TIDMAAU
RNS Number : 5438D
Ariana Resources PLC
30 June 2021
30 June 2021
AIM: AAU
EXCELLENT KEPEZ NORTH 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
Kepez North ("Kepez" or "the Project") area of the Kiziltepe
Sector. Kepez North 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:
-- Infill resource drilling results from the Kepez North vein include:
o 2.70m @ 15.26g/t Au + 90.7g/t Ag
o 2.60m @ 5.75g/t Au + 9.2g/t Ag
o 6.05m @ 2.34g/t Au + 22.5g/t Ag
-- New intercepts from surface for the Kepez North scree returned:
o 4.5m @ 10.21g/t Au + 133.8g/t Ag
o 4.0m @ 8.26g/t Au + 107.3g/t Ag
o 1.5m @ 5.02g/t Au + 51.0g/t Ag
-- Revised geological model now supports the mineralised vein
with more confidence, and also includes a robust domain for highly
mineralised surface scree.
-- Revised resource estimation and optimisation studies now underway.
Dr. Kerim Sener, Managing Director, commented:
"The Kepez area has always been an enigmatic jewel in the
portfolio. Our earliest work at the site undertaken in 2005,
confirmed the presence of very high gold grades in mineralised
surface scree. However, follow-up drilling in 2006 along strike and
down dip of the structure, while encountering vein mineralisation,
did not provide many significant intercepts. Despite this, further
work over the years, concentrating in a limited area of 150m by
150m, continued to confirm the presence of very high-grade precious
metal mineralisation. The latest drilling was the first to be
conducted in the central part of this unique area and demonstrates,
for the first time, the potential for a northwest trending
high-grade mineralised shoot, cutting across the main vein
structure, and which dips at about 40 degrees to the west. This new
data will lead to a revised resource estimate for Kepez, which now
shows the potential for a significant grade boost. The fact that
most of the high-grade mineralisation is directly accessible from
surface to a depth of about 70m, suggests that the majority of the
resource is likely to convert to mining reserves. Accordingly, our
JV is looking at ways to expedite the mining of this area."
Drilling Programme
Following the end of an extensive 6-month drilling programme at
the Kiziltepe Mine, which exceeded 10,000m, drilling continued at
Kepez, which is located 6.5km by straight-line or 15km by road,
northeast of the Kiziltepe Mine (Figure 1 & 2). From late May,
the exploration team completed a short (approx. 1,000m) diamond
drilling programme at Kepez. The primary aim of the programme was
to complete in-fill resource drilling at Kepez North, within the
limits of a newly acquired forestry permit. A secondary objective
was to mobilise the drill rig to the Kepez Main area (1km south of
Kepez North), where several holes were planned to target the Kepez
Main vein for the very first time.
Kepez North
Drilling at Kepez North consisted of five vertical diamond drill
holes totalling 300.2 meters (min. depth 41.5m, max. depth 83.2m).
Access for the programme was limited to a newly acquired forestry
permit which had been granted for drilling only on the available
access road to the vein outcrop. The Kepez North vein was
previously defined from historic drilling to be shallowly dipping
to the west at approximately 40 degrees. Consequently, all drilling
completed in this programme was undertaken vertically (Figure
1).
The Kepez North drilling programme is summarised in Table 1,
returning exceptional results, including:
-- KPZ-D02-21 (23.0m-25.7m) 2.70m @ 15.26g/t Au + 90.7g/t Ag
-- KPZ-D02-21 (28.5m-31.1m) 2.60m @ 5.75g/t Au + 9.2g/t Ag
-- KPZ-D03-21 (28.85m-34.90m) 6.05m @ 2.34g/t Au + 22.5g/t Ag
-- KPZ-D04-21 (40.6m-41.6m) 1.00m @ 2.16g/t Au + 1.0g/t Ag
These results highlight the significant grade demonstrated near
surface within the Kepez North vein and crucially aids the
development of the mineral resource potential. A revised resource
update is well underway, and an upgrade to the resource
classification (confidence) and increase to overall ounces of the
current JORC resource (c. 220,000t @ 2.08g/t Au + 14.7g/t Ag for
15,000 oz Au + 104,000 oz Ag, Indicated and Inferred) is expected
(see announcement dated 31 May 2018). Further significant work is
now planned at Kepez and will be scheduled as more permits become
available.
Kepez North Scree
In addition to the latest drilling intercepts of in-situ vein
material, the new drilling has also intercepted a body of highly
mineralised scree, located above the western flank (hanging wall)
of the Kepez Main vein (Figure 1). This scree material was subject
of a significant investigation during 2020 (see announcement dated
02 April 2020), for which an initial JORC resource of c. 60,000t @
4.61g/t Au + 34.7g/t Ag for 9,000oz Au + 67,000oz Ag was defined
from surface sampling and rock-saw channel sampling over an area of
13,500m(2) .
The new drilling has improved the geological modelling of the
extents of the mineralised scree, particularly in better defining
its sub-surface thickness. Intercepts of this work include:
-- KPZ-D03-21 - (0m-4.5m) 4.5m @ 10.21g/t Au + 133.8g/t Ag
-- KPZ-D02-21 - (0m-4.0m) 4.5m @ 8.26g/t Au + 107.3g/t Ag
-- KPZ-D01-21 - (0m-1.5m) 1.5m @ 5.02g/t Au + 51.0g/t Ag
http://www.rns-pdf.londonstockexchange.com/rns/5438D_1-2021-6-29.pdf
Figure 1: Plan view of the Kepez North area, showing all recent
drill collar positions, the projection of the latest Kepez vein to
surface, and the outline of the modelled scree domain for the next
phase of Mineral Resource Estimation work.
Table 1: Significant intercepts calculated for all 2021 drilling
at Kepez North, using a 1g/t Au minimum cut-off and allowing for up
to 2m internal dilution.
Silver
Hole ID From (m) To (m) Interval (m) Gold g/t g/t
KPZ-D01-21 0 1.5 1.5 5.02 51.0
--------- ------- ------------- --------- -------
4.5 5.5 1.0 1.12 22.0
--------- ------- ------------- --------- -------
KPZ-D02-21 0 4.0 4.0 8.26 107.3
--------- ------- ------------- --------- -------
18.0 19.0 1.0 1.39 10.0
--------- ------- ------------- --------- -------
23.0 25.7 2.7 15.26 90.7
--------- ------- ------------- --------- -------
28.5 31.1 2.6 5.75 9.2
--------- ------- ------------- --------- -------
KPZ-D03-21 0 4.5 4.5 10.21 133.8
--------- ------- ------------- --------- -------
28.9 34.9 6.1 2.34 22.5
--------- ------- ------------- --------- -------
KPZ-D04-21 40.6 41.6 1.0 2.16 1.0
--------- ------- ------------- --------- -------
Kepez Main
Following the completion of drilling at Kepez North, the team
mobilised south to Kepez Main (Figure 2), for which an additional
700m of drilling was planned. This is the first time drilling
activities have been undertaken at Kepez Main, which presents a
compelling exploration target. Exploration at Kepez Main was first
discussed in 2013 (see announcement dated 23 September 2013), after
the discovery of a highly silver-rich zone, returning grades of up
to 1.5g/t Au + 383g/t Ag and 1.7g/t Au + 234g/t Ag in rock-chip
sampling. Results for this drilling programme are currently pending
with the Kiziltepe Mine Laboratory and will be discussed in the
coming weeks after the team have completed their internal
reporting.
http://www.rns-pdf.londonstockexchange.com/rns/5438D_1-2021-6-29.pdf
Figure 2: Summary map of the Kiziltepe Sector, showing all key
deposits and prospects. Kepez North and Kepez Main, the primary
subjects of this announcement are indicated with yellow stars, and
are located approximately 6.5km (15km by road) from the Kiziltepe
Mine site.
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
Kepez 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 Kepez North drilling, a total of 306
samples (including 46 QA/QC samples) were submitted to the
Kiziltepe Mine Laboratory. Core recovery for all drilling conducted
at Kepez North during this campaign was 85%, for a total of 178
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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