Lowell Copper Ltd.
TSX VENTURE : JDL

Lowell Copper Ltd.

June 22, 2015 09:37 ET

Lowell Copper and Avrupa Sign Option Agreement on Alvito Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 22, 2015) - Lowell Copper Ltd. (TSX VENTURE:JDL) and Avrupa Minerals Ltd. (TSX VENTURE:AVU) have signed an option agreement to explore the Alvito iron-oxide-copper-gold ("IOCG") project in southern Portugal. Lowell Copper can earn up to an 80% interest in the project by incurring total exploration expenditures on the project of US$4.4 million and completing a pre-feasibility study over an 8-year period.

Paul Kuhn, President & CEO of Avrupa, stated that "We are pleased to have attracted a technically strong joint venture partner in Lowell Copper to our Alvito Project. The track records of Mr. David Lowell and other key management and shareholders of the company are impressive and will aid in ensuring that the Alvito project is well-explored."

David Lowell, Chairman & CEO of Lowell Copper, noted that "The Alvito IOCG project has large potential, and we are looking forward to working with the Avrupa team in this prolific mining region of Portugal."

The Alvito Project

The Alvito license covers approximately 853 square kilometers of prospective ground in the Ossa Morena tectonic zone in southern Portugal. Recent exploration work by Avrupa geologists concentrated on the Alcaçovas IOCG target portion of the license. The field work was highly successful, identifying potential for significant copper-gold mineralization in known and new occurrences. In addition, outside of the IOCG area, exploration work led to the discovery of a previously un-documented, large epithermal silver-lead-zinc veining system, partially mineralized over a length of two kilometers. Additional prospecting work has also identified several potential precious metal-bearing, massive sulfide mineral occurrences within the license boundaries.

Many of the copper-gold-silver occurrences that were visited during the recon program lie within a 24-kilometer long, 4-kilometer wide belt, designated as the Alcoçovas Copper Belt (ACB), defined by anomalous copper and zinc soil geochemistry from over 66,000 soil samples collected by previous operators in the district. The ACB coincides with a belt of igneous rocks of an age that is known to host mineral deposits in other parts of Europe and North Africa. Classification of the deposit types is still ambiguous, but the most important showings are presently interpreted to be iron oxide-copper-gold (IOCG) type, which is an important metal host around the world.

In mid-2013, Avrupa geologists collected 144 rock chip samples on the license, centering around 16 separate prospect areas. A total of 14 of these samples contained greater than 0.4 ppm gold, up to 3.95 ppm gold. Twenty-seven of the samples contain greater than 5 ppm silver, up to a high value of 160 g/t silver. Forty-two of the samples carry greater than 0.25% copper, including twenty-six with greater than 1% copper. Others carry strongly anomalous lead, zinc, and molybdenum values, as well.

Early work on the project was funded by the CalGen Exploration Alliance, which was in place at that time, with Callinan Royalties Corporation (now Altius Minerals Corporation), covering generative exploration throughout Portugal, and including specific prospect upgrade work on the Alvito IOCG license. Through the funding of the upgrade work at Alvito, Altius Minerals now holds a 1.5% NSR royalty on the Project.

Terms of the Agreement

Lowell Copper can earn up to an 80% interest in the project by completing work requirements and issuing common shares to Avrupa as follows:

Year Requirement Common Shares
For Lowell Copper to earn a 51% interest:
1 US$300,000 Exploration Expenditures 50,000
2 US$1,100,000 Exploration Expenditures 50,000
For Lowell Copper to earn a further 14% interest (total of 65% interest):
3 to 5 US$3,000,000 Exploration Expenditures 50,000 each year
For Lowell Copper to earn a further 15% interest (total of 80% interest):
6 to 8 Complete a Pre-Feasibility Study None

Avrupa will be the operator during the first earn-in stage, with active technical oversight and direction from Lowell Copper. The issuance of shares under the Option Agreement is subject to the prior approval of the TSX Venture Exchange.

On behalf of the Board,

J. David Lowell, Chairman & CEO

About Avrupa Minerals

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.

Avrupa currently holds nine exploration licenses in three European countries, including six in Portugal covering 3,821 km2, two in Kosovo covering 47 km2, and one in Germany covering 307 km2. Avrupa operates four 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 Alvito JV, with Lowell Copper Corp, covering one license in the Ossa Morena Zone of south Portugal, for IOCG, polymetallic massive sulfide, and precious metal-bearing epithermal deposits; and
  • 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.

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.

For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit their website at www.avrupaminerals.com.

About Lowell Copper

Lowell Copper Ltd. is a copper exploration and development-focused company led by J. David Lowell and is listed on the TSX-V. The company was founded to leverage the current market conditions and build a portfolio of economic copper projects through a combination of exploration, mergers, and acquisitions, by utilizing the considerable experience and success of management and directors of the Company. For further information on Lowell Copper visit www.lowellcopper.com.

NEITHER THE 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 ADEQUACEY OR ACCURACY OF THIS RELEASE.

J. David Lowell, Lowell Copper's Chairman and Chief Executive Officer, is the Qualified Person as defined under National Instrument 43-101 and has approved the scientific and technical content of this news release.

Forward-Looking Statements

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Lowell Copper to control or predict, that may cause Lowell Copper's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the either company's expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Lowell Copper does not undertake an obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Contact Information

  • Lowell Copper Ltd.
    Marcel de Groot
    President
    Suite 1400, 400 Burrard Street, Vancouver BC
    (604) 628-1102
    Fax: (604) 688-0094