Ariana Resources plc (AIM: ARU) has announced that Western Tethyan Resources Ltd, of which 75% is held by Ariana, has commenced a diamond drilling programme at the company’s Hertica Project in Kosovo.
The Hertica Project represents a newly recognized epithermal-porphyry prospect in Kosovo. The prospect is defined by a large alteration system covering approximately 8km2, with advanced argillic alteration developed over an area of approximately 4km2.
The drilling programme comprises five holes over 3,200m and will focus on two main gold, copper, and molybdenum anomalies delineated by geochemistry and geophysics. The exploration programme will be funded through “Newmont Alliance” funds.
The term “Newmont Alliance” signifies the US$2.5M funding provided by Newmont Mining Corporation, as outlined in the agreements between WTR, Newmont, and the company, in the press release dated 24 March 2022. Newmont holds the right to designate the project in terms of the agreement referred to above.
Dr. Kerim Sener, managing director of Ariana Resource, commented, “The results of the recent work at the Hertica Project are compelling. Several geological, geochemical, and geophysical factors point to the potential for a buried porphyry system, which will now be tested through an initial drilling programme.
“We are very pleased with the work completed by WTR, and the positive results of initial exploration. We are also grateful to Newmont for their efforts in assisting with the exploration undertaken to date and the development of the drilling targets and their support to proceed toward drilling this project. We look forward to receiving the result of this drilling programme in due course.”
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