Avrupa Minerals Ltd. is pleased to report the assay results from the final five 2016 drill holes in the Gossan Extension Zone at the Slivovo Gold project in Kosovo. These new assays, along with those from the previously-reported eleven drill holes (NR #14, August 16, 2016), will be used to prepare an updated resource estimate during the fall of 2016. It is significant that the gold mineralization in the Gossan Extension Zone has been discovered below the bottom thrust fault control which previously had been understood as the lower limit for gold mineralization in the Main Gossan Zone. Three holes cut gold mineralization below the thrust fault with intercepts at grades up to 5.98 g/t over 15 meters. While the data from these holes may not be enough to calculate a resource for this area, the new information does show that the mineralization continues to the east and is open down dip.
Following is a table with gold and silver results from the recent development drilling:
Table 1. Gold and silver results for final five diamond drill holes in the 2016 PFS drilling program. Infill/development drilling was designed to confirm continuity of precious metals mineralization in the Gossan Extension Zone, as well as potentially add to the initially-defined indicated resource. Significantly, two holes, SLV058 and SLV060 intercepted gold and silver mineralization beneath the low angle thrust fault that cuts off mineralization in the Main Gossan Zone.
The following schematic SW to NE section illustrates where gold mineralization is found in the Gossan Extension Zone. The intercepts in SLV060 are actually located 40 meters to the east of DHIP001, along strike of the mineralization and down dip.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/avu0908fig1.pdf.
The following figure defines all gold anomalism in drill holes brought to surface view. While gold is present only in amenable host rocks above the low angle reverse fault in the Main Gossan Zone, it is now clear that gold mineralization has additional possibilities in permeable host rocks below the fault in the Gossan Extension Zone, as displayed in the geophysical drill hole DHIP001 and the two new drill holes, SLV058 and SLV060. The new drilling indicates that mineralization in the Gossan Extension Zone continues for at least 90 meters to the east from the high angle fault that divides the two zones. Old drill results from SLV012 may indicate that the Gossan Extension zone continues for at least another 20+ meters in the lower plate beyond SLV060. SLV012 contained 5 meters (151 - 156 meters) @ 1.33 g/t gold and 15.6 g/t silver.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/avu0908fig2.pdf.
The drilling program is part of the Slivovo Pre-Feasibility Study ("PFS") being performed by joint venture company Peshter Mining JSC. Peshter Mining is 75% held by Byrnecut International Limited ("BIL") and 25% by Avrupa Minerals ("Avrupa" or the "Company") through its 100%-owned subsidiary in Kosovo. BIL is funding the PFS to earn-in to 85% of Peshter Mining and has spent EUR1.5 million to date towards completion of the PFS. The PFS must be finished by April 10, 2017 according to the earn-in agreement. Concurrently, Peshter Mining is also completing requirements for a mining license application. Presently, timing for submission of the application is Q2/Q3 of 2017.
Other PFS work on the Slivovo Project continues to move ahead at a rapid pace, including investigating locations for the mine and mill, roads, water testing, pit wall testing, consulting with communities, baseline environmental testing, power source planning, etc. Our partners are preparing a budget for further PFS work in 2016 and beyond-PFS work anticipated for early 2017.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, "The new results not only show extension to the east of the gold mineralization, but also show that gold is present in preferred host rocks beneath the thrust fault that stops mineralization in the Main Gossan Zone. Implications from this include further mineralization down plunge to the east in the Extension Zone, as well as the possibility of deeper mineralization in favorable host rocks around the Slivovo property. The fact that mineralization also appears to be spatially related to porphyritic intrusive rocks suggests further possibilities for a much larger mineralizing system."