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Avrupa Minerals set to retain 100% of Alvito IOCG project

It comes as partner OZ Minerals has declined to earn its potential interest in the project
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Avrupa was the operator of the summer drill program

Avrupa Minerals Ltd (CVE:AVU) said it will keep a 100% interest in its Alvito iron oxide copper-gold (IOCG) project in south Portugal.

It comes as partner OZ Minerals has declined to earn its potential interest in the project.

Avrupa was the operator of the summer drill program and intersected reportable anomalous copper results in eight out of 18 drill holes. 

The best overall consistent results came from the Entre Matinhas target where copper values in six of eight holes came in at 0.1% and greater over intervals of 1.5 meters to 86 meters.

Avrupa noted it was now free to advance the project with further drilling next summer or establish a new option agreement with another partner.

Also in today's statement, the potential option partner announced in March for Avrupa’s Alvalade VMS project is continuing to complete its due diligence, the firm said.

Both parties are now moving forward on the transaction, despite the formal expiry of the letter of intent, noted Avrupa.

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