Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2017drilling progress report▼ BadMajor
Byrnecut delivered the Slivovo Gold Project Study and so earned 85% of Peshter Mining JSC, leaving Avrupa with 15%. Avrupa accepted the study but decided not to fund the proposed 3-phase, C$8.3 million, 30,000 m drill program (its share would have been about C$1.25 million), so its stake will be diluted as Byrnecut spends, and if it falls below 10% it converts into a 2% net smelter royalty. The January 2017 review of 2016 also says Avrupa plans to amend the Alvalade JV situation and option out Alvito and Marateca, and that Alvalade's partner could not fund its commitments. 2016 funding of $2,016,200 came from the July placement and a September warrant exercise.
Two November 2015 releases. Partner Byrnecut International has now spent €2 million at the Slivovo gold project in Kosovo and completed a 75% earn-in (up from the 51% reached earlier); the final 2015 drill holes include 74 m at 6.02 g/t gold in SLV037 and 14 m at 11.11 g/t in SLV043, and Byrnecut is finishing a JORC-compliant resource estimate for Peshter Gossan (the estimate Mining Plus was engaged to start). The nearby Brus target gave weak results, so more work is needed there. Separately, Lowell Copper terminated its June 2015 earn-in on the Alvito project in Portugal after funding about €137,000; Avrupa says it plans to market the project. The filing's boilerplate still lists Colt Resources as the Alvalade partner.
Filed in November 2015 but covering June-August 2014 material. Avrupa added a section to its articles, effective June 4, 2014, setting advance-notice rules for shareholders who want to nominate directors. A June 9, 2014 release said Alvalade drilling (2,700-3,000 m, targeting extensions of the Sesmarias massive sulfide mineralization) and Covas drilling were planned, the Alvito project (funded by Callinan Royalties) was JV-ready with a partner being sought, and Slivovo targeting had started in April 2014 on receipt of Byrnecut's first funding tranche. The headline July 24, 2014 release on 57.85 m of massive sulfides at Sesmarias and the later releases were truncated, so their details are unknown.
A September-October 2015 bundle. Avrupa extended 7,990,000 warrants (originally expiring October 4, 2015, exercisable at $0.25) to October 4, 2017, subject to TSX-V approval. On September 21 it reported further Slivovo drill results, e.g. 97 m at 7.94 g/t gold in SLV027 and 24 m at 11.59 g/t in SLV025, with the Phase 3 drilling nearing completion (44 holes, 4,927 m since Q4 2014) and an initial resource calculation by Mining Plus expected mid-Q4. The September boilerplate lists the Alvalade JV as being with Colt Resources rather than Antofagasta, which differs from earlier filings and is unexplained in the text provided. The headline October 26 release (120 m at 5.37 g/t gold) and the October 28 release were not included in the text provided.
Avrupa reported more Slivovo (Kosovo) drilling from the Peshter Gossan: 125 m at 6.91 g/t gold and 19.19 g/t silver in hole SLV018, 62 m at 1.59 g/t gold in SLV016 and 16 m at 1.44 g/t gold in SLV019, continuing the 2015 Phase 3 programme funded by Byrnecut (which has completed its 51% earn-in by spending €1 million). Byrnecut has also contracted Mining Plus to start an initial resource model, with the stated aim of supporting a decision on moving to a mining licence and pre-feasibility work; drilling had reached SLV028 with about 1,800 m completed in this phase. This builds on the July 2015 results and begins to address the open question of whether a viable resource exists at Peshter, though no resource figure is given yet.
Drilling at the Slivovo JV in Kosovo (the licence won in 2012, now funded by partner Byrnecut International) hit 30 m at 6.92 g/t gold in hole SLV011, and a 55 m interval averaging 4.24 g/t gold. Byrnecut has now completed its 51% earn-in commitment, and Avrupa has started a Phase 3 programme of up to 3,000 m. Several other holes (e.g. at Xzemail) returned only low gold results. The filing also bundles later June-July 2015 news releases whose text was not provided.
