TIDMAAU
RNS Number : 3829K
Ariana Resources PLC
21 December 2022
21 December 2022
AIM: AAU
YEAR-END UPDATE ON ASGARD INVESTMENTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to provide an update on the 100%
owned Asgard Metals Fund ("Asgard") and its associated
investments.
Highlights:
-- Panther Metals Limited (3.2% held): Definition of a major
laterite nickel resource at the Coglia Project of 70.6Mt at 0.7%
nickel and 460ppm cobalt (JORC Inferred) near Laverton, Western
Australia, in proximity to the Glencore-owned Murrin-Murrin nickel
operation (announced on 27 June 2022).
o Potential to increase resource substantially at Coglia, with a
further 34 to 62Mt located within a JORC Exploration Target.
o Exploration of several gold projects underway in the Laverton
region and in the Pine Creek Orogen of the Northern Territory;
initial drilling results are highly encouraging particularly
bonanza intercepts at Burtville East including 15m at 53.94g/t gold
from 27m (announced on 14 July 2022).
-- Pallas Resources Limited (6.0% held): Completion of maiden
field programme involving geochemistry and geophysics over five
exploration licences (934km(2) ) in Kazakhstan; encouraging results
for gold and/or copper observed across all areas and at Sarybastau
and Ulkensur in particular.
o Newly acquired exploration licences include Satpaev (90km(2) )
and Southeast Bay (490km(2) ) which lie within the Chu-Sarysu
basin, the third largest sediment-hosted copper basin globally.
o Preliminary strategic alliance and joint venture agreement
signed with a major multinational base metal producer, and a
separate term sheet received from a second major.
-- Annamite Resources Holdings Pte. Ltd. (5.8% held):
Identification of a significant porphyry Cu-Au system at the Sokdee
Project in Laos; initial drilling includes intercepts of 60m @
0.22g/t Au, 0.41% Cu and 88ppm Mo from 24m and 3m @ 9.2g/t Au,
0.51% Cu and 49g/t Ag from 64m at Namthom.
o Significant geochemical anomalism and geophysical anomalies
suggest the continuity of mineralisation for 1km x 1km at Namthom
and 1.6km x 0.4km further to the north at Mouk which represents a
major new target area.
o Annamite presently undertaking a new fundraise in order to
advance exploration across its projects through 2023.
Dr. Kerim Sener, Managing Director, commented:
"2022 represents the first full year since our launch of the
Asgard Metals investment strategy. To date we have made three
significant investments at a total cost of A$637,000 in a variety
of exploration projects in three different jurisdictions,
Australia, Kazakhstan and Laos. Each of these investments were made
into private companies holding quality discovery-stage exploration
opportunities, one of which has since listed on a major
stock-exchange; Panther Metals Limited (ASX: PNT). Within about six
months of listing, Panther Metals announced a maiden JORC Resource
on its Coglia nickel-cobalt project and has identified the
opportunity to grow this project to substantial scale.
"We now look forward to seeing our other investments take shape,
as they are advanced towards their own possible IPOs. In
Kazakhstan, Pallas Resources has secured over 1,500km(2) of highly
prospective ground for orogenic gold, porphyry and sediment-hosted
copper in a region known for world-class deposits. Preliminary
exploration on this ground has yielded several encouraging results
through the year and Pallas is now poised for further exploration
success. Likewise, in Laos, Annamite Resources has identified in
drilling a large porphyry copper-gold-molybdenum system, which
shows some areas containing very high gold and silver grades.
"We continue to identify other high-quality exploration
opportunities based on clever exploration targeting methodologies
or those in which new exploration concepts are worthy of testing.
We are on the hunt for world-class discoveries and we look forward
to working with our investee companies and their local teams to
bring these about."
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 Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million million ounces silver (as at November 2022).
Following the approval of its Environmental Impact Assessment and
associated permitting, Tavsan is being developed as the second 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 an
option on a 50:50 JV with Hellenic Apliki Mines, which owns the
Hellenic SX-EW processing plant and the 17Mt @ 0.26% 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 .
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
UPDMZMZZNGVGZZM
(END) Dow Jones Newswires
December 21, 2022 02:00 ET (07:00 GMT)
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Dec 2024 to Jan 2025
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Jan 2024 to Jan 2025
