Avrupa Options Out Slivovo Gold Project to Byrnecut International
16 April 2014 - 11:00PM
Marketwired
Avrupa Options Out Slivovo Gold Project to Byrnecut International
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 16, 2014) -
Avrupa Minerals Ltd. (TSX-VENTURE:AVU)(FRANKFURT:8AM) is pleased to
announce that it has signed the earn-in and shareholders agreement
("Earn-In Agreement") to option out the Slivovo Gold Project in
Kosovo to Byrnecut International Limited ("BIL"). Under the Earn-In
Agreement, Avrupa will be the operator, and BIL will have the
following participation options:
- To earn a 51% interest in the Slivovo Project, BIL must spend
EUR1,000,000 for exploration on the project by April 10, 2015, of
which EUR360,000 is a firm commitment and must be spent by October
10, 2014.
- To earn a further 24% interest in the Slivovo Project, for a
total interest of 75%, BIL must spend an additional EUR1,000,000
for exploration, bringing total expenditures to EUR2,000,000, by
April 10, 2016.
- BIL can earn an additional 10% by completing a Preliminary
Feasibility Study on the Slivovo Project for a total interest of
85% by April 10, 2017.
Paul W. Kuhn, CEO of Avrupa Minerals, commented that "the
signing of the Slivovo JV Agreement is an important milestone for
Avrupa. This is the Company's first JV outside of Portugal and will
solidify potential interest in Kosovo, where we hold several other
prospective licenses. We are excited to be working with Byrnecut in
advancing Slivovo to the next stage, and we look forward to working
with the Byrnecut team. The Slivovo Project covers at least two
exciting, outcropping gold and base metal targets. We anticipate an
immediate start-up of field work to rapidly move the program
forward over the summer."
The Slivovo Gold
Project
The Slivovo license, located approximately 15 km southeast of
Prishtine, the capital city of Kosovo, and covering 15.2 km2, was
issued to the Company on June 27, 2012. Early rock chip sampling of
the Pester gossan zone (22 samples) returned strongly anomalous
lead (average 1,825 ppm), zinc (average 3,647 ppm), silver (average
11.47 ppm), and gold (average 2.09 ppm) results. Subsequent,
wide-scale geological mapping of the area indicated potential for
gold-bearing, massive sulfide mineralization of the style common in
the Vardar Zone, which extends through east-central Europe.
However, following the discovery of the Pester gossan zone, the
Company then discovered several gold-bearing rock units in the
Pester area. First-pass soil and rock chip sampling outlined two
separate areas with anomalous gold results. One area surrounds the
Pester gossan zone, measures approximately 500 x 150 meters in
size, and is potentially open along strike. The other, more
important anomalous gold-bearing zone, located approximately 1000
meters from the Pester gossan, is related to beds of a strongly
altered, calcareous sandstone unit, intruded by a mineralized
felsic dike(s). At present, the length of this exposed mineralized
zone is 900 meters, while known surface expression is 100-150
meters wide. The anomalous zone is open along strike in both
directions, and appears to have potential for downdip
mineralization. Trenching across the target zone shows geological
potential for expansion of the mineralization. Trench sampling will
be completed in the coming months.
Work in the first six months of the Slivovo program will be
designed towards drill targeting, with an anticipated 2000-meter
drill program slated to commence early in the 4th quarter of 2014.
The Company will continue geological mapping, sampling, trenching,
and possibly follow-up ground geophysics to assist in defining high
quality drill targets.
Byrnecut International Limited is an Australian company engaged
in mechanised underground mine feasibility, mine development, and
mine production. This includes shaft sinking, shotcreting,
raise-boring, the provision of high quality equipment rebuilds,
maintenance engineering, labor hire and training for the mining
industry, as well as mine engineering consultancy services.
Principal customers include first world mine owners across the
globe.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and
development company focused on discovery, using a prospect
generator model, of valuable mineral deposits in politically stable
and prospective regions of Europe, including Portugal, Kosovo, and
Germany.
The Company currently holds 15 exploration licenses in three
European countries, including nine in Portugal covering 2,980 km2,
five in Kosovo covering 153 km2, and one in Germany covering 307
km2. Avrupa operates three joint ventures and one exploration
alliance in Portugal, including:
- The Alvalade JV, with Antofagasta, covering one license in the
Iberian Pyrite Belt of southern Portugal, for Cu-rich massive
sulfide deposits;
- The Covas JV, with Blackheath Resources, covering one license
in northern Portugal, for intrusion-related W deposits; and
- The Arga JV, also with Blackheath Resources, covering one
license located adjacent to the Covas JV, for intrusion-related
Au-W deposits.
- The CalGen Exploration Alliance, with Callinan Royalties Corp.,
covering generative exploration throughout Portugal, and including
specific prospect upgrade work on the Alvito IOCG license in
southern Portugal.
Avrupa is currently upgrading precious and base metal targets to
JV-ready status in a variety of districts on their other licenses,
with the idea of attracting potential partners to project-specific
and/or regional exploration programs.
On behalf of the Board,
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.
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.
Avrupa Minerals Ltd.1-604-687-3520www.avrupaminerals.com