Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced the commencement of exploration activities in Eastern Europe through its interest in Western Tethyan Resources Ltd (WTR).
- Ariana to hold 75% interest in WTR, following the commitment of at least €100 000 of exploration funding during the remainder of 2021.
- Experienced local management team to hold remaining 25% of WTR.
- Several exploration licence applications have been submitted in Kosovo and an extensive review of Eastern European project opportunities has commenced.
- Assessments of other projects throughout Eastern Europe underway, with a focus on the discovery of major copper-gold systems.
- Regional focus for WTR includes project generation across Bosnia and Herzegovina, Bulgaria, Kosovo, North Macedonia, and Serbia.
- Via regional partnerships, Ariana has ‘boots-on-the-ground’ reach over 2500 km of some of the most prospective territory for gold, silver, and copper deposits in the world.
Dr Kerim Sener, Managing Director, commented: "As part of our long-term diversification strategy, involving investments in focused regional mineral exploration opportunities, Ariana has formally commenced exploration activities in Eastern Europe through its investee company, Western Tethyan Resources Ltd. We know the team at Western Tethyan very well, having worked with them all previously in Turkey and other jurisdictions. Western Tethyan operates out of its office in Pristina, in the Republic of Kosovo, and represents an ideal, centrally-located operational base for our interests across this region, with all national capitals within the easy reach of about 250 km.
"We are very pleased to be working with a very strong local exploration team, led by Mentor Demi, an accomplished exploration and resource geologist who has been involved in several successful exploration and development programmes across the region, including 7 years with Lydian International Limited based in Kosovo and Armenia. Our own exploration team, based in Turkey, is providing support to the activities of Western Tethyan, specifically in the areas of project generation, database management and sample preparation and analysis.
"As part of the project generative work being undertaken by our in-house specialists, we have already commenced an extensive remote-sensing study utilising ASTER and Sentinel-2 multispectral satellite datasets initially across Kosovo and North Macedonia. This work utilises various image processing algorithms to target key alteration minerals associated with mineral deposits. In addition, geophysical datasets are being acquired and reprocessed, which, when coupled with the remote-sensing studies, will improve exploration targeting.
"We look forward to updating the market on our progress regarding the licence applications in Kosovo and the other Eastern European project opportunities that we are currently reviewing in due course."
Mentor Demi, Managing Director of Western Tethyan Resources Ltd, added: "We are absolutely delighted to have Ariana Resources as our strategic partner. Ariana is a highly respected company with a substantial track-record in the successful exploration and development of projects within the Tethyan Metallogenic Belt, with the advantage of having significant financial strength.
"With Ariana's investment, Western Tethyan Resources aims to complete the acquisition of three tenements in Kosovo (Cecelia, Hertica, and Terpeza covering 151 km2 in total), conduct detailed surface sampling and mapping of those projects, as well as conduct country-wide and other regional reconnaissance and project generative work.
"The benefit of our partnership with Ariana goes well beyond Kosovo and our goal is to build a successful regionally focused mineral exploration and development company."
Read the article online at: https://www.globalminingreview.com/exploration-development/01062021/ariana-resources-commences-eastern-european-exploration/
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