Kosovo/Slivova Gold Project

Location 15 km southeast of the capital Prishtine
Ownership JV with Western Tethyan Resources
Size 31.2 km2
Deposit Type Peshter Gossan Zone
Exploration Stage Preliminary Economic Assessment and Scoping Study completed
Status  MRE Completed in July 2023, 4,500-meter drill program planned
Reports NI 43-101 Techinical Report PEA – Slivova Project (2023)
NI 43-101 Technical Report on the Slivovo Gold – Silver Project, Pristina, Kosovo

 

The Slivova exploration license is located approximately 15 km southeast of the capital Prishtine, and just five kilometers from the Company’s core storage facility. In 2022, the original Slivovo license was expanded to 31.2 km2 and renamed as the Slivova Gold Project.

Outline of the new Slivova exploration license (in black).  The Company plans work in all areas of interest in order to upgrade the present mineral resource estimate

 

Avrupa geologists discovered an outcropping gossan zone, 200 meters long x 100 meters wide x 75 meters in elevation, near the village of Pester in late 2011, and immediately submitted an exploration permit application.  The Kosovo mining authority (ICMM) issued the license in June 2012, and it covers slightly more than 15.1 km2.  Work continued slowly around the license until the joint venture agreement with Byrnecut International Ltd. (BIL) commenced in April 2014.

Once the Slivovo JV became operational, the Avrupa geological team completed a program of trenching, first-pass and follow-up geological mapping and sampling, and drill targeting.  The first phase of drilling was completed during Q4 2014, highlighted by SLV004, SLV005, and SLV006 gold results.  Avrupa drilled eight holes, totaling 1,002 meters during this phase.

The second phase of drilling, totaling five holes and 1,035 meters, was completed during Q2 2015.  Results were announced on May 28th, 2015, highlighted by the SLV011 gold intercept, reported below.  SLV014 was reported on June 25, 2015. Phase 3 of drilling was completed and results were announced in Q4 2015 for SLV14-SLV27 and SLV28-SLV44.

A generalized geological map of the Slivovo license and a more detailed geological map of the Slivovo Gossan zone, itself can be viewed below.  Field review and mapping of the Peshter Gossan during Q1-2 2015 has shown that the potential mineral target zone is larger than previously known.  Two drill holes completed during the Phase 2 program tested the eastern edge of the new eastern extension of the Peshter Gossan.  Results included both gold and base metal anomalism.

Avrupa announced the initial resource estimation on May 5, 2016 for the main Peshter Gossan Zone.  Avrupa currently holds a 2% NSR on the project.

2023 Updated Mineral Resource Estimate

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, MAIG, 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 table 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 attributable interest under the Earn-in and accordingly, no separate net attributable figures are reported.
  9. Western Tethyan Resources is the operator of Slivova

 

The 2016 results of the Mineral Resource estimate are provided in the table below. The Indicated Mineral Resources are reported at a cut-off of 1.0 g/t gold.

Au Cut-off
(g/t)		 Tonnes > Cut-off
(tonnes)		 Grade>Cut-off Contained Metal
Au
(g/t)		 Ag
(g/t)		 Au
(ozs)		 Ag (ozs)
0.50 660,000 4.66 14.61 98,900 310,000
1.00 640,000 4.80 14.68 98,700 302,000
1.50 590,000 5.07 14.85 96,200 282,000
2.00 540,000 5.39 15.09 93,500 262,000
2.50 490,000 5.71 15.32 89,900 241,000
3.00 440,000 6.08 15.55 86,000 220,000
3.50 380,000 6.49 15.75 79,300 192,000
4.00 340,000 6.87 16.03 75,100 175,000
4.50 290,000 7.32 16.18 68,300 151,000
5.00 240,000 7.79 16.39 60,100 126,000

 

The preceding statement of Indicated Mineral Resources conforms to the following definitions from National Instrument 43-101 and from CIM (2014):  “In this Instrument, the terms “Mineral Resource”, and “Indicated Mineral Resource” have the meanings ascribed to those terms by the Canadian Institute of Mining, Metallurgy and Petroleum, as the CIM Definition Standards (May 2014) on Mineral Resources and Mineral Reserves adopted by CIM Council, as those definitions may be amended.” 
“An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.”
“Mineralisation may be classified as an Indicated Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralisation.  The Qualified Person must recognise the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project.  An Indicated Mineral Resource estimate is of sufficient quality to support a Preliminary Feasibility Study which can serve as the basis for major development decisions.”
All tonnages reported are dry metric tonnes.  Minor discrepancies may occur due to rounding to appropriate significant figures.  The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Mr. Gary Giroux, M.Sc., P. Eng. ( BC).  Mr. Giroux, a consulting geological engineer employed by Giroux Consultants Ltd., is acting as the Qualified Person, as defined in NI 43-101, for the Slivovo mineralization inventory estimate.  He has over 40 years of experience in all stages of mineral exploration, development, and production.  Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field.  He has authored many papers on geostatistics and ore reserve estimation, has practiced as a Geological Engineer since 1970, and has provided geostatistical services to the industry since 1976.  Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
The 2017 drill program was originally planned for 5,670 meters. The program was designed to focus on five areas of interest. These were designated as potential target areas to significantly expand the known, near-deposit mineralization modeled by BIL as part of their detailed technical study completed at the end of 2016.The study fulfilled their 85% earn-in commitment in the Project. Avrupa is no longer contributing to the program and has been diluted to a 2% NSR.

  • The Slivova deposit (Peshter Target), and its associated license boundary

  • Summary map of the various phases of drilling completed within the Slivova Project area

  • Oblique view of the block model showing the estimated gold grades. WGS84 Z34N

  • 3D view of the modelled mineralised volume looking north. WGS84 Z34N

  • Maps showing location of Slivova in Kosovo, along with target areas to be upgraded. New license is shown as a red polygon. The names in northwest quadrant are historic Trepça base metal mines.

  • Outline of the new Slivova exploration license (in black).  The Company plans work in all areas of interest in order to upgrade the present mineral resource estimate

  • Geological map of the Slivovo exploration license

  • Geological map of the Peshter Gossan Zone, with completed drill holes

  • 2017 Drilling Program at the Slivovo Gold Project, Kosovo

  • Distribution of gold values in the Pester gossan, after early sampling

  • Distribution of lead and zinc in the Pester gossan, after early sampling