Avrupa shares new resource estimate for Kosovo gold project

Avrupa Minerals (TSXV: AVU) has shared the latest resource estimate for the the Slivova gold project in Kosovo, compiled by its parter at Slivova, Western Tethyan Resources (WTR). WTR also provided a general near-term work plan for the gold-silver deposit.

The deposit now hosts 835,000 measured tonnes grading 4.3 grams gold per tonne and 15 grams silver, 296,000 indicated tonnes at 3.6 grams gold and 15 grams silver, and 250,000 inferred tonnes at 3.7 grams gold and 13 grams silver.

The estimate is based on a review of historical data for 6,640 metres of drilling performed between 2014-2018 by a previous explorer. The resources were estimated for the Slivova deposit (Peshter target) only. The project also hosts the Dzemajl, Valiaviste and Brus targets.

Slivova is located in the Vardar mineral trend, about 30 km southeast of the capital city of Pristina. It consists of a licenced area of 31.2 sq. km with various areas of interest.

Avrupa geologists first discovered an outcropping gossan zone on at Peshter in 2011, and subsequently entered a joint venture agreement in 2014 to ramp up exploration efforts. An initial resource estimate was published in 2016.

The U.K.-registered WTR, which focuses on gold-copper exploration in Eastern Europe, can earn-in to 75% of the project by funding exploration and development for 1.8 million euros over three years, and then a further 10% by making certain milestone and success payments. These include producing an environmental impact statement, delivering a feasibility study, and completing a mining license application.

“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,” Paul Kuhn, CEO of Avrupa Minerals, said in a release.

WTR and Ariana are working on a preliminary economic assessment for Slivova. As well, the companies will begin a 4,500-metre drilling program to further define the deposit and test other possibilities around the licence area.

“Slivova is now well on track to be developed conceptually as a high-grade, open-pit and underground mining operation,” Kerim Şener, managing director of Ariana Resources, added. “We are increasingly confident that further resource expansion will occur as exploration proceeds at the site in the upcoming years.”

Shares of Avrupa Minerals shares trade at 4.5¢ in a 52-week range of 2¢ and 8¢.