AVU:CC - Avrupa Minerals Updates Progress at Slivova Gold Project, Kosovo
(TheNewswire)
Completion of a 3-hole DDH programtargeting extension of the Main Gossan Zone and the Dzemajl satellitemineralization target zone
Partner completes Phase 1 earn-in tohold 51% of the Project
Plans for the coming months includecontinued environmental sampling, drill plan preparations, andstart-up of feasibility study work
Vancouver, BC, April 3, 2025 – TheNewswire - Avrupa Minerals Ltd. (TSX-V: AVU) is pleased to announce that its partner at theSlivova Gold Project (“Project”), Western Tethyan Resources(“WTR”), completed a 3-hole, 786.4-meter drilling project to testfor further down-plunge extension of gold-silver mineralization in themain gossan zone and at the Dzemajl satellite deposit, located about800 meters southwest of the main zone. Results are pending. London-based exploration and development company, Ariana Resources,holds 76% of WTR.
With the finish of the drilling program, WTR has alsocompleted Phase 1 of the earn-in work program by fully spending therequired 800,000 euros to hold 51% of the Project, under the OptionAgreement, dated September 7, 2022 (see news release SlivovaOption ). WTR acquired shares in theproject holding company, AVU Kosova, to complete the 51% earn-inlevel.
WTR may now increase its holding to 85% in AVU Kosovain two further phases over the next three years by making additionalexploration expenditures totaling 1 million euros, completing anEnvironmental Impact Study (“EIS”) and a Feasibility Study(“FS”) for the Project, and by making the required mining licenseapplication to the Kosovo mining authorities.
The next two phases include:
After completion of the first phase (51%) of theearn-in agreement, WTR will invest a further 1 million euros during2025 in Phase 2 for an NI 43-101 resource estimate and commencement ofa full Environmental Impact Study (“EIS”) to reach the 75% levelof the option agreement.
To gain 85%, WTR must complete the EIS, FS, and MiningLicense application in the fourth and fifth years from the effectivedate (2026-2027) in Phase 3.
Phase 4 of the Option Agreement includes certainmilestone and success payments to a previous joint venture partner,Byrnecut International Ltd:
Euro 125,000 in cash within 30 days of the first tooccur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2)Avrupa or related party making a decision to proceed with developmentof a mining operation within the license area;
Euro 125,000 within 30 days of issuance of a mininglicense for the Project, and
Euro 125,000 within 30 days of commencement of mineconstruction within the license area;
100 troy ounces of gold within 30 days of commencementof commercial production (“CCP”), then increasing by 75 troyounces per year until and including the third anniversary ofcommercial production when 325 troy ounces will be delivered.
During Phase 5, Avrupa participates in mineconstruction or dilutes to a 1% NSR.
Plans for the coming quarter include continued baselineenvironmental sampling, commencement of the full EIS, and preparationof a plan for further drilling in the main zone resource area toinclude geotech and hydrological study holes, as well as follow-upmineralization holes to the recently-completed work. The drilling isexpected to begin in the second half of this year.
Paul W. Kuhn, President and CEO ofAvrupa Minerals, commented, “We are happy with the progress made by Western Tethyan atSlivova. The WTR team has easily fulfilled expectations foradvancing the project, both from a mineral resource upgrade and from apositive social and environmental viewpoint. We look forward toseeing results from the recent drilling and for continued highstandards of activity in the Slivova area.”
Mentor Demi, Managing Director ofWestern Tethyan Resources, stated, “ We are pleased to announce that we have officially acquired a 51%stake in the Slivova Gold Project and are on track to increase ourinterest to 75%. When we entered into the Earn-In Agreement for thisproject in 2022, we recognized its significant growth potential andstrong likelihood of becoming a viable mine. Our PreliminaryEconomic Assessment study has highlighted the project's substantialpotential, and the recent drilling program (786.4 meters across threedrill holes) has confirmed the geological expansion. While assayresults from this drilling are still pending, the WTR team continuesto advance the Environmental and Social Impact Assessment work, aswell as mineral exploration within the Slivova license and nearby WTRapplication licenses, where notable geological and geochemicalanomalies have been observed. ”
Dr. Kerim ?ener, Managing Director of ArianaResources, commented, “Thisis a great outcome for Western Tethyan and our longer-term developmentplans in Kosovo. We look forward to progressing the next stages of theproject development at Slivova. The project represents the mostadvanced gold project in Kosovo, and it is ready to be moved towards apre-feasibility level of study. Our 2023 Preliminary EconomicAssessment demonstrated positive economics based on an assumed goldprice of US$1,835 per ounce. With the current trajectory of the goldprice, this is a project that has the capacity to be advanced quicklythrough to feasibility and financing. We are exploring various avenuesto achieve this outcome.”
Western Tethyan Resources is a UK-registered, mineral exploration anddevelopment company focused on South East Europe. The company has astrategic alliance with Newmont Corporation andAriana Resources and is currently focused on exploration for majorcopper-gold deposits in the Lecce Magmatic Complex and Vardar Belt.The company is assessing several other exploration projectopportunities across Eastern Europe, targeting copper-gold depositsacross the porphyry-epithermal transition.
Ariana Resources is an AIM-listed mineral exploration anddevelopment company with an exceptional track-record of creating valuefor its shareholders through its interests in active mining projectsand investments in exploration companies. Its current interestsinclude a major gold development project in Zimbabwe, gold productionin Türkiye and copper-gold exploration and development projectsin Cyprus and Kosovo. Ariana holds 76% of Western TethyanResources.
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. The Company holds one49%-owned exploration license covering the Slivova Gold Project inKosovo, optioned to Western Tethyan Resources, and is activelyadvancing six prospects in central Finland through its partnershipwith Akkerman Finland Oy. Avrupa focuses its project generation workin politically 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
This news release was prepared byCompany management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a LicensedProfessional Geologist and a Registered Member of the Society ofMining Engineers, is a Qualified Person as defined by NationalInstrument 43-101 of the Canadian Securities Administrators. He hasreviewed the technical disclosure in this release. Mr. Kuhn, the QP,has not only reviewed, but prepared and supervised the preparation orapproval of the scientific and technical content in the newsrelease.
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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