Avrupa Minerals Ltd. (TSX-V:AVU) (US OTC:AVPMF) (FRANKFURT:8AM) is pleased to announce that it has entered into a Letter of Intent with Minas de Aguas Teñidas, S.A.U. (MATSA) to form an earn-in exploration and exploitation joint venture on its Alvalade copper-zinc massive sulfide Project in the Iberian Pyrite Belt of southern Portugal. Presently, the companies are working together to complete the Definitive Agreement, along with the formation of a new Joint Venture entity Newco, and the Shareholder’s Agreement for Newco.
Recent drilling at the Sesmarias copper-zinc prospect, within the Alvalade License, demonstrated potential robustness of the massive sulfide mineralization at Sesmarias. Presently, geological parameters of the 10 Lens suggest a mineralized body with dimensions at least 600 meters long x 300 meters wide x 25 meters thick. Drill intercept grades average 0.35 – 0.5% copper and 0.4 – 1 g/t gold in just six holes along the strike length of presently known mineralization.
The aim of the first stage of the joint venture is to delineate a deposit at Sesmarias and/or at any one of a number of other mineralized targets located within the boundaries of the Alvalade License, including at the past-producing Lousal Mine, at Monte da Bela Vista, and at the past-producing Caveira Mine. In addition to these mineral zones, Avrupa has defined a number of other drill-ready targets within the license boundaries.
The Letter of Intent includes the following terms:
Paul W. Kuhn, President and CEO of Avrupa Minerals, stated, “We are extremely pleased about the forthcoming joint venture at Alvalade. MATSA already mines copper and zinc at three locations in the Iberian Pyrite Belt of Spain, and we look forward to working with them on our Pyrite Belt Project in Portugal. Advancing the Alvalade Project with the strong experience of MATSA will not only allow us to work towards a potential mining solution at Sesmarias, but will also allow us to return to our real strength of Project Generation in Europe.”
Minas de Aguas Teñidas, S.A.U. (MATSA) is a private Spanish mining company which owns and operates three mines in the province of Huelva (Andalusia, Spain): Aguas Teñidas, Magdalena, and Sotiel. MATSA also holds 1,000 km2 of exploration licenses in the Iberian Pyrite Belt. Focused on innovation and the most advanced technology to develop modern and sustainable mines, MATSA is a 50:50 joint venture company of Mubadala Investment Company, a pioneering global investor, and Trafigura, one of the world’s leading independent commodity trading and logistics houses.
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, presently self-funded, flagship project in Portugal, the Alvalade VMS Project. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, including Portugal and Kosovo, and is presently reviewing new opportunities elsewhere around the continent.
Talisker Resources Ltd. (TSX: TSK) (OTCQB: TSKFF) is pleased to a... READ MORE
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) is pleased to an... READ MORE
HIGHLIGHTS New high-grade silver and lead vein system discovered ... READ MORE
Drill Highlights: 100% of all holes completed to date on the Sure... READ MORE
Titan Mining Corporation (TSX: TI) announces the results for the... READ MORE
We acknowledge the [financial] support of the Government of Canada.