Avrupa Minerals Ltd. is optioning out the Alvalade, Marateca and Mertola copper-zinc exploration projects in the Pyrite Belt of southern Portugal.
The company signed a nonbinding letter of intent with a subsidiary of an international mining company, allowing the latter to secure an initial 51% interest in the projects by spending €13 million on exploration over three years.
To secure an additional 24% interest in the Alvalade project, the buyer will need to produce a feasibility study on any one project within the license area by 2023.
At Marateca, the international miner can take its interest to 60% by spending €4 million over the following two years and to 70% by completing a pre-feasibility study by the end of 2023.
The Mertola option requires expenditure of €2 million over a further two years to take the interest to 60% and completion of a pre-feasibility study to take the interest to 70%.
Avrupa holds eight exploration licenses in three European countries, including five in Portugal covering 2,911 square kilometers, two in Kosovo covering 47 square kilometers and one in Germany covering 307 square kilometers.
The company regained full control of the Alvalade project in June 2017 after two former partners agreed to transfer their 60% ownership back to the company.
