Aim-listed Ariana Resources has reported that its 76%-owned subsidiary Western Tethyan Resources (WTR) has formally acquired 51% of the Slivova gold project, in Kosovo.

A three-hole diamond drilling programme targeting the extension of the Slivova deposit and the Dzemajl satellite mineralisation target zone has been completed.

Plans for the coming months include continued environmental sampling, drill plan preparations and the start of feasibility study work.

"This is a great outcome for WTR and our longer-term development plans in Kosovo. We look forward to progressing the next stages of the project development at Slivova,” says Ariana MD Dr Kerim Sener.

Sener says the project represents the “most advanced” gold project in Kosovo and that it is ready to be moved towards a prefeasibility study stage.

He says the company’s 2023 preliminary economic assessment (PEA) demonstrated positive economics based on an assumed gold price of $1 835/oz.

“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,” he says.

"We are pleased to announce that we have officially acquired a 51% stake in the Slivova gold project and are on track to increase our interest to 75%. When we entered into the earn-in agreement for this project in 2022, we recognised its significant growth potential and strong likelihood of becoming a viable mine,” says WTR MD Mentor Demi.

Demi notes that the company’s PEA study has highlighted the project's substantial potential, and the recent drilling programme has confirmed the geological expansion.

Demi says while assay results from this drilling are still pending, the WTR team continues to advance the environmental- and social-impact assessment work, as well as mineral exploration within the Slivova licence and nearby WTR application licences, where notable geological and geochemical anomalies have been observed.

The Slivova project is located about 30 km south-east of Pristina, the capital of Kosovo, and has a National Instrument 43-101 mineral resource of 176 000 oz of gold and 646 000 oz of silver, largely in measured and indicated categories.