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

(TheNewswire)

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.

Click Image To View Full Size

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.
Western Tethyan Resources is the operator of Slivova

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 .

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.

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Altair Minerals Limited New Central Porphyry System Identified at Venatica

Sydney, Australia (ABN Newswire) - Altair Minerals Limited (ASX:ALR) (OTCMKTS:CHKMF) is pleased to announce preliminary findings following a site visit where the Company has identified a significant outcrop of stockwork system at Central Porphyry. Outcropping quartzite, magnetite and secondary biotite veined porphyry stockwork which is part of a new separate Central Porphyry - 3km Southwest of the high-grade Irka NE Porphyry.

Key Highlights:

- Identification of new Central Porphyry | Venatica West a Porphyry Cluster

Site visit has discovered a significant outcrop of leached porphyry stockwork and ultra-potassic vein system which identifies a Central Porphyry intrusive part of a cluster system at Venatica West. Typical alteration and veining present within Bornite-Gold rich Copper Porphyry systems.

- Extremely dense veining and stockwork | Multi-stage Mineralisation

Stockwork of A-type quartz, magnetite and secondary biotite on Central Porphyry is the densest identified to date across Venatica West, suggesting significant hydrothermal activity, overlapping events, fracturing and multi-stage mineralisation at Central Porphyry, ideal for copper enrichment.

- Small portion of a much larger system | Central Porphyry Remains Open

Identification of Central Porphyry is an outstanding outcome, due to only a portion of the potassic stockwork zone outcropping, which could've easily been missed. Ultra-potassic alteration with dense stockwork as seen within this outcrop, generally tends to expand kilometres, with remaining footprint of alteration sitting under soil cover. Further fieldwork can identify full extent of this Central Porphyry.

- Potential for regional Porphyry system | SW - NE Regional Porphyry System

Preliminary fieldwork analysis on-going, with already a new Central Porphyry system being identified within virgin grounds at Venatica West, sitting ~3km Southwest of the high-grade Irka NE Porphyry and ~2km Northeast of the Irka SW Porphyry-Skarn system. Suggestive of a regional SW to NE trending porphyry cluster, filling the intersection of two district faults.

- Community Engagement Commenced | Early Community Approval

Early engagement has commenced with the local community, with multiple local members showing support for on-going exploration works. Altair's exploration team has also met with the President of the Community with very positive preliminary discussions. Altair has received initial community approval for exploration works with intention of putting forward long-term proposal of work programs, community incentive programs, project scheduling and local training.

Discovery of New Central Porphyry at Venatica West

The Central Porphyry is located on the Irka permit, situated ~3km southwest of the high-grade Irka NE Porphyry target and is a new intrusion system identified within Venatica West during initial site visit.

The upper zone of a new Central Porphyry has been identified through outcrop which consists of leached ultra-potassic stockwork of quartz, magnetite and secondary biotite dense veining, and surrounded by phyllic alteration halo and hosted within overprinted argillic alteration.

The ultra-potassic alteration suggests Altair is standing above the core of the Central Porphyry. The overprinting of strong argillic alteration has occurred from later stage hydrothermal fluids which has replaced the feldspars with clay material while maintaining the stockwork veining - suggesting a multistage mineralisation event which can significantly enrich the grades of copper sulphide and hypogene zone below. This leached stockwork from late-stage argillic alteration indicates the copper has been remobilized and disseminated into structurally favourable zones below, with potential to enhance grades within the contacts and breccia's at the core of the Central Porphyry.

The ultra-potassic zone generally sits right above the core of a Porphyry intrusion and in the case of the Central Porphyry, it is the densest set of stockwork, and veinlets discovered so far at Venatica West, with high alteration suggesting this area is the key part of hydrothermal activity and potentially the feeder to multiple other Porphyry systems.

The presence of dense secondary biotite veining on altered ultra-potassic outcrop not only indicates the presence of a new Porphyry system sitting below but also is an essential element for developing a large-scale Porphyry deposit within this particular belt.

Within other billion-tonne deposits proximal to Venatica, the presence of secondary biotite into the plays a key role in developing "scale" as its presence within porphyry stock and outwards into diorite host rock, tends to allow substitution of Fe2+ and Mg2+ with Cu2+, which can extend the copper mineral deposit footprint by a further ~500m radius in each direction from the main Porphyry core.

Key Takeaways

- Identification of new Central Porphyry akin to Bornite-Gold rich Copper Porphyries

- Ultra-potassic stockwork suggests we are standing above the core of the system

- Argillic overprint indicates a later-stage hydrothermal fluid enacted on Central Porphyry, leading to multi-phase mineralisation events.

- Leached outcrop, indicates copper has re-mobilized below into more structurally favourable zones allowing secondary enrichment in the porphyry core - which leads to higher grades.

- Presence of secondary biotite halo zone and veining in porphyry stock & diorite host is critical in developing scale within this belt for a large Cu-Au mineralisation zone beyond just the porphyry core.

- Structural alignment in SW-NE direction hosting a regional copper porphyry cluster. Irka NE Porphyry, the Central Porphyry and the SE Porphyry makes a potential corridor over more than 10km length.

This new Porphyry discovery adds on to the targets at Venatica, with 4x highly prospective undrilled targets for discovery being uncovered in this new district which is an extension of the belt which hosts multiple billion-tonne copper deposits, these targets at Venatica currently include:

- Irka NE Porphyry: Over 3.4km strike, with high-grade samples including:

- 7.0% Copper and 33g/t Silver
- 5.7% Copper and 43g/t Silver

- Irka SE Porphyry-Skarn: Large 6km2 anomalous area, with high-grade samples including:

- 4.8% Copper & 0.40g/t Gold
- 6.5% Copper & 0.52g/t Gold

- Central Porphyry: Newly discovered initial outcrop from field visit, part of a significantly larger system sitting under colluvial and soil cover. Ultra-potassic and advanced argillic alteration with significant stockwork and veining part of a separate porphyry intrusive.

- Venatica East: Over 17km of anomalous strike of copper stream sediments which are 5x background levels. Virgin grounds with potential to identify source of copper mineralisation feeding the streams and new major targets.

The identification of this Central Porphyry is significant and a result of the diligent fieldwork of the exploration team, as the outcrop is exposed over a minimal area and could've easily been missed. The degree of stockwork veining and hydrothermal activity suggests this alteration likely expands kilometres in each direction - with most of it sitting under post-mineral soil cover. Further detailed mapping and fieldwork will look to identify the true extent of this potassic alteration zone.

Venatica West is shaping up to be a regional porphyry system, hosting numerous high-quality targets for discovery. The Central Porphyry sits ~3km southwest of Irka NE and ~2km northeast of Irka SW, which indicates a structurally controlled regional porphyry trend SW - NE at Venatica West.

Community Engagement

Altair has received positive initial feedback from the community regarding its preliminary exploration activities and future plans. The community board has provided their approval and remains supportive with great relations built with local miners in the region who are eager for Altair to continue further exploration work.

Altair has also had an introduction and a very positive initial meeting with the President of the local community. Following from this, Altair representatives attended the initial community meeting and received approval to continue exploration works, with local members ready to assist. Altair continues to build upon existing supportive relationships within the community and will seek to provide a longterm formal proposal of its anticipated work programs, community incentive programs, project scheduling and local training. This proposal will be reviewed by the local community and President and will then be used to form the basis of monthly meetings with the community to build upon existing support.

Altair believes its early approach to engage the community and developing upon relationships which have been built over 10-years by the vendor of Irka will be key in fast-tracking exploration and development programs. Furthermore, this engagement is key to Altair's ESG core values and is expected to pay dividends in the future for both the Company and community. The early engagement with the community will also be critical in ensuring a smooth transition into its discovery programs.

Steps Forward at Venatica

The key anticipated steps forward aim to establish maximum value for shareholders through a scientific, systematic and diligent approach to exploration with the target of making a large-scale and globally significant discovery.

Venatica sits in the right the geological formation with all the key indicators capable of making such discovery. Altair plans to immediately initiate a comprehensive program to further evaluate the full potential of Venatica. The next key steps as part of the Venatica execution program includes:

- Evaluation of regional potential and detailed mapping

- On-going community engagement at Venatica West & Venatica East

- Rock chip and geochemical sampling program at Venatica West

Altair Chief Executive Officer, Faheem Ahmed comments:

"This is an outstanding find by our geological team within the high-grade Venatica Copper Project. This is now our third Porphyry target at Venatica West, and we are treading virgin and unexplored grounds here with potential to discover further mineralised outcrops and Porphyry's.

There is consistent dense veining across the outcrop which is exactly what you would like to see within a porphyry intrusion, suggesting significant magmatic fluid activity. More importantly, it appears the Central Porphyry has gone through multi-stage mineralisation, which not only introduces more copper into the intrusion, but also indicates copper has been leached from the outcrop and has potential to go through secondary enrichment below. These are all key indicators we are onto an exceptional exploration target, both with scale and potential to be high-grade.

We now have three key targets at Venatica West, two of them which has shown exceptional copper grades ranging 4 - 9% at surface across a large area. With the latest addition being this Central Porphyry, which has gone through significant leaching. Due to the leaching, we're looking for anomalous levels of copper at surface within the Central Porphyry, which will confirm to us this stockwork is likely to be significant mineralised at depth from remobilization of copper ions.

Furthermore, we are yet to even touch Venatica East, which hosts 17km strike of anomalous copper stream sediments. I'm incredibly excited to get boots on ground at Venatica East which is a pure greenfield opportunity and has never been systematically treaded or even sampled, and no one has ever followed up these prominent copper anomalies. We'll be the first Company to take an experienced geological team down to Venatica East, so the possibilities and upside is quite endless.

Simultaneously, we continue to progress works at Olympic Domain, our latest announcement on the project, 4 December 2024, has indicated a robust conductive ovoid, with historic drilling narrowly missing the core of the target. We are in intending to complete a follow-up TEM survey which can identify the precise depth of this ovoid, which will be critical for our drill program and targeting."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/BB53832O

About Altair Minerals Limited:

Altair Minerals Limited (ASX:ALR) (OTCMKTS:CHKMF) is listed on the Australian Securities Exchange (ASX) with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The Company has projects located in South Australia, Western Australia and Queensland with a key focus on its Olympic Domain tenements located in South Australia.

Source:
Altair Minerals Limited

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Vertex Minerals Limited Strengthens Board with Appointment of Mining Executive Sean Richardson

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce the appointment of experienced mining executive Sean Richardson as an Independent Non-Executive Director.

Details of Mr Richardson's qualifications and experience are as set out below.

Commenting on the appointment, Chairman Roger Jackson said:

We are delighted to have Sean joining the Vertex Board at such an exciting time for the Company as we transition into high-grade gold production from stockpiles at Reward and beyond. He brings a wealth of relevant experience and we expect him to supplement the existing Board and Management team well.

SEAN RICHARDSON

MEng MSc MBA FAusIMM MEIAust GAICD

Sean Richardson is a mining professional with a career spanning over 30 years. Mr Richardson experience extends from operations through to consultancy and managerial roles where he has been involved in the exploration and development of mineral projects in Australia, North America, Africa, South-East and Central Asia.

Mr Richardson's notable roles include Managing Director of Empire Resources (ASX:ERL), Chief Operating Officer for Bardoc Gold (ASX:BDC) and Operations Manager for Shaw River Manganese (ASX:SRR).

Mr Richardson is passionate about the mining industry and its role in the advance of society, an enthusiasm that has led Mr Richardson to a seek out and attain greater knowledge of the global minerals industry.

Mr Richardson holds a Master of Engineering Technology (Mining Engineering), a Master of Business Administration (Curtin), a Master of Science in Mineral Economics (WASM), a Graduate Diploma in Mining (WASM) and an Advanced Diploma in Engineering and Mine Surveying (TAFE).

Mr Richardson is also a Graduate Member of the Australian Institute of Company Directors (GAICD), a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a Member of Engineers Australia (MEIAust).

About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.

Source:
Vertex Minerals Limited

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Questcorp Mining Announces Private Placement

Questcorp Mining Inc. (CSE: QQQ) (the "Company" or "Questcorp") is pleased to announce that it intends to complete a non-brokered private placement offering (the "Offering") of up to 33,000,000 units (each, a "Unit") at a price of $0.06 per Unit for gross proceeds of $1,980,000. Each Unit will consist of one common share of the Company and one common share purchase warrant entitling the holder to acquire a further common share of the Company at a price of $0.10 per share for a period of two years.

The net proceeds of the Offering will be used by the Company to complete the acquisition of the La Union Project from Riverside Resources Inc., (see news release dated September 6, 2024), to continue a small exploration program at its North Island Copper Property, to retire existing payables and for general working capital purposes. Finders' fees or commissions may be paid in connection with the completion of the Offering, and all securities issued in the Offering will be subject to a four-month-and-one-day statutory hold period.

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Group Eleven Intersects 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu, incl. 3.5m of 21.3% Zn+Pb, 395 g/t Ag and 0.73% Cu at Ballywire; Silver and Copper Values Continue to Impress

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce results from the latest two holes of the ongoing drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.

Highlights:

G11-3552-27 intersected (from 213.0m):
- 24.8m of 8.1% Zn+Pb (5.8% Zn and 2.3% Pb), 80 g/t Ag and 0.12% Cu, including
- 15.6m of 11.6% Zn+Pb (8.3% Zn and 3.3% Pb), 122 g/t Ag and 0.19% Cu, including
- 6.6m of 16.7% Zn+Pb (11.1% Zn and 5.7% Pb), 240 g/t Ag and 0.42% Cu, including
- 3.5m of 21.3% Zn+Pb (13.3% Zn and 8.0% Pb), 395 g/t Ag and 0.73% Cu
- Located in middle of 270m gap between two previously released drill fences
G11-3552-25 intersected (from 187.2m):
- 16.2m of 2.8% Zn+Pb (2.1% Zn and 0.7% Pb) and 8 g/t Ag, including
- 4.6m of 7.4% Zn+Pb (5.6% Zn and 1.8% Pb) and 21 g/t Ag, including
- 1.9m of 12.9% Zn+Pb (9.6% Zn and 3.3% Pb) and 39 g/t Ag
- Located 50m NNW from G11-3552-27
Above results confirm the extent of the recently announced flat-lying zone of zinc-rich massive sulphide lenses at least 360m along strike and remaining open to the NE
Massive sulphide zone is pierced by G11-3552-27 and seven previously released holes, of which three are referenced below:
- G11-3552-12: 29.6m of 10.6% Zn+Pb and 78 g/t Ag (released 11-Jun-24)
- G11-3552-18: 11.8m of 11.6% Zn+Pb and 48 g/t Ag (released 22-Oct-24)
- G11-3552-19: 15.3m of 14.5% Zn+Pb and 56 g/t Ag (released 14-Nov-24)
Drilling continues at Ballywire with two rigs testing further down-dip of the two holes released today, plus the NE extension; assay results are expected in due course

"It is great to see the NE massive sulphide zone now consistently intersected by eight high-grade holes over a strike length of 360m and open to the NE," stated Bart Jaworski, CEO. "Excellent silver and significant copper values are also noteworthy because they increasingly point to a stratigraphically deeper horizon known to be highly prospective for copper and silver in this part of Ireland. Namely, the Gortdrum Cu-Ag mine, active in the 1960s and 70s, is located 10km NE of Ballywire, whereas, the Denison and Tullacondra Cu-Ag historic occurrences are 5km SE and 45km SW of Ballywire, respectively. A deeper Cu-Ag horizon at Ballywire is one of our key targets for 2025.

Our two other key targets include: (i) exploration drilling along strike from the drilled 2.6km-long discovery area towards the encompassing 6km long prospective trend and (ii) up and down dip from the discovery trend in search of parallel zones of mineralization. We eagerly await results from drilling down dip of today's results and along the NE extension."

Exhibit 1. Cross-Section A-A' of G11-3552-25, -27 (Filling In 270m Gap Between Fences) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure1.png

Exhibit 2. Plan Map Showing Key New Drilling (G11-3552-25, -27) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure2.png

Exhibit 3. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_5ca5f11594e49b67_004full.jpg

Recent Holes from Ballywire Discovery

The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, is a relatively new zinc-lead-silver discovery (first announced Sept-2022). In addition to 42 holes drilled and reported by Group Eleven to date, the most recent two holes (G11-3552-25 to -27) are reported today (see Exhibits 1 to 6). Note, a second batch of assays totalling over 50m within G11-3552-27 is still pending.

High-grade mineralization from G11-3552-25 and -27 consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1).

Exhibit 4. Summary of Assays from G11-3552-25 and -27 at Ballywire

Item	From (m)	To (m)	Int (m)	Zn (%)	Pb (%)	Zn+Pb (%)	Ag (g/t)	Cu (%)
G11-3552-25	187.15	203.35	16.20	2.14	0.69	2.83	8.00	-
Incl.	187.15	195.51	8.36	3.59	1.11	4.70	14.49	-
Incl.	190.87	195.51	4.64	5.59	1.82	7.41	20.97	-
Incl.	192.69	194.60	1.91	9.59	3.32	12.92	39.19	-
G11-3552-27	213.00	237.81	24.81	5.84	2.28	8.11	80.4	0.12
Incl.	219.42	235.06	15.64	8.30	3.28	11.59	122.1	0.19
Incl.	219.42	222.21	2.79	15.57	3.77	19.35	92.79	0.03
And	228.51	235.06	6.55	11.06	5.65	16.71	240.0	0.42
Incl.	230.36	233.90	3.54	13.26	8.01	21.27	395.1	0.73

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval

Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, 'other high-grade mineralization', dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.

Looking forward, seven (7) drill holes (G11-3552-24, -26, -28 and 29 to -32; see Exhibit 3) are in progress with results expected in due course. Exhibit 3 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 2) of significantly mineralized drill intercepts (open in all directions). This in turn is hosted within a 6km long prospective trend defined by four gravity high anomalies, only one of which (anomaly 'C') is systematically drilled to date (see Exhibit 5).

Exhibit 5. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure5.png

Notes to Exhibit 6: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in 'Report on Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in 'Report on Mallow Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Exhibit 6. Regional Map of PG West (100% Interest) and Stonepark (77.64% Interest)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure6.png

Note: Two westernmost prospecting licenses were surrendered in December 2024 from the Stonepark Project, reflecting decreasing prospectivity and the Company's preference to focus on core prospects (Ballywire and Carrickittle West)

Consultant

The Company has engaged ProConsul Capital Ltd. ("ProConsul") to provide investment marketing consulting services (the "Services") commencing February 6th, 2025. In consideration for the Services, the Company will pay a fee of C$6,000/month and has agreed to grant stock options to ProConsul, the number and terms of which stock options will be determined at a later date. The agreement is subject to TSX Venture Exchange acceptance and renewable on a month-to-month basis unless terminated by either party on 30 days written notice.

Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent 'Qualified Person' as defined under Canadian National Instrument 43-101.

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials ("CRMs" or "Standards") as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) and (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)

Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit¹, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit². The Company's two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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SES24-054 intercepts
		From (m)	To (m)	Total (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)
Geological Intercept
(includes Fault breccia, massive, semi-massive replacement, stockwork sulfides)		377.2	418.4	41.2	1.59	1.71	3.36	54.90
		377.2	418.4	41.2	1.59	1.71	3.36	54.90
including best copper intervals	incl.	377.2	412.4	35.2	1.78
including best copper intervals	incl.	386.8	396.8	10.0	2.24
Best Polymetallic Interval (total)
		377.2	405.8	28.6	1.68	2.42	4.75	73.90
	incl.	385.8	393.8	8.0	1.90	4.98	9.78	131.30

SES24-053 intercepts
	From (m)	To (m)	Total (m)	Cu (%)	Pb (%)	Zn (%)	Ag (g/t)
Geological Intercept
Includes stockwork to semi-massive replacement sulfide mineralization	439.70	452.85	13.15	0.31	1.57	3.00	38.4
	439.70	452.85	13.15	0.31	1.57	3.00	38.4
incl.	439.70	448.85	9.15	0.40	2.09	4.02	50.5

Au	Gold
g/t	Grams per tonne
IP	Induced Polarization
km	Kilometres
m	Metres
ppb	Parts per billion

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

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