Kosovo/Slivovo Gold Project

Location 15 km southeast of the capital Prishtine
Ownership JV with Byrnecut International Ltd.
Size 15.1 km2
Deposit Type Peshter Gossan Zone
Exploration Stage Follow up exploration work completed in 2018
Status Partner is marketing the Project.  AVU holds 2% NSR
Reports NI 43-101 Technical Report on the Slivovo Gold – Silver Project, Pristina, Kosovo

NI 43-101 Consent of Qualified Persons & Certificate of Authors

 

The Slivovo exploration license is located approximately 15 km southeast of the capital Prishtine, and just five kilometers from the Company’s core storage facility.  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.

The 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.