Ariana Resources PLC (AIM:AAU) said its 75%-owned subsidiary Western Tethyan Resources (WTR) has completed due diligence on the Slivova gold project in Kosovo.
WTR is in the process of farming into the Slivova project, currently owned by Toronto venture exchange-listed Avrupa Mineral.
A preliminary economic assessment study (PEA) for the project is now underway to follow the initial concept study for a low initial capex and moderate operating cost project.
An earn-in agreement is expected to be completed by the parties within the coming weeks, Ariana added in its statement.
Slivova is a sediment-hosted gold deposit containing an estimated 640,000 tonnes of gold at a grade of 4.8 grammes per tonne (g/t) and 14.69 g/t silver.
Kerim Sener, Ariana’s managing director, said: "We see a number of upside possibilities for the project and will be investigating these systematically during the period of earn-in, once agreed, by Western Tethyan and Avrupa Minerals."