TIDMAAU
RNS Number : 4424Q
Ariana Resources PLC
18 October 2023
18 October 2023
AIM: AAU
WESTERN TETHYAN - DIAMOND DRILLING PROGRAMME COMMENCES
Hertica Project, Kosovo
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 that Western Tethyan
Resources Ltd ("WTR"), of which 75% is held by Ariana, has
commenced a diamond drilling programme at the Hertica Project in
Kosovo.
Highlights:
-- Hertica represents a newly recognised epithermal-porphyry prospect in Kosovo.
-- Prospect is defined by a large alteration system covering
approximately 8km(2) , with advanced argillic alteration developed
over an area of approximately 4km(2) .
-- Drilling programme comprises five holes over 3,200m and will
focus on two main gold, copper, and molybdenum anomalies delineated
by geochemistry and geophysics.
-- The exploration programme will be funded through "Newmont Alliance" funds*.
* The term "Newmont Alliance" signifies the US$2.5million
funding provided by Newmont Mining Corporation ("Newmont"), as
outlined in the agreements between WTR, Newmont, and the Company,
in the press release dated 24 March 2022. Newmont holds the right
to designate the project in terms of the agreement referred to
above.
To read a pdf version of the announcement, please click
here:
http://www.rns-pdf.londonstockexchange.com/rns/4424Q_1-2023-10-17.pdf
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").
Dr. Kerim Sener, Managing Director of Ariana Resource,
commented:
"The results of the recent work at the Hertica Project are
compelling. Several geological, geochemical, and geophysical
factors point to the potential for a buried porphyry system, which
will now be tested through an initial drilling programme.
"We are very pleased with the work completed by WTR, and the
positive results of initial exploration. We are also grateful to
Newmont for their efforts in assisting with the exploration
undertaken to date and the development of the drilling targets and
their support to proceed toward drilling this project. We look
forward to receiving the result of this drilling programme in due
course."
Mentor Demi, Managing Director of WTR, added:
" This represents a significant development in the
WTR/Newmont/Ariana relationship with the Newmont Alliance funding
of this drilling program on this exciting project. While the
initial surface exploration within the licence area is promising
for an epithermal alteration system, our aim with the deep drilling
program is to test the existence of a porphyry system at deeper
levels. We expect to finish the program by the end of the year and
release the results when available."
About the Hertica Project
The Hertica Licence is situated in the north-eastern part of
Kosovo, near the border with Serbia (Figure 1). The licence was
granted by the Independent Commission for Mines and Minerals
("ICMM") to Kosovo Mineral Resources LLC ("KMR"), a wholly-owned
subsidiary of Western Tethyan Resources Ltd, in Kosovo, on 18 July
2022. The licence covers 58.1km(2) and it is valid for 7 years of
exploration (+3 years option to retain).
Figure 1: Simplified geology of the Hertica Licence.
Geologically the licence area covers an epithermal-porphyry
prospect, located on the contact of the Lecce Magmatic Complex with
Cretaceous Vardar sedimentary units (Figure 1) . The complex is
prospective for precious and base metals and formed because of
post-collisional magmatic activity which continued from the
Oligocene to Miocene. The complex is host to several copper-gold
and gold porphyry deposits, gold-rich polymetallic epithermal
deposits, and carbonate-replacement type base metal deposits.
Since being granted the licence, WTR has conducted detailed
surface geochemistry sampling (soils and rock) throughout the area.
All the samples collected have been analysed with pXRF, with only
the most anomalous samples being sent to ALS Global for ICP-MS
analysis. Three main geochemistry target areas have been identified
and have shown a good correlation between Au, Cu, and Mo (Figure 2)
.
Figure 2: Geochemistry maps showing the sampling lines and
ICP-MS data for copper, gold, and molybdenum over the Hertica
prospect.
All the samples collected were simultaneously analysed with
Terraspec Halo. The good clustering of higher temperature clays
(dickite and alunite) suggested a higher temperature core is
located to the east of the prospect area and correlates well with
the geochemistry anomalies.
Following these results, in July and August of 2023, WTR
completed a detailed ground geophysics programme, utilising
IP/Resistivity and magnetic methods, covering the main geochemical
anomalies and the geological and alteration mapping. The ground
magnetic data shows several zones of magnetic highs and zones of
"washed out" magnetic signal which could be mapping out
magnetite-destructive alteration, while the electrical data
indicates a significantly chargeable zone at depth beneath the area
of most intense argillic alteration (Figure 3) .
As a result of encouraging geophysical results, WTR is
determined to drill test the main anomalies. WTR plans to drill a
total of 5 holes for a total of 3,200m. The programme commenced
recently and is expected to be finished by late December.
Figure 3: Geophysical maps of the Hertica prospect, showing the
magnetic data (RTP: reduced to pole), resistivity and chargeability
datasets.
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 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 Western Tethyan Resources
Western Tethyan Resources Ltd (WTR) is a UK-registered, mineral
exploration and development company focused on South East Europe.
The company has a strategic alliance with Newmont Corporation and
Ariana Resources and is currently focused on exploration for major
copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt.
The company is assessing several other exploration project
opportunities across Eastern Europe, targeting major copper-gold
deposits across the porphyry-epithermal transition.
For further information on Western Tethyan Resources, please
visit the company's website at: www.westerntethyanresources.com
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 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 and is currently in construction. 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 Mining Corporation
(www.newmont.com) and is separately earning-in to up 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:
"Au" - chemical symbol for gold;
"Cu" - chemical symbol for copper;
"ICP-MS" - inductively coupled plasma mass spectrometry;
"IP" - induced polarisation electrical geophysical
technique;
"m" - Metres;
"Mo" - chemical symbol for molybdenum;
"nT" - unit of magnetic flux density representing a billionth of
a Tesla;
"ppm" - parts per million;
"pXRF" - portable X-ray fluorescence;
Ends.
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