Avrupa Minerals Ltd. said Oct. 10 that it will retain a 100% interest in the Alvito iron oxide-copper-gold project in Portugal after its partner, OZ Minerals Ltd., declined to earn its potential stake in the project.
OZ secured an option to earn up to a 75% interest in Alvito in April 2017.
Avrupa recently completed the summer drill program on Alvito and defined a 20-square-kilometer area for further priority follow-up based on anomalous copper results.
With the work completed, Avrupa will keep the project in good standing through 2019. The company is free to advance the project with further drilling or seek a new partner.
Meanwhile, a potential option partner for Avrupa's Alvalade volcanogenic massive sulfide ore project in Portugal said in March that it was undertaking due diligence of the project. Both parties are moving forward on the transaction despite the formal expiry of the letter of intent.
Avrupa said there can be no assurance that the potential option/joint venture agreement will be completed, and it is considering other options for the project.