Avrupa Minerals Announces Updated Slivova Mineral Resource Estimate (MRE)
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Avrupa Minerals Announces Updated Slivova Mineral Resource Estimate (MRE)
• Global in situ gold resource increases by 78% over original MRE
• Global in situ silver resource increases by 113% over original MRE
• New MRE figures:
o Measured Resources: 835,000 mt @ 4.3 g/t Au and 15 g/t Ag
o Indicated Resources: 296,000 mt @ 3.6 g/t Au and 15 g/t Ag
o Inferred Resources: 250,000 mt @ 3.7 g/t Au and 13 g/t Ag
• 4,500-me ter drilling program planned for the next phase of field work,
which will include resource infill drilling and exploration drilling around
the license
Vancouver, BC – July 17, 2023 – Avrupa Minerals Ltd. ( TSXV: AVU ) is pleased to
announce that its partner at the Slivova Gold Project in Kosovo, Western Tethyan
Resources (WTR), has provided a new Mineral Resource Estimate and general near-
term work plan for the gold- silver deposit. Slivova is located in the prolific Vardar
Mineral Trend, about 30 km SE of the capital, Pristina. WTR ca n 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.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented:
“We are truly excited about this new development in the progress of the Slivova Project,
and look forw ard to continued success in the program. WTR and its associated
company, Ariana Resources, are w orking hard to advance the Project to the next level.
We expect further information concerning progress , as the tw o companies w ork to
complete a Preliminary Economic Assessment for Slivova in the comi ng months and
begin a 4,500-meter drilling program to further define the Slivova deposit and test other
attractive, previously-identified possibilities around the license.”
Dr. Kerim Şener, Managing Director of Ariana Resources, provided further information:
“We are very pleased to provide a substantial resource update on the Slivova Gold
Project in Kosovo. With a Measured and Indicated Resource of 146,000 oz of gold and
546,000 oz of silver, and an Inferred Resource of another 30,000 oz of gold and
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100,000 oz Ag in global resources now defined, Slivova is now w ell on track to be
developed conceptually as a high-grade, open-pit and underground mining operation.
We are increasingly confident that further resource expansion w ill occur as exploration
proceeds at the site in the upcoming years. Several exploration targets in the
immediate vicinity require follow -up and drill -testing, and the broader project area
contains significant exploration potential for similar mineralisation based on the latest
regional BLEG stream-sediment results.
We are firmly in the planning stage for a new drilling programme at Slivova, w hich w ill
be focused in part on resource infill and extensional drilling. We are targeting a
minimum resource of 200,000 oz of gold prior to the initiation of more advanced project
development w ork, w hich w ould include more advanced studies.”
Mentor Demi, Managing Director of Western Tethyan Resources added:
“Western Tethyan Resources is very excited to announce a significant resource
increase for the Slivova gold deposit. The resource grow th came mostly from the
incorporation of the new historical drilling data and the revision of the geology and
resource interpretation and model.
Based on the current resources ’ size, Slivova represents a very prospective,
undeveloped gold project, in Kosovo.
Slivova is w ell on its w ay to becoming an advanced project, yet w ith a lot of exploration
upside, dow n dip from the current resource, as w ell as from the surrounding satellite
prospects. WTR is looking forw ard to start ing in Q3 w ith the exploration program,
Environmental Impact Assessment , and Social Engagement Plan follow ing
recommendations from the Preliminary Economic Assessment .”
The following information is a Summary of the Mineral Resource Estimate, provided by
Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd., an Independent Qualified
Person, as defined by Canadian NI 43-101 regulations. With the publication of this
document, the full MRE must be publicly filed within 45 days.
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Introduction
Between October 2022 and J une 2023, the Western Tethyan and Ariana teams completed
detailed field, drill core and digital data reviews of all information attributed to the Slivova Project
and its Mineral Resources. Mineral Resources have been estimated by Mr. Richard Siddle,
MAIG, of Addison Mining Services Ltd. , an Independent Qualified Person as defined by
Canadian NI 43-101.
The Sli vova gold and silver deposit, consists of intrusive-related, stratiform massive to
disseminated gold-bearing and base metal mineralogy hosted in Cretaceous -aged calcareous
sediments. The mineralisation occurs as disseminated to massive replacement of calcareous
sandstone to pebble conglomerate and minor replacement of limestone, associated with pyrite,
pyrrhotite, arsenopyrite, and base-metal sulphides. Lithological control and structural features
appear to have played a major role in focusing the alteration and mineralisation, both as fluid
pathways and fluid retardants.
The Slivova Project exploration license is located along the Vardar Trend, approximately 30km
SE of Pristina, the capital city of Kosovo (Figure 1).
Figure 1: The Slivova deposit (Peshter Target), and its associated license boundary.
Slivova Mineral Resource Estimate
Mineral Resources have been estimated for the Slivova deposit (Peshter Target) only. No
Mineral Resources have as yet been declared for other targets within the Slivova Project, such
as Dzemajl, Valiaviste and Brus.
The estimated Mineral Resource for Slivova is reported in accordance with CIM Definition
Standards, comprising of an anticipated open-pittable portion and an anticipated underground
extraction portion reported above appropriate cut-off grades reflecting each anticipated mining
type. Identification of material which has a reasonable prospect of eventual economic extraction
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is supported by existing metallurgical test work and an ongoing Preliminary Economic Analysis
by Bara Consulting Ltd of the UK.
Mineralisation and block models for the Mineral Resource Estimate were informed by data from
62 surface drillholes over a total of 6,640m performed between 2014 and 2018 by the previous
explorer, Innomatik Exploration Kosova (IEK). The hole spacing for the deposit is approximately
15m north by 15m east in the core of the deposit, extending to 30m north x 30m east towards
the edges (Figure 2). Sample spacing and distribution are considered sufficient to establish the
geological and grade continuity required for modelling and resource estimation. Gold and silver
have been estimated as mining products, with no by-products or deleterious elements modelled.
Figure 2: Summary map of the various phases of drilling completed within the Slivova Project
area. Some drill collars in the core of the deposit are not visible at this scale. WGS84 Z34N.
The drill database was validated prior to resource estimation and quality control ( QC) checks
were made using industry-standard control charts for blanks, core duplicates and commercially
certified reference material inserted into assay batches. The Qualified Person has reviewed the
QC data and has found it suitable for use in Mineral Resource Estimation. Additionally, the
assay database was reconstructed from the original assay certificates to increase confidence in
the final assay database used in the resource estimation.
Geological Modelling
The mineralisation is understood to be typically defined as a single identifiable unit, and
geologically constrained (e.g., higher grades are noted in some cases to be associated with
coarser grained ‘pebble conglomerates’). The steeply -dipping, intercalated pebble and cobble
conglomerates, sandstone and minor siltstone beds are thought to control the mineralisation
through their different porosity and permeability characteristics. The geological model as applied
to the Mineral Resource Estimate comprises a single domain plunging to the east-southeast, the
strike of which is controlled by the host rocks (Figure 3).
The Slivova geological modelling used a combination of surface mapping data, structur al
measurements, geophysics, geological interpretations, and multi-element geochemical analysis
in conjunction with date derived from diamond drill holes across the deposit area. Interpretations
of geological surfaces are derived from 3D implicit modelling of drill hole data in Leapfrog GEO
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and EDGE v. 2023 .1.0 using the software’s ‘intrusion’ function to generate an encapsulating
volume over economically defined drill composites (Figure 3). All wireframes have been clipped
to the topography.
A minerali sed wireframe at a cut -off of approximately 0.2g/t Au was used to distinguish
mineralised and unminerali sed material. Grade continuity within the interpreted mineralised
zones is generally robust. Where continuity was not established between sections, the s trike
extrapolation was limited both manually (wireframes) and statistically (interpolations). While
higher-grade sub-populations of 3-10 g/t Au and above 10g/t Au are inferred from the data
distribution inspection, the drill core indicated that this coul d not reliably be modelled, and as
such an indicator kriging approach was adapted during block model estimation.
Figure 3: 3D view of the modelled mineralised volume looking north. WGS84 Z34N.
The mineralisation broadly follows a northwest -southeast trend, as supported by structural
measurements both in outcrop and on oriented core. The mineralisation outcrops at surface with
visible sulphides in the exposure. The mineralised zone is approximately 260m along strike and
70m wide and covers an area of approximately 1.7 hectares. The Mineral Resources extend
from surface to a depth of approximately 200 metres, plunging for approximately 300 metres to
the east-southeast with a vertical extent of 100-150 metres and is typically 50 to 100 metres
wide. Mineralisation is closed by drilling to the north, south and east, however , remains open
down plunge to the east -southeast. The northern contact of the mineralisation is interpreted to
be controlled by a bounding fault.
Estimation Methodology
The block model was prepared using Micromine Origin and Beyond version 2023, Services
Pack 4 (Figure 4). A 5m x 5m x 5m block model was created with sub-blocks of minimum size
1m x 1m x 1m on domain boundaries. Grade estimation from 2m composites was carri ed out
using median indicator kriging (mIK) for gold and using ordinary kriging for silver. The model
was validated by comparison of input and output statistics, de-clustering, kriging neighbourhood
analysis and by inspection of the assay data and block model in cross-section.
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Figure 4: Oblique view of the block model showing the estimated gold grades. WGS84 Z34N.
The density database contains 2,472 bulk density determinations of which 1,222 fall within the
mineralised domain. Values within the domain were interpolated into each block using inverse
distance weighting to a power of 2 with a lower limit of 1.5t/m3 and capped at 3.8t/m3.
Slivova Mineral Resource Classification
Mineral Resources were classified according to the Qualified Persons’ view of the accuracy of
the estimates and the quality and confidence of data underpinning them. Mineral Resource
classification considered the data quality, spacing and kriging standard error statistic (SE).
Measured Mineral Resources are supported in the part of the deposit with the closest spaced
drilling where the SE is <0.3 and blocks are informed by three or more drill holes with spacing
typically less than 15m. Indicated Mineral Res ources were classified where the SE was >0.4
and the average data spacing was typically less than 25m. The remaining blocks were classified
as Inferred Mineral Resources including the down plunge portion of the deposit which is largely
informed by two drill holes and is extrapolated by approximately 55m.
The Mineral Resource Estimate has an effective date of 22 June 2023, superseding the
previous Mineral Resource Estimate which had an effective date of 31 May 2016. The Mineral
Resource Estimate for Slivova is reported in Table 1, which was completed 14 July 2023.
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 mat erially 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.
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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.
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
Notes to the Mineral Resource Estimate (1-9):
1. The independent Qualified Person responsible for Mineral Resource disclosure, as defined by NI 43-101, is Mr.
Richard Siddle, MSc, MAI G, of Addison Mining Services Ltd. The effective date of the Mineral Resource
Estimate is 22 June 2023.
2. 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.
3. 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.
4. 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 G&A
costs of US$3/ROMt.
5. Estimates in the above tab le have been rounded to three significant figures for Measured and Indicated
Resources and two significant figures for Inferred Mineral Resources.
6. CIM Definition Standards for Mineral Resources have been followed.
7. 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.
8. 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 attrib utab le interest under the Earn-in and accordingly, no separate net
attrib utab le figures are reported.
9. Western Tethyan Resources is the operator of Slivova
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Additional drilling is required to increase the confidence in the Mineral Resources in the
Indicated and particularly Inferred parts of the resource estimate. Increased levels of information
brought about by further drilling may serve to either increase or decrease the estimate of
Mineral Resources. It is reasonably expected that the majority of Inferred Mineral Resources
could be upgraded to Indicated Mineral Resources with continued exploration. A 4,500-metre
drilling programme has been planned for the next phase of resource infill and exploration work
at Slivova.
Comparison to Previous Mineral Resources
A resource estimate was completed by Mining Plus for Slivova as part of the 2016 NI43-101
Study on the project (Table 2). The most significant change is the upgrade of Mineral Resources
from the Indicated category to the Measured category.
• 115% increase in total tonnes
• 17% decrease in gold grade but a 78% increase in total gold ounces
• 1% decrease in silver grade but a 113% increase in total silver ounces
There was a slight decline in the gold grade due to extending the model in areas showing grade
continuity, but at a lower grade. This increased the number of ounces and tonnage as the result
of extrapolating the resource with the additional drilling. The 2016 estimate did not include any
of the 2016 drill program data and, as such, a detailed comparison is less meaningful. Changes
in the estimate, including classification, grade and contained metal can largely be attributed to
the inclusion of additional data and increased confidence in the model due to better
understanding of the geology and the outcomes of the in-depth QC review and reviewing
laboratory assay certificates in detail.
Table 2: Mineral Resources reported in the 2016 NI43-101 study. The Mineral Resources
were reported at a cut-off grade of 1.0g/t Au and had an effective date of 31 May 2016.
2016 MRE
Mass
Average Value Material Content
Au Ag Au Ag
t g/t g/t oz oz
Measured - - - - -
Indicated 640,000 4.80 14.68 98,700 302,000
Inferred 2,000 2.00 16.12 130 1,000
Total 642,000 4.79 14.68 98,830 303,000
Other Considerations
To the best of the Qualified Person’ s knowledge, at the time of estimation there are no known
environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other
relevant issues that could materially impact the eventual extraction of the Mineral Resource.
The most likely extraction scenario is anticipated to be by means of a small 100m wide open pit
to a depth of approximately 30m , followed by underground stoping. While a larger open pit
would likely be economically viable based on pit optimi sation tests, the size of the pit may
encroach on local waterways and bring nearby farm buildings within the safe blast radius of the
pit. As such, the above scenario is considered more likely.
Studies have been previously completed as part of the 2017 PFS (internal, unpublished) on the
natural environment and potential impacts on the local community.