At its Alvito Iron Oxide Copper-Gold (IOCG) project, the company completed drilling in a joint venture with OZ Minerals. The work is being funded by partner OZ Minerals, which are spending A$1mln on exploration to earn-in to 51% of the 300 sq km project. Avrupa is the operator.
Avrupa drilled 18 holes, totaling 2,437.5 metres in eight separate prospect areas on the Alvito exploration license.
The company said IOCG-style mineralization is present in drill holes in at least two of the prospect areas, Entre Matinhas and Entre as Matas. Possible IOCG-style sulfide mineralization is present in drill holes at the Outeiro and Manisela prospects. Epithermal-style sulfide mineralization is present at the Mata and Cova das Minas prospects.
All samples from drill holes with IOCG-style mineralization have now been processed and delivered to the ALS Minerals prep lab in Seville, Spain, with results being expected during the second half of August.
Pyrite Belt licenses
At its Pyrite Belt licenses (Alvalade, Mertola, and Marateca) the company continues in a negotiation process with a large, North American mining company to joint venture all three licenses.
The company said the process has been slower-than-anticipated but continues to move forward.
In the meantime, Avrupa continues to explore on the licenses, maintaining the validity of the licenses for the anticipated joint venture.
Covas Tungsten project
At the Covas Tungsten Project, Blackheath Resources has notified Avrupa of their intention to cease funding. Avrupa has let the license lapse and is in the process of handing over data and core to the Geological Survey of Portugal (LNEG), as required by the mining regulations of Portugal.
Avrupa currently holds seven exploration licenses in three European countries, including four in Portugal, two in Kosovo and one in Germany. Avrupa now has five active option and joint ventures, four in Portugal and one in Kosovo.
Shares of Avrupa were at C$0.09 on Tuesday.