Ariana Resources PLC (AIM:AAU) said its 75% held Western Tethyan Resources (WTR) has completed a Heads of Terms (HoT) with TSX-V listed Avrupa Minerals for an exclusive earn-in option over the Slivova gold project in Kosovo.
Slivova represents a sediment-hosted gold deposit containing NI 43-101 Resources of 640,000t at 4.8 grams per ton (g/t) gold and 14.69 g/t silver for 98,700 ounces gold and 302,000 ounces of silver (Indicated) and several less explored potential satellites.
In a statement, Kerim Sener, Ariana’s managing director, said: "This is an excellent development for the growing pipeline of potential production projects within the Ariana stable.
"These developments are complementary to the focus Western Tethyan is applying to our Strategic Alliance with Newmont Corporation, and further establishes the company as a serious explorer and developer of high-quality mining projects in south-eastern Europe. "
Under the terms of the HoT, WTR will have the right to acquire, in multiple stages, up to 85% of the Slivova Gold Project, by completing a series of exploration and development milestones and making staged payments to Avrupa.