growing rapidly to support
the advancement of new environmentally -friendly technologies that are already important
contributions to the manufacture and use of fully electric vehicles. EV’s use, on average,
180 pounds of copper per vehicle . The historic exploration on these projects by the
Geological Survey of Finland and Outokumpu during the 1960’s through the 1980’ s will
form a strong base to outline new copper-zinc targets in central Finland. Finally, we are
equally excited to acquire a new gold project in the highly prospective Oijä rvi gold district
close to an existing reported historic resource.”
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Acquisition Terms
Avrupa can earn an initial 49% of AFO y in Stage One by issuing 1,470,000 common
shares, paying €150,000 and depositing €200,000 into an account dedicated for first year
exploration expenditures.
As a Stage Two earn -in, Avrupa can acquire the remaining 51% of AFO y by issuing a
further 1,530,000 common shares and depositing an additional €200,000 into the
dedicated account for further exploration expenditures. Avrupa will also pay out the
remaining advances of approximately €15,000 to AFOy’s parent company at this stage.
A Technical Committee comprised of one representative from each party will oversee the
work programs of each project. AFOy’s majority shareholder will have the deciding vote
during the initial earn-in period.
The Letter Agreement will be super seded by a Definitive Agreement which is expected to
be completed in January 2022. Avrupa paid €10,000 upon signing of the Letter
Agreement.
Avrupa will engage a qualified professional geologist to complete a NI 43-101 compliant
report on the projects as part of its due diligence process. The Company expects to
complete the report during the Stage One exploration program as part of a rigorous review
of data and drill core from historic operations covering the project areas.
Projects
Figure 1. General location of AFOy project areas in Central Finland.
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Figure 2. Location of the Vihanti-Pyhäsalmi VMS District reservations.
The Pielavesi Reservation
Historic e xploration within the Pielavesi Reservation area by the Geological Survey of
Finland (GTK) and Outokumpu shows that the Paloniemi-Säviä-Leväniemi Belt offers
promising exploration potential. The Pielavesi reservation covers approximately 213 km 2
and has widespread hydrothermal alteration of felsic volcanics which can be traced over
10 kilometers. Previous operators identified the presence of at least four individual centers
of mineralization, including one with clear evidence of a stockwork feeder zone
accompanied by massive sulfide deposition containing copper, zinc, and gold. Despite
many years of previous exploration and a large number of holes drilled, known centers of
mineralization have not been drilled off and remain open at depth and along strike in both
directions. No systematic exploration of the area has been completed in over 30 years.
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Figure 3. Geology and known mineralization in Pielavesi Reservation
Previous operators completed two historic, non NI 43-101 compliant, resource estimates at
the Säviä prospect within the limits of the Pielavesi Property. The initial review, reported in
1968, and based on 62 drill holes at 50-meter spacings, estimated a copper-rich deposit of
4 million tonnes grading 1.1% copper and a zinc -rich deposit of 1 million tonnes grading
2% zinc. And, in fact, a number of nearby mineralized holes were not included in the
resource estimate, one of which assayed 0.98% copper over 70.5 meters.
In 1986, Outokumpu estimated a resource at Säviä of 1.8 tonnes grading 1.52% copper.
Note that both resource estimates are historic in nature, pre-dating NI 43-101, and the Company is
not treating them as current resources . A Qualified Person, as such term is defined in NI 43 -101,
has not completed sufficient work to confirm the estimates as current mineral resources under NI
43-101, and therefore they cannot be considered reliable and are presented here merely to show
the potential of the projects. Further efforts to confirm the presence of potential mineral resources
are planned for the initial exploration period and will commence once the Definitive Agreement is
completed.
The Kolima Property
The 187 km 2 Kolima reservation covers a target zone comprised of a thick layer of
mineralized distal -type volcanics containing thin beds and layers of zinc -rich massive
sulfide mineralization in some areas. The Geological Survey of Finland (GTK) discovered
and explored the area in the period from 1956 to 1983. The GTK found zinc mineralization
in an area two kilometers long and 200 to 400 meters wide with in strongly altered
metasediments and fine- grained volcanic rocks. GTK drilled 70 holes and detected
widespread, polymetallic sul fide mineralization occurring as fine disseminations and thin
layers of semi -massive sulfi des. Generally, it seems that the currently -known
mineralization represents distal -style metals’ deposition with in a larger VMS system that
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has not yet been discovered. Numerous mineralized boulders containing anom alous gold
and copper are present around the site.
AFOy completed a helicopter -supported SkyTEM geophysical survey over the mineralized
area of the reservation. Preliminary analysis of the data by AFOy did not suggest any
obvious targeting. However, recently -completed detailed review of the data by AFOy and
AVU outlined subtle anomalism over southern extension of the known volcanics -hosted
mineral trend and also outlined a deeper (175 meters), strong geophysical target in a trend
of the volcanic rocks parallel to those that host the known zinc mineralization. There is no
reported previous exploration along this second trend, located a few kilometers west of the
known zinc showings.
The final date for application for license parcels in the Kolima reservation comes near the
end of January 2022. AFOy and AVU will work during the coming weeks to make
appropriate applications for licenses through the licensing process. Further updates on the
progress will be forthcoming.
Figure 4. Northern areas of the Kolima exploration reservation. Detailed review of the SkyTEM data shows
two important target zones within the reservation area.
The Kangasjärvi Property
The 203 km 2 reservation covers the Kangasjärvi deposit, a satellite deposit of the
Pyhäsalmi mine, located about 25 kilometers to the north of the site. The massive sulfide
was exposed at the surface, and Outokumpu mined 1- 9% zinc material from the
Kangasjärvi open pit in 1984- 85 down to < 100 meters from the surface. Exploration
drilling by Outokumpu intersected massive sulfides down to 250 meters depth beneath the
pit, but did not attempt deeper drilling, leaving the deposit open at depth, as well as along
strike.
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In 1983, GTK estimated a small historic, non NI 43- 101 compliant, resource in two
separate lenses: 1) 393,000 tonnes of 5.3% zinc, and 2) 159,960 tonnes of 6.0% zinc.
Later Outokumpu reported an estimated mineral resource of approximately 300,000
tonnes of 5.4% zinc. Records i n 1987 indicate that Outokumpu mined about 86,000
tonnes of 5.12% zinc. There is also reported anomalous copper, silver, and gold in the
deposits.
Note again that both resource estimates are historic in nature , pre -dating NI 43- 101, and the
Company is not treating them as current resources. A Qualified Person, as such term is defined in
NI 43-101, has not completed sufficient work to confirm the estimates as current mineral resources
under NI 43-101, and therefore they cannot be considered reliable and are presented here merely
to show the potential of the projects. Further efforts to confirm the presence of potential mineral
resources are planned for the initial exploration period and will commence once the Definitive
Agreement is completed.
In addition to the Kangasjärvi deposit, there are at least three other mineral occurrences
within the reservation area. Little work of any sort has been completed anywhere on the
reservation for at least 20 years, even though there are historic drill holes throughout the
district.
Figure 5. Location of known mineral targets and deposits within the Kangasjärvi reservation area.
AFOy also completed helicopter -supported SkyTEM geophysical work over known
significant areas within the Pielavesi and Kangasjärvi reservations. AFOy and AVU
continue to review the results from these surveys. Further information will be disseminated
as we obtain a better understanding of the initial targeting data.
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The Yli-li Gold Property
The 332 km2 Yli-li gold reservation covers 30 kilometers strike length of the southern
extension of the Oijärvi greenstone belt and major shear zone. Currently Gold Line
Resources Ltd. operates the Oijärvi gold project where they plan to drill over 4,000 meters
in a step- out drilling program to expand the known zones of gold mineralization and
delineate new targets in the vicinity of the mineralization. In 2013, Agnico Eagle reported
an inferred mineral resource estimate at Kylmäkangas of 1.9 MT at 4 g/t Au and 31 g/t Ag,
containing approximately 250,000 ounces of gold and 1.9 million ounces of silver.
Note again that this resource estimate is historic in nature and was reported by a third party . The
Company is not treating the estimate as a current resource. A Qualified Person, as such term is
defined in NI 43- 101 and related to Avrupa Minerals Ltd. , has not completed sufficient work to
confirm the estimates as current mineral resou rces under NI 43-101, and therefore they cannot be
considered reliable from the Company standpoint. The Company cannot confirm the estimates
under any circumstances and merely uses the information to suggest potential exploration
possibilities on the Yli-li property.
Figure 6. Location of Yli-li reservation. Note proximity to Kylmäkangas gold deposit.
GTK first explored the southern extension of the Oij ärvi shear zone, covered by the
reservation, from 2001 to 2014. Initial studies turned up gold- in-till anomalies over
intensely sheared and altered rocks. Limited drilling resulted in one intercept of 3 g/t gold
over two meters at the Kupsusselkä prospect . Given these promising early-stage results,
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there is clearly need for wider -scale systematic exploration program to determine the best
targets within the area.
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, now optioned to MATSA in an earn-in joint venture agreement. Avrupa focuses its
project generation work in politically stable and prospective regions of Europe, presently
including Portugal 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”
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul
W. Kuhn, Presid ent 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 Instru ment 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 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.
Cautionary Statement Regarding “Forward-Looking” Statements:
Except for the statements of historical fact, this news release contains "forward- looking information" within
the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and
projections as at the date of this news release. "Forward-looking information" in this news release includes
information about the definitive agreement and the Company’s proposed exploration programs described
herein, and other forward-looking information. Factors that could cause actual result s to differ materially from
those described in such forward- looking information include, but are not limited to, the inability to obtain the
necessary resources to complete the exploration programs and poor exploration results.
The forward- looking information in this news release reflects the current expectations, assumptions and/or
beliefs of the Company based on information currently available to the Company. In connection with the
forward-looking information contained in this news release, the Company has made assumptions about the
Company's financial condition and development plans do not change as a result of unforeseen events, and
that the Company will receive all required regulatory approvals.
Although the Company believes that the assumptions inherent in the forward -looking information are
reasonable, forward- looking information is not a guarantee of future performance and accordingly undue
reliance should not be put on such information due to the inherent uncertainty therein. The Company does
not assume any obligation to update the forward- looking statements, or to update the reasons why actual
results could differ from those reflected in the forward- looking statements, unless and until required by