TIDMAAU
RNS Number : 0762D
Ariana Resources PLC
19 June 2023
19 June 2023
AIM: AAU
SIGNIFICANT DRILLING RESULTS AT SALINBAS AND ARDALA
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe , is pleased to announce a further set of
results from the ongoing drilling programme at Salinbas and to
provide a general update on other exploration across the wider
project area. The project is operated via 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:
-- Completion of the deepest hole drilled into the Ardala
Porphyry to date (745.3m), with significant intercept of:
o 461.8m @ 0.22% Cu + 0.23g/t Au and 155ppm Mo from 283.5
metres.
-- New "contact-mineralisation" intercepted on the periphery of the Ardala porphyry, returning:
o 8.2m @ 1.27% Cu + 0.95g/t Au + 22.4g/t Ag + 0.16% Zn from 46.6
metres.
o Including 0.3m @ 12.92% Cu from 52.9 metres.
-- Infill drilling within the Salinbas resource area progressing
well, with best results to date including:
o 12.8m @ 1.34g/t Au + 3.3g/t Ag
o 10.7m @ 1.19g/t Au + 16.5g/t Ag
o 5.8m @ 1.43g/t Au + 25.0g/t Ag
-- Over 12,000 metres of drilling completed since the drilling programme commenced in late 2021.
To read a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/0762D_1-2023-6-18.pdf
Dr. Kerim Sener, Managing Director, commented:
"These results represent another major development for the
Salinbas Project as a whole. We have now confirmed the presence of
a significantly gold-rich core to the Ardala Porphyry system in the
deepest and one of the most well-mineralised holes drilled on the
project to date, yielding almost half a kilometre of continuous
copper, gold and molybdenum mineralisation, to a total depth of
approximately three-quarters of a kilometre, ending in
mineralisation. Importantly, this mineralisation is partly
encountered outside of the zone previously identified as the
high-grade potassic core of the porphyry, suggesting that our
understanding of the overall potential is only just beginning. This
reaffirms the high prospectivity of the area and further
demonstrates the need to continue testing both the porphyry and its
immediate environs, which have recently yielded significant
high-grade copper and gold results in "contact-mineralisation"
zones proximal to the margins of the intrusions.
In conjunction with these impressive results from the porphyry
area, in-fill drilling undertaken at the Salinbas area has
continued to encounter the Salinbas mineralised horizon, largely
where previously modelled, demonstrating the continuity of both
gold and silver grade, in places over significant greater than 10m
intervals. We have also encountered significant new mineralisation
just on the margins of the previously defined Salinbas resource
area, including one hole that intercepts good mineralisation right
at surface, as we had predicted. In addition, several holes
reported on previously, but lacking sufficient analytical data at
the time, identified zones of very high-grade base metal
mineralisation towards the Ardala Porphyry on the southern flank of
the AS Zone.
We are now about halfway through a substantially expanded
drilling programme which allows for up to 22,000m of drilling.
Drilling also remains underway at Hizarliyayla using a second
drill-rig and the initial results of this drilling will be reported
on separately from this release. The drilling programme is
continuing to be funded through US$8 million in new capital
provided to the project by Ozaltin Holding A.S."
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
The following update comprises the latest drilling results from
the Salinbas Project (Table 1 & 2). The ongoing programme has
remained active since late 2021, with the occasional break for bad
weather and inaccessibility issues. The previous results for
drilling undertaken largely during the 2021/2022 period were
announced on 25 January 2023.
The Salinbas P roject, comprising the mineralisation encountered
at Salinbas and Ardala, is located in north-eastern Turkey within
the multi-million ounce Artvin Goldfield. Drilling has been focused
in the Ardala area and the zone connecting Ardala with Salinbas
since November 2021 (Figure 1), with a total of 11,114.9m drilled
(including the first 5 holes at the Hizarliyayla prospect to the
south) to date across 60 HQ diamond drill holes, with the top of
the hole in PQ due to a thick colluvium layer .
Currently, there are two drill rigs operating simultaneously
across Salinbas-Ardala and at Hizarliyayla. The average depth of
drilling has been approximately 200m, with a minimum depth of 20.5m
and a maximum depth of 745.3m. Of the drilling completed to date in
the Ardala and Salinbas areas, 13 holes were angled at between
50(o) and 75(o) , with the rest drilled vertically.
Figure 1: Map showing the completed and planned drillhole collar
positions for the Salinbas Project. The location of all historic
drill holes on the project is also shown.
The ongoing drilling programme at Salinbas has three primary
objectives:
1) Continue exploration step-out drilling between the known
limits of the Salinbas deposit and the Ardala porphyry. A 500m gap
known as the AS Zone between the Salinbas and Ardala mineralised
zones still requires further drill testing. Drilling initially
completed in 2019 (for 2,210m as announced on 11 July 2019),
suggested that the AS Zone probably contained other significant
forms of precious and base-metal mineralisation including
additional mineralised porphyries, skarnoid contact mineralisation,
and highly-mineralised breccia structures;
2) Test for probable lateral and depth extensions of the Ardala Porphyry;
3) Complete the first phase of resource infill drilling at the
north-eastern end of the Salinbas deposit, within the AS Zone.
In addition, resource infill drilling on the Salinbas western
extent is now well underway. Most holes have intercepted
mineralisation where expected. These holes include:
-- SALH087 12.8m @ 1.34g/t Au + 3.3g/t Ag - from surface
-- SALH077 10.7m @ 1.19g/t Au + 16.5g/t Ag - from 82 metres
-- SALH090 3.5m @ 1.28g/t Au + 160.6g/t Ag - from 63.8 metres
Several other critical resource holes are still pending assay,
with further holes awaiting drilling in the coming months.
Additional holes will be added to this drilling programme for the
purpose of acquiring specific material for further metallurgical
test work.
All historic drilling, up to and inclusive of 2019 has defined
the current JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as announced on 30 July 2020) split between
the high-grade Salinbas deposit and the lower-grade, high-tonnage
Ardala Porphyry Complex. To date, 30,725.55m of drilling has been
completed across 189 holes at the Salinbas Project.
All multi-element assay results have now returned for drill hole
ARD068, which is to date Zenit's deepest hole on the Project (
745.3m). The objective of the drill hole was to test the deep core
of the Ardala Porphyry, which it successfully intercepted from 246
metres to the end of the hole. Significant mineralisation was
intercepted from 283.5 metres to the end of the hole, for 461.8m @
0.22% Cu + 0.23g/t Au + 155ppm Mo.
Other notable results from the ongoing drilling campaign also
include several highly anomalous intercepts from base-metal rich
"contact-mineralisation" occurring on the margins of the Ardala
Porphyry, porphyry breccia and the Ziyarettepe limestone units.
Examples of successful holes include:
-- ARD067 8.2m @ 1.27% Cu + 0.95g/t Au + 22.4g/t Ag + 0.16% Zn from 46.6 metres
o Including 0.3m @ 12.92% Cu
-- ARD065 5.8m @ 1.43g/t Au + 25g/t Ag
Table 1: Significant multi-element intercepts calculated for all
2023 drilling to date, using a 0.2% Cu minimum cut-off and allowing
for up to 1m internal dilution. Intercepts calculated using KML
data and supported by external laboratory results. * 7.5m maximum
internal dilution applied for the calculation of this intercept
within the Ardala Porphyry (in bold).
Hole From To (m) Interval Au Ag Mo Cu (%) Zn (%)
ID (m) (m) (g/t) (g/t) (g/t)
ARD064 340.0 344.7 4.7 0.60 1.32 2 0.12 0.09
----------- ------ ------- --------- ------- ------- ------- ------- -------
356.6 359.8 3.2 0.12 1.57 2 0.11 0.21
----------- ------ ------- --------- ------- ------- ------- ------- -------
ARD066 27.4 38.4 11.0 0.40 14.43 19 0.33 0.25
------ ------- --------- ------- ------- ------- ------- -------
ARD067 46.6 54.8 8.2 0.95 22.41 9 1.27 0.16
------ ------- --------- ------- ------- ------- ------- -------
Including 52.9 53.2 0.3 0.15 3.29 9 12.92 0.45
------ ------- --------- ------- ------- ------- ------- -------
ARD068 160.6 166.7 6.1 0.11 0.25 1 0.13 0.06
----------- ------ ------- --------- ------- ------- ------- ------- -------
170.3 177.3 7.0 0.22 0.60 4 0.11 0.14
----------- ------ ------- --------- ------- ------- ------- ------- -------
200.1 204.0 3.9 0.13 0.58 9 0.12 0.04
------ ------- --------- ------- ------- ------- ------- -------
283.5 294.5 11.0 0.08 0.31 127 0.16 0.00
------ ------- --------- ------- ------- ------- ------- -------
306.5 312.7 6.2 0.12 0.63 168 0.16 0.04
----------- ------ ------- --------- ------- ------- ------- ------- -------
ARD068* 283.5 745.3 461.8 0.23 0.50 155 0.22 0.00
------ ------- --------- ------- ------- ------- ------- -------
ARD069 158.7 163.6 4.9 0.13 1.24 9 0.21 0.03
------ ------- --------- ------- ------- ------- ------- -------
ARD070 47.4 52.4 5.0 0.03 3.79 9 0.16 0.10
------ ------- --------- ------- ------- ------- ------- -------
SALH077 101.1 111.1 10.0 0.03 0.85 11 0.44 1.04
------ ------- --------- ------- ------- ------- ------- -------
Table 2: Significant gold and silver only intercepts calculated
for all 2023 drilling to date, using a 0.5g/t Au minimum cut-off
and allowing for up to 1m internal dilution. Intercepts calculated
using KML data and supported by external laboratory results.
Hole From To (m) Length (m) Au (g/t) Ag (g/t)
ID (m)
ARD062 41.2 44.0 2.8 2.20 20.9
------ ------- ----------- --------- ---------
ARD064 153.3 155.9 2.6 0.67 5.1
------ ------- ----------- --------- ---------
ARD065 152.7 158.5 5.8 1.43 25.7
------ ------- ----------- --------- ---------
ARD067 46.6 48.8 2.2 3.36 78.4
------ ------- ----------- --------- ---------
ARD068 91.5 95.0 3.5 2.17 51.0
--------- ------ ------- ----------- --------- ---------
506.1 508.6 2.5 0.63 0.6
--------- ------ ------- ----------- --------- ---------
563.3 565.3 2.0 0.66 0.5
--------- ------ ------- ----------- --------- ---------
ARD069 128.5 131.2 2.7 1.90 3.0
--------- ------ ------- ----------- --------- ---------
43.5 46.3 2.8 1.70 8.6
--------- ------ ------- ----------- --------- ---------
ARD070 2.0 4.0 2.0 2.13 4.9
------ ------- ----------- --------- ---------
SALH077 82.0 92.7 10.7 1.19 16.5
------ ------- ----------- --------- ---------
SALH082 0 3.1 3.1 1.12 3.2
------ ------- ----------- --------- ---------
SALH087 0 12.8 12.8 1.34 3.3
------ ------- ----------- --------- ---------
SALH088 0 2.0 2.0 1.52 5.3
------ ------- ----------- --------- ---------
SALH090 63.8 67.3 3.5 1.28 160.6
--------- ------ ------- ----------- --------- ---------
58.1 60.1 2.0 0.72 34.1
--------- ------ ------- ----------- --------- ---------
Samples extracted from the Salinbas Project drilling programme
have been sent periodically in batches to the Kiziltepe Mine
Laboratory ("KML") for processing and analysis. This has resulted
in temporary delays and backlogs of pending samples for the
Salinbas Project as a whole. The requirement to introduce the
Salinbas samples slowly was undertaken to mitigate high sample flow
from other higher priority projects and to allow for sufficient
calibration and testing of new instruments introduced to the mine
laboratory through an expansion completed during 2020/2021. The
day-to-day operational samples from the Kiziltepe Mine, as well as
the significant ongoing flow of samples from the development work
underway at the Tavsan Project has also taken priority over the
Salinbas analyses.
To date, a total of 7,676 sample results for 6,570m of sampled
drill core has been returned from the KML (plus 1,125 QA/QC
samples). Approximately 10% of all analysed samples are being
analysed by ALS Global in Izmir as an external laboratory check as
part of the QA/QC procedures used for the project. Results are
pending for a further 613 samples (including 129 QA/QC
samples).
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Kiziltepe mine site and analysed at the Kiziltepe Mine Laboratory
("KML"). Results are assessed systematically and are grouped
according to individual mineralised zones at the Salinbas
Project.
HQ size drill-core samples from the drilling programme at
Salinbas and Ardala were cut in half by a diamond saw and sent for
analysis in batches in line with the Company's quality control
procedures. Core recovery for all drilling conducted at Salinbas
during this campaign was 82%, for a total of 6,833 measurements. A
total of 8,134 samples (including 1,322 QA/QC samples) were
submitted to KML. A total of 1,057 samples (including 106 QA/QC
samples) were submitted to ALS Global, Izmir as an external
laboratory check to add confidence to KML results, particularly
during laboratory expansion works.
QA/QC sample insertion rates vary depending on the batch size
accepted by the laboratory. Ariana sampling protocol requires
insertion of 4 QA/QC samples per batch to include 1 blank, 1 CRM, 1
field duplicate and 1 pulp duplicate to assess the accuracy and
precision of all stages of the sampling and analysis. During the
2021-2023 drilling, Zenit QA/QC protocol required 1 blank, 1 CRM
and 1 field duplicate and over 10% samples analysed at external
laboratory. The Zenit QA/QC protocol is under review by both Ariana
and Zenit teams following the laboratory upgrade.
Between 2020 and 2021, KML has undergone an extensive expansion
to meet the significant demands for sample assaying, from both the
mining and exploration teams. This expansion is complete with the
onsite laboratory, now housing seven furnaces, two ICP-OES
instruments, two Atomic Absorption spectrometers (AAS), three
drying ovens, three crushers and three pulverisers. The laboratory
upgrades have allowed for a doubling of sampling throughput (70
samples per day to 135). The two major upgrades for 2021 included
the addition of 1) a multi-element ICP-OES (Perkin Elmer Avio 550)
analyser, and 2) an Elementrac CS-I sulphur-carbon analyser. The
ICP-OES provides the team with a full suite of elements on selected
samples (as opposed to just gold and silver).
However, new operating procedures are currently being internally
reviewed and calibrations of the new instruments are being
assessed. As part of this, the laboratory team are sending in
excess of 10% of their crushed rejects from selected drill core
samples to ALS Global in Izmir for check assays, with c.9% of the
Salinbas samples also analysed at ALS. Zenit's internal QA/QC data
and sample duplicates have been reviewed, and are considered
approved for Ariana's reporting purposes. In addition, since
October 2022 KML has been accredited by the Turkish Accreditation
Agency (TÜRKAK) with "TS EN ISO/IEC 17025:2017 General Requirements
for the Competence of Experimental and Calibration Laboratory".
All samples were assayed for gold using a 30g fire assay.
Multi-element ICP was used for copper, lead, molybdenum and zinc
analyses. 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. Zenit
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 (Nominated Tel: +44 (0) 20 7628 3396
Adviser)
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
John Prior / Hugh Rich / Atholl
Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George
Krokos Tel: +44 (0) 7983 521 488
Yellow Jersey PR Limited (Financial
PR)
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
Editors' Note:
The information that relates to Exploration Results is based
upon information compiled by Mr Zack van Coller BSc (Hons), Special
Projects Geologist, Ariana Resources plc. Mr van Coller has
sufficient experience which is relevant to the style of
mineralisation and type of deposits under consideration and to the
activity which he is undertaking 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). Mr van Coller has over 10 years of relevant
experience in the Technical Assessments of Mineral Properties. Mr
van Coller consents to the inclusion in the report of the matters
based on his information in the form and context in which it
appears.
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 pro table 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. Construction progress is temporarily
suspended pending the outcome of a local court decision pertaining
to the EIA. 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 Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant 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
ve-year Alliance Agreement with Newmont Corporation (
www.newmont.com ) and is separately earning-in to 85% of the
Slivova Gold Project.
Ariana owns 58% 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.
Panmure Gordon (UK) Limited and WH Ireland Limited are brokers
to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
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;
"Mo" chemical symbol for molybdenum;
"Pb" chemical symbol for lead;
"g/t" grams per tonne;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"ppm" parts per million;
"Zn" chemical symbol for zinc.
Ends.
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