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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 reported below, and in news releases of December 17th, 2014, and January 27th, 2015. 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.
Following is a generalized geological map of the Slivovo license and a more detailed geological map of the Slivovo Gossan zone, itself. 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, as reported in the May 28th, 2015 news release.
The following sections show the present understanding of the gold target at Peshter. At this point, the technical team notes that the location of higher grade gold mineralization may be related to steeply dipping, NNE-trending shears, vertically-oriented bedding in folded and strongly altered vuggy, calcareous sandstone host rocks. The Avrupa team also sees spatial relation of gold mineralization to altered, porphyritic hornblende dikes, which are far more widespread in the gossan zone, than previously noted. The timing of the gold emplacement in the Peshter Gossan area appears to be a later and separate event from deposition of base-metal sulfides, and at the microscopic level, appears mostly as free gold. The presence of: 1) intrusive rocks; 2) the distribution of anomalous accessory metals bismuth, tellurium, copper, lead, and zinc; and 3) the style and distribution of alteration at Peshter and the surrounding target areas suggests an intrusive source to the mineralization system. While the immediate goal of the exploration program is to identify a close-to-surface gold deposit, future exploration thinking will also cover the possibility of identifying a presumably larger, sub-surface intrusive-related metal deposit.
Early geochemical evaluation of the Peshter Gossan, 2014
Geological evaluation of the gossan zone indicates that it is probably near-vertical in position, and occupies a zone of intersecting NE- and NW-trending structural features. A total of 22 rock samples were initially collected directly in the gossan and returned the following metal values of significant interest:
10 of 22 Au results greater than 1 ppm and up to 12.25 g/t
6 of 22 Ag results greater than 10 ppm and up to 41.8 ppm
10 of 22 Pb results greater than 1000 ppm and up to 6110 ppm
20 of 22 Zn results greater than 1000 ppm and up to 8960 ppm
Following are summaries of the gold, lead, and zinc geochemistry at Slivovo, starting with property-wide stream sediment geochemistry, followed by Pester target area soil and rock sample results, and ending with rock sample results from the Pester gossan zone. There are clearly more areas for exploration on the Slivovo license.
First-pass follow-up soil sampling suggested the possibility of two target zones, most importantly at what is now called the Pester epithermal target, and the area to the southwest of the Gossan zone. Recent work has been more dedicated towards second-pass follow-up around the potential epithermal target.
Soil sampling in the Pester area showed the potential for several new target areas. The Company has started follow-up work with trenching and detailed geological mapping around the village of Pester.