Avrupa Minerals Ltd. (AVU:TSX.V, FWB:8AM) announced that it had received the Slivovo Gold Project Study from its JV partner, Byrnecut International Ltd., in a statement released on Jan. 13. According to the company, "The study contains detailed geological, geochemical, and geophysical information about the Slivovo gold deposit, as well as chapters covering environmental, social, metallurgical, mining, infrastructure and surface facilities, waste management, capital costs, and other studies."
Byrnecut has earned into 85% of the joint venture by delivering the report on the Kosovo project; it spent an estimated €4 million on the project. Avrupa noted that "since the start of the joint venture in April 2014, Avrupa and Byrnecut have made a gold discovery at Slivovo, calculated an initial NI 43-101 indicated resource estimate, and produced an extensive study of the deposit. As expected, the Slivovo Study advises that further exploration, particularly drilling, is necessary to increase the size of the Slivovo gold deposit."
Avrupa stated that it is "currently evaluating the information contained in the Study and will advise Byrnecut as to how it will proceed in the joint venture. . .Avrupa will have the opportunity to choose to continue to invest in the Slivovo Project at the 15% shareholder level or allow Byrnecut to carry all future costs to a point where Avrupa would be diluted to a 2% net smelter royalty. To date, since discovery of the mineralized Slivovo outcrop, Avrupa has spent approximately 115,000 Euros on the Project."
In a Jan. 17 company update, Avrupa noted that it plans to "continue working with our partner on the Slivovo Gold Project in Kosovo to expand the gold resource by way of additional exploration drilling."
Avrupa holds nine exploration licenses in Portugal, Kosovo and Germany, and has three joint ventures, two in Portugal and one in Kosovo. The company uses a prospect-generator model and brings in partners to share the exploration costs.
Avrupa Chairman Mark Brown told Proactive Investors, "When we get a project to the stage that it's ready to be drilled, which costs a lot more money, we quite often go and find a partner to do that drilling. . .investors get good exposure to a lot of different metals and they don't have to pay for all the exploration as our partners often do."
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