Ariana Resources PLC on Monday said the total mineral resource of the Slivova gold project in Kosovo has increased by 78% from the previous mineral resource estimate.

The London-based exploration firm with interests in Turkey said the updated mineral resource estimate for Slivova was completed by Western Tethyan Resources, of which Ariana Resources holds a 75% interest in.

The latest results showed measured resources of 835 kilotonnes at a grade of 4.3 grammes of gold per tonne and 15 grammes per tonne of silver for 113,000 ounces of gold and 402,000 ounces of silver.

This was alongside indicated resources of 296 kilotonnes at a grade of 3.6 grammes per tonne of gold and 15 grammes per tonne of silver for 33,000 ounces of gold and 144,000 ounces of silver.

Lastly, results showed inferred resources of 250 kilotonnes at a grade of 3.7 grammes per tonne of gold and 13 grammes per tonne of silver for 30,000 ounces of gold and 100,000 ounces of silver.

Ariana Resources noted other target areas, previously identified in the immediate vicinity of Slivova, are defined by geochemical and geophysical anomalies. These include Dzemajl, Valiaviste and Brus.

A 4,500-metre drilling programme is also planned for the next phase of Mineral Resource infill drilling and broader exploration drilling, Ariana Resources added.

‘Slivova is now well on track to be developed conceptually as a high-grade, open-pit and underground mining operation. We are increasingly confident that further resource expansions will occur as exploration proceeds at the site in the upcoming years,’ said Ariana Resources Managing Director Kerim Sener.

‘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 ounces of gold prior to the initiation of more advanced project development work and technical studies.’

Ariana Resources also noted Western Tethyan Resources signed an earn-in agreement with Avrupa Minerals Ltd on the Slivova project, with the potential to earn up to 85% by spending €1.8 million.

Shares in Ariana Resources were up 6.7% to 2.40 pence each in London on Monday morning.

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