TIDMAAU
RNS Number : 8058I
Ariana Resources PLC
17 August 2021
17 August 2021
AIM: AAU
ARZU SOUTH 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 and
substantial resource drilling results obtained from the Arzu South
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 South area include:
o 13.9m @ 1.67g/t Au + 17.5g/t Ag
o 8.2m @ 2.49g/t Au + 43.5g/t Ag
o 5.0m @ 2.70g/t Au + 27.6g/t Ag
-- Full Kiziltepe Mineral Resource Estimation update study based
on the drilling completed up to the end of June 2021 now
underway.
-- Remaining Arzu South resource to be assessed for extraction
via an expanded open-pit along strike and to greater depth.
Dr. Kerim Sener, Managing Director, commented:
"These drilling results have confirmed the opportunity to expand
the open-pit at Arzu South, particularly at the NW end and also at
further depth. Some of the deeper drilling undertaken at Arzu South
this year aimed to provide further definition to some higher-grade
mineralised shoots, though the continuity to depth of these is now
considered less likely. We are, however, very encouraged to see the
opportunities for pit expansion and to bring Arzu South back into
operation. Being the highest-grade vein system overall at
Kiziltepe, this is an important development. Further work,
including engineering, will be undertaken following the completion
of an updated Mineral Resource Estimate. Encouragingly, we have
both identified and confirmed the presence of additional narrow but
potentially higher-grade veins in both the hanging wall and
footwall of the main Arzu South vein, which furthers the
opportunity to build an enhanced resource.
"After having received additional permits at Kiziltepe, the JV
has determined to further extend its drilling programme. The drill
rig is currently completing an expanded programme of drilling at
Kepez, following which it will be returned to Kiziltepe to continue
drilling at Arzu North and Derya, within the newly named
'Parallelogram' target area."
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 for 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 fifth in a series of updates following the release of
further assay results from the Kiziltepe Mine Laboratory. Earlier
announcements include those encompassing the Arzu Central (11
August 2021), Derya (24 June 2021), Banu (17 May 2021) and Arzu
North (29 April 2021) areas. This release focuses on the Arzu South
area of the Kiziltepe Mine.
Arzu South is the most significant area of gold and silver
mineralisation within the Kiziltepe Sector. Mining of the Arzu
South vein system (within the Feasibility Study permitted areas)
commenced in November 2016 and was completed in August 2020,
following the extraction of 656,000 tonnes of ore at an average
grade of 4.17g/t Au and 59.6 g/t Ag. Further work since late 2019
has continued at Arzu South with the aim of increasing the
confidence of the remaining mineral resources sufficiently to allow
re-permitting of the open-pittable area. This work is now largely
completed, and the results presented here represent the final input
for a total re-evaluation of Arzu South's remaining resources,
which are to be assessed for further open pit expansion and/or
underground development.
Drilling Results
During the 2021 Arzu South drilling campaign, a total of 5,389
metres of diamond drilling was completed for a total of 31 holes.
The drill holes targeted mineralisation in and around the Arzu
South open pit to a depth of 50-150m (maximum 213.2m), infilling
and increasing confidence to drilling completed during 2020.
The drilling at Arzu South was completed with two main
objectives in mind: 1) to complete infill resource drilling along
strike (particularly to the northwest), and at depth beneath the
existing Arzu South open-pit (Figures 1 and 2) and; 2) to complete
additional drilling to target a new vein recently discovered during
drilling completed in 2020 (see announcement dated 02 September
2020).
The latest drilling returned 27 new mineralisation intercepts
ranging from 5.45g/t Au to 1.0g/t Au with true thickness varying
from 0.5m to 9.0m. Key intercepts within this data include:
KTP-D01-21 (56.6m - 70.5m) 13.9m @ 1.67g/t Au + 17.5g/t Ag
KTP-D10-21 (135.2m - 143.4m) 8.2m @ 2.49g/t Au + 43.5g/t Ag
KTP-D01-21 (46.6m - 51.6m) 5.0m @ 2.70g/t Au + 27.6 g/t Ag
KTP-D59-21 (136.1m - 141.2) 5.1m @ 2.16g/t Au + 44.2g/t Ag
Drilling results for the "New 2020 Vein" discovered at Arzu
South include:
KTP-D63-21 1m @ 5.45g/t Au + 10.0g/t Ag
KTP-D64-21 1m @ 2.84g/t Au + 19.0g/t Ag
KTP-D67-21 2m @ 1.17g/t Au + 4.0g/t Ag
Conceptual pit optimisation work completed during early 2021 was
used to guide the latest Arzu South drilling programme, which has
now resulted in a dataset which provides significantly more
confidence to the final round of pit optimisation studies planned
for Arzu South. These results will enable the development of a
revised geological model for Arzu South, which will allow an
updated Mineral Resource Estimation to be calculated in the
following weeks.
Table 1: Intercepts calculated for Arzu South 2021 drilling,
using a 0.5g/t Au minimum cut-off and allowing for up to 2m
internal dilution .
Hole ID From (m) To (m) Interval (m) Au g/t Ag g/t
KTP-D01-21 16.2 17.4 1.2 0.77 3.0
--------- ------- ------------- ------- -------
33.2 34.2 1.0 0.92 2.0
--------- ------- ------------- ------- -------
46.6 51.6 5.0 2.7 27.6
--------- ------- ------------- ------- -------
56.6 70.5 13.9 1.67 17.5
--------- ------- ------------- ------- -------
77.6 78.6 1.0 0.69 8.0
--------- ------- ------------- ------- -------
80.4 81.4 1.0 0.93 9.0
--------- ------- ------------- ------- -------
KTP-D07-21 5 6 1.0 0.5 29.0
--------- ------- ------------- ------- -------
32.7 33.7 1.0 0.6 10.0
--------- ------- ------------- ------- -------
34.7 42.5 7.8 1.27 14.4
--------- ------- ------------- ------- -------
KTP-D07A-21 32.3 34.6 2.3 0.86 8.5
--------- ------- ------------- ------- -------
157.6 158.6 1.0 1.03 34.0
--------- ------- ------------- ------- -------
KTP-D10-21 135.2 143.4 8.2 2.49 43.5
--------- ------- ------------- ------- -------
KTP-D31-21 60.1 61.3 1.2 1.38 4.0
--------- ------- ------------- ------- -------
KTP-D36-21 104.4 105.4 1.0 1.57 6.0
--------- ------- ------------- ------- -------
107.4 108.4 1.0 0.8 3.0
--------- ------- ------------- ------- -------
120.6 121.65 1.1 0.53 40.0
--------- ------- ------------- ------- -------
125.3 127.8 2.5 1.6 72.8
--------- ------- ------------- ------- -------
KTP-D39-21 145.8 147.8 2.0 0.68 1.5
--------- ------- ------------- ------- -------
150.4 151.4 1.0 0.5 45.0
--------- ------- ------------- ------- -------
152 155.9 3.9 0.8 63.6
--------- ------- ------------- ------- -------
KTP-D41-21 177.4 178.4 1.0 0.67 86.0
--------- ------- ------------- ------- -------
KTP-D43-21 102.2 103.2 1.0 0.62 50.0
--------- ------- ------------- ------- -------
KTP-D47-21 180.9 181.9 1.0 0.56 33.0
--------- ------- ------------- ------- -------
186.8 187.8 1.0 0.55 42.0
--------- ------- ------------- ------- -------
KTP-D50-21 141.8 145 3.2 0.99 35.8
--------- ------- ------------- ------- -------
KTP-D52-21 204.6 206 1.4 1 9.5
--------- ------- ------------- ------- -------
KTP-D55-21 209.2 210.2 1.0 1 2.0
--------- ------- ------------- ------- -------
213.2 214.2 1.0 0.53 52.0
--------- ------- ------------- ------- -------
KTP-D57-21 162.9 163.9 1.0 0.67 50.0
--------- ------- ------------- ------- -------
165.1 169.1 4.0 1.09 52.8
--------- ------- ------------- ------- -------
KTP-D59-21 30.2 31.2 1.0 0.64 17.0
--------- ------- ------------- ------- -------
84.2 85.2 1.0 0.68 2.0
--------- ------- ------------- ------- -------
136.1 141.2 5.1 2.16 44.2
--------- ------- ------------- ------- -------
150.5 153.1 2.6 0.72 32.8
--------- ------- ------------- ------- -------
KTP-D61-21 81.6 86.7 5.1 1.07 19.5
--------- ------- ------------- ------- -------
89.7 90.7 1.0 0.59 0.0
--------- ------- ------------- ------- -------
KTP-D62-21 4.2 5.2 1.0 0.71 0.0
--------- ------- ------------- ------- -------
KTP-D63-21 38 39 1.0 5.45 10.0
--------- ------- ------------- ------- -------
52 53.1 1.1 0.7 0.0
--------- ------- ------------- ------- -------
107.5 109 1.5 2.33 132.0
--------- ------- ------------- ------- -------
123 124 1.0 0.52 0.0
--------- ------- ------------- ------- -------
KTP-D64-21 25.5 26.5 1.0 2.84 19.0
--------- ------- ------------- ------- -------
66.5 67.5 1.0 1.52 101.0
--------- ------- ------------- ------- -------
KTP-D65-21 174.2 176.3 2.1 0.94 110.8
--------- ------- ------------- ------- -------
KTP-D66-21 119 120.2 1.2 1.63 73.0
--------- ------- ------------- ------- -------
KTP-D67-21 34.2 35.5 1.3 0.81 9.0
--------- ------- ------------- ------- -------
50.5 51.5 1.0 0.77 8.0
--------- ------- ------------- ------- -------
64.9 66.9 2.0 1.17 4.0
--------- ------- ------------- ------- -------
KTP-D68-21 100 101.2 1.2 0.8 5.0
------------- --------- ------- ------------- ------- -------
148 149 1.0 2.18 18.0
------------- --------- ------- ------------- ------- -------
http://www.rns-pdf.londonstockexchange.com/rns/8058I_1-2021-8-16.pdf
Figure 1: Long-section of the Arzu South vein, showing recent
(red dots) and historic drilling (yellow dots) results and the
outline conceptual pit optimisation work completed at Arzu South.
The position of long-section line X-Y is shown in the top inset
plan (showing the open pit) and the bottom inset long-section shows
the true thickness of the vein with orange to red indicating a
width greater than 4m (the position of the open pit is also
shown).
http://www.rns-pdf.londonstockexchange.com/rns/8058I_1-2021-8-16.pdf
Figure 2: Plan of the Arzu South area, showing all of the major
Kiziltepe vein areas and illustrating with a star symbol where
major exploration potential currently exists for future production.
Early 2021 conceptual pit optimisation work is superimposed (purple
line) over the outline of the original Arzu South Pit (yellow).
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 South drilling, a total of 2,954
samples (including 466 QA/QC samples) were submitted to the
Kiziltepe Mine Laboratory. Core recovery for all drilling conducted
at Arzu South during this campaign was 92% for a total of 2,446
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 3476 2080
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).
Ariana operates its wholly-owned Asgard Metals Fund ("Asgard"),
as part of the Company's proprietary Project Catalyst Strategy. The
Fund will be focused on investments in high-value potential,
discovery-stage mineral exploration companies located across the
Eastern Hemisphere and within easy reach of Ariana's operational
hubs in Australia, Turkey and the UK.
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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