Given the current worldwide coronavirus health situation, the Company wishes to update the market on progress with our Alvalade Copper-Zinc Massive Sulfide Project in Portugal. While we had originally planned for the Project to be fully licensed by now, the pandemic crisis has slowed the issuance process. Fortunately, all parties involved in the process, Avrupa, our new joint venture partner, and the Mining Bureau of Portugal, continue to work towards completion of the Experimental Exploitation License contract. As government edicts would preclude working in the field right now, it is fortuitous that we can move the licensing along and complete the process remotely. Once the license is issued, we will receive the upfront funding, as required by our joint venture agreement, and will begin the actual technical and social planning necessary for drilling to commence. Details of the agreement may be found in the Company’s news release of October 1, 2019.
The new, upgraded Alvalade license will cover approximately 115 square kilometers of highly prospective target area in a prime portion of the Iberian Pyrite Belt in Portugal. The Sesmarias massive sulfide discovery lies just 7 kilometers south of the historic Lousal Mine and 9 kilometers south of our Monte da Bela Vista stockwork zone, all of which are covered by the Alvalade license. Previous work at Sesmarias by Avrupa, itself, and by Avrupa with support from former JV partners, indicates that massive sulfide mineralization extends for at least 600 meters, may be as wide as 300 meters, and averages 25 meters in thickness. Our work around Sesmarias also indicates that there is, at least, a further 2,000 meters of potentially mineralized target zone beyond the 600 meters of known massive sulfide mineralization.
Several technical sources estimate that the Lousal Mine originally contained upwards of 50 million metric tonnes of iron-, copper-, and zinc-bearing massive sulfide mineralization. However, old mining records indicate that only 15-20 million metric tonnes of mineralized material were actually extracted during historic operations beginning in 1900 and continuing through 1988. An independent consultant’s report commissioned by Avrupa in late 2017 suggests that Monte da Bela Vista-Lousal-Sesmarias could easily become a 50- to 100-million metric tonne copper-zinc, massive sulfide district.
In addition, the under-explored, historic Caveira Mine area is located just 9 kilometers north of Monte da Bela Vista, and between the two are several Avrupa scout drill holes that intersected sulfide mineralization. Furthermore, Avrupa has drilled mineralized scout holes in several target areas along a 25-kilometer line from Sesmarias to the south end of the Alvalade license.
With all this good potential still remaining untapped, we are excited about getting the new license issued and the exploration program back into swing, as health and economic conditions allow in southern Portugal. To date, south Portugal has not been so hard-hit by COVID-19. Avrupa is monitoring the global health and financial crisis and will exercise caution and social responsibility to maintain safe and healthy programs in Portugal, once we are given the go-ahead and permission to return to active exploration work. Presently the company works and communicates remotely in all of our interest areas in Canada, Portugal, and Kosovo.
We will continue to update you all and the rest of the exploration community as progress requires, and we look forward to your participation and support of the Company’s recovery in the coming months.
Paul W. Kuhn
Chief Executive Officer
This letter 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.