(via TheNewswire)
The Definitive Agreement (“DA”) outlines a path towards potential gold production from the Slivova deposit;
Western
Tethyan Resources (“WTR”) completed a robust Due Diligence (“DD”) review, a Concept Study, and continues to work on a Preliminary Economic Assessment (“PEA”), including a metals resource update for the Slivova deposit;WTR can earn-in to 85% of the
Slivova Project .
To date, WTR has spent more than
Mentor Demi, Managing Director of Western Tethyan Resources, added, “Alongside an aggressive exploration programme throughout the West Tethyan Belt, we are actively seeking acquisition opportunities. Acquisition of the Slivova gold deposit is a step towards building Western Tethyan Resources into a development company, as well, and the
Dr.
In addition, further work has been underway at the local community level in order to increase awareness of the project and its merits. We are investigating opportunities to deliver a low-impact mining project which aims to achieve a new standard for mining in
About Slivova
The Slivova exploration license covers 30.51 km2of prospectable land surrounding the Slivova gold deposit. The license is valid for 7 years from
WTR is currently updating the Mineral Resource Estimate (“MRE”) to JORC standards, and Avrupa will follow suit by transforming the JORC estimate to a NI 43-101 resource estimate. The companies expect to be able to report the new MRE during Q2 2023. The new evaluation will encompass results from drilling subsequent to the 2016 report, re-interpretation of previous geological information from surface and trench mapping and sampling, and thorough review of all historic core.
As noted in a previous AVU news release,AVU and WTR agree to Proceed, there are additional nearby and distal targets within the new Slivova license. There are known zones of mineralization close to the main Slivova deposit that WTR will need to drill, and we can expect upgrade work on a number of distal targets around the license in the coming field season.
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Figures 1 and 2. Maps showing location of Slivova in
Terms of the Agreement
Under the terms of the Definitive Agreement, WTR will have the right to acquire, in multiple stages, up to 85% of the Slivova project, by completing a series of exploration and development milestones and making staged payments to AVU.
On Closing
Euro 35,000 cash payment upon signing the Definitive Agreement on/aboutMarch 1, 2023 . (Completed)
Earn-In Phase
Stage 1:
Euro 30,000 cash payment onSeptember 1, 2023 ;If WTR elects to enter the Definitive Agreement, it will invest
Euro 800,000 , during first two years from the effective date (minimum ofEuro 150,000 must be spent bySeptember 1, 2023 , post DD Phase) for exploration, drilling, baseline environmental and social surveys, landowners, etc., for 51% of the Project. (Underway)
Stage 2:
After completion of Stage 1, during the third year from the Effective Date, WTR will invest
Euro 1,000,000 for NI 43-101 resource estimation, commencement of full Environmental Impact Statement (“EIS”), etc., for 75% of the Project.
Stage 3:
During fourth and fifth year from the Effective Date, WTR must complete the EIS, Feasibility Study (“FS”), and Mining License application, for 85% of the Project.
Stage 4:
WTR completes success payments to previous JV partner,
Byrnecut International Ltd. , accordingly:Euro 125,000 in cash within 30 days of the first to occur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2) Avrupa or related party making a decision to proceed with development of a mining operation within the license area;Euro 125,000 within 30 days of issuance of a mining license for the Project;Euro 125,000 within 30 days of commencement of mine construction within the license area;100 troy ounces of gold within 30 days of commencement of commercial production (“CCP”), then increasing by 75 troy ounces per year until and including the third anniversary of commercial production when 325 troy ounces will be delivered.
Stage 5:
Avrupa participates in the mine build or dilutes to 1% NSR.
Western
Ariana Resources plcis an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in
For additional information, contact
On behalf of the Board,
“Paul W. Kuhn”
This news release was prepared by Company management, who take full responsibility for its content. Paul
Neither
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