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Highlights

  • 51% Ownership Secured: Western Tethyan Resources (WTR), 76% owned by Ariana Resources, has formally acquired a majority stake in the Slivova Gold Project in Kosovo.

  • Drilling Programme Completed: A 3-hole, 786.4-meter diamond drilling programme has been conducted to explore gold-silver mineralisation extensions.

  • Further Development Plans: WTR aims to increase its stake to 85% through additional exploration, feasibility studies, and mining license applications.

Ariana Resources plc (LSE:ARI), a leading mineral exploration and development company, has announced that its subsidiary, Western Tethyan Resources (WTR), has successfully acquired a 51% stake in the Slivova Gold Project in Kosovo. This milestone follows the completion of a three-hole, 786.4-meter diamond drilling programme, aimed at extending gold and silver mineralisation in the main gossan zone and the nearby Dzemajl satellite target.

The acquisition was formalised after WTR fully met its Phase 1 earn-in obligations, investing €800,000 as stipulated in its Option Agreement with Avrupa Minerals (TSX-V: AVU). This agreement, signed on 7 September 2022, allows WTR to increase its stake to 85% through further exploration and regulatory approvals over the next three years.

Next Phases of Project Development

Following this successful earn-in, WTR plans to further expand its ownership of Slivova through structured investment and regulatory steps:

  • Phase 2 (2025): Additional exploration expenditure, JORC-compliant resource estimation, and initiation of an Environmental Impact Study (EIS) to secure a 75% stake in the project.

  • Phase 3 (2026-2027): Completion of the Feasibility Study (FS) and submission of a mining license application, allowing WTR to reach 85% ownership.

  • Phase 4: Includes milestone and success payments to previous joint venture partner, Byrnecut International Ltd.

  • Phase 5: Avrupa Minerals may choose to participate in mine construction or dilute to a 1% Net Smelter Royalty (NSR).

Future Exploration and Environmental Studies

Looking ahead, WTR is set to continue its baseline environmental sampling and start a full Environmental Impact Study (EIS). Additionally, it will prepare for further geotechnical and hydrology drilling in the main resource area. A new drilling programme is expected to commence in the second half of 2025 to further define the resource.

Slivova Gold-Silver Project Overview

Located 30 km southeast of Pristina, Kosovo’s capital, the Slivova Gold-Silver Project is held under a seven-year exploration license granted in 2022. The project boasts a NI 43-101 Mineral Resource estimate of 176,000 ounces of gold and 646,000 ounces of silver, primarily in the Measured and Indicated categories.

The Slivova license comprises four key exploration targets—Peshter, Dzemail, Valjeviste, and Brus—with the Peshter prospect further divided into three mineralised zones. The project’s Preliminary Economic Assessment (PEA) was announced on 7 September 2022.