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Friday, 7 June 2013
Avrupa Minerals aims to option at least one project by this summer
Avrupa Minerals (CVE:AVU) provided Thursday an update on its exploration activities in Portugal, Kosovo and Germany, saying that it expects at least one project will be optioned out this summer.
The company, whose main source of funding comes from its partners on two projects in Portugal, said it recently conducted tours of various projects in Kosovo and Portugal, with four potential joint venture partners.
Avrupa says it is also focused on finding new mineral exploration properties, which would then be advanced with early stage work followed by the company optioning the assets out to third parties to support development.
The company, which has properties in Portugal, Kosovo and Germany, holds a total of 16 exploration licenses in these European countries, including 10 in Portugal. It operates two joint ventures in Portugal, including the Covas partnership with Blackheath Resources, and the Alvalade joint venture with Antofagasta Minerals in the southern part of the country.
As of the end of the first quarter, Antofagasta had spent around $2.9 million since the start-up of the initial study on exploration at the project, with Avrupa expecting Antofagasta to spend a further $1.4 million in 2013, mainly on drilling.
At the company's exploration properties that are ready to be optioned out in Portugal, Avrupa has completed early stage work on the Arga tungsten-gold project, just completing a site visit on the license, with at least one more visit from a potential partner expected at the end of the month. It is aiming to option one of its copper-focused projects soon enough to begin new work during the current field season.
Meanwhile, in Kosovo, the company is at the same stage with its properties, with four potential partners having visited its sites over the past year. These projects are prospective for gold, silver and base metals.
Avrupa also has properties in the pipeline in Portugal, having recently acquired the Candedo, Sabroso, and Arcas properties in the north. More work is underway to prepare these projects for joint-venture status.
Finally, in Germany, the junior explorer has spent $180,000 on exploration on the Erzgebirge property in the east, earning an 85 per cent stake in the asset. According to a company statement, the project is an "attractive intrusion-related gold target" with significant anomalies in an area that has not been explored for gold but has been previously mined for tin, silver, base metals, and uranium.
Separately, the company said that its directors and chief executive, Paul Kuhn, were all re-elected at Avrupa's annual general meeting of shareholders, with all agenda items passing with 99 per cent of the votes or better.
In the last month, its stock has advanced more than 22 per cent, to trade currently at 11 cents on the TSX Venture Exchange.