Ariana Resources plc
Announced that Western Tethyan Resources Ltd, of which 75% is held by Ariana, has completed an updated Mineral Resource Estimate on the Slivova Gold Project in Kosovo, prepared under CIM Definition Standards guidelines and reported in accordance with Canadian NI43-101 resource estimate reporting regulations.
|Ariana Resources||AIM: AAU|
|Stage||Production, development, exploration|
|Market cap||£30 million @2.42p|
|Location||Turkey, Cyprus, Kosovo|
WESTERN TETHYAN – SLIVOVA RESOURCE UPDATE
Ariana Resources plc (“Ariana” or “the Company”), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce that Western Tethyan Resources Ltd (“WTR”), of which 75% is held by Ariana, has completed an updated Mineral Resource Estimate on the Slivova Gold Project (“the Project”) in Kosovo, prepared under CIM Definition Standards guidelines and reported in accordance with Canadian NI43-101 resource estimate reporting regulations.
WTR executed a definitive Earn-In Agreement with Avrupa Minerals Ltd (TSX-V: AVU) on the Project, and can earn up to 85% by spending €1.8 million (“Earn-in”).
· Total Project Mineral Resource gold ounces increased by 78% over the previous Mineral Resource Estimate (“MRE”) to:
o Measured Resources: 835Kt @ 4.3g/t Au + 15g/t Ag for 113,000 oz Au + 402,000 oz Ag.
o Indicated Resources: 296Kt @ 3.6 g/t Au + 15g/t Ag for 33,000 oz Au + 144,000 oz Ag.
o Inferred Resources: 250Kt @ 3.7g/t Au + 13g/t Ag for 30,000 oz Au + 100,000 oz Ag.
· Other target areas previously identified in the immediate vicinity, including
Dzemajl, Valiaviste and Brus, are defined by geochemical and geophysical anomalies.
· A 4,500-metre drilling programme is planned for the next phase of Mineral Resource infill drilling and broader exploration drilling.
*All Mineral Resource figures in the announcement are quoted gross with respect to the Project. WTR of which Ariana owns 75%, has yet to establish a net attributable interest under the Earn-in.
To read a pdf version of the release, please click here:
Dr. Kerim Sener, Managing Director, commented:
“We are very pleased to provide a substantial resource update on the Slivova Gold Project in Kosovo. With 176,000 oz of gold and 646,000 oz Ag in global resources now defined.
“Slivova is now well on track to be developed conceptually as a high-grade, openpit and underground mining operation.
“We are increasingly confident that further resource expansions will occur as exploration proceeds at the site in the upcoming years.
“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.
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.”
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