Slivovo Gold Project Drilling Continues, Avrupa Partner Reaches 51% Level
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 15, 2015) -
- Byrnecut contributes EUR 1 m and earns 51% interest
- JV company to be formed
- Byrnecut commits to fund next EUR 1 m
- Drilling re-starts in Dzemail target area and Gossan Zone
Avrupa Minerals Ltd. (TSX VENTURE:AVU)(FRANKFURT:8AM) is pleased to announce that the Company's partner at Slivovo, Byrnecut International Ltd. (BIL), has completed Phase 2 funding, and has earned-in to 51% of the Project. BIL has also notified Avrupa that it will continue to fund the next phase of the project, the 75% earn-in, as previously described in the Avrupa Minerals news release of April 16, 2014, by funding a further one million Euros of exploration expenditures. Avrupa is the operator of the Slivovo Gold Project.
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.
Paul W. Kuhn, President and CEO of Avrupa commented, "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."
Byrnecut International Limited is an Australian company engaged in mechanized underground mine feasibility, mine development, and mine production. This includes shaft sinking, shotcreting, raise-boring, the provision of high quality equipment rebuilds, maintenance engineering, labor hire and training for the mining industry, as well as mine engineering consultancy services. Principal customers include first world mine owners across the globe.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on discovery, using a prospect generator model, of valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.
The Company currently holds nine exploration licenses in three European countries, including six in Portugal covering 3,821 km2, two (one under application) in Kosovo covering 47 km2, and one in Germany covering 307 km2. Avrupa operates three joint ventures in Portugal and Kosovo, including:
- The Alvalade JV, with Antofagasta, covering one license in the Iberian Pyrite Belt of southern Portugal, for Cu-rich massive sulfide deposits;
- The Covas JV, with Blackheath Resources, covering one license in northern Portugal, for intrusion-related W deposits; and
- The Slivovo JV, with Byrnecut International, covering one license in central Kosovo, for gold and base metals related to carbonate-hosted massive sulfide deposits in the Vardar Mineral Trend.
Avrupa is currently upgrading precious and base metal targets to JV-ready status in a variety of districts on their other licenses, with the idea of attracting potential partners to project-specific and/or regional exploration programs.
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 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.