TIDMAAU
RNS Number : 1620T
Ariana Resources PLC
13 November 2023
13 November 2023
AIM: AAU
YEAR- 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.
Since the update provided in late 2022, Asgard has made two new
investments and participated in some additional placings within
some of its existing investments; the existing investee companies
raised approximately A$5.5m in total during the year to fund their
operations. Please see www.asgardmetals.com.au for more
information.
Highlights:
-- Rockover Holdings Limited ("Rockover") - 1.3% held (new
position): Rockover is a highly-successful private exploration
company operating in Africa, with the Dokwe Gold Project ("Dokwe")
as its flagship project near Bulawayo, Zimbabwe (visit:
www.rockover.net ).
o Feasibilty-stage Dokwe Project discovered under Kalahari cover
containing 1.3Moz gold (JORC Measured, Indicated and Inferred)*,
comprising Dokwe North and Dokwe Central.
o Positive pre-feasibility study completed providing for gold
production of 60,000 ounces per annum over 12 years from a single
open pit, with potential to increase resources through further
exploration.
o Project exclusivity secured and team on site to complete the
detailed investigation of the project including a diamond drilling
programme for due diligence ("DD") purposes.
o Subscription agreement completed for US$250,000 at US$1.25 per
Rockover share; funding to enable the DD programme and for general
working capital requirements.
o For the year ended 31 December 2022, Rockover's unaudited
Accounts showed a loss before taxation of US$187,042 and total
assets of US$18,422,290.
-- Panther Metals Limited (ASX: PNT) - 3.1% held (previously
3.2%): Focused on 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 Follow-up drilling programme completed at Coglia targeting
lateritic mineralisation in the periphery of the Mineral Resource,
with new nickel-bearing ground acquired in the vicinity including
Marlin, which contains an intercept of 20m at 1.02% Ni from
12m.
o High-Pressure Acid Leach (HPAL) testwork undertaken on the
lateritic nickel-cobalt mineralisation yielding very high nickel
(92.6%) and cobalt (73.9%) extraction, from a blended sample at the
-38 <MU> m size fraction.
o Exploration underway across several gold projects in the
Laverton region including the recent greenfields discovery of the
40 Mile Camp gold prospect with aircore drilling .
-- Annamite Resources Holdings Pte. Ltd. - 6.3% held (previously
5.8%) : Focused on a significant porphyry Cu-Au-Mo system
discovered at the Sokdee Project in Laos, which returned
encouraging scout drilling results in the Namthom and Mouk areas
(announced on 21 December 2022) .
o Annamite recently partnered with Rio Tinto Exploration Pty.
Ltd. which is injecting US$810,000 this year into further
exploration of the project, including geophysics and drilling.
o Six prospects are now defined within the Sokdee Project after
trenching, RC drilling and IP surveys were undertaken in April-July
2023 at the Spine, Palm, Grassy and Mouk targets, to assist with
drill target definition .
o Phase Two drilling completed from July-October 2023, included
four holes into the Mouk target as well as one hole at Namthom;
full assay results are expected in December 2023.
-- Pallas Resources Limited - 6.0% held (unchanged): Completion
of field programmes involving geochemistry and geophysics over nine
exploration licences (2,027km(2) ) in Kazakhstan; encouraging
results for gold and/or copper observed across all areas and at
Sarybastau and Ulkensur in particular.
o Continuing to develop the portfolio to encompass a variety of
high exploration potential metallogenic provinces across Kazakhstan
for a number of strategic commodities, including gold, copper,
nickel and lithium.
o Newly acquired exploration licences include Dzhezkazgan East
(23km(2) ), Satpaev (90km(2) ) and Southeast Bay (490km(2) ) which
lie within the Chu-Sarysu basin, the third largest sediment-hosted
copper basin globally.
o Satpaev which includes historical drilling results of 19m @
1.1% Cu from surface and 27m @ 1.2% Cu from 14m, otherwise remains
poorly explored.
-- Altai Resources Limited - 8.4% held (#) (new position): Altai
is a majority owned subsidiary of Pallas Resources, which has been
established to focus on a major nickel sulphide province in eastern
Kazakhstan.
o Kokpekty Project Area (307km(2) ) hosts multiple targets with
surface Ni-Cu occurrences in a geological environment analagous to
Norilsk: large-scale concentrations of polymetallic sulphides
formed by magma interaction with evaporites.
o Internationally renowned nickel expert, Dr. Steven Beresford
is a founding member of Altai and is responsible for driving the
targeting strategy.
o Investment of GBP100,000 made into the Altai seed capital
round, with GBP37,500 of agreed consulting input paid in
shares*.
* Including Dokwe North and Dokwe Central.
(#) Subject to certain regulatory consents in Kazakhstan.
Dr. Kerim Sener, Managing Director, commented:
"We are very pleased with the dynamism shown by all of our
investee companies over the past year despite the challenges
presented by the market. Notably, our investee companies
successfully raised additional funds both privately and through the
capital markets, totalling circa A$5,500,000, which has been a real
achievement and stands as a testament to the quality of the teams
and their portfolios.
"During the year, we made certain additional investments in some
of our investee companies and welcome adding two new companies to
the portfolio, Rockover Holdings, operating in Zimbabwe through a
wholly-owned subsidiary, and Altai Resources, operating in
Kazakhstan. To date our total investments across the portfolio now
amount to approximately A$1,600,000 with a further A$625,000 in
agreed consulting input paid or payable in investee company
shares.
"Rockover Holding' s project in Zimbabwe represents the most
advanced potential project we have investigated to date, having
already achieved a positive pre-feasibility outcome, yet with
significant exploration upside. Following a week-long site visit
undertaken in July, we have now completed a subscription agreement
with Rockover to help fund a short drilling programme for our own
due diligence purposes, while we consider further involvement in
the project. Our team are currently on site and making preparations
ahead of the drilling programme.
"A site visit was also undertaken to the Coglia nickel-cobalt
project of Panther Metals in June, just as the new drilling
programme commenced on the project. This drilling programme was
focused on testing the exploration targets defined in the periphery
of the JORC Resource identified in 2022 and determining the limits
of the lateritic nickel-cobalt horizon. In addition, the 40 Mile
Camp gold anomaly area was visited just in advance of a maiden
drilling programme which subsequently defined gold mineralisation
in the bedrock.
"Recent updates from Annamite have been most encouraging, with a
recent deal having been concluded with Rio Tinto Exploration to
fund a second drilling programme on the Sokdee
copper-gold-molybdenum project. The new drilling programme was
recently completed, looking at a number of new targets across the
project. Based on the success of recent exploration in Laos, we are
planning to work closely with Annamite in the coming months to
assist with their goal to achieve an ASX listing during 2024.
"Work on Pallas and Altai was also undertaken to support some of
their activities during the year. Both companies have been
successful in securing further prospective ground across multiple
mineral provinces in Kazakhstan. Exploration across both portfolios
has been highly encouraging and Altai was partially spun out of
Pallas, enabling Asgard to participate in its seed capital round.
Following a successful geophysical programme and field follow-up
with internationally renowned nickel expert, Dr. Steven Beresford,
we are engaging with Altai with a view to potentially achieving a
stock exchange listing in 2024-5.
"Further investment opportunities across the existing portfolio
are being reviewed in addition to certain other select projects
currently under investigation. We have also commenced the provision
of commercial consulting input to junior companies independent of
investment, as there is now recognition in the market of the broad
range of exploration and development skill sets we are capable of
bringing to bear on any project. The Company looks forward to
updating the market on the Asgard portfolio again in 2024."
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 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, UK and Zimbabwe.
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 .
Ends.
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