TIDMAAU
RNS Number : 1961I
Ariana Resources PLC
11 August 2021
11 August 2021
AIM: AAU
ARZU CENTRAL DRILLING RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with joint-venture gold
mining operations in Europe, is pleased to announce recent resource
drilling results obtained from the Arzu Central 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:
-- New significant intercepts within the Arzu Central area include:
o 10.8m @ 2.00g/t Au + 32.8g/t Ag
o 8.5m @ 2.16g/t Au + 57.2g/t Ag
o 2.0m @ 8.37g/t Au + 50.0g/t Ag
-- Confirmation of high-grade continuity to depth for the
extensions to Arzu North and Derya into the Arzu Central area.
-- New geological modelling currently underway to define an
updated Mineral Resource Estimate and Exploration Target in
compliance with JORC (2012).
Dr. Kerim Sener, Managing Director, commented:
"The latest drilling results from Kiziltepe demonstrate
unequivocally that the Arzu and Derya vein systems are interlinked
without interruption through the Arzu Central area, which is
largely obscured beneath cover rocks. We have long suspected that
the vein system at Kiziltepe was not limited to the areas being
mined and these results confirm that the Arzu structure itself is
at least 2.5km long, with only about 50% of that strike length
having been mined so far. Likewise, the Derya structure clearly
represents a splay off the main NW trend of the Arzu structure,
which interestingly appears to carry typically higher grades than
Arzu North.
"What is immediately apparent from our latest understanding is
that there is an area of not fully quantified resource potential in
the area encompassing Arzu North, Derya and the Ceylan veins. We
have named this important resource development area 'The
Parallelogram' and this will become the focus of further resource
development work, including further drilling, in the coming months.
We will be working on a revised resource estimate for Kiziltepe
accordingly."
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 11,490 metres of diamond drill core over 91 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 testing several significant
exploration targets within the Kiziltepe Sector. This announcement
is the fourth 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), Banu (17 May 2021) and Derya (24 June 2021) areas. This
release focuses on the Arzu Central area of the Kiziltepe Mine.
Arzu Central remains one of Kiziltepe's most significant
exploration targets, along with the Arzu Far North extension and
the Ceylan vein. These areas represent a potential of up to an
additional 2km of mineralised vein extensions in aggregate. Of
this, Arzu Central accounts for 40% of the exploration target area
(800m), and is predicted to represent a triple-junction between the
Arzu South, Arzu North and the Derya vein structures (Figure
1).
Mineralisation within the Arzu Central area is obscured by a
rhyo-dacitic ignimbrite cap-rock, which is up to approximately 80
metres thick. Historically, it has been difficult to target
potential vein trends under the overlying cap-rocks primarily due
to lack of appropriate access, and insufficient data to effectively
target potential vein trends. However, since the mining of Arzu
North and Derya commenced in 2019, routinely collected
grade-control data has progressively added significant resolution
to the geological models around the periphery of the rhyo-dacitic
cap-rocks. As a result, better targeting of 'blind' veins was
successfully executed in the current drilling programme.
Drilling Results
Within the Arzu Central area a total of 1,465.20 metres of
diamond drilling was completed as part of this 2021 drilling
programme (Table 1). The drill holes in the Arzu Central phase of
the programme were primarily designed to infill existing drilling,
continuing to define mineralisation at depth from last known
intercepts, before transitioning under cover of the overlying
rhyo-dacitic ignimbrite cap-rocks. Multiple structures were
intercepted at each tested point, and suggest that there is a clear
change from Arzu South, where there is a single dominant vein
structure, to Arzu North and Derya, where multiple smaller 'swarm'
structures are intercepted. New results from Arzu Central
include:
KTP-D29-21: (from 106.6m to 117.3m) 10.8m @ 2.00g/t Au + 32.8g/t
Ag
KTP-D08-21: (from 110.5m to 119.0m) 8.5m @ 2.16g/t Au + 57.2g/t
Ag
KTP-D08-21: (from 94.6m to 96.6m) 2.0m @ 8.37g/t Au + 50.0g/t
Ag
Drill holes KTP-D18-21, KTP-D29-21 and KTP-D68-21 were drilled
at the defined junction between Arzu North and Arzu Central. The
holes were planned to drill deep (+100 metres) into the known
extents of the vein system, and intercepted multiple mineralised
vein structures ranging from approximately 50cm to 6m in true
width.
Drill hole KTP-D08-21 was designed to step back from existing
drilling and intercept the full Derya vein system as defined by
grade control data and the junction between Derya and Arzu Central.
This hole intercepted seven mineralised structures ranging from
50cm to 7m in true width.
Finally, drill holes 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, as reported earlier this year (23 June 2021). New to
this data are the results for KTP-D12-21, which provides additional
information on the extension of the Arzu South Parallel structure
towards Arzu Central and Derya.
Following the results of all new drilling at Arzu South, Arzu
North, Arzu Central, Banu and Derya, the Ariana team will now make
preparations to finalise all geological models for the next
significant iteration of the Kiziltepe resource. This will be
followed by the next phase of pit optimisation analysis where
extensions to all current pits is expected to occur.
Table 1: Intercepts calculated for all 2021 drilling (8 holes)
at Arzu Central using a 0.5g/t Au minimum cut-off and allowing for
up to 2m internal dilution. Intercepts previously reported are
noted in the table and relate to an earlier announcement on 24 June
2021.
Hole ID From (m) To (m) Interval Au g/t Ag g/t Previously
(m) Reported
KTP-D08-21 40.0 41.0 1.0 0.53 2.0 NEW
--------- ------- --------- ------- ------- -----------
44.0 46.0 2.0 0.98 10.5
--------- ------- --------- ------- ------- -----------
74.9 76.8 1.9 0.96 13.2
--------- ------- --------- ------- -------
94.6 96.6 2.0 8.37 50.0
--------- ------- --------- ------- -------
99.7 101.9 2.2 1.01 6.4
--------- ------- --------- ------- -------
110.5 119.0 8.5 2.16 57.2
--------- ------- --------- ------- -------
125.0 126.0 1.0 0.54 1.0
--------- ------- --------- ------- ------- -----------
KTP-D12-21 27.2 28.2 1.0 0.50 0.0 NEW
--------- ------- --------- ------- ------- -----------
30.2 31.2 1.0 0.50 0.0
--------- ------- --------- ------- ------- -----------
39.3 40.5 1.2 0.65 2.0
--------- ------- --------- ------- -------
165.9 166.9 1.0 0.68 33.0
--------- ------- --------- ------- ------- -----------
KTP-D14-21 64.8 67.9 3.1 0.84 8.3 YES
--------- ------- --------- ------- ------- -----------
125.2 126.2 1.0 0.61 11.0
--------- ------- --------- ------- ------- -----------
158.3 160.0 1.7 3.87 27.1
--------- ------- --------- ------- ------- -----------
KTP-D17-21 63.5 67.0 3.5 3.03 112.4 YES
--------- ------- --------- ------- ------- -----------
101.2 102.2 1.0 0.74 14.0
--------- ------- --------- ------- ------- -----------
147.6 149.4 1.8 2.00 28.8
--------- ------- --------- ------- ------- -----------
KTP-D18-21 98.1 100.1 2.0 0.63 11.1 YES
--------- ------- --------- ------- ------- -----------
107.2 114.1 6.9 2.06 36.0
--------- ------- --------- ------- ------- -----------
122.3 123.8 1.5 0.68 20.0
--------- ------- --------- ------- -------
140.9 141.9 1.0 0.78 0.0
--------- ------- --------- ------- ------- -----------
KTP-D20-21 90.3 91.8 1.5 2.33 92.4 YES
--------- ------- --------- ------- ------- -----------
93.8 94.8 1.0 0.52 7.0
--------- ------- --------- ------- ------- -----------
130.1 131.1 1.0 0.56 4.0
--------- ------- --------- ------- -------
167.5 168.6 1.1 1.30 1.0
--------- ------- --------- ------- ------- -----------
KTP-D29-21 18.3 19.5 1.2 0.83 15.0 NEW
--------- ------- --------- ------- ------- -----------
20.4 21.4 1.0 0.65 15.0
--------- ------- --------- ------- ------- -----------
55.5 56.5 1.0 1.06 7.0
--------- ------- --------- ------- -------
100.5 101.5 1.0 1.16 3.0
--------- ------- --------- ------- -------
106.5 117.3 10.8 2.00 32.8
--------- ------- --------- ------- -------
141.3 142.3 1.0 1.29 9.0
--------- ------- --------- ------- ------- -----------
KTP-D68-21 100.0 101.2 1.2 0.80 5.0 NEW
------------ --------- ------- --------- ------- ------- -----------
148.0 149.0 1.0 2.18 18.0
------------ --------- ------- --------- ------- ------- -----------
http://www.rns-pdf.londonstockexchange.com/rns/1961I_1-2021-8-10.pdf
Figure 1: Plan of the Arzu Central area, showing all the major
Kiziltepe vein areas and illustrating with a star symbol where
major exploration potential currently exists for near future
production. The 2021 drill collars for Arzu Central only, are also
shown. The latest geological vein models are superimposed and
colour coded according by area. Veins in the Arzu Central area are
coded dark red.
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 Arzu Central drilling, a total of 1,303
samples (including 206 QA/QC samples) were submitted to the
Kiziltepe Mine Laboratory. Core recovery for all drilling conducted
at Arzu Central during this campaign was 89%, for a total of 490
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 37.5%.
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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