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Western Tethyan acquires option on the Slivova Gold Project, Kosovo

Published by , Editorial Assistant
Global Mining Review,

Ariana Resources plc, the AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced that its 75% held Western Tethyan Resources Ltd subsidiary has completed a Heads of Terms with TSX-V listed Avrupa Minerals Ltd for an exclusive option to Earn-in on the Slivova Gold Project in Kosovo.


  • Slivova represents a sediment-hosted gold deposit containing NI 43-101 Resources of 640 000 t at 4.8 g/t gold and 14.69 g/t silver for 98 700 oz gold and 302 000 oz of silver, and several less explored potential satellites.
  • Earn-In Agreement is subject to WTR completing a six-month exclusive due-diligence review of the project and the parties executing a formal earn-In agreement on or before 1 March 2023.
  • Key terms of the agreement are summarised below, with WTR and Avrupa expected to execute the final Agreement once due-diligence is completed.

Dr. Kerim Sener, Managing Director, commented:

“This is an excellent development for the growing pipeline of potential production projects within the Ariana stable. These developments are complementary to the focus Western Tethyan is applying to our Strategic Alliance with Newmont Corporation, and further establishes the company as a serious explorer and developer of high-quality mining projects in South-Eastern Europe. Ariana itself has a lot of experience developing similar gold projects in nearby Turkey, and can leverage these skills and know-how in the advancement of Slivova. We look forward to working closely with the Kosovo team to demonstrate the potential of Slivova and the wider area.”

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

“We’re excited to have entered into the heads of terms with Avrupa Minerals, on the Slivova Project. The agreement reinforces the company’s growth strategy and the strategy of diversifying the asset portfolio. We look forward to a fruitful relationship with Avrupa Minerals, advancing Slivova to possible production and developing WTR into a significant explorer and producer in the region.”

Paul W. Kuhn, President and CEO of Avrupa Minerals Ltd, added:

“We are excited to begin working with Western Tethyan Resources to advance the new Slivova Gold Project. Previously we identified a NI 43-101 Indicated Mineral Resource at Slivova of 640 000 t @ 4.8 g/t gold and 14.68 g/t silver, or approximately 98 700 oz of gold and 302 000 oz of silver. While the Project has been on hold since 2018, we now see a clear path for advancement at Slivova. The new seven year exploration licence is double the size of the original permit, and includes a number of new targets that may enhance the mineral inventory. WTR and Ariana Resources have a great deal of exploration experience in the greater Mediterranean Basin, and Ariana is a highly successful mine builder and operator.”

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Gold mining news European mining news