The Company holds exploration licenses through its subsidiaries in Portugal and Kosovo.
- In the Iberian Pyrite Belt, the Company announced in late 2019 that it had engaged Minas de Aguas Teñidas, S.A. (MATSA), a Spanish-based mining company, to form an exploration joint venture at the Alvalade copper-zinc project. The two companies started working together on the Project in June 2020, when the Mining Bureau of Portugal (DGEG) issued a new 5-year Experimental Exploitation License for Alvalade.
- The Company completed consolidation of the Alvalade license (see news release of June 19, 2017), and ran its own self-funded drilling program in 2018-19. Success in this drilling program led directly to the formation of the JV with MATSA. 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, at Sesmarias, and elsewhere on the 115 km2 property.
- Avrupa conducts self-funded generative exploration work in Portugal. Previously, the Company utilized funds provided by Callinan Royalties Corp. for prospect generation work in the Pyrite Belt and the adjacent Ossa Morena Zone. Additionally, Callinan funded more advanced early-stage exploration on the Alvito IOCG 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 took over the Alvito royalty. Subsequently, further exploration funded by OZ Minerals advanced the IOCG idea and successfully intercepted copper-gold mineralization. OZ returned the license to Avrupa Minerals in 2018, and eventually the 300 km2 exploration license was returned to the DGEG. We expect to re-apply for certain areas of the license in Q1 2021.
- Avrupa Minerals discovered the Slivovo Gold Deposit in Kosovo in 2014. The Company quickly gained a strong JV partner, Australian miner Byrnecut International Limited. Byrnecut brought the Project to PFS level, but decided to divest in Q1 2020, giving Avrupa the opportunity to re-apply for a new 7-year exploration license over the original ground. The Company submitted the application, but the Mining Bureau of Kosovo (ICMM) has not made a decision on granting the license. ICMM needs to certify a new Board of Directors in order to make a decision on the issuance of the new license. The Kosovo Parliament has not formed a new government and therefore has not selected the requisite board nominees. Our expectations are that a new government will be formed in early Q1 2021 and the potential to move forward will increase substantially. The Slivovo deposit contains a JORC/NI 43-101 resource of approximately 125,000 ounces of gold at around 4.5 g/t, located close to the surface and potentially mineable by surface means.
- The Company continues to review potential exploration opportunities around favorable mining districts in Europe. We are presently looking at both gold and base metal ideas in central and eastern Europe, Scandinavia, Turkey, Kosovo, and Portugal.