Ariana Resources PLC (AIM:AAU) told investors that Western Tethyan Resources (WTR), its 76 % owned subsidiary, has acquired a 51% interest in the Slivova gold project in Kosovo.
WTR completed an agreed earn-in to acquire the stake – as it has now completed a three-hole, 786-metre diamond drilling programme. In total, €800,000 was spent on Phase 1 earn-in.
"This is a great outcome for Western Tethyan and our longer-term development plans in Kosovo,” Ariana chief executive Kerim Sener said.
“We look forward to progressing the next stages of the project development at Slivova. The project represents the most advanced gold project in Kosovo, and it is ready to be moved towards a pre-feasibility level of study.”
Sener added: “With the current trajectory of the gold price, this is a project that has the capacity to be advanced quickly through to feasibility and financing.
“We are exploring various avenues to achieve this outcome."
WTR managing director Mentor Demi, meanwhile, highlighted that when joining the project in 2022 the partners recognised its significant growth potential and strong likelihood of becoming a viable mine, and with the recent drilling the project is expanded.
Through further spending and operational achievement, WTR can further increase its position through ‘earn-in’ agreements, up to a maximum of 85%.
If it spends another €1 million of further project spending over the next three years, and:
- Complete a JORCcompliant resource estimate and start a full environmental impact study (EIS) in 2025. It’s stake increases to 75%.
- Complete the EIS and a feasibility study, and make an application for a mining licence, by the fourth or fifth year of the agreement. To increase the project stake to 85%.
“While assay results from this drilling are still pending, the WTR team continues to advance the Environmental and Social Impact Assessment (ESIA) work, as well as mineral exploration within the Slivova license and nearby WTR application licenses, where notable geological and geochemical anomalies have been observed,” Mentor Demi said.