TIDMAAU
RNS Number : 7584C
Ariana Resources PLC
23 June 2021
23 June 2021
AIM: AAU
DERYA VEIN DRILLING RESULTS
Substantial set of new drilling results from the Kiziltepe Mine
programme
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce recent and substantial resource drilling results
obtained from the Derya 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 central and south-eastern
extents of the Derya vein system over 670m of strike to depths of
c. 130m below surface.
-- New significant intercepts within the vein system include:
o 4.2m @ 6.07g/t Au + 98.2g/t Ag
o 7.1m @ 2.23g/t Au + 11.3g/t Ag
o 2.5m @ 6.07g/t Au + 71.8g/t Ag
-- Confirmation of high-grade continuity to depths exceeding
100m from surface within the central part of the Derya vein.
-- High-grade potential at Derya includes the previously
reported "Bonanza Zone" intercept of 12.1m @ 13.1g/t Au + 187.6g/t
Ag.
-- Further pit optimisation will be undertaken in the coming
months to determine the next stage of open-pit development in this
area.
Dr. Kerim Sener, Managing Director, commented:
"This is yet another substantial set of new drilling results
from the Kiziltepe Mine exploration programme. Derya is continuing
to yield higher gold grades, particularly in the central part of
the vein system and in an area within about 50m vertical depth
below the current pit bottom.
"As the Derya pit continues to be developed, specifically
towards the northwest, the pit is likely to be deepened to enable
access to these higher-grade areas. Further pit optimisation will
be undertaken in the coming months to determine the next stage of
open-pit development in this area.
"It is also apparent that the Derya vein system links up with
the Arzu structure, suggesting further potential to extend the
limits of known gold and silver mineralisation between the Arzu and
Derya open pits, the pit rims of which are only about 300m apart
based on the current mine plan. In addition, it is now apparent
that the vein system, like Arzu North, comprises several
sub-parallel vein structures and the gold mineralisation is not
confined to a single structure."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Drilling Programme
Since late December 2020, the Ariana and Zenit exploration teams
have drilled 10,052 metres of diamond drill core for over 70 holes.
The programme is the Company's most significant drilling campaign
to date, which aims to expand on the open-pittable and potential
underground resources, in addition to systematically testing
several significant exploration targets within the Kiziltepe area.
This announcement is the third in a series of updates following the
release of further assay results from the Kiziltepe mine
laboratory. Earlier announcements include those encompassing the
Arzu North (29 April 2021) and Banu (17 May 2021) areas. This
release focuses on the Derya area of the Kiziltepe Mine.
Drilling Results
Drilling completed at Derya during the summer of 2019 (as
announced 17 October 2019) focused on resource infill drilling of
the Derya vein structure to provide further confidence to
optimisation studies. At the time, the overall width of the Derya
vein system was not known. Newly acquired grade control data (as
announced 18 February 2021), highlighted two additional parallel
structures to the Derya main vein exceeding 1m in true width. These
structures were historically poorly tested and insufficient data
existed to create any robust geological models of them. This latest
drilling programme was designed to test a wider section of the
Derya vein system, intercepting these parallel structures near
surface, as well as targeting the Derya main vein at untested
depths, or in areas where the drill spacing could be improved
(Table 1).
Significant intercepts from the latest drilling programme
include:
-- KTP-D02-21 (73.7m to 77.9m) 4.2m @ 6.07g/t Au + 98.2g/t Ag
-- KTP-D05-21 (44.7m to 51.8m) 7.1m @ 2.23g/t Au + 11.3g/t Ag
-- KTP-D04-21 (68.5m to 71m) 2.5m @ 6.07g/t Au + 71.8g/t Ag.
Drill holes KTP-D02-21, KTP-D03A-21, KTP-D04-21 and KTP-D05-21
represent resource infill along the Derya main vein, and
specifically target depths exceeding the current design pit limits
(approximately 60-70m). The results show that there is significant
scope for a deeper pit to be developed in the longer term (Figure 1
& 2).
Holes KTP-D51-21, KTP-D53-21, KTP-D56-21 and KTP-D58-21 all
target the Derya main vein at a vertical depth exceeding 100m. The
area targeted is specifically testing approximately 50m below the
KTP-D18-11 "Bonanza" zone - 12.1m @ 13.1g/t Au + 187.6g/t Ag (as
announced on 21 May 2012), and will add significant information to
the next iteration of the resource estimation and pit optimisation
at Derya. The results of KTP-D53-21 (1.1m @ 4.27g/t Au + 3g/t Ag)
from a downhole depth of about 160m, demonstrate higher grades in
the central and deeper parts (130 vertical metres) of the Derya
vein, with the mineralisation remaining open at depth (Figure 2).
Other holes, drilled during previous campaigns in the vicinity (17
to 39m away from) the "Bonanza" zone, notably KTP-RC14-10: 11m @
2.46g/t Au + 47.1g/t Ag; KTP-RC12-10: 2m @ 8.23g/t Au + 223.2g/t
Ag; KTP-RC11-19: 14m @ 2.22 g/t Au + 15.1g/t Ag, confirm the
presence of a significant zone of mineralisation in this area.
Finally, drill holes KTP-D08-21, KTP-D14-21, KTP-D17-21 and
KTP-D20-21 were designed to provide additional confidence to
existing drilling, testing the zone linking the Derya, Arzu Central
and Arzu South structures. Here, several structures have been
intercepted at various depths. Most significantly, several new
intercepts of the Arzu South Parallel structure (as announced on 19
October 2016) show the structure continuing a further 170m
northwest towards Derya. The additional drilling in this area has
further highlighted the potential for an extension of the Arzu
South pit towards Derya, and perhaps the future merging of the
Derya, Arzu South and Arzu North pits, which remains a significant
focus for future drilling in the immediate area (Figure 1 &
2).
Table 1: Intercepts calculated for all 2021 drilling (13 holes)
at Derya vein, using a 1g/t Au minimum cut-off and allowing for up
to 2m internal dilution.
Hole ID From (m) To (m) Interval Gold Grade Silver Grade
(m) (g/t) (g/t)
KTP-D02-21 0.5 2.15 1.65 1.43 29.4
--------- ------- --------- ----------- -------------
73.7 77.9 4.2 6.07 98.2
--------- ------- --------- ----------- -------------
80.3 81.4 1.1 1.35 0.0
--------- ------- --------- ----------- -------------
83 86.5 3.5 2.01 25.0
--------- ------- --------- ----------- -------------
KTP-D03-21 86.1 90.2 4.1 2.51 71.4
--------- ------- --------- ----------- -------------
104.7 105.7 1 3.13 3.0
--------- ------- --------- ----------- -------------
KTP-D03A-21 20.2 21.2 1 1.46 1.0
--------- ------- --------- ----------- -------------
28.3 35.4 7.1 2.13 24.5
--------- ------- --------- ----------- -------------
KTP-D04-21 43.9 46 2.1 3.31 51.3
--------- ------- --------- ----------- -------------
47.1 48.1 1 1.65 7.0
--------- ------- --------- ----------- -------------
62.1 64.3 2.2 1.04 4.0
--------- ------- --------- ----------- -------------
68.5 71 2.5 6.07 71.8
--------- ------- --------- ----------- -------------
KTP-D05-21 39 40 1 1.41 10.0
--------- ------- --------- ----------- -------------
44.7 51.8 7.1 2.23 11.3
--------- ------- --------- ----------- -------------
53.8 54.8 1 1.65 19.0
--------- ------- --------- ----------- -------------
KTP-D08-21 Geotech Study Hole - Assay Pending
---------------------------------------------------------
KTP-D14-21 66.9 67.9 1 1.28 5.0
--------- ------- --------- ----------- -------------
159 160 1 6.22 37.0
--------- ------- --------- ----------- -------------
KTP-D17-21 63.5 67 3.5 3.03 112.4
--------- ------- --------- ----------- -------------
KTP-D20-21 167.5 168.6 1.1 1.30 1.0
--------- ------- --------- ----------- -------------
KTP-D51-21 74.5 75.5 1 4.18 16.0
--------- ------- --------- ----------- -------------
112.5 113.5 1 1.06 7.0
--------- ------- --------- ----------- -------------
131.6 132.6 1 1.52 2.0
--------- ------- --------- ----------- -------------
KTP-D53-21 85 86 1 1.71 2.0
--------- ------- --------- ----------- -------------
108.2 109.3 1.1 2.49 66.0
--------- ------- --------- ----------- -------------
139.8 140.8 1 2.16 3.0
--------- ------- --------- ----------- -------------
157.2 158.5 1.3 2.18 2.0
--------- ------- --------- ----------- -------------
159.8 160.9 1.1 4.27 3.0
--------- ------- --------- ----------- -------------
165.5 166.5 1 1.67 3.0
--------- ------- --------- ----------- -------------
KTP-D56-21 124.8 125.8 1 2.89 19.0
--------- ------- --------- ----------- -------------
KTP-D58-21 65.7 66.7 1 1.23 2.0
------------- --------- ------- --------- ----------- -------------
68.7 69.7 1 1.13 0.5
------------- --------- ------- --------- ----------- -------------
118.5 119.5 1 1.38 23.0
--------- ------- --------- ----------- -------------
132.7 133.7 1 1.88 6.0
------------- --------- ------- --------- ----------- -------------
http://www.rns-pdf.londonstockexchange.com/rns/7584C_1-2021-6-22.pdf
Figure 1: Plan of the Derya area, showing the 2020 optimisation
pit outline (yellow dashed line), the main Derya vein (pink) and
new vein extensions identified from drilling (red). Mineralisation
remains open at depth and to the northwest in particular.
http://www.rns-pdf.londonstockexchange.com/rns/7584C_1-2021-6-22.pdf
Figure 2: Long-section through the 2020 Derya designed pit
showing the latest drilling intercepts (in red) into the Derya vein
structure. The 2021 drilling results will provide new data for a
revised optimisation study due to be completed in the coming
months.
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Kiziltepe mine site and analysed at the Kiziltepe 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 Derya drilling, a total of 1,818 samples
(including 287 QA/QC samples) were submitted to the Kiziltepe Mine
Laboratory. Core recovery for all drilling conducted at Derya
during this campaign was 87%, for a total of 942 measurements.
All samples were assayed for gold using a 30g fire assay.
Reviews of the assay results have determined that all Quality
Control and Quality Assurance samples (blanks, standards and
duplicates) passed the quality control checks established by the
company, with duplicate samples showing excellent correlation.
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 and Kosovo.
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 currently earning-in to 75% of Western Tethyan
Resources Ltd ("WTR"), which operates across Eastern Europe and is
based in Pristina, Republic of Kosovo. The company is targeting its
exploration on major copper-gold deposits across the
porphyry-epithermal transition.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus") and has to date earned into an entitlement to 26%.
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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