LONDON (ShareCast) - (Sharecast News) - Ariana Resources announced on Thursday that its 76%-owned subsidiary, Western Tethyan Resources, has formally acquired a 51% interest in the Slivova Gold Project in Kosovo.
The AIM-traded firm said the acquisition was a key milestone for its European exploration strategy.

It said Western Tethyan recently completed a three-hole diamond drilling programme at Slivova, targeting extensions to the main deposit and the nearby Dzemajl satellite zone.

The company said upcoming work would focus on continued environmental sampling, preparation for further drilling, and the initiation of feasibility study activities.

Slivova is expected to play a central role in Ariana's growing regional portfolio, the board said.

"This is a great outcome for Western Tethyan and our longer-term development plans in Kosovo," said managing director Dr Kerim Sener.

"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."

Dr Sener said the comp[any's 2023 preliminary economic assessment demonstrated positive economics based on an assumed gold price of $1,835 per ounce.

"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."

At 0858 BST, shares in Ariana Resources were down 0.39% at 1.27p.

Reporting by Josh White for Sharecast.com.

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