TIDMAAU
RNS Number : 8990Y
Ariana Resources PLC
18 May 2021
18 May 2021
AIM: AAU
BANU VEIN DRILLING RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce recent resource drilling results obtained from the Banu
area of the Kiziltepe Mine ("Kiziltepe" or "the Project").
Kiziltepe is part of the Zenit Madencilik San. ve Tic. A.S.
("Zenit") Joint Venture ("JV") with Proccea Construction Co. and
Ozaltin Holding A.S. and is 23.5% owned by Ariana.
Highlights:
-- Drilling programme testing the south-eastern half of the Banu
vein system over 200m of strike to depths of c. 100m below
surface.
-- New significant intercepts within the vein system include:
o 4.1m @ 3.58g/t Au + 78.9g/t Ag
o 7.0m @ 2.01g/t Au + 70.6g/t Ag
o 2.6m @ 5.08g/t Au + 102.5g/t Ag
-- Zone of higher-grade mineralisation confirmed at the south-eastern end of the vein system.
-- Potential remains to expand the open-pittable strike
continuity of the vein system from 300m to c. 700m, and in drilling
certain other vein systems in the vicinity.
Dr. Kerim Sener, Managing Director, commented:
"These results confirm the presence of higher-grade
mineralisation towards the south-eastern end of the Banu vein and
improve confidence in the mineral resource and reserve estimation.
The results also demonstrate the continuity of the vein system to
at least 100m below surface over more than 200m of strike. The
higher-grade zone at Banu, like those on Arzu South, appears to
plunge moderately towards the south-east. This finding, in
particular, highlights the opportunity to identify other plunging
shoots containing high-grade mineralisation elsewhere along strike.
As with other vein systems at Kiziltepe, additional drilling has
proven the potential to add to the resource base, which could lead
to further increases to the life of mine."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Drilling Programme
Since late December 2020, the Ariana and Zenit exploration teams
have been working continuously on the most significant drilling
programme to date at Kiziltepe. The programme aims to significantly
expand on the open-pittable and potential underground resources, in
addition to systematically testing several significant exploration
targets within the Kiziltepe area. To date, over 8,600 meters of
diamond drilling has successfully been completed for 63 holes. This
announcement is the second in a series of updates following the
release of further assay results from the Kiziltepe mine
laboratory. On the 29 April 2021, Ariana released the first update
of this programme, which focused on results from the Arzu North
area. This release focuses on the Banu area of the Kiziltepe
Mine.
In January 2017 (see announcement dated 30 January 2017), a 125m
strike extension to Banu was announced based on drilling results
completed during late 2016. These results highlighted the
significance of the Banu area, which to date remains one of the
least explored vein systems at Kiziltepe. The current 2021 drilling
at Banu focuses on increasing the confidence of the resource within
the 125m strike extension, in addition to providing infill between
historic surface rock-saw channel samples, to further increase data
density in the main resource area and to enable an update of the
resources to higher confidence JORC categories.
Drilling Results
The latest drilling completed at Banu comprises eleven diamond
drill holes for a total of 790.6m. Assays returned several robust
results which provide significant additional data for a further
resource update, which will be completed when all results have
returned for the wider Kiziltepe area. Banu remains one of the most
consistently mineralised veins at Kiziltepe both along strike and
at depth, with new results including:
-- KTP-D38-21 (98.9m-103m) 4.1m @ 3.58g/t Au + 78.9g/t Ag
-- KTP-D26-21 (42.9-49.9m) 7m @ 2.01g/t Au + 70.6g/t Ag
-- KTP-D28-21 (20.5-23.1m) 2.6m @ 5.08g/t Au + 102.5g/t Ag
Hole KTP-D38-21 represents the second deepest hole drilled into
the Banu structure to date, testing a vertical depth of 90m. The
deepest hole at Banu (KTP-RC32-07, 7m @ 1.4 g/t Au + 57.7g/t Ag),
intercepts the Banu vein at a vertical depth of 105m. These holes
are separated by approximately 200m and both holes demonstrate that
the mineralisation remains well developed to these depths and
maintains the potential for high grades.
Table 1: Intercepts calculated for all 2021 drilling (11 holes)
at Banu vein, using a 0.5 g/t Au minimum cut-off and allowing for
up to 3m internal dilution.
Silver
Gold Grade Grade
Hole ID From (m) To (m) Interval (m) (Au g/t) (Ag g/t)
KTP-D24-21 58.0 60.9 2.9 0.71 41.7
--------- ------- ------------- ----------- ----------
KTP-D26-21 42.9 49.9 7.0 2.01 70.6
--------- ------- ------------- ----------- ----------
KTP-D28-21 20.5 23.1 2.6 5.08 102.5
--------- ------- ------------- ----------- ----------
KTP-D30-21 44.5 49.3 4.8 1.54 66.3
--------- ------- ------------- ----------- ----------
KTP-D32-21 15.8 19.8 4.0 2.65 44.7
--------- ------- ------------- ----------- ----------
KTP-D33-21 37.5 41.5 4.0 1.68 49.9
--------- ------- ------------- ----------- ----------
KTP-D34-21 39.5 40.5 1.0 0.59 12.0
--------- ------- ------------- ----------- ----------
43.5 45.5 2.0 1.09 10.0
--------- ------- ------------- ----------- ----------
48.5 52.6 4.1 2.51 53.2
--------- ------- ------------- ----------- ----------
KTP-D35-21 53.9 55.8 2.0 1.66 46.7
--------- ------- ------------- ----------- ----------
57.8 58.8 1.0 0.51 2.0
--------- ------- ------------- ----------- ----------
KTP-D37-21 85.6 87.3 1.7 1.33 40.2
--------- ------- ------------- ----------- ----------
KTP-D38-21 90.1 91.1 1.0 0.87 33.0
--------- ------- ------------- ----------- ----------
98.9 103.0 4.1 3.58 78.9
--------- ------- ------------- ----------- ----------
KTP-D40-21 85.6 88.0 2.4 2.61 119.8
--------- ------- ------------- ----------- ----------
http://www.rns-pdf.londonstockexchange.com/rns/8990Y_1-2021-5-17.pdf
Figure 1: Plan of the Banu area, showing the 2020 optimisation
pit outline in red and the main Banu vein identified from drilling
(in pink). Mineralisation remains open at depth and to the
northwest in particular.
http://www.rns-pdf.londonstockexchange.com/rns/8990Y_1-2021-5-17.pdf
Figure 2: Long-section through the 2020 Banu optimisation pit
showing the latest drilling intercepts (in red) in to the Banu vein
structure. The 2021 drilling results will provide new data for a
revised optimisation study due to be complete in the coming
months.
Pit Optimisation
To date, the Banu vein has been tested by drilling to a strike
length of 540m and to a vertical depth of 105m. The mineralisation
remains open at depth and along strike to the northwest. Drilling
completed in 2016 defined the south-eastern limit of the Banu vein
system, where the host structure eventually narrows (0.2 - 0.5
metres) and shows lower grades (<1g/t Au). The average thickness
of the Banu vein throughout is c. 2 metres with localised blows of
up to 5 metres in thickness.
Optimisation work completed between 2017 and 2020 identifies the
potential for a c. 300m long x 60m wide and 40m deep open-pit at
Banu. The latest drilling provides sufficient additional data to:
1) add confidence to allow a deeper open-pit to be considered,
capturing a larger proportion of the current resource, 2) reduces
the reliance of historic surface rock-saw channel sampling on the
resource estimation, allowing a more robust optimisation study to
be completed, and 3) potentially increase the overall resource by
expanding the data into more sparsely explored areas of the
vein.
Future Exploration
The Banu and surrounding area will continue to remain a focus
for future exploration at Kiziltepe. To date, only 25% (840 meters)
of known veins in the Banu area have been sufficiently tested for
resource definition. The remaining 75% (2,500m) of less tested
veins (primarily the Fidan-Gamze and Vein 7 structures), will
remain the subject to future drilling plans, subject to approval
and expansion of new exploration permits.
http://www.rns-pdf.londonstockexchange.com/rns/8990Y_1-2021-5-17.pdf
Figure 3: Three-dimensional model of the Kiziltepe vein system,
with Banu shown towards the bottom of the frame. The Vein 7 area
lies adjacent to Banu and is highlighted.
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Kiziltepe mine site and analysed at the Zenit mine laboratory.
Results are being assessed systematically and are being grouped
according to individual vein systems at the Kiziltepe Sector.
HQ size drill-core samples from the drilling programme at the
Kiziltepe deposit were cut in half by a diamond saw and sent for
analysis in batches in line with the Company's quality control
procedures. For all the Banu drilling, a total of 625 samples
(including 98 QA/QC samples) were submitted to the Kiziltepe Mine
Laboratory. Core recovery for all drilling conducted at Banu during
this campaign was 94%, for a total of 292 measurements.
All samples were assayed for gold using a 30g fire assay.
Quality control checks have determined that all blanks and all
standards passed and duplicate samples showed excellent
correlations. Laboratory sample preparation, assaying procedures
and chain of custody are appropriately controlled. The Company
maintains an archive of half core samples and a photographic record
of all cores for future reference.
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:
The information in this announcement that relates to exploration
results is based on information compiled by Dr. Kerim Sener BSc
(Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr.
Sener is a Fellow of The Geological Society of London and a Member
of The Institute of Materials, Minerals and Mining and has
sufficient experience relevant to the styles of mineralisation and
type of deposit under consideration and to the activity that has
been undertaken to qualify as a Competent Person as defined by the
2012 edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
and under the AIM Rules - Note for Mining and Oil & Gas
Companies. Dr. Sener consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
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 23%.
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:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"m" Metres;
"oz" Troy ounces;
Ends.
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