Avrupa Minerals Ltd. (AVU:TSXV) is pleased to announce that it has signed an agreement to option out the Arga Tungsten-Gold Project to Blackheath Resources Inc. (“Blackheath”).
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on aggressive exploration, using a prospect generator model, for valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company has an exciting portfolio of exploration projects consisting of:
Gold in eastern Germany in the 307 km2 Oelsnitz exploration license in the historic Erzgebirge Mining District, a 1000-year producer of tin, tungsten, silver, base metals, and uranium.
Paul W. Kuhn – Director, President and CEO
Mark T. Brown – Director
Greg McKelvey – Director
Don Ranta – Director
Winnie Wong – CFO
Covas Project (19.96 km2)
The Covas license, located about 100 kilometers north of Porto, Portugal's second largest city, covers known and previously mined tungsten mineralization. The property carries a non NI 43-101 compliant resource of 922,900 metric tonnes of 0.78% WO3. The Covas project is now included in a JV with Blackheath Resources Inc. In addition to tungsten targets, the geology of the prospect area supports potential for intrusion-related gold possibilities.
Alvalade Project (998.1 km2)
The Alvalade Project is a joint venture with Chilean copper producer, Antofagasta Minerals SA. The project area is located in the northern sector of the Portuguese Pyrite Belt, between 40 and 80 kilometers northwest of the Neves Corvo Copper and Zinc Mine.
Marateca (216.6 km2)
The Marateca license is located at the northernmost end of the Portuguese Pyrite Belt. VMS target-type rocks outcrop on the property in the Serrinha Window. Small manganese showings are present in the district, as well as pyritic silica units which may be interpreted as possible exhalites. Avrupa drilled four holes in the Serrinha area during 2011. Intersected silver-rich stockwork mineralization at Serrinha
Aljezur License (270.4 km2)
The Aljezur license in southwestern Portugal covers an unusual alkalic intrusion complex. Old stream sediment sampling results show a strong copper anomaly around the western margin of the complex, as well as along a 10-km long westerly-trending linear away from the comlex. Although never sampled for gold and rare earth elements, the Company sees exploration potential for both preciaous metals and REE’s at Aljezur.
Kamenica License (45 km2)
The Kamenica license is located close to Prishtine, the capital of Kosovo, along the Vardar Mineral Trend. Numerous old workings have been discovered on the property, as well as a large slag heap in one of the major valleys. Age of some of the workings may be from Saxon times, though some exploration was completed during Yugoslav times.
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Glavej License (8.1 km2)
The Glavej license is located in northern Kosovo, along the Vardar Mineral Trend.
Selac License (36.9 km2)
The Selac license is located in northern Kosovo, along the Vardar Mineral Trend, and adjacent to the north of the Glavej license.
Bajgora License (76.5 km2)
The Bajgora license is also located in northern Kosovo in the Vardar Mineral Trend, to the east of Glavej and Selac.
Koritinik License (75.7 km2)
The newly-acquired Koritnik license is located in southernmost Kosovo. The license covers strong copper and gold anomalies collected from a government-sponsored stream sediment sampling program. The anomalous sampling comes from drainages off of the Sharr-Dragash intrusive complex. There are a number of known old prospects in the district, but there is no evidence of any modern exploration within the boundaries of the license.
Erzgebirge License (307 km2)
The recently-acquired Oelsnitz license is located near Frieberg, in the Free State of Saxony, eastern Germany. While never previously explored for gold, the Erzgebirge District has had a long history of mining for tin, silver, base metals, and uranium. Characteristics of the mineral deposits suggest that there is significant potential for intrusion-related gold deposits in the district.
Numerous sites of alluvial gold located within the license area were recorded by a regional gold panning and exploration program during the 1970’s and 1980’s. They correlate with historical stream sediment anomalies of a suite of pathfinder elements often associated with intrusion-related gold deposits, similar to those found in the Tintina Gold Province of the Yukon and Alaska.
In the public perception in Kosovo, there are four major mining sectors: 1) lignite mining for power generation; 2) base metal mining of Trepca; 3) ferronickel mining of Ferronikeli; and 4) aggregates as construction material. The first two are of key importance to the country. Coal is fundamental for energy supply, and the Trepca mining and smelting complex has an enormous, historically founded reputation as a backbone of wealth in Kosovo. However, the Trepca reputation lacks realism, as the Trepca mines need significant overhaul to keep up with an adequate production level. Difficult, much discussed, and still unresolved is the legal, financial, and environmental situation of Trepca. This process is ongoing, and there is growing awareness among the political parties that the deadlock over the insolvency of Trepca needs to be resolved sooner rather than later, through an administrator. Only then, can the potential of Trepca’s existing mines and properties be unleashed.
At the same time, the greenfields exploration potential of Kosovo has gradually been recognized by Kosovars and external experts. The legal and administrative framework for the mining industry has been established over the past ten years, first by the United Nations Mission in Kosovo and followed-up and further developed by the Kosovo government. Specifically, a new mining law, established in 2010, exists, and the independent regulator and oversight mechanism is functioning properly. The legal, tax, and administrative institutions for business activities, in general, are all in place, and processes and procedures are establish and understood.
Kosovo is a young state, emerging from a socialistic background. The administration continues to learn in coping with Western-style democratic processes, and is guided by international assistance and encouraged by the long-term EU admissions process. Kosovo’s security is guaranteed by NATO and its forces in Kosovo. There has been little reason for concern over the past years, and it appears that with continued economic growth, the potential security issues will continue to decrease in importance.
The mining sector will play an important role for Kosovo’s growth. The new, democratically elected government has split up the former ministry of finance and economy into one for finance only, and a new one for economic development, putting all institutions and corporate bodies, relevant for such development, under one roof. This includes the former ministry of energy and mines.
The international mining community has not really put its eye on the potential of the region. However, if demand increases, reaction from the Kosovo political side would be supportive and existing bottlenecks and/or shortcomings would be quickly addressed and resolved.
Share structure (as of 12/31/2011)
Cash on hand (as of 12/31/2011)