Chief executive of Avrupa Minerals Ltd (CVE:ARU) Paul Kuhn told Proactive Investors that cash it’s raised in the last six months will be used for advancing its projects and raising its investor profile in Europe.
"As a prospect generator, our type of business model is not that well known in Europe," he said.
The Canada- listed junior currently holds nine exploration licenses in three European countries, including six in Portugal covering 3,821 sq km, two in Kosovo covering 47 sq km, and one in Germany covering 307 sq km.
It has made two discoveries in the last few years, and struck a joint venture each year, he explained, adding the firm wanted to attract new investors in Europe.
Its focus is currently in Portugal, having turned from Kosovo, where it has been focused for the last couple of years.
In Portugal, it has recently pulled in in a big hitting joint venture partner for its Alvito iron-oxide-copper-gold (IOCG) project in southern Portugal.
Oz Minerals Limited (ASX:OML) is a base metal specialist, which is very experienced with this type of deposit.
Kuhn explained how field work will begin in May, with geophysics and the sampling, with drilling earmarked to start by the end of the second quarter or the beginning of the third.
Oz can up earn up to a total 75% in the project by spending A$4mln over around 2.5 years and 51% by spending A$1mln in year one.
Aside from Alvito, the emphasis in Portugal will be on the Pyrite belt, where it has four licences.
Two are exploration licences which both already have drill targets, and are ready for joint venture or close to it, said Kuhn.
"We are trying to really move ahead in Portugal this spring and summer, " he said.