AVU:CC - Avrupa Minerals Options Slivova Gold Project to Western Tethyan Resources Kosovo
(TheNewswire)
Vancouver, BC – TheNewswire - September 7, 2022 – Avrupa Minerals Ltd. (TSXV: AVU ) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to announce that it has entered into an OptionAgreement with Western Tethyan Resources (“WTR”) for WTR toearn-in up to 85% of the Slivova Gold Project by funding andperforming certain work programs to potentially advance the SlivovaProject to a mining solution. WTR is a private exploration companybased in London and Prishtina, Republic of Kosovo, and is 75% owned byLondon AIM-listed Ariana Resources.
Paul W. Kuhn, President and CEO, commented, “We areexcited to begin working with Western Tethyan Resources to advance thenew Slivova Gold Project. Previously we identified a NI 43-101indicated mineral resource at Slivova of 640,000 mt @ 4.8 g/t gold and14.68 g/t silver, or approximately 98,700 ounces of gold and 302,000ounces of silver (1) . While the Project has been on holdsince 2018, we now see a clear path for advancement at Slivova. Thenew 7-year exploration license is double the size of the originalpermit, and includes a number of new targets that may enhance themineral inventory. WTR and Ariana Resources have a great deal ofexploration experience in the greater Mediterranean Basin, and Arianais a highly successful mine builder and operator.”
Figures 1 and 2. Maps showing location of Slivova in Kosovo, along with targetareas to be upgraded. New license is shown as a red polygon. Thenames in northwest quadrant are historic Trepça base metalmines.
The Terms of the agreement are:
Due Diligence (“DD”)Phase with exclusivity from September 1, 2022(“Effective Date”) to March 1, 2023
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Euro 35,000 cash payment upon signing;
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Euro 100,000 investment during DD Phase; however if WTRdecides to vacate the Project before completion of 6-month DD, minimumof Euro 25,000 must be spent;
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Euro 35,000 cash payment at the end of 6-month DDperiod;
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Definitive Agreement to be completed andsigned.
Earn-In Phases
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Stage 1:
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Euro 30,000 cash payment on September 1, 2023;
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If WTR elects to enter the Definitive Agreement, itwill invest total Euro 800,000 during first two years from theEffective Date (minimum of Euro 150,000 must be spent by September 1,2023, post DD Phase), for exploration, drilling, baselineenvironmental and social surveys, landowners, etc., for 51% of the project
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Stage 2: Aftercompletion of Stage 1, during the third year from the Effective Date,WTR will invest Euro 1,000,000 for NI 43-101 resource estimation,commencement of full Environmental Impact Statement (“EIS”), etc., for 75% of the project
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Stage 3: Duringfourth and fifth year from the Effective Date, WTR must complete theEIS, Feasibility Study (“FS”), and Mining License application, for 85% of the project
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Stage 4: WTRcompletes success payments to previous JV partner, ByrnecutInternational Ltd. (“BIL”):
Cash
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Euro 125,000 within 30 days of the first tooccur:
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Completion of a positive FS (minimum 15% IRR)
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Avrupa or related party making a decision to proceedwith development of a mining operation within the licensearea
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Euro 125,000 within 30 days of issuance of a mininglicense for the Slivova Project, and
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Euro 125,000 within 30 days of commencement of mineconstruction within the license area.
Gold
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100 troy ounces within 30 days of commencement ofcommercial production (“CCP”);
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175 troy ounces within 30 days of the first-yearanniversary of CCP;
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250 troy ounces within 30 days of the second-yearanniversary of CCP;
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325 troy ounces within 30 days of the third-yearanniversary of CCP.
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Stage 5: Avrupaparticipates in the mine build or dilutes to 1% NSR.
Western Tethyan Resources (WTR) is a UK-registered, mineral exploration anddevelopment company focused on South East Europe. The company has astrategic alliance with Newmont Corporation and Ariana Resources andis currently focused on exploration for major copper-gold deposits inthe Lecce Magmatic Complex and Vardar Belt. The company is assessingseveral other exploration project opportunities across Eastern Europe, targeting copper-gold deposits across theporphyry-epithermal transition.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and developmentcompany directed to discovery of mineral deposits, using a hybridprospect generator business model. The Company holds one 100%-ownedlicense in Portugal, the Alvalade VMS Project, presently optioned toSandfire MATSA in an earn-in joint venture agreement. The Companynow holds one 100%-owned exploration license covering the Slivova goldprospect in Kosovo, and is actively advancing four prospects incentral Finland through the recently-announced acquisition of AkkermanFinland Oy. Avrupa focuses its project generation work inpolitically stable and prospective regions of Europe, presentlyincluding Portugal, Finland, and Kosovo. The Company continues toseek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
Thisnews release was prepared by Company management, who take fullresponsibility for its content. Paul W. Kuhn, President and CEO ofAvrupa Minerals, a Licensed Professional Geologist and a RegisteredMember of the Society of Mining Engineers, is a Qualified Person asdefined by National Instrument 43-101 of the Canadian SecuritiesAdministrators. He has reviewed the technical disclosure in thisrelease. Mr. Kuhn, the QP, has not only reviewed, but prepared andsupervised the preparation or approval of the scientific and technicalcontent in the news release.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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