Canadian company regains 100% ownership of Portugal project

A junior explorer has taken back the reins of a project in Portugal that is showing results.

Canadian company regains 100% ownership of Portugal project - map

Avrupa Minerals Ltd. (AVU:TSX.V, 8AM:FWB) announced on June 19 that it has restored 100% ownership in the Alvalade copper-lead-zinc project in Portugal, reaching agreements with its two partners.

In a June 26 press release, Avrupa announced a private placement to raise $500,000, which will "be used for exploration and operations in Portugal, Kosovo, and Vancouver, and for general working capital."

Paul Kuhn, Avrupa's president and CEO, commented, "Now that we have successfully consolidated the Alvalade copper-zinc project, we have work to prepare for the next stage of drilling."

Kuhn explained that Avrupa already has "a number of compelling targets [at Alvalade] in the immediate surrounding sectors at Sesmarias, as well as drill-ready targets at Monte da Bela Vista (10 km north of Sesmarias) and in the Pombal area (15 km south of Sesmarias). We are actively engaging potential partners for the opportunity to JV into the Project."

In the June 16 edition of J. Taylor's Gold, Energy & Tech Stocks, Jay Taylor stated that "promising values from several holes drilled on this property. . .have been drilled over an 1,800-meter strike length to a depth of 300 meters in a single, structurally deformed sedimentary rock unit." Taylor highlights that one target "likely to be tested in the not-too-distant future is the possible faulted extension of the Sesmarias West Target. In addition, massive sulfides have been identified on the shallow dipping eastern flank of this structure in a setting similar to operating world-class mines within the Iberian Pyrite Belt."

Taylor concluded, "the Alvalade project that appears to hold the potential to host a world class VMS deposit. . .is likely to soon become the flagship project for Avrupa and one that I think will fire up the imagination of the market. Living within the prospect generator model, I would expect Avrupa to prudently advance this project along to the point where it would attract a major mining company's interest."