The Company holds exploration licenses through its subsidiaries in Portugal, Kosovo, and partner in Germany.
- In the Iberian Pyrite Belt, the Company recently announced that it had engaged MATSA, a Spanish-based mining company to form an exploration joint venture at the Alvalade copper-zinc project. The two companies are working on completing the final agreements during Q4 2019.
- The Company has completed consolidation of the Alvalade license (see news release of June 19, 2017). The license contains a massive sulfide discovery at the Sesmarias site, and a stockwork sulfide target zone at Monte da Bela Vista, as well as two past-producing iron-copper-zinc mines, Lousal and Caveira. Company geological consultants have determined that the Lousal Mine may still have upwards of 30 million tonnes of sulfide material remaining in the areas of the old workings. Recent geological modeling suggests new targets at Lousal and at Sesmarias.
- Avrupa conducts self-funded generative exploration work in Portugal. Previously, the Company utilized funds provided by Callinan Royalties Corp. for prospect generation work. Additionally, Callinan funded more advanced early-stage exploration on the Alvito license in south Portugal, in return for a 1.5% NSR royalty covering the license. Callinan was acquired by Altius Minerals in early 2015, and Altius now holds the Alvito royalty.
- Avrupa’s partner on the Slivovo JV, Byrnecut International Limited, continues to conduct exploration at and around the Peshter Au-Ag deposit in Kosovo. Avrupa is not participating in the funding of the exploration work and is currently being diluted down towards 10% ownership of the JV company, Peshter Mining JSC. Avrupa’s ownership will convert to a 2% net smelter royalty (NSR) once it has been diluted to the 10%-level.
Avrupa continues to actively explore in all three countries, and may, at any time, make further applications to cover attractive possibilities in those countries or elsewhere in Europe. The map below shows the countries where Avrupa presently holds licenses and exploration permits.