TIDMAAU
RNS Number : 1110P
Ariana Resources PLC
16 June 2022
16 June 2022
AIM: AAU
POSITIVE RESOURCE DRILLING AT TAVSAN
Ariana Resources plc ("Ariana" or the "Company"), an AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to announce recent resource and
exploration drilling results obtained from the Tavsan Project. The
project is operated by Zenit Madencilik San. ve Tic. A.S. ("Zenit")
in partnership with Proccea Construction Co. and Ozaltin Holding
A.S. and is 23.5% owned by Ariana.
Highlights:
-- Infill resource drilling results from Tavsan include:
o 17.8m @ 2.93g/t Au + 5.1g/t Ag
incl. 3.2m @ 6.84g/t Au + 8.3g/t Ag
o 12.0m @ 1.70g/t Au + 2.9g/t Ag
incl. 5.3m @ 2.0g/t Au + 2.6g/t Ag
o 12.9m @ 1.57g/t Au + 1.9g/t Ag
-- 96 new holes drilled within the Mineral Resource area,
providing data for a revised Mineral Resource Estimate.
-- Work on the Mineral Resource Estimate is well underway, with
a Feasibility Study to be updated on completion of the new Resource
Estimate.
-- 12 geotechnical drill-holes were also completed at the proposed Tavsan processing plant site.
Dr. Kerim Sener, Managing Director, commented:
"These drilling results have continued to reinforce our
understanding of the Tavsan gold-silver deposit and have largely
extended the footprint of known mineralisation, particularly across
the North Zone. In fact, some of the highest grades and widest
intercepts of mineralisation in the whole project are now located
in this zone. Accordingly, we are expecting a significant
improvement in the Mineral Resource Estimate in this area in
particular.
"Permitting for Tavsan is now nearing conclusion and the
construction stage of the project is due to commence in July, once
financing arrangements are completed. We will be revising our
Feasibility Study for Tavsan on completion of the new Resource
Estimate and once finance terms are agreed. This is an exciting
time in the development of our second mine in Turkey and further
updates to the market will be provided in due course."
Drilling Programme
Between November 2021 and March 2022, a 4,354.8m geotechnical
and resource infill drilling programme was completed at Tavsan.
Ninety-six drill holes for a total of 3,871.7 metres of HQ diamond
drilling was completed specifically for resource infill, covering
all four major mineralised zones at Tavsan. At the peak of the
programme, three drill rigs were operating simultaneously. The
average depth for all drilling was approximately 39 metres, with a
minimum depth of 3.8 meters and a maximum depth of 114.30 metres.
All holes, except for one hole angled at 45(o) , were drilled
vertically.
The primary objective of the 2021/2022 drilling programme at
Tavsan was to provide infill drilling data between historic drill
collars to support a reclassification of the Tavsan resources,
primarily into the Measured and Indicated categories. To date, all
assay results for gold and silver have returned from both the Zenit
and ALS laboratories. The majority of the multi-element AAS results
have also been returned, with only a few batches of samples
remaining.
The results received include 55 holes which intercepted gold
mineralisation exceeding 1g/t Au over a sample length of 1 meter,
to a maximum intercept of 17.8 meters, these include:
-- TAV-D66-21: 17.8m @ 2.93g/t Au + 5.1g/t Ag,
incl. 3.2m @ 6.84g/t Au + 8.3g/t Ag
-- TAV-D69-22: 12.0m @ 1.70g/t Au + 2.9g/t Ag
Incl. 5.3m @ 2.0g/t Au + 2.6g/t Ag
-- TAV-D90-22: 12.9m @ 1.57g/t Au + 1.9g/t Ag
North Zone
Thirty-seven new drill holes have been drilled within the Tavsan
North Zone. These holes have intercepted some of the widest
intervals and highest grades of the 2021/2022 programme including
holes TAV-D66-21, TAV-D69-22, TAV-D79-22 and TAV-D90-22. Average
drill hole spacing within the North Zones is now approximately 48
metres. Step-out drilling from the existing resource holes has
expanded the known mineralisation footprint by up to 120
metres.
Main Zone
The Main Zone contains the bulk of the Tavsan Mineral Resource
Estimate. Thirty-eight new drill holes were drilled within the
Tavsan Main Zone. This drilling shows that the most consistent
grades occur within the 0.3km(2) Main Zone resource area, with
average intercept values ranging from 1g/t Au to 4g/t Au
respectively. The average collar spacing within the Main Zone is
now 38 meters. Surface grades defined from the 2019/2020 rock saw
channel sampling have identified some of the most significant
grades peaking at 18.8g/t Au over a 1.4 metre interval
(TAV-CH087-19).
West Zone
Twenty-one new holes were drilled at the Tavsan West Zone.
Drilling here has confirmed mineralisation where historic drilling
was probably terminated too early. However, overall, the
mineralisation at Tavsan West Zone is generally lower grade with
average intercept values ranging from 0.5g/t Au to 2g/t Au. Average
drill collar spacing at Tavsan West Zone is now 48 metres.
Mineral Resource Estimate
In January 2020, an extensive rock-saw channel sampling
programme, sampling over 60 outcrop locations within the immediate
Tavsan resource area was completed (see RNS 22 January 2020). This
contributed to a revised resource estimate corresponding to a 50%
increase in the Tavsan Mineral Resource to 4.49Mt at 1.76g/t Au and
5.0g/t Ag for 253,000 oz Au and 723,000 oz Ag, across all
classification categories (see RNS 11 June 2020). The next phase of
estimation work will involve the integration of the latest drilling
data which is expected to add further confidence to the Mineral
Resource Estimate. Updates to the Tavsan Mineral Resource are now
well underway, and will be reviewed by both the Ariana and Zenit
Mineral Resource Estimation teams in the coming weeks.
In parallel with the new assays, extensive drill core density
data has been collected to support the Tavsan development programme
and revisions to the Mineral Resource Estimate. During the
2021/2022 programme, a total of 896 density measurements have been
acquired. From this data, the Tavsan mineralisation has been
determined to range from 2.57g/cm(3) to 2.64g/cm(3) , depending on
the intensity of brecciation and/or silicification.
Twelve geotechnical diamond drill-holes totalling 374.6m were
completed to the North West of the Tavsan North Zone. These holes
were designed to supplement the Tavsan Feasibility Study by
providing detailed geotechnical data for the foundations of the
proposed Tavsan processing plant.
http://www.rns-pdf.londonstockexchange.com/rns/1110P_1-2022-6-16.pdf
Figure 1: Plan view of the Tavsan area, showing all recent drill
collar positions, rock-saw channel samples, mapped jasperoid
outcrops, and the surface projection of the 2020 Tavsan MRE
domains.
Table 1: Significant intercepts calculated for all 2021/2022
drilling at Tavsan, using a 1g/t Au minimum cut-off and allowing
for up to 1m internal dilution.
Hole ID From (m) To (m) Interval Gold g/t Silver
(m) g/t
TAV-D02B-21 14 15.9 1.9 1.48 1.7
--------- ------- --------- --------- -------
TAV-D03-21 13.6 15.9 2.3 1.78 4.0
--------- ------- --------- --------- -------
TAV-D10-21 1.1 2.1 1 1.10 2.0
--------- ------- --------- --------- -------
TAV-D12-21 15 16 1 1.03 3.0
--------- ------- --------- --------- -------
TAV-D13-21 12 13 1 1.10 0.3
--------- ------- --------- --------- -------
TAV-D14-21 28.4 29.5 1.1 1.04 4.0
--------- ------- --------- --------- -------
TAV-D17-21 20.2 23.4 3.2 1.28 0.7
--------- ------- --------- --------- -------
TAV-D22-21 1 3 2 1.12 15.0
--------- ------- --------- --------- -------
TAV-D22A-21 1 2 1 1.04 9.0
--------- ------- --------- --------- -------
TAV-D25-21 0 4.1 4.1 1.49 5.4
--------- ------- --------- --------- -------
TAV-D27-21 2 3 1 3.26 38.0
--------- ------- --------- --------- -------
6 8 2 1.04 8.5
--------- ------- --------- --------- -------
TAV-D28-21 14 17.3 3.3 1.52 0.5
--------- ------- --------- --------- -------
TAV-D29-21 3.6 6.6 3 2.87 0.3
------------- --------- ------- --------- --------- -------
TAV-D30-21 8.9 12.9 4 3.96 1.7
------------- --------- ------- --------- --------- -------
including 9.9 11.9 2 7.22 3.1
------------- --------- ------- --------- --------- -------
TAV-D31-21 4 5 1 3.33 433.0
--------- ------- --------- --------- -------
8.2 12.2 4 1.80 0.9
--------- ------- --------- --------- -------
15.2 18.6 3.4 2.09 3.3
--------- ------- --------- --------- -------
TAV-D32-21 13.5 21.7 8.2 1.54 1.8
--------- ------- --------- --------- -------
TAV-D34-21 11.3 12.3 1 2.28 0.3
--------- ------- --------- --------- -------
TAV-D35-21 10.6 13.6 3 1.42 0.3
--------- ------- --------- --------- -------
TAV-D37-21 0 1.3 1.3 1.63 0.3
--------- ------- --------- --------- -------
TAV-D41-21 9.7 15.5 5.8 2.49 0.3
--------- ------- --------- --------- -------
17.5 20.5 3 2.62 1.5
--------- ------- --------- --------- -------
TAV-D44-21 8.3 9.3 1 1.59 0.3
--------- ------- --------- --------- -------
TAV-D47-21 8.7 9.8 1.1 1.48 11.0
--------- ------- --------- --------- -------
TAV-D50-21 23.4 26.7 3.3 2.41 12.5
------------- --------- ------- --------- --------- -------
TAV-D53-21 30.7 37.4 6.7 2.24 8.3
------------- --------- ------- --------- --------- -------
including 34.8 36.8 2 4.79 6.5
------------- --------- ------- --------- --------- -------
TAV-D54-21 27.6 29.4 1.8 1.30 3.8
--------- ------- --------- --------- -------
TAV-D55-21 16.2 22 5.8 1.47 1.7
--------- ------- --------- --------- -------
TAV-D61-21 21.9 29 7.1 1.84 4.8
--------- ------- --------- --------- -------
TAV-D62-21 25 26 1 3.43 17.0
--------- ------- --------- --------- -------
TAV-D64-21 1 2.2 1.2 1.06 8.0
--------- ------- --------- --------- -------
TAV-D65-21 0 1 1 1.10 7.0
------------- --------- ------- --------- --------- -------
3 4 1 1.28 5.0
------------- --------- ------- --------- --------- -------
TAV-D66-21 12.7 30.5 17.8 2.93 5.1
------------- --------- ------- --------- --------- -------
including 12.7 15.9 3.2 6.84 8.3
------------- --------- ------- --------- --------- -------
including 20.7 29.6 8.9 2.45 5.25
------------- --------- ------- --------- --------- -------
TAV-D68-21 1 3 2 1.07 8.5
------------- --------- ------- --------- --------- -------
12 13.1 1.1 1.82 84.0
------------- --------- ------- --------- --------- -------
TAV-D69-22 41 53 12 1.70 2.9
------------- --------- ------- --------- --------- -------
including 45.7 51 5.3 2.00 2.6
------------- --------- ------- --------- --------- -------
TAV-D69-22 58 59 1 1.25 2.0
------------- --------- ------- --------- --------- -------
60 62.7 2.7 1.36 1.9
------------- --------- ------- --------- --------- -------
TAV-D70-22 48.7 49.9 1.2 1.09 0.3
--------- ------- --------- --------- -------
TAV-D71-22 9.6 13.5 3.9 1.15 1.9
--------- ------- --------- --------- -------
TAV-D72-22 13 17.7 4.7 1.27 1.7
--------- ------- --------- --------- -------
20.3 22.8 2.5 1.36 2.0
--------- ------- --------- --------- -------
27.4 29.5 2.1 1.72 27.5
--------- ------- --------- --------- -------
31.9 33.2 1.3 2.14 5.0
--------- ------- --------- --------- -------
TAV-D75-22 12.3 21.1 8.8 1.38 1.1
--------- ------- --------- --------- -------
TAV-D76-22 3.2 5.2 2 1.09 3.0
--------- ------- --------- --------- -------
TAV-D77-22 20.1 21.3 1.2 1.18 0.3
------------- --------- ------- --------- --------- -------
TAV-D79-22 43.2 53.4 10.2 1.80 16.0
------------- --------- ------- --------- --------- -------
including 43.2 49.4 6.2 3.38 21.0
------------- --------- ------- --------- --------- -------
TAV-D79-22 58 59.1 1.1 1.15 9.0
------------- --------- ------- --------- --------- -------
TAV-D80-22 42 45 3 3.81 4.3
------------- --------- ------- --------- --------- -------
including 42 44 2 5.15 4.5
------------- --------- ------- --------- --------- -------
TAV-D81-22 82.5 86.2 3.7 1.10 6.7
--------- ------- --------- --------- -------
89 90 1 1.10 0.3
--------- ------- --------- --------- -------
92.3 93.5 1.2 1.58 5.0
--------- ------- --------- --------- -------
TAV-D82-22 94 99 5 2.78 4.2
--------- ------- --------- --------- -------
TAV-D83-22 91.2 95.2 4 1.27 15.8
--------- ------- --------- --------- -------
98.2 100.2 2 1.26 40.5
--------- ------- --------- --------- -------
TAV-D86-22 68.7 72.8 4.1 1.43 3.3
--------- ------- --------- --------- -------
TAV-D87-22 68.8 70.5 1.7 1.06 4.6
--------- ------- --------- --------- -------
75 77 2 1.34 4.0
--------- ------- --------- --------- -------
TAV-D88-22 20 22.2 2.2 1.15 2.5
--------- ------- --------- --------- -------
TAV-D89-22 6 7.3 1.3 1.26 5.0
--------- ------- --------- --------- -------
TAV-D90-22 8 10.6 2.6 1.11 4.1
--------- ------- --------- --------- -------
11.4 13.3 1.9 1.70 1.3
--------- ------- --------- --------- -------
15.9 28.8 12.9 1.57 1.9
--------- ------- --------- --------- -------
TAV-D91-22 7.8 9.7 1.9 1.20 0.3
--------- ------- --------- --------- -------
TAV-D92-22 22.9 24.9 2 1.17 5.0
--------- ------- --------- --------- -------
TAV-D93-22 11 12.6 1.6 2.77 6.5
--------- ------- --------- --------- -------
19 20 1 1.04 1.0
--------- ------- --------- --------- -------
21.8 24.3 2.5 1.10 1.1
--------- ------- --------- --------- -------
TAV-D94-22 77.5 78.6 1.1 1.02 13.0
--------- ------- --------- --------- -------
TAV-D96-22 47.9 49.9 2 1.23 3.6
--------- ------- --------- --------- -------
51.5 54.5 3 1.49 3.7
--------- ------- --------- --------- -------
66 67.6 1.6 1.00 2.5
--------- ------- --------- --------- -------
68.6 69.6 1 1.25 3.1
--------- ------- --------- --------- -------
TAV-D97-22 4.5 9.2 4.7 1.71 4.6
--------- ------- --------- --------- -------
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 assessed systematically and are grouped according to
individual mineralised zones at the Tavsan Sector.
HQ size drill-core samples from the drilling programme at the
Tavsan deposit were cut in half by a diamond saw and sent for
analysis in batches in line with the Company's quality control
procedures. A total of 3,998 samples (including 632 QA/QC samples)
were submitted to the Kiziltepe Mine Laboratory. Core recovery for
all drilling conducted at Tavsan during this campaign was 83%, for
a total of 2,854 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 required 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) 20 3004 9512
Dominic Barretto / Henry Wilkinson arianaresources@yellowjerseypr.com
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 February 2022).
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 222,000 ounces gold and 3.8 million ounces silver (as at
February 2022). 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 0.7 million ounces silver (as at June
2020). Following the approval of its Environmental Impact
Assessment, resulting permitting work is ongoing to develop Tavsan
as the second joint venture gold mining operation in Turkey. 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 owns 100% of Australia-registered Asgard Metals Fund
("Asgard"), as part of the Company's proprietary Project Catalyst
Strategy. The Fund is 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.
Ariana owns 75% of UK-registered Western Tethyan Resources Ltd
("WTR"), which operates across south-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. WTR is being funded through a
five-year Alliance Agreement with Newmont Corporation (
www.newmont.com ).
Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus")
which is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Indicated and
Inferred Resource of 17Mt @ 0.45% to 1.10% copper (excluding
additional gold, silver and zinc), in addition to pursuing a
separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic
SX-EW processing plant and the 11Mt @ 0.25% to 0.69% Cu Apliki mine
development project.
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:
"AAS" Atomic Absorption Spectroscopy;
"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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