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Ariana Resources PLC on Wednesday said Western Tethyan Resources Ltd, of which Ariana owns a 75% stake in, has begun a diamond drilling programme at the Hertica project in Kosovo. The London-based mineral exploration and development company with gold mining interests in Turkey, Cyprus and Kosovo said Hertica represents a newly recognised epithermal-prophyry prospect in Kosovo. The prospect is defined by a large alteration system covering around 8 kilometres, Ariana Resources said, with advanced argillic alteration developed over an area of around 4 kilometres. Ariana Resources said the drilling programme comprises five holes over 3,200 metres and will focus on two main gold, copper, and molybdenum anomalies delineated by geochemistry and geophysics. The exploration programme will be funded through the $2.5 million provided by Newmont Mining Corp, as announced in March 2022. ‘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,’ said Ariana Resources Managing Director Kerim Sener. ‘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.’ Western Tethyan Resources Managing Director Mentor Demi commented: ‘This represents a significant development in the WTR/Newmont/Ariana relationship with the Newmont Alliance funding of this drilling program on this exciting project. ‘While the initial surface exploration within the licence area is promising for an epithermal alteration system, our aim with the deep drilling programme is to test the existence of a porphyry system at deeper levels. We expect to finish the programme by the end of the year and release the results when available.’ Shares in Ariana Resources were up 4.4% to 2.40 pence each in London on Wednesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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