REG - Ariana Resources PLC - 51% of Slivova Gold Project Acquired

Ariana ResourcesAnnouncement

03/04/2025 07:00

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RNS Number : 4174D  Ariana Resources PLC  03 April 2025

3 April 2025

AIM: AAU

51% OF SLIVOVA GOLD PROJECT ACQUIRED

 

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with gold project interests in Africa and
Europe, is pleased to announce that Western Tethyan Resources ("WTR"), has
formally acquired 51% of the Slivova Gold Project ("Slivova" or "the Project")
in Kosovo.  WTR is 76% owned by the Company.

 

Highlights:

 

·    51% of the Project has been formally acquired by WTR.

 

·    Completion of a 3-hole diamond drilling programme targeting the
extension of the Slivova deposit and the Dzemajl satellite mineralisation
target zone.

 

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

 

Dr. Kerim Sener, Managing Director, commented:

 

"This is a great outcome for Western Tethyan and our longer-term development
plans in Kosovo. 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. Our 2023 Preliminary Economic Assessment demonstrated positive
economics based on an assumed gold price of US$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."

 

Mentor Demi, Managing Director of Western Tethyan Resources, added,

 

"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. Our Preliminary Economic Assessment (PEA) study has highlighted
the project's substantial potential, and the recent drilling programme has
confirmed the geological expansion. While assay results from this drilling are
still pending, the WTR team continues to advance the Environmental and Social
Impact Assessment (ESIA) work, as well as mineral exploration within the
Slivova license and nearby WTR application licenses, where notable geological
and geochemical anomalies have been observed."

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

 

Current Activity and Earn-in Status

 

WTR has recently completed a 3-hole, 786.4-meter drilling programme to test
for further down-plunge extensions of gold-silver mineralisation in the main
gossan zone at Slivova and at the Dzemajl satellite target, located about 800
meters southwest of the main zone. Results are pending.

 

On completion of the drilling programme, WTR had met the Phase 1 of the
earn-in requirements by fully spending the required 800,000 Euros to hold 51%
of the Project, under the Option Agreement, dated 7 September, 2022. WTR has
now formalised its earn-in to 51% through its shareholding in the project
holding company, AVU Kosova LLC ("AVUK") from Avrupa Minerals (TSX-V: AVU).

 

WTR may now increase its holding to 85% in AVUK in two further phases over the
next three years by making additional exploration expenditures totalling 1
million Euros, completing an Environmental Impact Study ("EIS") and a
Feasibility Study ("FS") for the Project, and by making the required mining
license application to the Kosovo mining authorities.

 

The next two phases include:

 

·    WTR will commence further investment during 2025 in Phase 2 towards a
JORC-compliant resource estimate and commencement of a full Environmental
Impact Study ("EIS") to reach 75%.

 

·    WTR must complete the EIS, FS, and Mining License application in the
fourth and fifth years from the effective date (2026-2027) in Phase 3 to reach
85%.

 

·    Phase 4 of the Option Agreement includes certain milestone and
success payments to a previous joint venture partner, Byrnecut International
Ltd.

 

·    During Phase 5, Avrupa participates in mine construction or dilutes
to a 1% NSR.

 

Plans for the coming quarter include continued baseline environmental
sampling, commencement of the full EIS, and preparation of a plan for further
drilling in the main zone resource area to include geotechnical and hydrology
study holes, as well as follow-up resource drilling to the recently completed
work. A further drilling programme is currently expected to begin in the
second half of this year.

 

Slivova Project Summary

 

The Slivova Gold-Silver Project ("the Project") is located some 30 km
southeast of Pristina, the capital of Kosovo. The Project is owned by AVU
Kosova LLC, which was granted a seven-year exploration licence for the Project
in 2022.  The Slivova Project, contains a global NI43-101 Mineral Resource of
176,000oz of gold and 646,000oz of silver, largely in Measured and Indicated
categories. There are four main exploration targets within the Slivova
licence: Peshter, Dzemail, Valjeviste, and Brus. The Peshter prospect is
further subdivided into three portions: the Main Gossan, Gossan Extension, and
the Sandstone Gossan. The Peshter prospect is the main subject of a PEA which
was announced on 7 September, 2022.

 

Within the Slivova licence, two units are identified: the calcareous unit and
the non-calcareous greywacke unit. These are moderately to steeply dipping,
northwest striking, and beyond the mineralised prospects, tend to be unaltered
and weakly to moderately oxidised.  Two types of intrusive dykes and sills
are identified in the mapping and drilling: hornblende-biotite porphyry dykes
and stock and a feldspar porphyry dyke. Economic mineralisation in the Main
Gossan and Gossan Extension is concentrated in a calcareous pebble
conglomerate and calcareous sandstones.  Mineralisation at Slivova is
classified as a distal, intrusive-related, stratiform, massive to disseminated
gold-silver-lead-zinc deposit. The principal minerals of economic interest are
gold with minor amounts of galena, sphalerite, chalcopyrite and silver.

 

 

Enquiries:

 

 Ariana Resources plc                        Tel: +44 (0) 20 7407 3616

 Michael de Villiers, Chairman

 Kerim Sener, Managing Director

 Beaumont Cornish Limited                    Tel: +44 (0) 20 7628 3396

 (Nominated Adviser)

 Roland Cornish / Felicity Geidt

 Zeus Capital (Joint Broker)                 Tel: +44 (0) 203 829 5000

 Harry Ansell / Katy Mitchell

 Fortified Securities (Joint Broker)         Tel: +44 (0) 203 411 7773

 Guy Wheatley

 Yellow Jersey PR Limited (Financial PR)     Tel: +44 (0) 7983 521 488

 Dom Barretto / Shivantha Thambirajah /      arianaresources@yellowjerseypr.com

 Bessie Elliot

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an
exceptional track-record of creating value for its shareholders through its
interests in active mining projects and investments in exploration companies.
Its current interests include a major gold development project in Zimbabwe,
gold production in Türkiye and copper-gold exploration and development
projects in Cyprus and Kosovo.

 

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is
made up of the Dokwe North and Dokwe Central gold deposits which are located
in the Tsholotsho District near the city of Bulawayo. The deposits have a
combined in-pit JORC Measured, Indicated and Inferred Resource of over 1.42
million ounces of gold (as at March 2025) and the project represents the
largest undeveloped gold project in Zimbabwe.

 

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a
joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in
Türkiye which contains a depleted total of c. 2.2 million ounces gold
equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint
venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

 

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a
depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold
and 3.3 million ounces silver (as at March 2024). The mine has been in
profitable production since 2017 and has been producing at an average rate of
c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of
2.5% on production is being paid to Franco-Nevada Corporation.

 

The Tavsan Gold Mine is located in western Türkiye and contains a JORC
Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1
million ounces silver (as at March 2024). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Türkiye and is currently in
construction. A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.

 

The Salinbas Gold Project is located in north-eastern Türkiye and contains
a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold
(as at July 2020). It is located within the multi-million ounce Artvin
Goldfield, which contains the "Hot Gold Corridor" comprising several
significant gold- copper projects including the 4 million ounce Hot Maden
project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2%
on future production is payable to Eldorado Gold Corporation.

 

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"),
which operates across south-eastern Europe and is based in
Pristina, Republic of Kosovo. The company is targeting its exploration on
major copper-gold deposits across the porphyry-epithermal transition. WTR is
being funded through a five-year Alliance Agreement with Newmont Ventures
Limited (www.newmont.com) and is separately earning-in to up to 85% of the
Slivova Gold Project.

 

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is
focused on the exploration and development of copper-gold projects in Cyprus,
some of which are in application, containing a combined JORC Indicated and
Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional
gold, silver and zinc).

 

Ariana owns several investments in listed and private companies via its
Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also
provides technical input into the various investee company exploration
programmes. Investments have been made in high-value potential,
discovery-stage mineral exploration companies located across the Eastern
Hemisphere and within easy reach of Ariana's operational hubs in Australia,
Türkiye, UK and Zimbabwe. Its most advanced interest is through a 4.1%
holding of Panther Metals Limited (ASX: PNT).

 

Zeus Capital Limited and Fortified Securities are the brokers to the Company
and Beaumont Cornish Limited is the Company's Nominated Adviser.

 

For further information on Ariana, you are invited to visit the Company's
website at www.arianaresources.com.

 

Ends.

 

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