Avrupa Minerals (TSXV:AVU) announced that its partner at the Slivovo gold project, Byrnecut International, has completed Phase 2 of funding to earn-in to 51 percent of the project. The company has stated that it will continue funding the next phase of the project to earn in to 75 percent.
As quoted in the press release:
With BIL completing its 51% earn-in obligations, a new joint venture company will be formed to operate the Slivovo Gold Project. Avrupa will continue to operate the technical program for the new JV Company. The partners are planning an aggressive drilling program for 2015, including a total of 4,000 meters, split between the main target areas, but with heavy emphasis in the Pester Gossan Zone area.
Drilling has begun in the Dzemail Target area (formerly the “epithermal zone”), with a plan for 500 meters in two holes, followed by a return to the Pester Gossan Zone for another 500 meters of drilling in the area of SLV004, which returned 126.5 meters at 6.2 g/t gold, as announced on December 17, 2014. Upon completion of the Phase 2 drilling, the Company will bring in a new drill rig to continue with Phase 3 drilling at Pester. Avrupa plans to drill up to 3,000 meters in the Pester Zone and SW extension of the Pester Zone.
Avrupa president and CEO, Paul W. Kuhn, said:
We are pleased and encouraged with Byrnecut’s continued commitment to the Slivovo Project. After a long winter delay, we are excited about the re-start of the drilling and are eagerly looking forward to working in the Gossan Zone. Recent geological work indicates possible further potential in the area around the outcropping Gossan Zone, as well as at several other targets within the Slivovo license boundaries.