Avrupa Minerals Provides Alvalade JV Update, Portugal

Four holes, March 3, 2023 - Avrupa Minerals Ltd. (TSXV:AVU) is pleased to provide an update on progress at the Alvalade JV in the Portuguese Pyrite Belt. The program is a joint venture between Avrupa Minerals ("AVU" or "Company") and Minas de Aguas Teñidas, S.A. ("Sandfire MATSA" or "MATSA"). Avrupa continues to operate the project through the JV entity PorMining Lda. Previously, through the JV, at Sesmarias North, the Company drilled 17 diamond drill holes, totaling 8,900 meters, on six different fences along a strike length of 400 meters, as well as one further drill hole in the Caveira District, totaling 614 meters (see news release of April 4, 2022).

The Company has now completed four exploration holes, totaling 2,693 meters, in the current phase of drilling, and started a fifth hole. The first two holes tested possible NW strike extension of the Lousal massive sulfide deposit (LNW22-001) and electromagnetic anomalism on a parallel trend to Lousal mineralization (LNW22-002). The third hole targeted a strong geophysical anomaly in mineral-host black shales, located about 4 kilometers further north of the Lousal NW holes (RAI22-001). The fourth hole tested another geophysical anomaly in the Casas Novas target sector, two kilometers south of the Caveira Mine area (INC22-001). All four holes cut through weakly mineralized, strongly folded and faulted, target black shales. Geochemical results from sampling of the first three holes suggest proximity to potential massive sulfide systems, particularly in the two Lousal NW drill holes. Results from INC22-001 are pending.

Paul W. Kuhn, President and CEO of Avrupa Minerals commented, "Considering that these holes are exploration holes, we are pleased that all four of the completed drill holes intersected sulfides in the targeted mineral horizon black shales, of the volcano-sedimentary rock package. Initial geological observations, interpretations, and trace element geochemistry (in particular, anomalous gold, arsenic, antimony, copper, molybdenum, lead, tin, and zinc) suggest that there is potential for nearby massive sulfide mineralization in the Lousal NW and Casas Novas sectors. A follow-up, ground electromagnetic survey around the Lousal NW holes indicates the presence of a conductive body located to the west of LNW22-001. We have just started the fifth hole of this campaign to test that target, and we have a follow-up electromagnetic survey underway in the Casas Novas sector."

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Figure 1. Location map for Phase 9 drilling locations, as well as drill hole locations for two historic drill holes included in following interpretative geological and targeting cross section.

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Figure 2. Schematic cross section showing Lousal NW drilling results, along with historic drilling at Monte da Bela Vista. There is no previous drilling in the western portion of the section, thus the geological interpretation is only predictive.

Subsequent to completing the two LNW holes, the Company performed a stationary-loop SQUID TEM electromagnetic survey to further attempt to identify potential massive sulfide mineralization in this sector. The survey identified an electrical conductor located west of the drilling in favorable geological target area, supported by anomalous base metal results from previous soil sampling work. Further electromagnetic studies, using a moving electrical loop for more detail, supported the presence of a strong conductor. The schematic location of the conductor is shown in red cross-hatch in the Lousal NW cross section, which will be tested by a new drill hole, LNW23-003. Furthermore, geochemical results from sampling of the first two LNW holes suggest the possibility of nearby sulfide mineralization. The Joint Venture continues detailed geochemical studies and interpretation covering the use of low-level results from elements including gold, silver, arsenic, antimony, manganese, molybdenum, thallium, tin, copper, lead, and zinc, to determine potential proximity to massive sulfide mineralization. In this case, while drilling did not intercept massive sulfide mineralization, the results from sampling of the weakly mineralized black shales, typically the host rock material for mineral deposits in this portion of the Iberian Pyrite Belt ("IPB"), suggest the presence of the kind of hydrothermal system that forms massive sulfide deposits in the IPB.

The Company continues planning for further drill holes in the target areas between Caveira and Lousal, and will soon return to the Sesmarias area to start drilling for extensions of the known mineralization, southwards, and at the Brejo target north of the Sesmarias North sector. The Company also expects to receive detailed airborne gravity information, which will enhance the targeting in the main sectors of interest.

Minas de Aguas Teñidas, S.A. (Sandfire MATSA) is a modern mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva. Sandfire MATSA also holds 1,312 km2 of exploration permits in the south of Spain and 1,106 km2 in Portugal. Sandfire MATSA is a wholly owned company of Sandfire Resources Ltd., a mining and exploration company listed on the Australian Securities Exchange (ASX: SFR).

Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 100%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.

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

On behalf of the Board,

"Paul W. Kuhn"

Paul W. Kuhn, President & Director

This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.

Neither 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 adequacy or accuracy of this release.

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