TIDMAAU
RNS Number : 6783T
Ariana Resources PLC
26 July 2022
26 July 2022
AIM: AAU
WESTERN TETHYAN RESOURCES GRANTED NEW LICENCE IN KOSOVO
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 the grant of a further
exploration license in Kosovo to Western Tethyan Resources Ltd
("WTR"), which is 75% owned by Ariana. WTR has three other license
applications in Kosovo currently awaiting final approval from the
Independent Commission for Mines and Minerals ("ICMM").
Highlights:
-- Hertica exploration license, comprising 58 km(2) (the
"Project"), lies in the north-eastern part of Kosovo in a
highly-prospective area which also hosts the Tulare porphyry (300Mt
@ 0.27% Cu and 0.26 g/t Au) and the Drazhnja polymetallic deposit
(4.7Mt @ 7% Pb-Zn and 45 g/t Ag).
-- The Project area contains a large 6 km(2) zone of advanced
argillic alteration, with several quartz-diorite porphyry
intrusions containing associated copper, gold and antimony
mineralisation (Figure 1).
-- Reconnaissance work has returned several highly anomalous
gold-bearing samples across several different alteration styles of
the epithermal-porphyry target:
o Up to 0.4 g/t Au and 0.5% Cu from Quartz-Sericite-Pyrite (QSP)
alteration zone, and;
o Up to 0.12 g/t Au from the vughy silica samples.
-- WTR has immediately commenced formal exploration work, which
will include a license-wide pXRF soil sampling programme.
-- WTR now holds 297 km(2) of highly-prospective ground under
licence in Kosovo, with a further 161 km(2) under application.
http://www.rns-pdf.londonstockexchange.com/rns/6783T_1-2022-7-25.pdf
Figure 1: Geology and alteration map of Hertica Project.
Dr. Kerim Sener, Managing Director, Ariana Resources,
commented:
"The addition of the highly-prospective Hertica Project to the
Western Tethyan portfolio is an important step in the development
of our exploration pipeline in Kosovo. This comes at a time when
exploration activities in the country are gearing up, through our
partnership with Newmont Corporation. We are excited about the
latest progress in Kosovo and the wider south-eastern European
region, with multiple projects and target areas already defined.
The region is host to several multi-million-ounce gold (and copper)
deposits, yet remains relatively under-explored. This represents
the sweet-spot for Ariana and our partners in the region, and we
are applying the latest geological thinking and technological
developments to our search for new multi-million-ounce
deposits."
Mentor Demi, Managing Director of Western Tethyan Resources Ltd,
commented:
"We are very excited about the addition of the Hertica
Epithermal-Porphyry Project to our exploration portfolio.
Considering the impressive visual targets in the alteration zone
and intriguing associated geochemistry results, we plan to move the
Project forward rapidly through intense and systematic exploration
work. The company is ideally positioned to develop the Project
through the Exploration Alliance agreement with Newmont Corporation
and Ariana Resources as partners."
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:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"Cu" chemical symbol for copper;
"g/t" grams per tonne;
"m" Metres;
"Mt" million tonnes;
"oz" Troy ounces;
"Pb" chemical symbol for lead;
"pXRF" portable X-Ray Fluorescence;
"Zn" chemical symbol for zinc.
Ends.
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