Independent Resource Announced for Covas Tungsten JV: Substantial Increase in WO3 MTU's Over Previous Historical Estimates
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 1, 2015) - Avrupa Minerals Ltd. (TSX VENTURE:AVU)(FRANKFURT:8AM) has been informed by Covas JV partner, Blackheath Resources, that an initial, independent resource calculation for the tungsten project, fulfilling standards set by National Instrument 43-101, has been completed. To quote the Blackheath news release of March 31st, 2015:
"The Covas Tungsten Project, which consists of seven separate deposits in close proximity, is estimated to contain:
- 449,800 MTUs WO3 indicated mineral resource based on 1,081,000 tonnes at an average grade of 0.42% WO3
- 767,100 MTUs WO3 inferred mineral resource based on 2,211,000 tonnes at an average grade of 0.35% WO3
The current indicated and inferred mineral resources are stated using a cut-off grade of 0.10%. 19 total drill holes had interval grades capped to a lower average grade, allowing for a more conservative average grade. The price of tungsten is currently approximately $270 per metric tonne unit (MTU) (10kg) of contained tungsten trioxide (WO3)."
Again, quoting the Blackheath news release, "highlights of the resource estimate include:
- Substantial increase in MTUs over previous historical estimates
- Shallow depth. Over 80% of the resource is located within 60 metres of surface
- Mineralization remains open in multiple directions including high-grade potential areas that will be tested during the next drill campaign focussing on resource growth and grade increase
- Higher grade resource using a 0.25% WO3 cut-off
- 375,200 MTUs WO3 indicated based on 686,000 tonnes at an average grade of 0.55% WO3, and
- 584,900 MTUs WO3 inferred based on 1,281,000 tonnes at an average grade of 0.46% WO3."
Further details are contained in the Blackheath news release, and the full report will be included a National Instrument 43-101 Technical Report for the Covas Tungsten Project mineral estimate to be filed on SEDAR within 45 days.
Paul W. Kuhn, CEO and President of Avrupa Minerals, stated, "The Company is pleased to see the positive results described by the new tungsten resource estimate for the Covas Project. We will look forward towards the next steps in moving the Project ahead to potentially production. The continued success at Covas demonstrates the robustness of our Prospect Generator business model in Portugal, and elsewhere in Europe, even during difficult times for the exploration business."
Blackheath has forwarded, to date, approximately EUR 1,485,000, or about C$ 2.03 million, to Avrupa for operation the technical program at Covas, thereby earning a 75% interest into the JV Project. Details of the amended earn-in agreement may be found in the Avrupa news release dated May 12, 2014.
Blackheath Resources Inc. is listed on the TSX Venture Exchange, and is focused on tungsten exploration and development in Portugal. The Company holds the past-producing Covas, Borralha, Vale das Gatas, and Adoria tungsten projects, and also the Bejanca tungsten/tin project. Management of Blackheath has previous experience in tungsten mining operations in Portugal through Primary Metals Inc., the operator of the Panasqueira Tungsten Mine from 2003 to 2007.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company currently holds 10 exploration licenses in three European countries, including seven in Portugal covering 3,981 km2, three in Kosovo covering 41 km2, and one in Germany covering 307 km2. Avrupa operates three joint ventures in Portugal and Kosovo, including:
- The Alvalade JV, with Antofagasta, covering one license in the Iberian Pyrite Belt of southern Portugal, for Cu-rich massive sulfide deposits;
- The Covas JV, with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W deposits;
- The Slivovo JV, with Byrnecut International, covering one license in central Kosovo, for gold and base metals related to carbonate-hosted massive sulfide deposits in the Vardar Mineral Trend; and
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure provided by Blackheath Minerals, and to the best of Avrupa's knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources inaccurate or misleading.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.