Initial mineral resource estimate for the Iberian Pyrite Belt deposit grades 2.9% zinc and 0.6% copper, with exploration upside targeting a doubling of the resource through further drilling.
Avrupa Minerals Ltd. has published its first NI 43-101-compliant mineral resource estimate (MRE) for the Sesmarias copper-zinc project in northern Portugal, reporting a total inferred resource of 6.5 million tonnes grading 2.9% zinc, 1.2% lead, 0.6% copper, and 35 grams per tonne silver — equivalent to a copper equivalent (CuEq) grade of 2.2%, or a zinc equivalent (ZnEq) of 6.2%. The estimate was compiled by SLR Consulting’s Frank Browning and carries an effective date of 1 May 2026.
The project sits within the Iberian Pyrite Belt (IPB), one of the world’s most productive volcanic-hosted massive sulphide (VMS) districts, stretching across southern Spain and Portugal. Sesmarias lies in the northern portion of the belt and hosts polymetallic mineralisation within a synformal fold structure with a known strike length of at least 1,700 metres.
“The study supports the vitality of the mineralisation and provides clear encouragement for prioritised drilling in all zones at Sesmarias to potentially increase the size of the deposit.” — Paul W. Kuhn, President & CEO, Avrupa Minerals
The resource is classified entirely as inferred and is broken into four zones. The Central Zone, at 2.2 million tonnes grading 3.4% zinc and 0.9% copper, carries the highest average grades in the deposit and accounts for 76,000 tonnes of contained zinc metal. The North and South zones each contribute approximately 1.9–2.1 million tonnes at lower but still material grades.
The resource is classified entirely as inferred and is broken into four zones. The Central Zone, at 2.2 million tonnes grading 3.4% zinc and 0.9% copper, carries the highest average grades in the deposit and accounts for 76,000 tonnes of contained zinc metal. The North and South zones each contribute approximately 1.9–2.1 million tonnes at lower but still material grades.
Table: Sesmarias initial mineral resource estimate by zone (4.0% ZnEq cut-off grade)
| Zone | Tonnage (Mt) | Zn (%) | Pb (%) | Cu (%) | Ag (g/t) | ZnEq (%) | CuEq (%) |
|---|---|---|---|---|---|---|---|
| Central | 2.2 | 3.4 | 1.6 | 0.9 | 48 | 8.1 | 3.0 |
| Upper Central | 0.3 | 2.3 | 1.2 | 1.3 | 37 | 7.4 | 2.7 |
| North | 1.9 | 2.5 | 1.0 | 0.4 | 33 | 5.0 | 1.8 |
| South | 2.1 | 2.9 | 0.9 | 0.3 | 23 | 4.9 | 1.8 |
| Total | 6.5 | 2.9 | 1.2 | 0.6 | 35 | 6.2 | 2.2 |
Alongside the MRE, SLR completed an independent assessment of exploration potential identifying seven drill targets beyond the current resource footprint — two extensional (E1, E2) and five conceptual (C1–C5). The extensional targets pursue down-plunge continuations of the Central and South zones, while the conceptual targets test largely undrilled portions of the synform’s hinge and west limb, where structural models suggest additional massive sulphide lenses may exist. SLR’s sensitivity analysis shows that at a 3% ZnEq cut-off, the deposit could contain up to 10.6 million tonnes grading 5.1% ZnEq — though that figure is not a declared mineral resource.
The company has initiated a mining licence application for the Sesmarias deposit and is seeking a joint-venture partner to fund the next drilling campaign and advance the project through pre-feasibility studies. First-priority drilling will target the Central Zone hinge and west limb between sections 275 S and 700 S, where moderate existing drill density has left the synform’s geometry incompletely characterised. Near-term exploration success in the Central and North zones is expected to inform the sequencing of work in the more geologically complex Southern Zone.
Avrupa Minerals trades on the TSX Venture Exchange (AVU), the US OTC market (AVPMF), and the Frankfurt Stock Exchange (8AM). The company also holds the 100%-owned Alvalade VMS project in Portugal and a 49% stake in the Slivova gold project in Kosovo.
