TIDMAAU
RNS Number : 3402E
Ariana Resources PLC
07 July 2021
7 July 2021
AIM: AAU
GOLD CONFIRMED AT KOKKINOYIA SECTOR, CYPRUS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce recent drilling results obtained from the Kokkinoyia
Sector of the Magellan Project ("the Project") which is 100% owned
by Venus Minerals Ltd ("Venus")*. Venus is focused on the
exploration and development of copper and gold assets in Cyprus.
Ariana is continuing its earn-in to 50% of Venus and is currently
entitled to 26%.
Highlights:
-- Gold confirmed to be a significant component of the
Kokkinoyia deposit, with an average grade of the mineralised zone
returning 128.77m @ 0.5% Cu + 0.55g/t Au.
-- Significant drilling intercepts from the first hole (VMD001) at Kokkinoyia include:
o 11m @ 1.11% Cu + 1.05g/t Au, i ncluding underground
development back-fill with 2m @ 2.05% Cu + 2.50g/t Au.
o 5.87m @ 0.53% Cu + 4.55g/t Au, including underground
development back-fill with 1.37m @ 0.41% Cu + 12.75g/t Au.
o 12m @ 0.99% Cu + 0.29g/t Au.
-- Eight remaining holes are pending assay results, which will
be released within the coming weeks.
Dr. Kerim Sener, Managing Director, commented:
"These excellent results confirm our expectations that the
Kokkinoyia deposit represents a copper-gold volcanogenic massive
sulphide system. The average grade across the whole length of the
mineralised zone in this first hole demonstrates economically
significant levels of copper and gold accumulation. Furthermore,
where underground development was intercepted, substantial grades
of both copper and gold were identified, suggesting that much of
the back-fill used was also significantly mineralised. This is also
reflected in the grades encountered in the mine waste dumps at
surface. Further drilling results from Kokkinoyia are expected to
be received in the coming weeks and will be integrated into a
revised JORC Resource Estimate when appropriate.
"The progress being made by the Venus team in Cyprus has been
substantial over the past year and these results vindicate our
strategy to diversify our regional interests in Europe. We are
looking forward to accelerating our earn-in on Venus
accordingly."
* Further information about Venus Minerals and its projects is
available on the Company's website, www.venusminerals.co .
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
Following the end of a three-month drilling programme at
Kokkinoyia in early June (comprising over 1,500 metres of
drilling), the team and equipment were mobilised to Klirou where
the team are now actively drilling. The primary aim of the drilling
programme was to add confidence to key historic intercepts on the
western side of Kokkinoyia (Kokkinoyia West) and to identify
potential for gold mineralisation below surface, as indicated by
the results of grab sampling from mine waste dumps. The drilling
has also generated material for future metallurgical test work.
Kokkinoyia
Drilling at Kokkinoyia consisted of nine inclined diamond drill
holes totalling 1,578.8 metres with an average depth of 169m
(minimum depth: 140.60m, maximum depth: 202.50m). A combination of
PQ and HQ diamond drilling was used to test the eastern and western
flanks of the historic Kokkinoyia open pit, where the holes aimed
to test residual mineralisation beneath and around existing
workings (Figure 1). The drilling results for the first diamond
drill hole at Kokkinoyia (VMD001) are provided in Table 1.
Key intercepts from VMD001 include (in order of depth):
-- 48.23m-54.10m: 5.87m @ 0.53% Cu + 4.55g/t Au
o with 48.23m-49.60m: 1.37m @ 0.41% Cu + 12.75g/t Au in
underground development back-fill
-- 85m-96m: 11m @ 1.11% Cu + 1.05g/t Au
o with 85m-87m: 2m @ 2.05% Cu + 2.50g/t Au in underground
development back-fill
-- 144m-156m: 12m @ 0.99% Cu + 0.29g/t Au
-- 165m-176m: 11m @ 0.61% Cu + 0.14g/t Au
The results of this first hole will assist with the confirmation
of the Kokkinoyia JORC Resource Estimate (c.5Mt @ 0.7% Cu for
36,000t Cu (JORC Inferred), see announcement dated 15 October
2020). A further eight Kokkinoyia drill holes are still pending for
assaying at ALS Laboratory Services in Ireland ("ALS Ireland")
.
Historically, all drill holes at Kokkinoyia were drilled
vertically. VMD001 is the first inclined hole in to the deposit and
was designed to test and link mineralisation between several
historic holes. The other pending Venus holes were also mostly
inclined, sufficiently testing all of the Kokkinoyia West area of
the existing resource. VMD001 intercepted two areas of underground
development, which were back-filled with material showing
significantly elevated copper and gold grades of up to 2.05% Cu and
separately 12.75g/t Au. The a verage grade of 'mineralised' core
from start (48.23m) to end (177m) with some minor internal dilution
(5.75m total) returned 128.77m @ 0.5% Cu + 0.55g/t Au . This is a
robust result which has more than adequately tested the current
block model. Furthermore, from approximately 120m to 177m, a new
extended zone of mineralisation is noted (Figure 2). Historic
drilling in the surrounding area appears to have never been sampled
to these depths. Any additional results which support this
observation may lead to further growth of the Kokkinoyia resource
at depth.
Gold assay results at Kokkinoyia were historically non-existent
to minimal (<1% of the database), and therefore, the occurrence
of gold has never been an economic focus for the mining of the
deposit. However, the Kokkinoyia deposit is continuing to
demonstrate the potential for significant gold, as initially
identified from grab sampling of waste rock dumps by the Venus team
in 2018. Overall, the results for this first drill hole have
increased confidence in the historic drilling, and if the remaining
holes prove to yield similar results, there will likely be an
overall increase in confidence in the future Kokkinoyia JORC
Mineral Resource Estimate, with the inclusion of a significant gold
component.
http://www.rns-pdf.londonstockexchange.com/rns/3402E_1-2021-7-6.pdf
Figure 1: Plan view of the Kokkinoyia area, showing all recent
drill collar positions and the projection of the orebody to
surface.
http://www.rns-pdf.londonstockexchange.com/rns/3402E_1-2021-7-6.pdf
Figure 2: Cross section of VMD001 showing the extents of
mineralised core, underground development and the outline of the
existing block model.
Table 1: Significant intercepts calculated for VMD001 (Hole 1 of
2021 drilling) at Kokkinoyia, using a 0.2% Cu minimum cut-off and
allowing for up to 2m internal dilution.
Hole ID From (m) To (m) Interval (m) Cu (%) Gold (g/t)
--------- ------- ------------- ------- -----------
VMD001 48.23 54.10 5.87 0.53 4.55
--------------------- --------- ------- ------------- ------- -----------
inc. UG development 48.23 49.60 1.37 0.41 12.75
--------------------- --------- ------- ------------- ------- -----------
VMD001 58.00 62.00 4.00 0.24 0.28
--------------------- --------- ------- ------------- ------- -----------
VMD001 65.30 66.90 1.60 0.39 0.26
--------------------- --------- ------- ------------- ------- -----------
VMD001 68.00 74.80 6.80 0.36 0.37
--------------------- --------- ------- ------------- ------- -----------
VMD001 76.65 78.00 1.35 0.35 0.40
--------------------- --------- ------- ------------- ------- -----------
VMD001 81.60 83.50 1.90 0.80 0.78
--------------------- --------- ------- ------------- ------- -----------
VMD001 85.00 96.00 11.00 1.11 1.05
--------------------- --------- ------- ------------- ------- -----------
inc. UG development 85.00 87.00 2.00 2.05 2.50
--------------------- --------- ------- ------------- ------- -----------
VMD001 98.00 100.00 2.00 0.35 0.51
--------------------- --------- ------- ------------- ------- -----------
VMD001 103.00 110.00 7.00 0.33 0.15
--------------------- --------- ------- ------------- ------- -----------
VMD001 112.00 114.00 2.00 1.54 0.35
--------------------- --------- ------- ------------- ------- -----------
VMD001 116.00 128.00 12.00 0.53 0.16
--------------------- --------- ------- ------------- ------- -----------
VMD001 144.00 156.00 12.00 0.99 0.29
--------------------- --------- ------- ------------- ------- -----------
VMD001 162.00 163.00 1.00 0.44 0.27
--------------------- --------- ------- ------------- ------- -----------
VMD001 165.00 176.00 11.00 0.61 0.14
--------------------- --------- ------- ------------- ------- -----------
VMD001 178.00 180.00 2.00 0.22 0.07
--------------------- --------- ------- ------------- ------- -----------
Sampling and Assaying Procedures
All diamond drill core is currently being analysed at ALS
Ireland. Results are being assessed systematically.
HQ and PQ size drill-core samples from the drilling programme at
Kokkinoyia were cut by a diamond saw into quarter core. Quarter
core is sent for analysis in batches in line with the Company's
quality control procedures, whilst one quarter is held back for
future metallurgical analysis and the remaining half core is
archived. For drill hole VMD001 at Kokkinoyia, a total of 100
samples (including 15 QA/QC samples) were submitted to ALS
Ireland.
Drill core recoveries for VMD001 ranged between 50% and 100%,
with an overall average for mineralised intercepts and host rocks
of 98%. Underground development nearer the surface showed lower
recoveries of 85% whilst deeper underground development intercepts
had average recoveries of 95%.
All samples were assayed for gold using a 50g fire assay
(Au-AA23) and ME-ICP41 for copper and other elements. 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 crush
and pulp 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:
"Au" chemical symbol for gold;
" Cu " chemical symbol for copper ;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"m" Metres;
Ends.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLFLFSLDDIRIIL
(END) Dow Jones Newswires
July 07, 2021 02:00 ET (06:00 GMT)
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Jan 2025 to Feb 2025
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Feb 2024 to Feb 2025
