Avrupa stock surges on new resource estimate for Kosovo gold project

Avrupa Minerals (TSXV: AVU) announced Monday that Western Tethyan Resources (WTR), its partner at the Slivova project in Kosovo, has provided a new resource estimate and general near-term work plan for the gold-silver deposit.

The updated mineral resource totals 835,000 tonnes at 4.3 g/t gold and 15 g/t silver in the measured category, 296,000 tonnes at 3.6 g/t gold and 15 g/t silver in the indicated category, and 250,000 tonnes at 3.7 g/t gold and 13 g/t silver.

This estimate is based on a review of historical data for 6,640 metres of drilling performed between 2014-2018 by a previous explorer. The mineral resources were estimated for the Slivova deposit (Peshter target) only. No resources were declared for targets such as Dzemajl, Valiaviste and Brus.

Slivova is located in the Vardar mineral trend, about 30 km southeast of the capital city of Pristina. It consists of an licensed area of 31.2 km² 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 UK-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,” Avrupa CEO Paul Kuhn said in a news release.

WTR and Ariana are currently in the process of completing a preliminary economic assessment for Slivova in the coming months. As well, the companies will begin a 4,500-metre drilling program to further define the Slivova 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,” Dr. 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 surged closed Monday’s session at 28.6% higher, reaching a market capitalization of just over C$2 million.