Ariana Resources PLC (AIM:AAU) has confirmed a new resource upgrade at the Slivova gold project in Kosovo, held via its 75%-owned Western Tethyan Resources Ltd.
The new view of Slivova sees a 78% increase in gold ounces from the prior estimate, with total resource ounces now exceeding 175,000 ounces of gold.
“Slivova is now well on track to be developed conceptually as a high-grade, open-pit and underground mining operation,” Ariana managing director Kerim Sener said in a statement.
“We are increasingly confident that further resource expansions will occur as exploration proceeds at the site in the upcoming years.”
The resource upgrade was largely based on the incorporation of additional historical drilling data along with the reinterpretation of data into a new geology and resource model of the project.
In the measured resources category, the project now has 835,000 tonnes of resource grading 4.3 grams per tonne gold and 15 g/t silver, resulting in 113,000 ounces of gold and 402,000 ounces of silver, whilst in the indicated category, the project is estimated to host some 33,000 ounces of gold and 144,000 ounces of silver
The project’s inferred resources is meanwhile seen at 30,000 ounces of gold and 100,000 ounces of silver.
Across each resource category, the report sees the silver grade between 13 and 15 grams per tonne.
Ariana highlighted that additional resource potential exists in the surrounding area with multiple exploration targets in the immediate vicinity – referred to as Dzemajl, Valiaviste and Brus.
The explorer is earning-in to the project through its deal with Avrupa Minerals, with its stake potentially increasing up to 85% by spending €1.8mln to advance the project.
Next steps at Slivova will include a fresh 4,500-metre drill programme which is intended to infill this latest resource, along with broader exploration drilling, potentially starting during the third quarter.
“Several exploration targets in the immediate vicinity require follow-up and drill-testing, and the broader project area contains significant exploration potential for similar mineralisation based on the latest regional BLEG stream-sediment results,” Sener said.
“We are firmly in the planning stage for a new drilling programme at Slivova, which will be focused in part on resource infill and extensional drilling.
“We are targeting a minimum resource of 200,000 oz of gold prior to the initiation of more advanced project development work and technical studies."
Mentor Demi, WTR managing director, meanwhile, highlighted that Slivova is well on its way to becoming an advanced project, yet with a lot of exploration upside.
Avrupa Minerals chief executive Paul Kuhn added: “We are truly excited about this new development in the progress of the Slivova Project, and look forward to continued success in the program. WTR and its associated company, Ariana Resources, are working hard to advance the project to the next level.”