3rd Apr 2025 11:13
(Alliance News) - Ariana Resources PLC on Thursday said that 51% of the Kosovo-based Silvova gold project has formally been acquired by its subsidiary Western Tethyan Resources Ltd.
Ariana is an AIM-listed mineral exploration and development company, with gold project interests in Africa and Europe.
Western Tethyan Resources, which is 76%-owned by Ariana, met its phase one earn-in requirements after completing a EUR800,000 exploration spend. The milestone triggers WTR's official ownership of 51% of AVU Kosova LLC, the holder of the Slivova project licence.
Ariana said WTR recently completed a three-hole, 786.4-metre diamond drilling programme targeting the extension of the Slivova deposit and the nearby Dzemajl satellite mineralisation zone. Assay results are pending.
Located 30 kilometres southeast of Pristina, the Slivova project contains a NI43-101-compliant mineral resource of 176,000 ounces of gold and 646,000 ounces of silver, largely in the measured and indicated categories. The licence, granted in 2022, spans multiple targets, including Peshter and Dzemajl.
Ariana Managing Director Kerim Sener said: "The project represents the most advanced gold project in Kosovo, and it is ready to be moved towards a pre-feasibility level of study. Our 2023 preliminary economic assessment demonstrated positive economics based on an assumed gold price of USD1,835 per ounce."
The company added that the project's plans for the upcoming months include continued environmental sampling, drill plan preparations and a start-up of feasibility study work.
To test for further down-plunge extensions of gold-silver mineralisation in the main gossan zone at Slivova and at the Dzemajl satellite target, WTR has recently completed a 3-hole, 786.4-metre drilling programme.
WTR may raise its ownership to 85% over the next three years by completing further exploration work totalling EUR1 million.
This will be after the completion of an environmental impact study and a feasibility study for the project as well as making the required mining licence application to the Kosovo mining authorities.
Managing Director of Western Tethyan Resources Mentor Demi said: "Our Preliminary Economic Assessment (PEA) study has highlighted the project's substantial potential, and the recent drilling programme has confirmed the geological expansion.
"While assay results from this drilling are still pending, the WTR team continues to advance the environmental and social impact assessment work, as well as mineral exploration within the Slivova licence and nearby WTR application licences, where notable geological and geochemical anomalies have been observed."
Future plans for the coming quarter include continued baseline environmental sampling and preparation of a plan for further drilling in the main zone resource area which will include geotechnical and hydrology study holes.
The recently completed work will also have follow-up resource drilling as well as a further drilling programme to be expected to begin in the second half of this year.
Ariana shares fell 0.4% to 1.27 pence in London on Thursday morning.
By Olivia Mason-Myhill, Alliance News reporter
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