Avrupa Minerals to Partner with Western Tethyan Resources to Advance Slivova Project, Kosovo

Avrupa Minerals to Partner with Western Tethyan Resources to Advance Slivova Project, Kosovo

(TheNewswire)

Avrupa Minerals Ltd.

  • Western Tethyan Resources ("WTR") completes detailed due diligence review at Slivova Gold Deposit;

  • WTR elects to continue their work at Slivova and enter into Stage 1 of the earn-in joint venture;

  • The companies expect to complete a definitive earn-in agreement in the coming weeks, outlining the path to potential production at Slivova;

  • WTR initiates a Preliminary Economic Assessment ("PEA")/ Scoping Study for the Slivova Project.

Vancouver, B.C. – TheNewswire - March 2 , 2023 – Avrupa Minerals Ltd. (TSXV: AVU ) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to report that presumptive Slivova Gold Project partner, Western Tethyan Resources ("WTR"), completed its detailed due diligence study of the Slivova Gold Deposit and elected to continue with Stage 1 of the earn-in joint venture program at Slivova.  WTR can earn-in up to 85% of the Slivova Gold Project by funding and performing certain work programs to potentially advance the Slivova Project to a mining solution.  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, stated, "We are excited that the Slivova Gold Project is moving forward after several years of dormancy.  WTR and Ariana will be great partners due to strong exploration abilities from both groups and experience in building small, but highly successful gold mining operations from Ariana.  By deciding to go straight into a PEA/Scoping Study from due diligence says a lot of good about the deposit and the partnership."

Mentor Demi, Managing Director of Western Tethyan Resources, commented, "We are very pleased to have successfully completed the Due Diligence on Slivova Gold Project and to be entering into the Definitive Earn-In Agreement with Avrupa Minerals Ltd. Our systematic exploration and mining approach has resulted in the confirmation of potential mineable resources at Slivova with significant potential for possible future additions to the resource base. We look forward to providing further updates on the Slivova PEA, in addition to the exploration results, in the near future."

Kerim Şener, Managing Director of Ariana Resources, added, " We are looking forward to further advancing the development of the attractive Slivova Gold Project in Kosovo.  We see a number of upside possibilities for the project and will be investigating these systematically during the period of earn-in, once agreed, by Western Tethyan and Avrupa Minerals."


Click Image To View Full Size

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.

During the 6-month due diligence period, WTR developed a small mine concept for the Slivova Project, studying "feasible access, mining, processing, and tailings management options".  At this level of investigation, WTR found that the Project demonstrates "potential for low initial capex, moderate operating costs, and attractive NPV and IRR in the context of the low initial capex and the current estimated mine life" (from WTR news release of March 2, 2023).

WTR further added that as a result of their studies, they would initiate a Preliminary Economic Assessment and Scoping Study for the Slivova Project, and that they have engaged UK-based consultants Bara Consulting UK and Knight Piesold to do the study.  The two companies conducted the due diligence studies and are already duly familiar with the Project.

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 March 1, 2023

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.

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.

Stage 5:

  • Avrupa participates in the mine build or dilutes to 1% NSR.

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.

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

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

On behalf of the Board,

"Paul W. Kuhn"

Paul W. Kuhn , President & Director

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2023 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

AVU:CA
Avrupa Minerals

Avrupa Minerals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
TSXV:AVU

Avrupa Minerals


Keep reading...Show less
Avrupa Minerals Ltd. 2023 Progress and 2024 Plans

Avrupa Minerals Ltd. 2023 Progress and 2024 Plans

(TheNewswire)

Avrupa Minerals Ltd.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Avrupa Minerals Updates Drilling Results at the Sesmarias VMS target, Alvalade JV, Portugal

Avrupa Minerals Updates Drilling Results at the Sesmarias VMS target, Alvalade JV, Portugal

(TheNewswire)

Avrupa Minerals Ltd.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Positive Preliminary Economic Assessment Completed for the Slivova Gold Project, Kosovo

Positive Preliminary Economic Assessment Completed for the Slivova Gold Project, Kosovo

(TheNewswire)

Avrupa Minerals Ltd.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Avrupa Minerals Announces Updated Slivova Mineral Resource Estimate

Avrupa Minerals Announces Updated Slivova Mineral Resource Estimate

(TheNewswire)

Avrupa Minerals Ltd.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Avrupa Minerals Provides Alvalade JV Update, Portugal

Avrupa Minerals Provides Alvalade JV Update, Portugal

(TheNewswire)

Avrupa Minerals Ltd.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Canada Nickel Announces Exercise of Mann Property Option with Noble

Canada Nickel Announces Exercise of Mann Property Option with Noble

Highlights

  • Canada Nickel acquiring an 80% interest in Mann Property (~11,000 hectares)

  • Includes Mann Northwest, Central and Southeast properties that cover a combined 25 km strike length of nickel-bearing ultramafic rocks

  • Northwest and Central will advance to resource delineation programs while Southeast will be drilled for the first time, all during the 2024 exploration program

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce that it is exercising its option to acquire an 80% interest in the Mann Nickel Property from Noble Mineral Exploration Inc. ("Noble") as Canada Nickel consolidates its interests in bulk tonnage nickel projects east of Timmins, Ontario .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Noble Announces Canada Nickel Exercising its Option on Noble's Mann Township Property

Noble Announces Canada Nickel Exercising its Option on Noble's Mann Township Property

(TheNewswire)

Noble Mineral Exploration Inc.

Highlights

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Heritage Mining Announces Exploration Permit for Flagship Project Drayton Black Lake

Heritage Mining Announces Exploration Permit for Flagship Project Drayton Black Lake

(TheNewswire)

Heritage Mining Ltd.

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Aston Bay and American West Metals Announce Drilling and Geophysics Underway at the Storm Copper Project, Canada

Aston Bay and American West Metals Announce Drilling and Geophysics Underway at the Storm Copper Project, Canada

Targeting growth through drilling

Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce the commencement of high-impact drilling and exploration activities at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut. The program will be conducted by American West Metals Limited ("American West"), who is the operator of the Project. American West has completed the required expenditures to earn an undivided 80% interest in the Project. American West will be solely responsible for funding the program

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Northern Dynasty Makes Annual Filings

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) ("Northern Dynasty" or the "Company") announces that it has filed its audited Financial Statements, Management Discussion and Analysis, Annual Information Form and Annual Report on Form 40F for the year ending December 31, 2023. The Company also advises that, consistent with previous years, its audited consolidated financial statements for the fiscal year ended December 31, 2023 included in the Company's Annual Report on Form 40F, contained an audit report from its independent registered public accounting firm with a going concern emphasis of matter. Release of this information is required by Section 610(b) of the NYSE American Company Guide. It does not represent any change or amendment to any of the Company's filings for the fiscal year ended December 31, 2023

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Awalé Announces Update for Shareholder Participation Right

Awalé Announces Update for Shareholder Participation Right

Further to the news release of April 17, 2024, Awalé Resources (TSXV: ARIC) ("Awalé" or "the Company") announces further details and an increase regarding the participation right of its current shareholder. The shareholder has the right to maintain its percentage holding post offering. In order to account for the full ‎Underwritten Offering (including the Underwriter Option), a maximum of approximately 3,989,323 Units (as defined herein) at a price of $0.62 ‎per Unit may be issued to this shareholder for proceeds of approximately ‎‎$2,473,380, which is an increase of 1,021,403 ‎Units from the April 17, 2024 news release.‎ There is no assurance the shareholder will exercise the full participation right.‎ The Units are identical to those announced in the April 17, 2024 news release.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Avrupa Minerals

Avrupa Minerals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×