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Avrupa Minerals Ltd. (TSXV:AVU)is pleased to announce that it has entered into a definitive option agreement with Western Tethyan Resources to advance the Slivova Gold Project, located in the productive Vardar Mineral Trend in the Republic of Kosovo, to a possible mining solution. WTR can earn-in to 75% of the Project by funding exploration and development for Euro 1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application.
- The Definitive Agreement (“DA”) outlines a path towards potential gold production from the Slivova deposit;
- Western Tethyan Resources (“WTR”) completed a robust Due Diligence (“DD”) review, a Concept Study, and continues to work on a Preliminary Economic Assessment (“PEA”), including a metals resource update for the Slivova deposit;
- WTR can earn-in to 85% of the Slivova Project.
To date, WTR has spent more than Euro 275,000 for Due Diligence, development of a Concept Study, and continuing work on a PEA. WTR is a private exploration company based in London and Prishtina, Republic of Kosovo, and is 75% owned by London AIM-listed Ariana Resources (“Ariana”).
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, “Western Tethyan has already made significant progress towards defining a possible mining solution at Slivova. We are truly excited about the positive progress in the ongoing PEA and Concept Studies, as well as for getting started in a new phase of exploration and resource definition. WTR is working on a new resource update, and we expect information later this quarter.”
Mentor Demi, Managing Director of Western Tethyan Resources, added, “Alongside an aggressive exploration programme throughout the West Tethyan Belt, we are actively seeking acquisition opportunities. Acquisition of the Slivova gold deposit is a step towards building Western Tethyan Resources into a development company, as well, and the Slivova Mine as the first modern mine in Kosovo since the 1920’s.”
Dr. Kerim Sener, Managing Director of Ariana Resources, stated, “The completion of this agreement formalizes a process we had already embarked upon in March following the successful completion of the Project due diligence. We are already nearing completion of a revised Mineral Resource Estimate for Slivova, and we look forward to announcing this work in due course.
In addition, further work has been underway at the local community level in order to increase awareness of the project and its merits. We are investigating opportunities to deliver a low-impact mining project which aims to achieve a new standard for mining in Kosovo and potentially become a strategic hub of operations for the company in the country.”
About Slivova
The Slivova exploration license covers 30.51 km2 of prospectable land surrounding the Slivova gold deposit. The license is valid for 7 years from May 2022. Outside of the deposit itself, much of the property is under-explored. Avrupa commissioned an initial NI 43-101 resource study in 2016 and reported an indicated mineral resource of 640,000 mt @ 4.8 g/t gold and 14.68 g/t silver for a total of 98,700 ounces of gold and 302,000 ounces of silver. Slivova Maiden Resource, 2016
WTR is currently updating the Mineral Resource Estimate (“MRE”) to JORC standards, and Avrupa will follow suit by transforming the JORC estimate to a NI 43-101 resource estimate. The companies expect to be able to report the new MRE during Q2 2023. The new evaluation will encompass results from drilling subsequent to the 2016 report, re-interpretation of previous geological information from surface and trench mapping and sampling, and thorough review of all historic core.
As noted in a previous AVU news release, AVU and WTR agree to Proceed, there are additional nearby and distal targets within the new Slivova license. There are known zones of mineralization close to the main Slivova deposit that WTR will need to drill, and we can expect upgrade work on a number of distal targets around the license in the coming field season.
Figures 1 and 2. Maps showing location of Slivova in Kosovo, along with target areas to be upgraded. New license is shown as a red polygon. The names in northwest quadrant are historic Trepça base metal mines
Terms of the Agreement
Under the terms of the Definitive Agreement, WTR will have the right to acquire, in multiple stages, up to 85% of the Slivova project, by completing a series of exploration and development milestones and making staged payments to AVU.
On Closing
- Euro 35,000 cash payment upon signing the Definitive Agreement on/about March 1, 2023. (Completed)
Earn-In Phase
Stage 1:
- Euro 30,000 cash payment on September 1, 2023;
- If WTR elects to enter the Definitive Agreement, it will invest Euro 800,000, during first two years from the effective date (minimum of Euro 150,000 must be spent by September 1, 2023, post DD Phase) for exploration, drilling, baseline environmental and social surveys, landowners, etc., for 51% of the Project. (Underway)
Stage 2:
- After completion 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.
Stage 3:
- During fourth and fifth year from the Effective Date, WTR must complete the EIS, Feasibility Study (“FS”), and Mining License application, for 85% of the Project.
Stage 4:
- WTR completes success payments to previous JV partner, Byrnecut International Ltd., accordingly:
- Euro 125,000 in cash within 30 days of the first to occur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2) Avrupa or related party making a decision to proceed with development of a mining operation within the license area;
- Euro 125,000 within 30 days of issuance of a mining license for the Project;
- Euro 125,000 within 30 days of commencement of mine construction within the license area;
- 100 troy ounces of gold within 30 days of commencement of commercial production (“CCP”), then increasing by 75 troy ounces per year until and including the third anniversary of commercial production when 325 troy ounces will be delivered.
- Avrupa participates in the mine build or dilutes to 1% NSR.
Western Tethyan Resources Ltd. is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt in Kosovo. The company is assessing several other exploration project opportunities across Eastern Europe, targeting major copper-gold deposits across the porphyry-epithermal transition.
Ariana Resources plc is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.
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 license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one 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, 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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Avrupa Minerals
Overview
Avrupa Minerals (TSXV:AVU) is a junior exploration and development company based in Vancouver, British Columbia. The company follows a unique prospect generator model focused on aggressive modern exploration for world-class mineral deposits in politically-stable jurisdictions across Europe, including Portugal, Kosovo and more recently, Finland.
Avrupa’s hybrid prospect generator model is designed to create shareholder value by building an extensive portfolio of projects suitable for exploration to be funded by joint venture or sold to larger mining companies. The company leverages new techniques and technologies to improve exploration efforts and facilitate new discoveries. In some cases, companies following the prospect generator model have become royalty companies by allowing partners to dilute them to a valuable royalty, and Avrupa has significant exposure to this route to liquidity.
Avrupa’s goal is to have one flagship, 100-percent-owned project, that it advances with its own funds instead of through partner funding. The Finland projects, some of which have historical base metal resources, are being assessed to identify flagship potential for one of the assets.
The company's projects are all located in areas with existing mines and strong geological potential for the discovery of further economic metal deposits. For example, the company’s flagship Alvalade JV project is located in the Iberian Pyrite Belt (IPB) of southern Portugal, a hotspot for mining with over 80 historic mines in the Belt. Presently, there are seven active mining operations in the IPB of Portugal and Spain.
Company Highlights
- Operates in mining-friendly jurisdictions that are also prospective for large deposits
- Europe offers established mining districts, pro-mining policies and a variety of metals including gold, silver, copper, lead, zinc and tungsten
- Seeking partners for strategic alliances and/or project-specific JVs to fund large drill programs.
- Owns the Alvalade JV (VMS-copper-zinc), located in the Pyrite Belt of southern Portugal.
- JV earn-in agreement with Sandfire-MATSA on the Alvalade copper project
- Sandfire-MATSA currently funding drilling at the Alvalade copper-zinc project
- Slivova Gold Project in the Vardar Mineral Belt in Kosovo. Discovery made in 2012. Initial gold resource estimate completed in April 2016.
- Made two significant discoveries: the Slivova gold target and the Sesmarias VMS at Alvalade.
- Four Finland projects acquired in 2021, some with historical copper and/or zinc resources.
Key Projects
Alvalade copper project
The IPB is one of the world’s largest and most prolific copper-zinc-iron massive sulfide belts with mining history dating back more than 2,000 years. Three out of four of the last greenfield discoveries in the IPB are now large operating mines, including the giant Neves Corvo copper-zinc-tin massive sulfide mine. However, the area has not experienced any real exploration since the mid-1990s. In 2012, Avrupa Minerals' team began applying its expertise to the region resulting in a new discovery at Alvalade in 2014.
Avrupa Minerals’ Alvalade license is located along trend to the northwest of Neves Corvo, which is currently the largest operating copper-zinc mine in Europe.
The Alvalade project involves an earn-in agreement that Avrupa (the operator) does not have to fund at present. The project was previously optioned to Antofagasta Minerals, one of the world’s largest copper producers. Armed with a new geological model, Avrupa Minerals was able to successfully complete five rounds of drilling at Alvalade between April 2012 and October 2014.
The initial 2014 drill program made a significant VMS discovery in the Sesmarias West target on the Alvalade JV; the first of its kind on the Iberian Pyrite Belt in 20 years. New massive sulfide targets were also identified at Sesmarias East and at Pombal 15 kilometers south of the Sesmarias area.
Sesmarias drill results include:
- SES002 – 10.85 meters @ 1.81 percent copper, 75.27 parts per million (ppm) silver, 2.57 percent lead, 4.38 percent zinc, 0.13 percent tin
- SES010 – 57.85 meters @ 0.45 g/t gold, 25.1 g/t silver, 0.32 percent copper, 0.61 percent lead, 1.95 percent tin
Under a new partner, a drill program was initiated in Q4 2015. Four holes were drilled around the area of SES010 and results confirmed and extended the massive sulfide lens to a length of 300 meters with a 35- to 40-meter thickness.
In February 2019, Avrupa Minerals reported additional drill results from its own drilling program at the Sesmarias prospect. The company completed six holes totaling 2,498 meters including results from SES026, which extended the “10” lens by 300 meters to the north.
- SES026 – 28.95 meters @ 0.48 percent copper, 0.77 g/t gold, 15.7 ppm silver, 0.52 percent lead and 1.31 percent zinc.
In March 2019, Avrupa Minerals released assay results for drill hole SES003, which was drilled on the Alvalade project back in 2014. The results from SES003 were not initially analyzed due to its general proximity to SES002, and were similar to those high-grade assays noted above.
- SES003 – 13.65 meters @ 1.92 percent copper, 38.8 ppm silver, 1.03 percent lead, 1.91 percent zinc, 0.03 percent tin
Alvalade Joint Venture
In October 2019, Avrupa Minerals entered into a letter of intent with Minas de Aguas Teñidas, S.A.U. (MATSA) to form an earn-in exploration and exploitation joint venture on the Alvalade copper-zinc massive sulfide project. Under the terms of the agreement, the companies created a new joint venture company, PorMining, Lda., to direct future operations.
The first stage of the JV is designed to delineate a deposit at Sesmarias and the other mineralized targets within the boundaries of the Alvalade license, including the past-producing Lousal Mine, Monte de Bela Vista, and the past-producing Caveira Mine. Avrupa also defined a number of additional close-to-drill-ready target areas across the property.
In order to acquire a 51-percent interest in the new JV company, PorMining, Lda., MATSA must make a series of payments, including €1.2 million of exploration expenditures during the first year of the agreement and a further €1.2 million at MATSA’s discretion during the following two years. MATSA, now called Sandfire-MATSA, also has the opportunity to earn-in to 85 percent of the project by providing a bankable feasibility study while also making all required payments to the original JV partner.
To date, MATSA has paid Avrupa approximately C$580,000 and has completed the required work commitment guarantee of approximately C$348,000 upon issuance of the new Alvalade Experimental Exploitation License (EEL) to the new JV company. The payment is refundable to MATSA pending completion of the license work commitment and approval by the Portuguese Mining Bureau (DGEG).
The PorMining geological team has made significant advances in developing a new and highly successful exploration model, based on systematic re-logging of all the Avrupa core, as well as re-logging all available historic cores held by the Portuguese geological survey. The company flew an extensive helicopter-supported VTEM geophysical survey over 75 percent of the Alvalade License, soil sampled the area between the Caveira Mine and the Lousal Mine and over the northern and central sectors at Sesmarias, and then analyzed the samples utilizing an advanced ionic leach technology to support ultra-low detection levels. The JV team detail re-mapped the Monte da Bela Vista and Caveira areas and compiled and digitized all historic data from the two old mines, Lousal and Caveira. The updated model has pushed the drilling at Sesmarias, as the drilling has improved the discovery model for the deposit.
Since the inception of the JV, the company has drilled 17 core holes at Sesmarias and one south of the old Caveira Mine, totaling approximately 9,515 meters. The previously reported lenses are now recognized to be intercepts of massive sulfide mineralization on separate limbs of a district-size fold system. Recent JV drilling at Sesmarias focused on the previously named “8” Lens and has shown a strike length of over 400 meters of continuous sulfide mineralization.
Location of Sesmarias massive sulfide mineralization
Avrupa Minerals and Minas de Aguas Teñidas have resumed drilling on the Alvalade joint venture project. The new phase of drilling initially targets anomalies located between the historic Lousal and Caveira Mines, over a strike length of approximately 11 kilometers. The first drill hole targets potential mineralization located 300 to 400 meters northwest of the last reported mineralization in the Lousal Mine. The company expects to cover 10 to 12 drill holes totaling more than 6,000 meters in the current re-drilling program.
Slivova Gold-Silver Project
The Slivovo project in Kosovo’s Vardar Mineral Trend is now wholly owned by Avrupa. Previously, the project was previously operated and funded by partner Byrnecut International Ltd. of Australia. Byrnecut completed an 85 percent earn-in requirement by spending close to €7 million for exploration on the 15.2-km2 Slivovo license, outlining a maiden gold resource estimate of 98,700 ounces of gold and 302,000 ounces of silver indicated in 640,000 metric tonnes grading 4.8 grams per ton gold, from the surface. See the following AVU news releases for further information about the NI 43-101 indicated resource (NI 43-101 Report) and results from follow-up drilling that were not included in the resource calculation (Further Slivovo Drilling Results). Byrnecut is a mining contractor and had completed a study to earn up to 85 percent of the project. However, Byrnecut decided to vacate the project, and Avrupa made an agreement with Byrnecut to repay them from future production, if any, to get 100 percent of the project back.
The project has been dormant since 2018 when Byrnecut left. The original license expired in 2019, and Avrupa re-applied at the same time for a larger area covering Slivovo and the surrounding prospectable lands. The new license, renamed Slivova, was finally issued in June 2022.
In September 2022, Avrupa entered into an option agreement with Western Tethyan Resources (WTR) for the latter to earn-in up to 85 percent of the Slivova Gold Project by funding and performing certain work programs to potentially advance the Slivova Project to a mining solution. The agreement is subject to WTR completing its due diligence review of the project on or before March 1, 2023.
Project History
In 2011, wide-scale geological mapping of the Peshter gossan zone on the Slivovo property led to the discovery of the potential for the gold-bearing, massive sulfide mineralization common in the Vardar Mineral Trend.
In 2014 under the JV with Byrnecut, Avrupa Minerals stepped up the exploration activity at Slivovo with an aggressive exploration program that has included trenching, first-pass and follow-up geological mapping, sampling and drill targeting. Phase One drilling totaled 1,002 meters and was completed in Q4 2014.
Highlights of this first drill campaign include:
- 126.5 meters @ 6.2 g/t gold, 15.0 g/t silver, 0.092 percent copper, 0.16 percent lead, and 0.45 percent zinc in SLV004
- 12 meters @ 12.2 g/t gold, including 7.4 meters @ 19.3 g/t gold in SLV005
- 8 meters @ 1.25 g/t gold and 3.4 meters @ 3.12 g/t gold in SLV006
Phase Three drilling totaled 46 holes and 5,040 meters. Results released by Avrupa Minerals include:
- 57.35 meters @ 2.09 g/t gold and 15.94 g/t arsenic in SLV014
- 125 meters of 6.91 g/t gold and 19.19 g/t silver in SLV018
- SLV025 intercepts 24 meters of 11.59 g/t gold, 9.26 g/t silver
- 42 meters @ 9.20 g/t gold and 9.57 g/t silver in SLV033
- 74 meters @ 6.02 g/t gold and 20.23 g/t silver in SLV037
Byrnecut completed a large program in 2017 to follow up on a section of mineralization that hit a new extension of gold in three deeper holes that had similar grades to the average of the resource estimate at 4.8 g/t gold. This data is not currently in the resource estimate.
With issuance of the new 7-year exploration license, the Slivovo Project enters a new phase, hopefully culminating in a mining decision. The government of Kosovo has requested that the project be called “Slivova,” with respect to the main local language.
Finland Copper/Zinc and Gold Projects
In late 2021, Avrupa made an agreement with the sole owner of Akkerman Finland Oy AFOy) to acquire four projects in Finland. Highlights of the assets include:
- Three base metal property reservations cover approx. 600 km2 in the Vihanti–Pyhäsalmi VMS Belt, central Finland
- 65 km south of Pyhäsalmi base metal mine and flotation plant
- Two properties contain small historic copper/zinc resource estimates (see below)
- One under-explored gold property reservation located in the Oijärvi Greenstone Belt in north-central Finland included in property package
- Binding Letter Agreement signed with private Finnish company
- Avrupa to pay 3 million common shares, €165,000, and fund earn-in exploration expenditures of €400,000 over two years to earn 100 percent
In 2022, Avrupa Minerals submitted a third exploration license application in the Pyhäsalmi Mining District in central Finland. The Hallaperä exploration license application is located near the town of Kiuruvesi, about 20 kilometers east of the Pyhäsalmi Mine and processing plant. The application area covers known copper and zinc sulfide mineralization discovered by Outokumpu Oy in 1967 and partially outlined by drilling of 42 holes during the period 1967 to 1990. The known mineralization extends for more than 1,000 meters, and is open at depth below 150 meters.
The Kolima Property
The 187-km2 Kolima Reservation covers a target zone consisting of a thick layer of mineralized distal-type volcanics containing thin beds and layers of zinc-rich massive sulfide mineralization in some areas. The Geological Survey of Finland (GTK) discovered and explored the area in the period from 1956 to 1983. The GTK found zinc mineralization in an area two kilometers long and 200 to 400 meters wide within strongly altered metasediments and fine-grained volcanic rocks. GTK drilled 70 holes and detected widespread polymetallic sulfide mineralization occurring as fine disseminations and thin layers of semi-massive sulfides. Generally, it seems that the currently-known mineralization represents distal-style metals’ deposition within a larger VMS system that has not yet been discovered. Numerous mineralized boulders containing anomalous gold and copper are present around the site.
AFOy completed a helicopter-supported SkyTEM geophysical survey over the mineralized area of the reservation. Preliminary analysis of the data by AFOy did not suggest any obvious targeting. However, recently-completed detailed review of the data by AFOy and AVU outlined subtle anomalism over southern extension of the known volcanics-hosted mineral trend and also outlined a deeper (175 meters), strong geophysical target in a trend of the volcanic rocks parallel to those that host the known zinc mineralization. There is no reported previous exploration along this second trend, located a few kilometers west of the known zinc showings.
AFOy submitted a mineral exploration license application in January 2022 for the Kolima Exploration License. Given standard timing of fulfillment of all regulations by the Finnish mining authority, Tukes, we expect issuance of the new exploration license to come 12-14 months after submission of the application. In the meantime, there are a number of non-invasive activities to complete that will greatly assist in drill targeting, in anticipation of receiving the license in early 2023. The following figure shows the area of license application covering two SkyTEM anomalies, but also keeping out of the most environmentally and socially sensitive areas.
Historic geophysical map with geology, drill hole locations, main SkyTEM conductors, location of the Kärnä Anticline (in blue), and overall permissive target area (yellow bands). Base map from GTK work from late-1950’s through mid-1980’s. The work completed, to date, including re-logging of representative core, widespread core sampling, and various levels of geophysics, strongly suggests that the known mineralization on the Kolima property is actually distal mineralization in a large VMS system. Drilling targets lie along the 5-kilometer strike length of the Kärnä Anticline, highlighted in blue, and aim to discover the whereabouts of the proximal and central portions of the VMS system, and presumably extensive zinc- and copper-bearing massive sulfides.
In 2022, the company contracted with the Finland Geological Survey (GTK) to re-log and sample four representative, historic drill holes from the Kolima exploration projects carried out from the mid-1950's to the early-1980's by GTK. GTK completed re-logging of the four drillholes, totaling 743.55 meters and situated along a 2-kilometer strike length.
The Kangasjärvi Property
The 203-km2 reservation covers the Kangasjärvi deposit, a satellite deposit of the Pyhäsalmi mine, located about 25 kilometers to the north of the site. The massive sulfide was exposed at the surface, and Outokumpu mined 1 to 9 percent zinc material from the Kangasjärvi open pit in 1984 to 1985 down to less than 100 meters from the surface. Exploration drilling by Outokumpu intersected massive sulfides down to 250 meters depth beneath the pit but did not attempt deeper drilling, leaving the deposit open at depth, as well as along strike.
In 1983, GTK estimated a small historic, non-NI 43-101 compliant resource in two separate lenses: 1) 393,000 tonnes of 5.3 percent zinc, and 2) 159,960 tonnes of 6.0 percent zinc. Later Outokumpu reported an estimated mineral resource of approximately 300,000 tonnes of 5.4 percent zinc. Records in 1987 indicate that Outokumpu mined about 86,000 tonnes of 5.12 percent zinc. There is also reported anomalous copper, silver, and gold in the deposits.
Note again that both resource estimates are historic in nature, pre-dating NI 43-101, and the company is not treating them as current resources. A qualified person, as such term is defined in NI 43-101, has not completed sufficient work to confirm the estimates as current mineral resources under NI 43-101, and therefore they cannot be considered reliable and are presented here merely to show the potential of the projects. Further efforts to confirm the presence of potential mineral resources are planned for the initial exploration period and will commence once the definitive agreement is completed.
In addition to the Kangasjärvi deposit, there are at least three other mineral occurrences within the reservation area. Little work of any sort has been completed anywhere on the reservation for at least 20 years, even though there are historic drill holes throughout the district.
Figure 5. Location of known mineral targets and deposits within the Kangasjärvi reservation area.
AFOy also completed helicopter-supported SkyTEM geophysical work over known significant areas within the Pielavesi and Kangasjärvi reservations. AFOy and AVU continue to review the results from these surveys. Further information will be disseminated as we obtain a better understanding of the initial targeting data.
AFOy purchased an extensive drillhole database covering the Kangasjärvi and satellite deposits, and is now in the process of properly compiling and reviewing the data. The company recently completed a drone-based magnetics survey in the deposit area, but results have not yet been fully-reviewed. Avrupa completed and submitted an application for a new exploration permit to cover Kangasjärvi zinc mine, potential extensions, and new targets along strike of the favorable mineral-hosting horizon. The application spans approximately 18.4 square kilometers of favorable terrane for copper- and zinc-bearing volcanogenic massive sulfide deposits
The Yli-li Gold Property
The 332 km2 Yli-li gold reservation covers 30 kilometers strike length of the southern extension of the Oijärvi greenstone belt and major shear zone. Currently, Gold Line Resources Ltd. operates the Oijärvi gold project where they plan to drill over 4,000 meters in a step-out drilling program to expand the known zones of gold mineralization and delineate new targets in the vicinity of the mineralization. In 2013, Agnico Eagle reported an inferred mineral resource estimate at Kylmäkangas of 1.9 MT at 4 g/t Au and 31 g/t Ag, containing approximately 250,000 ounces of gold and 1.9 million ounces of silver.
Note again that this resource estimate is historic in nature and was reported by a third party. The Company is not treating the estimate as a current resource. A qualified person, as such term is defined in NI 43-101 and related to Avrupa Minerals Ltd., has not completed sufficient work to confirm the estimates as current mineral resources under NI 43-101, and therefore they cannot be considered reliable from the company standpoint. The company cannot confirm the estimates under any circumstances and merely uses the information to suggest potential exploration possibilities on the Yli-li property.
Figure 6. Location of Yli-li reservation. Note proximity to Kylmäkangas gold deposit.
GTK first explored the southern extension of the Oijärvi shear zone, covered by the reservation, from 2001 to 2014. Initial studies turned up gold-in-till anomalies over intensely sheared and altered rocks. Limited drilling resulted in one intercept of 3 g/t gold over two meters at the Kupsusselkä prospect. Given these promising early-stage results, there is clearly a need for a wider-scale systematic exploration program to determine the best targets within the area.
The Pielavesi Reservation
Historic exploration within the Pielavesi Reservation area by the Geological Survey of Finland (GTK) and Outokumpu shows that the Paloniemi-Säviä-Leväniemi Belt offers promising exploration potential. The Pielavesi reservation covers approximately 213 km2 and has widespread hydrothermal alteration of felsic volcanics which can be traced over 10 kilometers.
Previous operators identified the presence of at least four individual centers of mineralization, including one with clear evidence of a stockwork feeder zone accompanied by massive sulfide deposition containing copper, zinc, and gold. Despite many years of previous exploration and a large number of holes drilled, known centers of mineralization have not been drilled off and remain open at depth and along strike in both directions. No systematic exploration of the area has been completed in over 30 years.
Figure 3. Geology and known mineralization in Pielavesi Reservation
Previous operators completed two historic, non-NI 43-101 compliant, resource estimates at the Säviä prospect within the limits of the Pielavesi Property. The initial review, reported in 1968, and based on 62 drill holes at 50-meter spacings, estimated a copper-rich deposit of 4 million tonnes grading 1.1 percent copper and a zinc-rich deposit of 1 million tonnes grading 2 percent zinc. And, in fact, a number of nearby mineralized holes were not included in the resource estimate, one of which assayed 0.98 percent copper over 70.5 meters.
In 1986, Outokumpu estimated a resource at Säviä of 1.8 tonnes grading 1.52 percent copper.
Note that both resource estimates are historic in nature, pre-dating NI 43-101, and the company is not treating them as current resources. A qualified person, as such term is defined in NI 43-101, has not completed sufficient work to confirm the estimates as current mineral resources under NI 43-101, and therefore they cannot be considered reliable and are presented here merely to show the potential of the projects. Further efforts to confirm the presence of potential mineral resources are planned for the initial exploration period and will commence once the Definitive Agreement is completed.
Management Team
Paul Kuhn - CEO and Director
Paul Kuhn joined Avrupa Minerals in July 2010 after working with Metallica Mining in Oslo, Norway in August 2008. He has more than 40 years of experience in the minerals exploration business in North America, Central Asia and Europe. He earned an AB degree from Dartmouth College, US, in 1978, and an M.S. degree from the University of Montana, US, in 1983. Kuhn has worked in a variety of geological terrains, exploring for gold, silver, base metals, uranium, and phosphate deposits, and has spent time as a production geologist in the deep underground mines of the Coeur d'Alene Mining District, historically one of the world’s most important silver districts. Kuhn has managed successful exploration programs in the US, Turkey, and Western Europe. He was involved in a number of base and precious metal discoveries in Turkey, including the Taç and Çorak polymetallic deposits, the Cerattepe Cu-Au volcanogenic massive sulfide deposit, the Altıntepe epithermal Au deposit (being mined by Bahar Madencilik), the Diyadın/Mollakarra Carlin-style Au deposit (operated by Koza Altın), and the Karakartal porphyry Cu-Au deposit (being developed by SSR Mining). Kuhn was also involved with the original mapping, description, and drill targeting of the Çöpler porphyry Au deposit (presently being mined by SSR Mining).
Mark T. Brown - Director
Mark Brown is the president of Pacific Opportunity Capital Ltd., headquartered in Vancouver BC. Pacific Opportunity is a financial consulting and merchant banking firm active in venture capital markets in North America. Brown has assisted in the successful establishment of several private and public companies. In the mining and mineral exploration sector, Brown has played key roles in the success of Rare Element Resources Ltd., Pitchstone Exploration Ltd., Animas Resources Ltd., and other exploration companies. His corporate activities include merger and acquisition transactions, financing, strategic corporate planning, and corporate development. Prior to joining Pacific Opportunity, Brown managed the financial departments of two TSE 300 companies, Miramar Mining Corp. and Eldorado Gold Ltd. Brown has a Bachelor of Commerce from the University of British Columbia and qualified as a Chartered Professional Accountant in 1993, while working with PricewaterhouseCoopers in Vancouver.
Paul Dircksen - Director
Paul Dircksen has more than 35 years of experience in the mining and exploration industry, serving in executive, managerial, and technical roles at several companies. He has a strong technical background, serving as a team member on ten gold discoveries, seven of which later became operating mines. Dircksen has held senior management positions with a number of resource groups including Orvana Minerals, Lacana Gold, The Cordex Group, Brett Resources, and the Bravo Venture Group. He holds an MS in geology from the Mackay School of Mines at the University of Nevada.
Dircksen is currently the president and CEO of Timberline Resources Corporation which is listed on the NYSE Market Exchange under the symbol “TLR” and on the TSX Venture Exchange under the symbol “TBR”. Timberline holds a 50-percent carried interest ownership stake in the Butte Highlands Joint Venture in Montana, USA. Timberline Resources focuses on exploration and development of precious metal deposits in the western United States.
Frank Högel - Director
Frank Högel currently serves as the CEO of Peter Beck Performance Funds GbR and sits on the advisory board of Concept Capital Management. Concept Capital is an asset management company focused on evaluating and investing in Canadian resource companies through equity investments, convertible bonds and gold, silver and copper off-take agreements. Mr. Högel has an MBA with a focus on financial management, banking, and international business and management from the University of Nürtingen, Germany. He also sits on the board of several other public companies listed on the TSX Venture Exchange.
Paul Nelles - Director
Paul Nelles graduated from TU Berlin in 1972 with a degree in mining engineering and obtained a PhD in mineral processing in 1975. He worked internationally in base metal mining for Metallgesellschaft between 1975 and 1991, at which stage he held the position of general manager project development. In 1991 he was employed as technical director and appointed to the executive board of DESTAG, a leading dimension stone producer and worldwide trader. He was subsequently appointed CEO of the company. Dr. Nelles joined Normandy LaSource in France, as executive director for gold production and industrial minerals in 1997. In 2002 he was appointed as the “Trepca Manager” by the United Nations Mission in Kosovo and was promoted to deputy managing director of the Kosovo Trust Agency in 2004, in charge of all major publicly owned enterprises. Since 2006 he has worked as an independent mining industry advisor and has been instrumental in the formation of Innomatik Exploration Kosovo LLC, a wholly-owned subsidiary of Avrupa Minerals.
Winnie Wong - CFO
Winnie Wong received a bachelor of commerce degree (honours) from Queen’s University in 1996 and is a chartered professional accountant. She is currently vice-resident of Pacific Opportunity Capital Ltd. Prior to joining Pacific Opportunity Capital Ltd., Wong was the controller of Pivotal Corporation, a company providing software, services, and support to a variety of businesses. Between 1996 and 1999, Wong worked with Deloitte & Touche, Chartered Accountants.
Avrupa Minerals Prepares for Drilling at the Sesmarias Copper-Zinc Massive Sulfide Prospect, Portugal
Up to nine holes and 5,400 meters planned along 600-meter strike length in the Central and Northern Sectors of the Sesmarias VMS prospect;
Program targets the potentially high-grade hinge zone of the Sesmarias synform-shaped copper-zinc massive sulfide deposit;
Two rigs contracted with start-up expected by the mid-June.
June 3, 2024 – TheNewswire - Avrupa Minerals Ltd. (TSXV:AVU) (OTC: AVPMF) is pleased to announce that planning is nearly completed for a new phase of drilling at the Sesmarias copper-zinc volcanogenic massive sulfide prospect within the Alvalade Joint Venture Project in Portugal. The Company plans to drill seven 600-meter holes along a strike length of 550-600 meters in the Central and Northern sectors of the Sesmarias mineralization (Sections 250S through 800S), potentially followed by two more 600-meter holes that will be collared where necessary, for a possible total of 5,400 meters. The new program follows on a successful 6-hole campaign completed during Q3-Q4 2023. The drilling program at Sesmarias is part of a joint venture between Avrupa Minerals and Sandfire Mineira Portugal, Unipessoal Lda. ("Sandfire Portugal"), a 100%-owned subsidiary of Minas de Aguas Teñidas, S.A. ("Sandfire MATSA") . Avrupa continues to operate the project through the JV entity PorMining Lda., and Sandfire Portugal continues to fund the exploration work.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, "We are excited about the detailed targeting possibilities in the upcoming program. Over the course of the present JV, we have identified the hinge zone of the Sesmarias synform as the host of higher-grade copper-zinc-lead-silver mineralization, particularly along a strike length of 500 to 600 meters between Sections 250 and 800 South, shown on the map below. The PorMining team has spent the past few months fine-tuning the targeting through a full-scale review of the existing data from the inception of the project. We expect to start the drilling at Sesmarias with two drill rigs by mid-June and continue through the summer."
Starting from the north and moving south, in physical location order, we anticipate the following drill holes:
Section 250S – one drill hole behind (to the NE) of SES21-045/046;
Section 350S – one drill hole behind (steeper) SES21-043/043A;
Along strike, in the never-been-tested area and depth between Sections 350S and 500S and behind SES015 – two holes at different inclinations;
Between Sections 500S and 650S – one drill hole behind (steeper) SES23-051;
Section 650S – one drill hole from SES23-047/041 location at an intermediate- inclination between high grade SES23-047 and SES21-041;
Section 800S – one hole behind SES23-048 (to the NE);
Possibly two more holes, collar location to be determined on basis of results.
Exact collar locations will be determined closer to the time of drilling.
The following map summarizes the work completed and planned at Sesmarias:
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Figure 1. History of drilling at Sesmarias. In the Central Zone, the blue shape between Sections 650S and 800S represents the surface projection of the potential high-grade hinge zone, while the blue area intersected by the discovery holes, SES002 and SES003, is thought to be a faulted-off block from the hinge in that area. In the North Zone, the red area is the projection of the east limb of the synform, while purple is the west limb. In the South Zone, green represents the surface projection of the west limb of the synform, while no drill holes, to date, have targeted the east limb in the South Zone. There is a long, completely untested strike length of potential mineralization between 350S and 500S. Drill hole locations in red represent drilling from last year's 6- hole program, and notations in turquoise highlight the sections where the upcoming program will test the mineralized massive sulfide body.
The following conceptual cross section summarizes the geology and location of massive sulfide mineralization hosted in the Sesmarias synformal structure:
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Figure 2. Compilation of geological results from drilling in the Northern and Central sectors at Sesmarias, courtesy of PorMining staff. The field of view is 500 meters left to right, and approximately 1,400 meters of depth (strike length) SE to NW. The interpretation demonstrates potential for more massive and stockwork mineralization in both limbs of the synform and in the hinge area along a significant strike distance. The expectation is to find higher grades in and around the hinge of the synform in the Central Zone, and also to the north into the Northern Zone. Drilling in the upcoming campaign will target the hinge zone and environs of the fold along a strike length of 500-600 meters NW to SE.
Avrupa President/CEO Paul Kuhn further commented, "The Company continues to be excited by the long-term possibilities for the Sesmarias VMS prospect. Recent interpretative work covering the mineralized zone shows the potential for a continuous, significant deposit approaching 1,500 meters in strike length in the Northern and Central sectors of the prospect. Avrupa discovered the deposit in 2014 and has guided the program since that time through self-funded work and several joint ventures, including the present intensive program with Sandfire Portugal. This JV is now entering its fifth year, and the work at Sesmarias continues to produce strong results through dedicated work by the JV team and continued financial support from Sandfire Portugal."
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Figure 3. Contour map showing inferred massive sulfide mineralization, using copper equivalents (CuEq) as an exploration targeting tool .
Note: We use CuEq strictly as a proxy for total metal content, and as such, simply as an exploration targeting tool. In no way, are we commenting on a possible resource size or value. When reporting drill results, we utilize only individual metals' values, as reported by an accredited laboratory.
For exploration purposes, using the results from Sesmarias drilling, 2014 to present, we calculate the total amount of copper, lead, zinc, silver, and gold, without respect or indication of any/all further downstream activities, followed by calculating the value of said total metal content (in this case, as of April 3, 2024, using: Cu = US$ 4.11/lb.; Pb = US$ 0.92/lb.; Zn = US$ 1.13/lb.; Ag = US$ 26.25/oz.; and Au = US$ 2273/oz.). Finally, we calculate the equivalent content of copper, or CuEq, by dividing the value of the total contained metals by the price of copper at that time. The shape and contouring of the inferred Sesmarias mineralization, using Leapfrog geological modeling software, is courtesy of the Sandfire Portugal geological team. While metals' prices have increased sharply since the original CuEq calculations, the shape of the VMS target area remains much the same.
We have designed the upcoming drill program to upgrade the +2% CuEq zone in the SES Central sector and expand the potential +2% CuEq domain into the SES North sector where historic drilling is less concentrated. Yellow and gray zones generally indicate areas where historic drilling missed the target and/or recent, better-targeted drilling is sparse.
AVU will continue to update the market as to progress of the drilling program. In addition to drilling, the JV initiated basic metallurgical testing of massive, semi-massive, and stockwork polymetallic mineralization. These tests are expected to continue throughout the remainder of Q2 and well into Q3 2024.
Sandfire Portugal is a 100%-owned subsidiary of Sandfire MATSA, 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, the 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.
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 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal 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, 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Ltd. 2023 Progress and 2024 Plans
(TheNewswire)
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Vancouver, BC TheNewswire February 21, 2024 - Avrupa Minerals Ltd. (AVU:TSXV) is pleased to report on its progress during 2023 on programs in Portugal, Kosovo, and Finland, as well as comment on expected programs for 2024. The Company's projects in Kosovo and Portugal are fully-funded by Joint Venture partners. The Company is seeking a potential joint venture entity for its program(s) in the Vihanti-Pyhäsalmi VMS District, Central Finland.
Paul W. Kuhn, President and CEO of Avrupa Minerals ("AVU" or "Company"), noted, "Strong progress in deposit definition work at the Sesmarias copper-zinc-lead Project in Portugal during 2023 will be the underpinning for an aggressive drilling program in the SES Central Zone starting in Q2 2024.
After a successful PEA and Mineral Resource Estimate upgrade at the Slivova Project in Kosovo during 2023, we are looking forward to further upgrade of the precious metal inventory in and around the deposit, itself, as well as continued progress in the ESG aspects of the Project.
In Finland, we acquired new massive sulfide licenses in a well-endowed mining district, defined new drilling targets at one former producer, discussed the potential of acquiring several other VMS base metal targets, and commenced search for viable joint venture partners to advance the program there."
Portugal
Drilling continued throughout the year around the Alvalade pre-exploitation license in several target areas, including Caveira South, Casas Novas, Lousal Northwest, Brejo, and Sesmarias. The Company drilled 14 holes totaling 6,530 meters in 2023: two at Caveira South, one at Casas Novas, four in the Lousal Northwest area, one at Brejo, and six in the Sesmarias massive sulfide VMS deposit area.
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Figures 1, 1a. 2023 drilling along trend of Pyrite Belt mineralization within the Alvalade JV license, with Sesmarias enlargement. Background data from 2020-21 helicopter-supported VTEM project. Intense electromagnetic response to railroad tracks and power lines in linear purple colors.
The highlight of the 2023 drilling program was the re-discovery of the high-grade copper-zinc-lead-silver mineralization at Sesmarias in SES23-047 (see AVU news release June 12, 2023 ). Follow-up drilling at Sesmarias confirmed potential for more high-grade massive sulfide and stockwork mineralization in the Central Zone at Sesmarias (see AVU news release November 28, 2023 ). The success of the Sesmarias drilling underlies potential for the next phase of drilling there, tentatively commencing in Q2 of 2024. This phase will be aimed at defining the high-grade mineralization located in/around the hinge of the Sesmarias Syncline, particularly along strike between the 250 South and 800 South section lines, noted in the figures below. Plans for the next phase are underway.
To enhance targeting at Sesmarias, The Company performed an IP-Resistivity survey at the end of 2023 covering Sesmarias Central and Northern Zones and the Brejo target area just north of Sesmarias. Results are presently under evaluation, particularly for the North area and for the Brejo area where we have less historic drilling information. The level of success in the coming phase of drilling will determine how best to move towards a mining license application which will be necessary in the first half of 2025.
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Figure 2. Sesmarias section lines, AVU generated. Drillholes in red were completed during 2023 drilling program. Coordinate system, UTM Zone 29 (ED50).
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Figure 3. Known massive sulfide mineralization at Sesmarias, open both north and south. Drilling in the upcoming phase will target potential high-grade mineralization in the Central Zone between 250 South and 800 South sections. Modeling and interpretation of accumulated data suggests that strong, polymetallic VMS mineralization is hosted in and close to the hinge of the Sesmarias Syncline. UTM Zone 29 (ED50).
Drilling in the northern target areas of the Alvalade license was less successful than at Sesmarias. Drilling intersected narrow lenses of polymetallic sulfide mineralization in both Caveira South drill holes and wispy, distal facies, replacement sulfide mineralization in the Casas Novas drill hole. We hope to do follow-up drilling in both areas at some point in the future, but there are no plans for this in the up-coming drilling phase. Drilling at Lousal Northwest intercepted the mineral horizon black shales, but no significant sulfide mineralization.
The Alvalade project is a joint venture between Avrupa Minerals and Minas de Aguas Teñidas, S.A. ("Sandfire MATSA" or "MATSA"). Avrupa continues to operate the project through the JV entity PorMining Lda., and MATSA continues to fund the exploration work.
Kosovo
Work continued at the Slivova gold-silver project in Kosovo during 2023, undertaken by partner Western Tethyan Resources, and supported by 70%-owner Ariana Resources. Highlights of the work included the completion of a NI 43-101 Preliminary Economic Assessment (PEA) study that included a significant mineral resources' upgrade (see AVU news releases July 17, 2023 and September 6, 2023 for further, detailed information and notes concerning QP sign-off).
Global in situ gold resource increases by 78% over original MRE
Global in situ silver resource increases by 113% over original MRE
New MRE figures:
Measured Resources: 835,000 mt @ 4.3 g/t Au and 15 g/t Ag
Indicated Resources: 296,000 mt @ 3.6 g/t Au and 15 g/t Ag
Inferred Resources: 250,000 mt @ 3.7 g/t Au and 13 g/t Ag
4,500-meter drilling program planned for the next phase of field work, which will include resource infill drilling and exploration drilling around the license
Western Tethyan also commenced environmental and social baseline studies in the project area, committing to a strong and positive social relationship with the communities around the project area, and performed exploration rock and soil sampling around the license to help identify satellite deposits. The government issued trenching and drilling permits for this year, and Western Tethyan is in the midst of planning and budgeting for the 2024 program. Work planned, in addition to continued environmental and social licensing, includes trenching over several untested targets and exploration drilling outside of the main deposit in efforts to increase the mineral resources. Eventually, there may be some infill drilling completed in 2024, as well. We anticipate that Western Tethyan will perform the necessary work to reach the 51% ownership level of the license during 2024, as required by the JV agreement (see news release of May 9, 2023 ).
Finland
During 2023, Avrupa's 49%-held Akkerman Finland Oy (AFOy) continued to advance the exploration program in the Vihanti-Pyhäsalmi VMS District of central Finland. The joint venture now holds two exploration permits covering known massive sulfide deposits (Kangasjärvi and Hallaperä), an application over a massive sulfide deposit (Rauhala), and an exploration permit covering a massive sulfide target (Kolima) that has been approved by the mining bureau, but not yet issued due to appeals court handling of the process.
Basic exploration work, continued review of historic core and geophysical data, and modeling of SkyTEM data from the Kangasjärvi license suggest an outstanding un-drilled target close to the old Kangasjärvi Mine. The joint venture is making plans for drilling at the target in 2024. There are further SkyTEM anomalies that may rate drilling after planned exploration work during the up-coming field season.
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Figure 4. Map of Vihanti-Pyhäsalmi VMS District with AFOy-AVU holdings and location of the two major mines, Pyhäsalmi and Vihanti.
Figure 5. Plan view of the Kangasjärvi SkyTEM drill target, showing a strong conductor northwest and across a major area fault from the historic Kangasjärvi Mine. Most of the conductor has never been drilled.
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Figure 6. Kangasjärvi SkyTEM drill target, section view. The joint venture plans three diamond drill holes totaling 1000 meters later this year. There are other SkyTEM anomalies around the license that may become drill-ready later this year.
AFOy officially acquired the Hallaperä exploration license in the past year. The license covers a known massive sulfide deposit discovered by Outokumpu in 1967. The deposit is 1,500 meters long and ranges from two to 18 meters thick. It remains open at depth below 200 meters from the surface. The most recent drilling, in 1990, cut 1.85 meters @ 1.72% Cu, 1.7 g/t Au, and 44 g/t Ag, with no further work completed since that time.
Figure 7. Copy of the original geological map of the Hallaperä VMD deposit.
The Finnish mining bureau recently awarded an exploration permit to AFOy for another license covering a massive sulfide deposit near the historic Vihanti Mine. The Rauhala deposit was discovered in 1985 by the Finnish Geological Survey (GTK), and later worked by Outokumpu Oy. It measures nearly 600 meters long and 350 meters wide and averages about 2 meters thick, as presently known. Virtually no work on the deposit has been completed in the past 20-25 years.
Figure 8. Plan view of the Rauha Deposit (blue/black/yellow lenticular outline). The deposit was discovered via a zinc anomaly in till material, and is covered by 2-20 meters of till at its closest point to the surface.
Figure 9. Section view of the sediment-hosted Rauhala Deposit, sub-cropping under 2 to 20 meters of till.
Upcoming Events
Avrupa will attend PDAC and participate in the Western Tethyan and Europe Session, organized by Mundoro Capital on Sunday morning, March 3 rd , at 8-12 am in Room 206D. We have accepted an invitation to present updated information about the Company's Sesmarias Joint Venture Project. Later, Avrupa will display Sesmarias core at Booth # 2614B, Tuesday and Wednesday, March 5 th and 6 th in the main investor's hall at the Conference.
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 an extensive portfolio of exploration tenements in both Portugal and Spain. Sandfire MATSA is a wholly owned company of Sandfire Resources Ltd, a mining and exploration company listed on the Australian Securities Exchange (ASX: SFR).
Western Tethyan Resources (WTR) is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting copper-gold deposits across the porphyry-epithermal transition.
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 joint venture in 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, 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Updates Drilling Results at the Sesmarias VMS target, Alvalade JV, Portugal
(TheNewswire)
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Company completes drilling at Sesmarias for 2023
Five holes drilled in the Sesmarias Central area targeting potentially high-grade hinge zone of Sesmarias synform-shaped VMS target;
One hole drilled to test potential west limb mineralization in the Sesmarias South area.
Company completes IP-Res geophysical survey over Sesmarias Central and North areas: results pending.
Partners Avrupa Minerals and Sandfire Minerals making plans for continued work at Sesmarias in 2024.
Vancouver, BC - TheNewswire - November 28, 2023 - Avrupa Minerals Ltd. (AVU:TSXV) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to update the investor community concerning progress at the Sesmarias copper-zinc massive sulfide prospect, located within the Alvalade Joint Venture Project in the Iberian Pyrite Belt of Portugal. The program is a joint venture between Avrupa Minerals ("AVU" or "Company") and Minas de Aguas Teñidas, S.A. ("Sandfire MATSA" or "MATSA") through their local subsidiaries. Avrupa continues to operate the project through the JV entity PorMining Lda., and MATSA continues to fund the exploration work. Previously, through the JV, during 2020-2021, the Company drilled 17 diamond drill holes at Sesmarias, totaling 8,900 meters, on six different fences along a strike length of 400 meters in the Sesmarias North Zone.
The JV returned to drilling at Sesmarias in mid-April 2023, targeting the Central Zone, where Avrupa drilled the high-grade discovery hole, SES002, in 2014 (see February 27, 2014 News Release ). Follow-up drilling in the immediate discovery area at that time unsuccessfully targeted shallow extensions of the mineralization seen in SES002 at a depth of about 150 meters. Armed with a significantly upgraded targeting model, constructed from 46 holes, totaling nearly 20,000 meters at Sesmarias since 2014, the JV geological team aimed deeper to 400 meters depth to attempt to locate further high-grade mineralization.
As reported in June (see June 12, 2023 News Release ), the JV intersected strong copper-zinc massive sulfide mineralization in SES23-047. Since completion of that hole, the JV drilled a further five holes, totaling 2,766 meters, in the Sesmarias Central and South Zones. Total drilling at Sesmarias is now at 22,612 meters in 52 diamond drill holes, over a mineralized strike length of 1,700 meters.
The following general schematic section demonstrates how the target is perceived after 52 drillholes, geological and structural interpretation, surface geochemistry, and a variety of geophysical surveys since the original discovery in 2014.
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Figure 1. Schematic cross section of the Sesmarias massive sulfide target. Note that the field of view is 500 meters SW to NE and encompasses 1,400 meters of strike length of mineralization from SE to NW. Most of the drilling in the just-completed phase targeted the hinge zone of the Sesmarias synform in the Central area. Due to small, but important, post-mineral structural complications and drilling difficulties, three of five holes intersected the hinge zone massive mineralization and/or stockwork, feeder-style mineralization, while one hole intersected the synform above targeted mineralization, and one hole missed below the hinge zone. The sixth hole targeted massive sulfide mineralization on west limb of the synform in the Sesmarias South area. The schematic section suggests that there is significant, un-explored target area in the hinge zone along strike and in both limbs of the synform, as well, along strike.
Encouraging results continued in the 6-hole phase of drilling in the Central and South areas on five separate fences over 600 meters of mineralized strike length. The following diagram shows the extent of drilling in the Sesmarias North and Central Zones from SES019 northwest to SES21-036 as shown in the general schematic section. The six recently-completed drill holes are highlighted in red.
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Figure 2. Drill hole locations and sections for Sesmarias North and Central (2014-2023).
The following tables summarize the most important results from the most recent drilling in the Sesmarias massive sulfide target area:
SES23-047
Drillhole | Interval | From | To | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | Au (g/t) | |
SES23-047 | 26.95 | 393.80 | 420.75 | 2.18 | 2.58 | 5.60 | 88.2 | 0.33 | |
w/i | 43.40 | 392.80 | 436.20 | 1.51 | 2.15 | 4.78 | 64.1 | 0.26 |
Table 1. Previously-reported high-grade results from SES23-047. The hole intersected massive sulfides near the presumed bottom of the hinge zone on Section 650 South.
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Figure 3. Section 650 South showing SES002, SES003, SES23-041, and SES23-047.Note that SES23-041 crossed the Sesmarias synform above the hinge zone, and missed mineralization. It appears that the high grade SES002/003 mineralization may have been displaced from the larger hinge zone target intersected by SES23-047.
SES23-048
Drillhole | Interval | From | To | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | Au (g/t) | |
SES23-048 | 9.20 | 419.10 | 428.30 | 1.20 | 1.46 | 3.05 | 30.1 | 0.43 | |
and | 8.30 | 428.30 | 436.60 | 0.31 | anom. | 0.33 | anom. | 0.43 | |
total | 17.50 | 419.10 | 436.60 | 0.78 | --- | --- | --- | 0.43 | |
also | 0.25 | 348.40 | 348.65 | 1.01 | 0.74 | 1.32 | 39.2 | 0.14 |
Table 2. New results for SES23-048. The hole intersected 9.2 meters of massive sulfide mineralization, followed by 8.3 meters of stockwork sulfide mineralization near the presumed top of the hinge zone, or possibly on the western, upright limb of the Sesmarias synform on Section 800 South.
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Figure 4. Section 800 South showing SES23-048.
SES23-049
Drillhole | Interval | From | To | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | Au (g/t) | |
SES23-049 | no significant results | ||||||||
0.70 | 332.55 | 333.25 | 0.29 | 0.19 | 0.32 | anom. | anom. | ||
Table 3. SES23-049 did not cut significant mineralization, as the hole crossed too high in the Sesmarias synform, much like SES23-041, drilled in 2021. Fragments of massive sulfide mineralization are present in the major thrust fault that bounds and cuts the eastern, overturned limb of the Sesmarias synform.
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Figure 5. Section 500 South showing SES23-049 and SES23-051. SES23-049 crossed the synform above the hinge zone, while SES23-051 crossed zinc-rich stockwork sulfide mineralization below the hinge zone. Significant results for SES23-051 are found below in Table 5.
SES23-050
Drillhole | Interval | From | To | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | Au (g/t) | |
SES23-050 | samples in lab -- no significant results expected, though crossed faulted east limb at 397.50 to 398.70 meters, below hinge zone | ||||||||
Table 4. SES23-050 did not intersect any significant visible mineralization, as the hole crossed beneath the Sesmarias synform. It did cross the eastern limb fault containing abundant disseminated and fragmented pyrite.
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Figure 6. Section 950 South showing SES23-050 crossing below the hinge zone. Folding of the hinge zone is possible, as shown in the section, but not yet confirmed.
SES23-051
Drillhole | Interval | From | To | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | Au (g/t) | |
SES23-051 | 9.00 | 456.80 | 465.80 | anom. | 0.99 | 2.35 | 11.7 | anom. | |
and | 8.00 | 467.80 | 475.80 | anom. | 3.04 | 3.47 | 50.7 | wk anom. | |
strong stkwk | 19.00 | 456.80 | 475.80 | --- | 1.77 | 2.61 | 27.3 | --- | |
total stkwk | 30.70 | 456.80 | 487.50 | --- | 1.18 | 1.88 | 17.8 | --- | |
remainder of samples in lab -- no significant results expected, below hinge zone | |||||||||
Table 5. SES23-051 crossed 30.7 meters of zinc-rich stockwork sulfide mineralization beneath the hinge zone. This included an intercept of 9 meters of semi-massive to massive sulfide mineralization and a further zone of 8 meters of semi-massive sulfides, followed by another 11.7 meters of stockwork sulfide mineralization. The cross section for SES23-051 is shown above in Figure 4.
SES23-052
Drillhole | Interval | From | To | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | Au (g/t) | |
SES23-052 | 5.60 | 358.60 | 364.20 | 0.45 | --- | --- | --- | 0.33 | |
and | 7.00 | 366.20 | 373.20 | anom. | 0.84 | 2.72 | 24.8 | wk anom. | |
incl. | 4.00 | 368.20 | 372.20 | anom. | 3.40 | wk anom. | |||
3.00 | 370.20 | 373.20 | anom. | 1.33 | wk anom. | ||||
2.00 | 370.20 | 372.20 | anom. | 45.1 | wk anom. | ||||
w/i | 28.40 | 358.60 | 387.00 | total zone of sulfides, including insipient stkwk to massive mineralization | |||||
now cutting remainder of samples -- no significant intervals of high-grade results expected, though several zones of stkwk exist | |||||||||
Table 6. SES23-52 crossed the western, upright limb of the Sesmarias synform in the Sesmarias South area. This is the first deeper intersection of the western limb in the Central and South zones at Sesmarias. The intersect included 28.4 meters of variable sulfide mineralization from stockwork to massive mineralization.
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Figure 7. Section 1100 South showing SES022 and SES23-052 cutting the western limb of the Sesmarias synform.
Paul Kuhn, President and CEO of Avrupa Minerals, commented, "Geochemical and geological results from drilling in the Sesmarias Central and South Zones this year are a really positive revelation after nine years of working at Sesmarias. The Team has put together a great, drillable massive sulfide target, and the results are confirming the robustness of that target. It is clearly zoned along strike and proximity to the hinge zone in the central area, yet still has close to 2000 meters of mineralized strike length potential. We are looking forward to continuing upgrade of the mineralization in the coming months."
The Joint Venture just completed a 6-line, 2100-meter-long IP-Resistivity survey covering the North and Central Zones. The hope is that the survey can assist in identification of stockwork sulfide mineralization in proximity to massive sulfides. We expect final results before the end of the month and these will be reported in due time.
Minas de Aguas Teñidas, S.A. ("Sandfire MATSA" or "MATSA") is a 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 an extensive portfolio of exploration tenements in both Portugal and Spain. Sandfire MATSA is a wholly-owned company of Sandfire Resources Limited, one of the largest copper-focused companies 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 49%-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 .
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.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Positive Preliminary Economic Assessment Completed for the Slivova Gold Project, Kosovo
(TheNewswire)
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Avrupa Minerals Ltd. (AVU:TSXV) (OTC:AVPMF) (TSX-V:AVU) (FRANKFURT:8AM) is pleased to announce that its partner at the Slivova Gold Project in the Republic of Kosovo, Western Tethyan Resources ("WTR"), has provided a positive, independent Preliminary Economic Assessment(" PEA") study based on the NI 43-101 Mineral Resources Estimate ("MRE") previously reported by Avrupa on July 17, 2023 (see news release Slivova Mineral Resource Estimate ). Bara Consulting completed the PEA in accordance with CIM standards, and Avrupa has publicly disclosed the document under NI 43-101 reporting requirements
The Slivova Project is located in the prolific Vardar Mineral Trend, about 30 km SE of Pristina, the capital of Kosovo. WTR can earn-in to 75% of the Project by funding exploration and development for Euro 1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application. WTR is 75%-owned by AIM-listed Ariana Resources.
Highlights from the PEA include:
Slivova provides a conceptual pre-tax Net Present Value (NPV 8%) of US$27 million, and an internal rate of return ("IRR") of 29% at a gold price of US$1,835/oz.
Capital expenditure is estimated at $33.4 million and sustaining capital requirements of $9.4 million are envisaged in the study.
Average production of 13,000 ounces of gold per annum projected over a seven-year mine life from a combined open-pit and underground mining operation is estimated from the study.
Gold recovery by the Carbon-in-Leach ("CIL") method, with recovery of gold at 92-94.5% Au (based on current testwork) and a processing rate of 142,000 tpa is estimated from the study.
The full PEA document, which includes the NI 43-101 Mineral Resource Estimate, may be accessed on SEDAR+ or via the Avrupa Minerals website: Slivova PEA
The independent Qualified Person for Mineral Resources as defined by NI 43-101 is Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd. Mr. Siddle has reviewed and approved the scientific and technical content of this news release. The Qualified Person completed a site visit to the project on 13 June 2023, and has inspected the property, drillhole locations and has reviewed selected intervals of the drill core used in the Mineral Resource Estimate. No concerns were identified during the visit.
The independent Qualified Person for the disclosure of the Preliminary Economic Assessment, as defined by NI 43-101, is Dr. Andrew Bamber, BSc, MASc, PhD, P.Eng. of Bara Consulting Limited. Dr. Bamber has reviewed and approved the scientific and technical content of this news release, in the form and context in which it appears. Dr. Bamber completed a site visit to the project on 15 February 2023 and inspected the property, core samples, and visited locations relevant to the project including the gossan outcrop and potential access road, process plant, and tailings sites within the license area.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented , "We are delighted about the progress made at the Slivova Gold Project by Western Tethyan Resources and associated company Ariana Resources. In the past two months the Mineral Resource Estimate has been updated, and a positive Preliminary Economic Assessment has been completed by our partners. We look forward to seeing more positive results from the upcoming Q4 2023/Q1 2024 work field work program, including trenching and drilling, the Q4 2023 initiation of an Environmental Baseline Study, and continued, strong and proactive ESG work in the project area."
Mentor Demi, Managing Director of Western Tethyan Resources, added , "The PEA prepared by Bara Consulting provides strong evidence that the Slivova Gold Project has the potential to develop into a profitable gold mine of modest size, even if no additional resources are identified. By showcasing a compelling economic viability, it also provides the basis for commencing the next phase of detailed exploration and techno-economic studies. In conjunction with the pre-established infill resources drill program, WTR is commencing a trenching program to enhance exploration in the areas bordering the primary resource zone, specifically targeting Dzemailj and Valijevishte. Throughout Q4, the company intends to initiate the Environmental Base Line Study, the Social Impact Assessment, and complete the planning for a drilling program, with the actual drilling activities scheduled to commence in the first quarter (Q1) of 2024."
Dr. Kerim Sener, Managing Director of Ariana Resources , added, "This is an excellent positive outcome for the Slivova Gold Project, demonstrating its potential economics and highlighting opportunities to enhance the project in the longer term. The broader exploration potential of the Slivova project area, in particular the opportunity to define further mineralisation down-plunge of the existing orebody, bodes well for further economic upside. We are now looking to complete further work to demonstrate this upside, via a phased exploration programme, which will target the definition of additional resources and further investigate various aspects of the proposed mine design and processing route, among other technical matters."
Following is a summary discussion of important points from the PEA (from Western Tethyan Resources):
Introduction
The Slivova Gold-Silver Project ("the Project") is located some 30 km southeast of Pristina, the capital of Kosovo. The Project was acquired by AVU Kosova, a wholly owned subsidiary of Avrupa Minerals ("Avrupa"), which was granted a seven-year exploration licence for the Project in 2022. In May 2023, Western Tethyan Resources Ltd ("Western Tethyan", "WTR" or "the Company") executed an earn-in agreement with Avrupa, in which WTR can earn-in up to 85% of the project.
Bara Consulting Limited ("Bara") was engaged by WTR to prepare a Preliminary Economic Assessment ("PEA") for Slivova. The study comprises the updated Mineral Resource Estimate (announced separately on July 17, 2023) and mining and tailings management assessments, which were used as inputs into a concept level techno-economic evaluation prepared in accordance with CIM guidelines and disclosed in accordance with NI 43-101 reporting requirements.
Project Location
The Slivova Project exploration license is located along the Vardar Mineral Trend, approximately 30 km (30 minutes by car) southeast of Pristina, the capital city of Kosovo. Access to the Project is via the Pristina-to-Gjilan, two-lane highway and then an unsealed road beyond the village of Peshter.
There are four main exploration targets within the Slivova licence: Peshter, Dzemail, Valjeviste, and Brus. The Peshter prospect is further subdivided into three portions: the Main Gossan, Gossan Extension, and the Sandstone Gossan. The Peshter prospect is the main subject of the PEA, for which there is material disclosure (Figure 1).
Click Image To View Full Size
Figure 1: The Slivova deposit (Peshter Target), and its associated license boundary.
Project Geology
Within the Slivova license, two units are identified: the calcareous unit and the non-calcareous greywacke unit. They are moderately- to steeply-dipping, northwest striking, and beyond the mineralized prospects, tend to be unaltered and weakly to moderately oxidized.
Two types of intrusive dykes and sills were identified in the mapping and drilling: hornblende-biotite porphyry dykes and stock, and a feldspar porphyry dyke. The dykes represent less than 3% of the total rock volume within the Main Gossan, with the hornblende-biotite porphyry representing 99.5% of the intrusive rocks. Within the Gossan Extension, the hornblende-biotite porphyry is represented by a greater volume of rock and may be a series of northeast-trending dykes, or a larger stock.
Economic mineralization in the Main Gossan and Gossan Extension is concentrated in the calcareous pebble conglomerate and calcareous sandstones. Mineralization at Slivova is classified as a distal, intrusive-related, stratiform, massive to disseminated gold-silver-lead-zinc deposit. The principal minerals of economic interest are gold with minor amounts of galena, sphalerite, chalcopyrite, and silver. The gangue mineral assemblage consists of ilvaite(?), trace magnetite, arsenopyrite, pyrrhotite, marcasite, pyrite, quartz, and various carbonates. Trace elements include arsenic, bismuth, chromium, manganese, nickel, and vanadium.
Mineral Resources
The Mineral Resource Estimate, as previously announced, has an effective date of 22 June 2023. The Mineral Resource Estimate for Slivova, completed on July 14, 2023, is reported in Table 1 and is based on the block model shown in Figure 2. No estimates of Mineral Reserves have been prepared. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Qualified Person is not aware of any such issues at the time of writing.
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Figure 2: Oblique view of the block model showing the estimated gold grades. WGS84 Z34N.
Category | Tonnes | Bulk Density | AuEq (g/t) | Au (g/t) | Ag (g/t) | Au (oz) | Ag (oz) |
Total Mineral Resources (Gross to the Project) | |||||||
Measured | 835,000 | 2.9 | 4.3 | 4.2 | 15 | 113,000 | 402,000 |
Indicated | 296,000 | 2.8 | 3.6 | 3.5 | 15 | 33,200 | 144,000 |
Meas + Ind | 1,130,000 | 2.9 | 4.1 | 4.0 | 15 | 146,000 | 546,000 |
Inferred | 250,000 | 2.8 | 3.7 | 3.7 | 13 | 30,000 | 100,000 |
Open Pit Resources Above 0.5g/t AuEq | |||||||
Measured | 110,000 | 2.9 | 3.2 | 3.2 | 14 | 11,200 | 48,300 |
Indicated | 39,300 | 2.6 | 2.8 | 2.7 | 13 | 3,390 | 16,500 |
Meas + Ind | 150,000 | 2.8 | 3.1 | 3.0 | 13 | 14,600 | 64,800 |
Inferred | nil | nil | nil | nil | nil | nil | nil |
Underground Resources Above 1.5g/t AuEq | |||||||
Measured | 725,000 | 2.9 | 4.4 | 4.4 | 15 | 102,000 | 354,000 |
Indicated | 257,000 | 2.9 | 3.7 | 3.6 | 15 | 29,800 | 127,000 |
Meas + Ind | 982,000 | 2.9 | 4.2 | 4.2 | 15 | 131,000 | 481,000 |
Inferred | 250,000 | 2.8 | 3.7 | 3.7 | 13 | 30,000 | 100,000 |
Table 1: Estimated Mineral Resources for Slivova. Numbers are rounded to an appropriate number of significant figures, and as such, discrepancies may exist between individual values, products, and totals.
Notes to the Mineral Resource Estimate (1-9):
The independent Qualified Person responsible for Mineral Resource disclosure, as defined by NI 43-101, is Mr. Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd. The effective date of the Mineral Resource Estimate is 22 June 2023.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.
A gold equivalent (AuEq) grade was calculated for each block using the formula AuEq = (Ag g/t x 0.05) + Au g/t. It is the opinion of the Qualified Person that all elements included in the Au Equivalent calculation have a reasonable prospect of being recovered and sold, the calculation of the Au equivalent value considers the relative recovery and payability of each element (recovery by cyanide leaching of 93.4% for gold and 50% for silver and 95% and 85% payability, respectively, as informed by metallurgical test work completed to date) as well as the assumed commodity prices.
Reasonable prospects of eventual economic extraction are satisfied by the estimation of break-even cut-off grades for each anticipated mining scenario (0.5g/t AuEq for open pit and 1.5g/t AuEq for underground mining). These cut-off grades were used to report the Mineral Resource. The cut-off grades were estimated on the basis of the following assumptions: a gold price of US$1850/oz (selected following consideration of (1, 2 and 3 year trailing average LMBA gold price and LMBA 2023 average forecast gold price, a silver price of US$20/oz, underground mining costs of US$43.7/t, processing costs (including tailings disposal) of US$29.5/t and GA costs of US$3/ROMt.
Estimates in the above table have been rounded to three significant figures for Measured and Indicated Resources and two significant figures for Inferred Mineral Resources.
CIM Definition Standards for Mineral Resources have been followed.
The independent Qualified Person for Resources is not aware of any additional known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource Estimate.
The Mineral Resource figures set out above are quoted gross with respect to the Project. WTR of which Ariana owns 75%, has yet to establish a net attributable interest under the Earn-in and accordingly, no separate net attributable figures are reported.
Mine Design
A revised approach to the mining of Slivova involves a small starter pit to access the outcropping mineralized gossan area, followed by underground extraction of the gold resource below the open pit at an appropriate extraction rate to suit the size and grade of the deposit. Mine design involved a more detailed analysis of the potential mining method and a mineable stope optimization exercise to fully assess and define the underground stoping extents.
A geotechnical review was undertaken to validate extraction methods. Ore zones and host rocks are either non-calcareous or calcareous sequences of altered sedimentary rocks with ore zone strengths varying between 45 MPa and 50 Mpa. Mine design was adapted to be flexible to varying competencies of host rock, particularly in the contact areas.
The starter pit has been designed to be mined from the top bench downwards with ore being accessible and extracted immediately, i.e., there is no requirement or need for any pre-stripping. It has been assumed that this small open pit can be mined by local contractors who have quarries within the vicinity of the proposed mine at Slivova. The revised starter pit design is also situated such that there is now no requirement for stream re-alignment where the pit can be accessed for initial extraction via existing tracks on the north side of the stream. Pit extents minimize the impact on the surrounding countryside and local communities.
Due to the requirement for a 25 m crown pillar, the bottom bench was modified to a base of 865 mRL. Bench access was linked into the existing tracks and roads on the site. This allows for easy access to each bench for overburden and ore removal without the need for any ramps. Access to the bottom bench is directly in from topography. Pit operations cease after Year 1.
Underground access is envisaged as a portal developed directly into the south valley wall, supporting mining typically by sublevel open stoping, unless ore zone geometry dictates a step down to cut-and-fill methods. Main sublevels are 20 m, with stoping separated 25 m from the open pit bottom by a crown pillar which will be mined by sublevel caving methods at the end of mine life.
Mining is suggested to be via small teams of approximately 16 people per shift, using small diesel fleet appropriate for production at between 300 t/day and 400 t/day. Mined material to be trammed directly from underground operations through the portal to the primary crusher tip located at the plant site on the saddle of the southern ridge 500 m to the east.
Recovery Methods
Results of extensive characterisation and testing of the Slivova ore by a range of methods suggest that treatment would be via carbon-in-leach ("CIL") methods, delivering gold recovery of 92-94.5% and silver recovery of 19.8-22.5%. Some gold may be extracted via gravity recovery methods. Nominal plant throughput will be 142,000 tpa, with primary, secondary, and tertiary crushing of the ore, followed by ball milling to 106 m and leaching of the ore by CIL methods. Loaded carbon is stripped, with electrowinning and final EAF smelting of the doré to bullion on site.
Environmental
The environmental and social work completed to date is in line with that required for the PEA based on the revised mining plan. No environmental or social fatal flaws have been identified, and Bara is not aware of any environmental or social issue that would prevent the project from proceeding to the PFS phase, during which time various potential environmental risks would need to be evaluated further.
Economic Analysis
The economic analysis presented here is preliminary in nature and is based in part on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is therefore no certainty that the PEA presented here will be realised.
PEA level economic analysis is based on the production schedule presented with capital and operating cost estimates for the Slivova Project and other information as of July 2023. The discounted cashflow analysis ("DCF") is presented in United States Dollars (US$) in real money terms, free of escalation or inflation. Revenue has been determined through application of the recovered troy ounces produced by Slivova to the gold and silver prices as stated, less payability.
Depreciation has been calculated on the assumption that 100% of capital expenditure may be deducted from profits in the year that they are incurred (Deductibility Rate). It is assumed that all capital expenditure is eligible for deduction. A discount rate of 8% has been used for the evaluation, and no tax treatment has been applied.
The conceptual DCF analysis shows the Project is economic with a pre-tax net present value ("NPV"), at 8% discount rate, of US$27 million, and an internal rate of return ("IRR") of 29% with upfront capital requirements of $33.4 million, and sustaining capital requirements of $9.4 million.
Western Tethyan Minerals (WTR) is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting copper-gold deposits across the porphyry-epithermal transition.
Ariana Resources is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.
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 Mineira Portugal 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 .
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.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Announces Updated Slivova Mineral Resource Estimate
(TheNewswire)
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Global in situ gold resource increases by 78% over original MRE
Global in situ silver resource increases by 113% over original MRE
New MRE figures:
Measured Resources: 835,000 mt @ 4.3 g/t Au and 15 g/t Ag
Indicated Resources: 296,000 mt @ 3.6 g/t Au and 15 g/t Ag
Inferred Resources: 250,000 mt @ 3.7 g/t Au and 13 g/t Ag
4,500-meter drilling program planned for the next phase of field work, which will include resource infill drilling and exploration drilling around the license
Vancouver, BC - TheNewswire - July 17, 2023 - Avrupa Minerals Ltd. (TSXV:AVU ) is pleased to announce that its partner at the Slivova Gold Project in Kosovo, Western Tethyan Resources (WTR), has provided a new Mineral Resource Estimate and general near-term work plan for the gold-silver deposit. Slivova is located in the prolific Vardar Mineral Trend, about 30 km SE of the capital, Pristina. WTR can earn-in to 75% of the Project by funding exploration and development for Euro 1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented:
"We are truly excited about this new development in the progress of the Slivova Project, and look forward to continued success in the program. WTR and its associated company, Ariana Resources, are working hard to advance the Project to the next level. We expect further information concerning progress, as the two companies work to complete a Preliminary Economic Assessment for Slivova in the coming months and begin a 4,500-meter drilling program to further define the Slivova deposit and test other attractive, previously-identified possibilities around the license."
Dr. Kerim Şener, Managing Director of Ariana Resources, provided further information:
"We are very pleased to provide a substantial resource update on the Slivova Gold Project in Kosovo. With a Measured and Indicated Resource of 146,000 oz of gold and 546,000 oz of silver, and an Inferred Resource of another 30,000 oz of gold and 100,000 oz Ag in global resources now defined, Slivova is now well on track to be developed conceptually as a high-grade, open-pit and underground mining operation.
We are increasingly confident that further resource expansion will occur as exploration proceeds at the site in the upcoming years. Several exploration targets in the immediate vicinity require follow-up and drill-testing, and the broader project area contains significant exploration potential for similar mineralisation based on the latest regional BLEG stream-sediment results.
We are firmly in the planning stage for a new drilling programme at Slivova, which will be focused in part on resource infill and extensional drilling. We are targeting a minimum resource of 200,000 oz of gold prior to the initiation of more advanced project development work, which would include more advanced studies."
Mentor Demi, Managing Director of Western Tethyan Resources added:
"Western Tethyan Resources is very excited to announce a significant resource increase for the Slivova gold deposit. The resource growth came mostly from the incorporation of the new historical drilling data and the revision of the geology and resource interpretation and model.
Based on the current resources' size, Slivova represents a very prospective, undeveloped gold project, in Kosovo.
Slivova is well on its way to becoming an advanced project, yet with a lot of exploration upside, down dip from the current resource, as well as from the surrounding satellite prospects. WTR is looking forward to starting in Q3 with the exploration program, Environmental Impact Assessment, and Social Engagement Plan following recommendations from the Preliminary Economic Assessment."
The following information is a Summary of the Mineral Resource Estimate, provided by Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd., an Independent Qualified Person, as defined by Canadian NI 43-101 regulations. With the publication of this document, the full MRE must be publicly filed within 45 days.
Introduction
Between October 2022 and June 2023, the Western Tethyan and Ariana teams completed detailed field, drill core and digital data reviews of all information attributed to the Slivova Project and its Mineral Resources. Mineral Resources have been estimated by Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd., an Independent Qualified Person as defined by Canadian NI 43-101.
The Slivova gold and silver deposit, consists of intrusive-related, stratiform massive to disseminated gold-bearing and base metal mineralogy hosted in Cretaceous-aged calcareous sediments. The mineralisation occurs as disseminated to massive replacement of calcareous sandstone to pebble conglomerate and minor replacement of limestone, associated with pyrite, pyrrhotite, arsenopyrite, and base-metal sulphides. Lithological control and structural features appear to have played a major role in focusing the alteration and mineralisation, both as fluid pathways and fluid retardants.
The Slivova Project exploration license is located along the Vardar Trend, approximately 30km SE of Pristina, the capital city of Kosovo (Figure 1).
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Figure 1: The Slivova deposit (Peshter Target), and its associated license boundary.
Slivova Mineral Resource Estimate
Mineral Resources have been estimated for the Slivova deposit (Peshter Target) only. No Mineral Resources have as yet been declared for other targets within the Slivova Project, such as Dzemajl, Valiaviste and Brus.
The estimated Mineral Resource for Slivova is reported in accordance with CIM Definition Standards, comprising of an anticipated open-pittable portion and an anticipated underground extraction portion reported above appropriate cut-off grades reflecting each anticipated mining type. Identification of material which has a reasonable prospect of eventual economic extraction is supported by existing metallurgical test work and an ongoing Preliminary Economic Analysis by Bara Consulting Ltd of the UK.
Mineralisation and block models for the Mineral Resource Estimate were informed by data from 62 surface drillholes over a total of 6,640m performed between 2014 and 2018 by the previous explorer, Innomatik Exploration Kosova (IEK). The hole spacing for the deposit is approximately 15m north by 15m east in the core of the deposit, extending to 30m north x 30m east towards the edges (Figure 2). Sample spacing and distribution are considered sufficient to establish the geological and grade continuity required for modelling and resource estimation. Gold and silver have been estimated as mining products, with no by-products or deleterious elements modelled.
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Figure 2: Summary map of the various phases of drilling completed within the Slivova Project area. Some drill collars in the core of the deposit are not visible at this scale. WGS84 Z34N.
The drill database was validated prior to resource estimation and quality control (QC) checks were made using industry-standard control charts for blanks, core duplicates and commercially certified reference material inserted into assay batches. The Qualified Person has reviewed the QC data and has found it suitable for use in Mineral Resource Estimation. Additionally, the assay database was reconstructed from the original assay certificates to increase confidence in the final assay database used in the resource estimation.
Geological Modelling
The mineralisation is understood to be typically defined as a single identifiable unit, and geologically constrained (e.g., higher grades are noted in some cases to be associated with coarser grained ‘pebble conglomerates'). The steeply-dipping, intercalated pebble and cobble conglomerates, sandstone and minor siltstone beds are thought to control the mineralisation through their different porosity and permeability characteristics. The geological model as applied to the Mineral Resource Estimate comprises a single domain plunging to the east-southeast, the strike of which is controlled by the host rocks (Figure 3).
The Slivova geological modelling used a combination of surface mapping data, structural measurements, geophysics, geological interpretations, and multi-element geochemical analysis in conjunction with date derived from diamond drill holes across the deposit area. Interpretations of geological surfaces are derived from 3D implicit modelling of drill hole data in Leapfrog GEO and EDGE v. 2023.1.0 using the software's ‘intrusion' function to generate an encapsulating volume over economically defined drill composites (Figure 3). All wireframes have been clipped to the topography.
A mineralised wireframe at a cut-off of approximately 0.2g/t Au was used to distinguish mineralised and unmineralised material. Grade continuity within the interpreted mineralised zones is generally robust. Where continuity was not established between sections, the strike extrapolation was limited both manually (wireframes) and statistically (interpolations). While higher-grade sub-populations of 3-10 g/t Au and above 10g/t Au are inferred from the data distribution inspection, the drill core indicated that this could not reliably be modelled, and as such an indicator kriging approach was adapted during block model estimation.
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Figure 3: 3D view of the modelled mineralised volume looking north. WGS84 Z34N.
The mineralisation broadly follows a northwest-southeast trend, as supported by structural measurements both in outcrop and on oriented core. The mineralisation outcrops at surface with visible sulphides in the exposure. The mineralised zone is approximately 260m along strike and 70m wide and covers an area of approximately 1.7 hectares. The Mineral Resources extend from surface to a depth of approximately 200 metres, plunging for approximately 300 metres to the east-southeast with a vertical extent of 100-150 metres and is typically 50 to 100 metres wide. Mineralisation is closed by drilling to the north, south and east, however, remains open down plunge to the east-southeast. The northern contact of the mineralisation is interpreted to be controlled by a bounding fault.
Estimation Methodology
The block model was prepared using Micromine Origin and Beyond version 2023, Services Pack 4 (Figure 4). A 5m x 5m x 5m block model was created with sub-blocks of minimum size 1m x 1m x 1m on domain boundaries. Grade estimation from 2m composites was carried out using median indicator kriging (mIK) for gold and using ordinary kriging for silver. The model was validated by comparison of input and output statistics, de-clustering, kriging neighbourhood analysis and by inspection of the assay data and block model in cross-section.
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Figure 4: Oblique view of the block model showing the estimated gold grades. WGS84 Z34N.
The density database contains 2,472 bulk density determinations of which 1,222 fall within the mineralised domain. Values within the domain were interpolated into each block using inverse distance weighting to a power of 2 with a lower limit of 1.5t/m 3 and capped at 3.8t/m 3 .
Slivova Mineral Resource Classification
Mineral Resources were classified according to the Qualified Persons' view of the accuracy of the estimates and the quality and confidence of data underpinning them. Mineral Resource classification considered the data quality, spacing and kriging standard error statistic (SE). Measured Mineral Resources are supported in the part of the deposit with the closest spaced drilling where the SE is 0.4 and the average data spacing was typically less than 25m. The remaining blocks were classified as Inferred Mineral Resources including the down plunge portion of the deposit which is largely informed by two drill holes and is extrapolated by approximately 55m.
The Mineral Resource Estimate has an effective date of 22 June 2023, superseding the previous Mineral Resource Estimate which had an effective date of 31 May 2016. The Mineral Resource Estimate for Slivova is reported in Table 1, which was completed 14 July 2023.
No estimates of Mineral Reserves have been prepared. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Qualified Person is not aware of any such issues at the time of writing.
Table 1: Estimated Mineral Resources for Slivova. Numbers are rounded to an appropriate number of significant figures and as such discrepancies may exist between individual values, products and totals.
Category | Tonnes | Bulk Density | AuEq (g/t) | Au (g/t) | Ag (g/t) | Au (oz) | Ag (oz) |
Total Mineral Resources (Gross to the Project) | |||||||
Measured | 835,000 | 2.9 | 4.3 | 4.2 | 15 | 113,000 | 402,000 |
Indicated | 296,000 | 2.8 | 3.6 | 3.5 | 15 | 33,200 | 144,000 |
Meas + Ind | 1,130,000 | 2.9 | 4.1 | 4.0 | 15 | 146,000 | 546,000 |
Inferred | 250,000 | 2.8 | 3.7 | 3.7 | 13 | 30,000 | 100,000 |
Open Pit Resources Above 0.5g/t AuEq | |||||||
Measured | 110,000 | 2.9 | 3.2 | 3.2 | 14 | 11,200 | 48,300 |
Indicated | 39,300 | 2.6 | 2.8 | 2.7 | 13 | 3,390 | 16,500 |
Meas + Ind | 150,000 | 2.8 | 3.1 | 3.0 | 13 | 14,600 | 64,800 |
Inferred | nil | nil | nil | nil | nil | nil | nil |
Underground Resources Above 1.5g/t AuEq | |||||||
Measured | 725,000 | 2.9 | 4.4 | 4.4 | 15 | 102,000 | 354,000 |
Indicated | 257,000 | 2.9 | 3.7 | 3.6 | 15 | 29,800 | 127,000 |
Meas + Ind | 982,000 | 2.9 | 4.2 | 4.2 | 15 | 131,000 | 481,000 |
Inferred | 250,000 | 2.8 | 3.7 | 3.7 | 13 | 30,000 | 100,000 |
Notes to the Mineral Resource Estimate (1-9):
The independent Qualified Person responsible for Mineral Resource disclosure, as defined by NI 43-101, is Mr. Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd. The effective date of the Mineral Resource Estimate is 22 June 2023.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.
A gold equivalent (AuEq) grade was calculated for each block using the formula AuEq = (Ag g/t x 0.05) + Au g/t. It is the opinion of the Qualified Person that all elements included in the Au Equivalent calculation have a reasonable prospect of being recovered and sold, the calculation of the Au equivalent value considers the relative recovery and payability of each element (recovery by cyanide leaching of 93.4% for gold and 50% for silver and 95% and 85% payability, respectively, as informed by metallurgical test work completed to date) as well as the assumed commodity prices.
Reasonable prospects of eventual economic extraction are satisfied by the estimation of break-even cut-off grades for each anticipated mining scenario (0.5g/t AuEq for open pit and 1.5g/t AuEq for underground mining). These cut-off grades were used to report the Mineral Resource. The cut-off grades were estimated on the basis of the following assumptions: a gold price of US$1850/oz (selected following consideration of (1, 2 and 3 year trailing average LMBA gold price and LMBA 2023 average forecast gold price, a silver price of US$20/oz, underground mining costs of US$43.7/t, processing costs (including tailings disposal) of US$29.5/t and GA costs of US$3/ROMt.
Estimates in the above table have been rounded to three significant figures for Measured and Indicated Resources and two significant figures for Inferred Mineral Resources.
CIM Definition Standards for Mineral Resources have been followed.
The independent Qualified Person for Resources is not aware of any additional known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource Estimate.
The Mineral Resource figures set out above are quoted gross with respect to the Project. WTR of which Ariana owns 75%, has yet to establish a net attributable interest under the Earn-in and accordingly, no separate net attributable figures are reported.
Western Tethyan Resources is the operator of Slivova
Additional drilling is required to increase the confidence in the Mineral Resources in the Indicated and particularly Inferred parts of the resource estimate. Increased levels of information brought about by further drilling may serve to either increase or decrease the estimate of Mineral Resources. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. A 4,500-metre drilling programme has been planned for the next phase of resource infill and exploration work at Slivova.
Comparison to Previous Mineral Resources
A resource estimate was completed by Mining Plus for Slivova as part of the 2016 NI43-101 Study on the project (Table 2). The most significant change is the upgrade of Mineral Resources from the Indicated category to the Measured category.
115% increase in total tonnes
17% decrease in gold grade but a 78% increase in total gold ounces
1% decrease in silver grade but a 113% increase in total silver ounces
There was a slight decline in the gold grade due to extending the model in areas showing grade continuity, but at a lower grade. This increased the number of ounces and tonnage as the result of extrapolating the resource with the additional drilling. The 2016 estimate did not include any of the 2016 drill program data and, as such, a detailed comparison is less meaningful. Changes in the estimate, including classification, grade and contained metal can largely be attributed to the inclusion of additional data and increased confidence in the model due to better understanding of the geology and the outcomes of the in-depth QC review and reviewing laboratory assay certificates in detail.
Table 2: Mineral Resources reported in the 2016 NI43-101 study. The Mineral Resources were reported at a cut-off grade of 1.0g/t Au and had an effective date of 31 May 2016.
2016 MRE | Mass | Average Value | Material Content | ||
Au | Ag | Au | Ag | ||
t | g/t | g/t | oz | oz | |
Measured | - | - | - | - | - |
Indicated | 640,000 | 4.80 | 14.68 | 98,700 | 302,000 |
Inferred | 2,000 | 2.00 | 16.12 | 130 | 1,000 |
Total | 642,000 | 4.79 | 14.68 | 98,830 | 303,000 |
Other Considerations
To the best of the Qualified Person's knowledge, at the time of estimation there are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that could materially impact the eventual extraction of the Mineral Resource.
The most likely extraction scenario is anticipated to be by means of a small 100m wide open pit to a depth of approximately 30m, followed by underground stoping. While a larger open pit would likely be economically viable based on pit optimisation tests, the size of the pit may encroach on local waterways and bring nearby farm buildings within the safe blast radius of the pit. As such, the above scenario is considered more likely.
Studies have been previously completed as part of the 2017 PFS (internal, unpublished) on the natural environment and potential impacts on the local community.
GR Engineering Services Ltd (GRES) completed a metallurgical and processing report for the project as part of the 2017 PFS (internal, unpublished). The metallurgical work was conducted at ALS Metallurgical Laboratories in Balcatta, Western Australia with initial tests confirming the gold is not refractory. In summary, good gold recovery was demonstrated in cyanide leaching (96%) and flotation (88%), whereas the gravity method gave only 36% recovery.
Detailed studies were previously completed as part of the 2017 PFS (internal, unpublished) on mining, hydrology, geomechanics, waste geochemistry, mine waste and tailings, power supply, surface infrastructure and CAPEX & OPEX.
Sampling and Assaying Procedures
All of the drill holes used to define the Slivova Project have been drilled using diamond core drilling techniques in HQ, NTW and NQ diameter core sizes. All diamond drill core is processed in the Company's core shed, near the Slivova Project. Initially, all sample preparation occurred at the ALS Group sample preparation facility at Rosia Montana, Romania and then at ALS in Bor, Serbia. Drill-core samples from the drilling programmes at Slivova were cut in half by a diamond saw and sent for analysis in batches in line with the Company's quality control procedures.
The review of the QA/QC results from the 2014-2016 drill programme, the holes which were used in the resource estimate, indicated no issues. Standards, blanks and duplicates all showed good performance. The insertion rate of QA/QC samples for these phases of the drill programme was 12% (4,930 samples incl. 582 QA/QC samples), with a similar proportion of blanks, standards, field duplicates, analytical duplicates and pulp duplicates inserted.
Diamond drill core recoveries were monitored and recorded in the sampling database. Overall core recovery for the diamond drilling is 92%, with core recovery for only the holes used in the resource estimate being 90%. There is no bias between sample recovery and grade. Samples with less than 80% recovery were noted to be in zones of fault gouge, highly broken core or drill-spun core.
All samples have been submitted for gold and silver analysis, with some batches being submitted for a full multi-element suite of analysis. Not all batches had multi-element analysis due to budget constraints. All analysis has been undertaken by ALS Group at their fully accredited laboratories, as detailed below.
Gold analysis was undertaken at the ALS laboratory in Rosia Montana, Romania using Fire Assay with an Atomic Absorption Spectrometry Finish on a 30g charge. The upper detection limit for this method (Au-AA23) is set at 10g/t gold, with any over-detection values re-analysed via Fire Assay with a Gravimetric Finish (Au-GRA21).
Silver analysis was undertaken at the ALS laboratory in Loughrea, Ireland using a multi-acid digest and a hydrochloric acid leach with an AAS read. An upper detection limit of 100g/t silver is set for this analytical technique – no samples returned grades at this upper detection limit.
Multi-element analysis was undertaken at the ALS facility in Ireland, using a multi-acid digest with the analysis completed by inductively coupled plasma-mass spectrometry (ICPMS).
Review of the assay results determined that all Quality Control and Quality Assurance samples (blanks, standards, and duplicates) passed the required quality control checks established by the Company, with duplicate samples showing excellent correlation. Laboratory sample preparation, assaying procedures and chain of custody were appropriately controlled. The Company maintains an archive of half-core samples and a photographic record of all cores for future reference.
The independent Qualified Person for Mineral Resources as defined by NI 43-101 is Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd. Mr. Siddle has reviewed and approved the scientific and technical content of this news release. The Qualified Person completed a site visit to the project on 13 June 2023, and has inspected the property, drillhole locations and has reviewed selected intervals of the drill core used in the Mineral Resource Estimate. No concerns were identified during the visit.
Ariana Resources is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.
Western Tethyan Minerals is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting copper-gold deposits across the porphyry-epithermal transition.
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, 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.
Copyright (c) 2023 TheNewswire - All rights reserved.
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Potential Extension to 8 Mile Dam Gold Deposit Outlined by IP Survey at Gidji JV
- IP survey outlines potential extensions to 313koz 8 Mile Dam gold deposit
- Significant aircore EOH gold results above IP anomalies offset by faulting
- Drill testing at 8-Mile planned after maiden Bangemall Ni-Cu-Co-PGE drilling campaign
A recently completed IP survey at the 8-MileTarget (Figure 1) has extended the chargeability anomaly offset from the northern end of the 8 Mile Dam gold deposit and which underlies multiple significant aircore end of hole (EOH) gold results (Figure 2).
Miramar’s Executive Chairman, Mr Allan Kelly, said the new IP anomaly was shallower than expected.
“It appears the 8 Mile Dam deposit could continue for some distance to the north but has been offset by faulting, including at the tenement boundary,” he said.
“The fact that we have multiple aircore holes ending in elevated gold over the IP anomalies strengthens this theory,” he said.
“It’s also pleasing to see that the northern part of the IP anomaly is shallower than expected,” he added. “We look forward to drill testing this high priority target later in the year,” he said.
Figure 1. Collecting IP data at Miramar’s 8-Mile target.
Figure 2. IP anomalies and aircore EOH gold results in relation to the 8 Mile Dam gold deposit.
Background
According to publicly available data, the 8 Mile Dam gold deposit (7Mt @ 1.4g/t Au for 313,977oz1) comprises shallow supergene and deeper primary gold mineralisation hosted in:
- Quartz-carbonate-sulphide veins within hanging wall sediments; and
- A hydrothermally altered mafic unit cut by quartz veins with sphalerite, chalcopyrite and visible gold
Figure 3 shows a cross section through the deposit, approximately 60m south of the tenement boundary.
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This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lundin Mining Completes the Transaction to Increase Ownership in Caserones to 70%
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the closing of the option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), which owns the Caserones copper-molybdenum mine ("Caserones'") located in Chile from JX Advanced Metals Corporation 1 ("JX"), as previously announced on June 26, 2024 (the "Call Option Exercise").
The consideration for the Call Option Exercise was paid for in cash and consisted of a payment of $350 million for an additional 19% interest in Caserones, bringing the Company's ownership to 70%. Upon closing of the call option, Lumina Copper declared a cash dividend of $150 million of which 70% will be distributed to Lundin Mining and 30% to JX.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on July 2, 2024 at 14:30 Pacific Time .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile ; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Managing Risks" section of the Company's MD&A and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023 , which are available on SEDAR+ at www.sedarplus.com under the Company's profile.
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
_____________________________________ |
1 Previously named JX Metals Corporation. |
SOURCE Lundin Mining Corporation
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Lundin Mining Announces Updated Share Capital and Voting Rights
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:
The number of issued and outstanding shares of the Company has increased by 83,063 to 776,725,529 common shares with voting rights as of June 28, 2024. The increase in the number of issued and outstanding shares from June 1, 2024 to date is a result of the exercise of employee stock options or the vesting of employee share units.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on June 28, 2024 at 14:30 Pacific Time .
SOURCE Lundin Mining Corporation
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Forum Announces Closing of Private Placement, Stock Option Grant and Liquidity Services Agreement
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that, further to its news releases of June 3 and June 24, 2024, it has closed its non-brokered private placement and has issued 7,084,020 units (the "Units") at a price of $0.135 per Unit for gross proceeds of $956,343 (the "Offering"). Each Unit consists of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (each a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 24 months expiring June 26, 2026.
In connection with the Offering, the Company paid cash commissions totalling $51,141 equal to 6% of certain of the gross proceeds raised under the Offering. The Company also issued 378,819 finder warrants of the Company. Each finder warrant shall entitle the holder thereof to purchase one common share of the Company at a price of $0.20 expiring June 26, 2026.
All securities issued are subject to a four month hold period expiring October 27, 2024. The net proceeds of the Offering will be used for general working capital.
Insiders of the Company participated in the Offering for 780,000 Units or $105,300, and such Units issued to insiders are subject to a four month hold period pursuant to applicable policies of the TSX Venture Exchange. The issuance of Units to insiders is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company's market capitalization.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
Stock Option Grant
The Company also announces that in accordance with the Company's stock option plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 3,200,000 common shares exercisable on or before June 28, 2029 at a price of $0.135 per share.
Marketing Agreement
The Company has entered into an advisory agreement (the "Agreement") with DS Market Solutions Inc. ("DS Market Solutions"), an equity trading advisory and liquidity provider located in Mississauga, Ontario, whereby DS Market Solutions has agreed to provide the Company with liquidity services with the object of enhancing market depth and increasing liquidity of the Company's common shares, as further described in the Agreement, for a month-to-month term in exchange for remuneration of $5,000 per month, plus applicable taxes.
About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the 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.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214909
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