TIDMAAU
RNS Number : 3624D
Ariana Resources PLC
21 June 2023
21 June 2023
AIM: AAU
HIZARLIYAYLA DISCOVERY DRILLING
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 the initial drilling
results from the Hizarliyayla area of the Salinbas Project. 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:
-- Initial exploration drilling results from Hizarliyayla have
returned anomalous gold, silver and zinc including:
o 23.1m @ 0.34g/t Au + 2.83g/t Ag and 0.13% Zn
o 18.6m @ 0.22g/t Au + 1.18g/t Ag and 0.15% Zn
o 3m @ 0.88g/t Au + 37.97g/t Ag and 2.00% Zn
-- Grade of precious metals broadly increases with the depth of
penetration into the system, suggesting the potential for Hot
Maden-type mineralisation at depths below 600m from surface.
-- 2,548m of drilling completed to date with another c.3,000m of drilling planned.
To read a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/3624D_1-2023-6-20.pdf
Dr. Kerim Sener, Managing Director, commented:
"These are an impressive set of initial drilling results from
the Hizarliyayla prospect. We have long suspected the potential of
the Hizarliyayla area, since it was first systematically mapped by
our team in 2017. Surface sampling undertaken since that time,
including some of the brilliant new geological work by our team in
2022, continued to reaffirm our view that the mineralisation and
alteration encountered at surface represented a high-level
expression of a substantial hydrothermal system. Consequently, we
recognised the requirement to undertake deep drilling of this
prospect and these initial results continue to underpin this
understanding.
Notably, Hizarliyayla is at an elevation of approximately
1,500m, whereas the high-grade gold zone of the Hot Maden deposit
occurs 8km to the south at an elevation of about 900m.
Interestingly, the grade of both gold and silver intercepted in the
current drilling has a tendency to increase with depth, suggesting
that the deeper we drill, the better the grade and perhaps
increasing proximity to a high-grade gold zone akin to Hot Maden.
The elevation difference noted here indicates that we may need to
drill holes well over 600m deep in order to encounter a potential
Hot Maden-type discovery . Despite the mineralised intercepts being
typically fairly narrow and deep, these broader observations
regarding the prospectivity make these some of the most exciting
exploration drilling results that we have ever announced."
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 Hizarliyayla Project is located 9km southwest of the
Salinbas Project and about 8.5km north of the Hot Maden Au-Cu
deposit. The area is defined by an area of approximately 1,500m by
800m of argillic to advanced-argillic alteration zone with
pervasive disseminated pyrite, silica and minor gold from
surface.
In 2017 (LSE announcement: 5 September 2017), the Ariana
exploration team completed extensive surface mapping to 1:10,000
scale, pXRF soil, clay, and rock-chip sampling over the
Hizarliyayla Project. This work was followed up in the Autumn of
2022 with further infill soil sampling, rock sampling for
geochemistry, petrography and multi-sensor sample scanning,
detailed geological, alteration and structural mapping supported by
remote sensing studies; collectively leading to define the type of
mineralisation and alteration zonation at Hizarliyayla. The
collective results were used in late 2022 to plan Zenit's maiden
diamond drilling programme at Hizarliyayla.
The original Hizarliyayla drilling programme consisted of up to
19 planned holes for approximately 4,000m (Figure 1), however, this
is the subject of ongoing review based on results. Drilling
commenced on the project in late December 2022, and to date, 5
drill holes have been completed for a total of 2,548m. Drilling is
expected to continue at Hizarliyayla until mid-2023.
Figure 1: Map showing the drilling planned at Hizarliyayla,
including the recently completed holes. Not all planned locations
will be possible to drill during the current programme due to
logistical aspects involving the steep topography.
Drill holes HZR001 to HZR005 have now been reviewed and sampled
by the onsite geological team. The drill core observations have
provided very encouraging results (Figure 2). Results of the
geochemical analysis of the first three drill holes completed
include (Table 1):
-- HZR003 23.1m @ 0.34g/t Au + 2.83g/t Ag + 0.13% Zn from 182.3 metres
-- HZR002 18.6m @ 0.22g/t Au + 1.18g/t Ag + 0.15% Zn from 187.9 metres
-- HZR001 2.6m @ 0.21g/t Au + 4.45g/t Ag + 0.19% Zn from 253.6 metres
The mineralisation intercepted within the first two Hizarliyayla
drill holes appears to represent the intermediate zone
(Ag-Pb-Zn+/-Au) of an intermediate sulphidation epithermal system.
These may be developed peripherally to a buried porphyry system
(Figure 3). Further work is ongoing to better understand the wide
mineralised system, and to ultimately target potential feeder
zones, possibly akin to the Hot Maden copper-gold system (Figure
3).
Figure 2: Examples of Hizarliyayla drill core and the
similarities to the Hot Maden style of mineralisation:
A) - An example of banded intermediate sulphidation core from
Hot Maden.
B) - Intermediate sulphidation mineralisation from Hizarliyayla,
displaying localised base-metal banding with minor rhodochrosite
and disseminated sulphide matrix.
C) - Base-metal rich sulphidic multi-phased carbonate veins with
post-vein event brecciation.
Hole From (m) To Interval Au (g/t) Ag (g/t) Zn (%)
ID (m) (m)
HZR001 133.0 134.0 1.0 0.24 2.51 0.04
-------- --------- ------ --------- --------- --------- -------
253.6 256.2 2.6 0.21 4.45 0.19
-------- --------- ------ --------- --------- --------- -------
HZR002 70.5 71.5 1.0 0.33 2.31 0.17
-------- --------- ------ --------- --------- --------- -------
99.4 100.4 1.0 0.25 0.25 0.09
-------- --------- ------ --------- --------- --------- -------
145.0 146.0 1.0 0.43 3.04 0.08
--------- ------ --------- --------- --------- -------
168.5 169.5 1.0 0.20 1.05 0.07
--------- ------ --------- --------- --------- -------
187.9 206.5 18.6 0.22 1.18 0.15
--------- ------ --------- --------- --------- -------
219.1 222.7 3.6 0.23 0.34 0.11
--------- ------ --------- --------- --------- -------
268.0 269.8 1.8 0.25 3.24 0.32
--------- ------ --------- --------- --------- -------
305.4 306.4 1.0 0.24 0.87 0.13
--------- ------ --------- --------- --------- -------
319.9 322.5 2.6 0.35 12.69 0.22
--------- ------ --------- --------- --------- -------
358.6 360.5 1.9 0.23 0.93 0.01
-------- --------- ------ --------- --------- --------- -------
HZR003 22.5 32.5 10.0 0.31 4.87 0.36
-------- --------- ------ --------- --------- --------- -------
182.3 205.4 23.1 0.34 2.83 0.13
-------- --------- ------ --------- --------- --------- -------
295.8 296.8 1.0 0.28 2.17 0.32
--------- ------ --------- --------- --------- -------
333.0 336.0 3.0 0.88 37.97 2.00
--------- ------ --------- --------- --------- -------
436.9 437.9 1.0 1.08 13.27 0.46
-------- --------- ------ --------- --------- --------- -------
Table 1: Significant gold and silver intercepts calculated for
all Hizarliyayla drilling to date, using a 0.2g/t Au minimum
cut-off and allowing for up to 1m internal dilution.
Figure 3: Scaled schematic long-section through the Hot Maden,
Hizarliyayla and Ardala/Salinbas areas, identifying the regular
spacing of hydrothermal (potentially porphyry derived) centres. The
potentially most well-preserved system occurs at Hizarliyayla and
future drilling will need to be planned accordingly.
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 the project.
HQ size drill-core samples from the drilling programme at
Hizarliyayla 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
Hizarliyayla during this campaign was 91%, for a total of 1,122
measurements. A total of 2,938 samples (including 556 QA/QC
samples) were submitted to KML, of which results for 1,596 samples
have been received. The results for 70 samples (including 6 QA/QC
samples) have been received from ALS Global, Izmir (further samples
pending) 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 including 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% of samples were analysed at an
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 underwent 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 greater 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.
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
DRLNKKBKKBKBCAB
(END) Dow Jones Newswires
June 21, 2023 02:00 ET (06:00 GMT)
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From May 2024 to Jun 2024
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Jun 2023 to Jun 2024