https://www.miningweekly.com

Ariana subsidiary releases promising PEA on Slivova project

6th September 2023

By: Marleny Arnoldi

Online News Editor

     

Font size: - +

Aim-listed gold developer Ariana Resources’ 75%-owned subsidiary Western Tethyan Resources (WTR) has completed a preliminary economic assessment (PEA) on the Slivova gold project, in Kosovo, south-east Europe, finding it can produce on average 13 000 oz/y.

WTR has an earn-in agreement with TSX-V-listed Avrupa Minerals on the project, whereby WTR can earn up to 85% ownership by spending €1.8-million and completion of a feasibility study on the project.

The PEA also deems the project to have a conceptual pre-tax net present value of $27-million and an internal rate of return of 29% - at a gold price of $1 835/oz.

WTR estimates the project will require $33.4-million in capital expenditure, while it estimates sustaining capital requirements at $9.4-million.

The average production of 13 000 oz/y can take place over a seven-year mine life from a combined openpit and underground mining operation.

The PEA finds a gold recovery rate of between 92% and 94.5% is possible using the carbon-in-leach processing method.

Ariana MD Dr Kerim Sener comments the PEA is an excellent outcome for the Slivova project, since it demonstrates its potential economics and highlights opportunities to enhance the project in the longer term.

He adds the broader exploration potential of the Slivova project area, in particular the opportunity to define further mineralisation down-plunge of the existing orebody, bodes well for further economic upside.

Ariana is now looking to complete further work to demonstrate this upside through a phased exploration programme, which will target the definition of additional resources and further investigate various aspects of the proposed mine design and processing route, among other technical matters, in addition to project-level environmental and social studies.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.041 1.074s - 110pq - 2rq
Subscribe Now