TIDMAAU
RNS Number : 6196S
Ariana Resources PLC
18 March 2021
18 March 2021
AIM: AAU
DRILLING UNDERWAY IN CYPRUS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce the commencement of diamond drilling on the Magellan
Project ("the Project") in Cyprus via its earn-in on Venus Minerals
Ltd ("Venus").
Highlights:
-- Diamond drilling programme underway at the Kokkinoyia Sector of the Magellan Project.
-- 1,260m of drilling planned at Kokkinoyia to further test the
known mineralisation and to provide material for metallurgical
testwork.
-- Drilling to provide confidence in the Resource Estimate and
specifically to better understand the distribution of gold and
silver in the mineralised system.
-- Drilling expected to continue in phases throughout the year,
testing each of the Magellan Project sectors.
Dr. Kerim Sener, Managing Director, commented:
"We are very pleased to report the commencement of the first
diamond drilling programme in Cyprus by Venus Minerals. This
represents the culmination of approximately three years of work by
the team at Venus and builds upon the earlier percussion drilling
programme which tested certain geological concepts concerning the
distribution of Volcanogenic Massive Sulphide deposits in the
region.
"We are excited to be underway and look forward to providing
further updates to the market as the campaign progresses and as we
commence additional drilling programmes through the course of this
year. Following the drilling of the Kokkinoyia Sector, we are
expecting to move the rig to the Klirou and New Sha sectors of the
Magellan Project. In addition to providing further understanding on
the current Resource Estimate, we are expecting these programmes to
provide sufficient mineralised material for metallurgical testwork,
the results of which will be integrated in to the Magellan Scoping
Study."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
http://www.rns-pdf.londonstockexchange.com/rns/6196S_1-2021-3-17.pdf
Figure 1: Diamond drilling underway at the Kokkinoyia Sector.
Drilling is currently focused in the vicinity of a small historical
open pit and targeting extensions of mineralisation previously
encountered in historical underground workings.
Summary of Drilling Programme
Diamond drilling commenced at the Kokkinoyia Sector of Venus
Minerals' Magellan Project, located in the Mitsero region of the
Republic of Cyprus. Kokkinoyia hosts a JORC 2012 inferred Resource
comprising 5.2Mt at an average copper grade of 0.69%, which
represents a significant proportion of the global Magellan Project
Inferred Resource of 9.5Mt @ 0.65% copper. These Resources are
quoted gross with respect to the Venus Minerals Ltd earn-in.
The diamond drilling programme marks the next phase of the
Venus's appraisal of the Magellan Project as a potential mining
development. During the 1970s, the Kokkinoyia deposit produced
approximately 465,500t of ore at an average copper grade of
3.7%.
Eight holes are planned at Kokkinoyia for a total of 1,260
metres, and will be the first diamond holes to be drilled at this
location. In addition to providing crucial information for both the
geological model and the Resource Estimate, the programme is
expected to confirm the abundance and distribution of gold and
silver, which would significantly improve the economics of the
deposit. Gold and silver were shown to be present in intermittent
historical assays and a recent dump sampling programme. Drill core
will also be utilised for metallurgical testwork.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
John Prior / Hugh Rich / Atholl
Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 7951 402 336
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at July 2020). The
joint venture comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 227,000 ounces gold and 0.7 million ounces silver (as at April
2020). The mine has been in profitable production since 2017 and is
expected to produce at a rate of c.20,000 ounces of gold per annum
to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of
2.5% on production is being paid to Franco-Nevada Corporation.
The Tavsan Gold Project is located in western Turkey and
contains a JORC Measured, Indicated and Inferred Resource of
253,000 ounces gold and 3.7 million ounces silver (as at June
2020). The project is being progressed through permitting and an
Environmental Impact Assessment, with the intention of developing
the site to become the second joint venture gold mining operation.
A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Turkey and
contains a JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as at July 2020). It is located within the
multi-million ounce Artvin Goldfield, which contains the "Hot Gold
Corridor" comprising several significant gold-copper projects
including the 4 million ounce Hot Maden project, which lies 16km to
the south of Salinbas. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus") and has to date earned into an entitlement to 16%.
Venus is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Inferred Resource of
9.5Mt @ 0.65% copper (excluding additional gold, silver and
zinc).
Panmure Gordon (UK) Limited is broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser and
Broker.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"oz" Troy ounces;
Ends.
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