Avrupa Minerals Ltd. (AVU:TSXV) announced that its JV partner, Antofagasta Minerals S.A., has earned in to 51% of the Alvalade copper project in Portugal by spending US$4,300,000.
As quoted in the press release:
Antofagasta has, at present, the option to further acquire an additional 24% interest (for an aggregate 75% interest) of the Alvalade copper project by preparing, funding and delivering a Feasibility Study on the property on or before December 1, 2018.
Avrupa Minerals Ltd. President and CEO, Paul W. Kuhn, said:
The vote of confidence by Antofagasta on the Alvalade project is welcomed. Antofagasta has already forwarded funding for the next stage of drilling along the Neves Corvo trend, one of four potential mineral belts that make up the Iberian Pyrite Belt in Portugal. Continued improvement of our understanding of the geological and structural aspects of our target areas is leading to new possibilities along all four mineral belts.