TIDMAAU
RNS Number : 7722V
Ariana Resources PLC
06 December 2023
6 December 2023
AIM: AAU
FURTHER POSITIVE DRILLING RESULTS AT HIZARLIYAYLA
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 Hizarliyayla area of the Salinbas Project and
outline the progress of the geophysical survey over the 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:
-- Hizarliyayla drilling programme completed for 6,005.8 metres,
comprising 10 diamond drillholes since December 2022.
-- Best high-grade intercepts to date include:
o HZR006 1.0m @ 2.80g/t Au + 5.26g/t Ag from 72.5m
o HZR003 3.4m @ 1.08g/t Au + 7.11g/t Ag from 202.0m
o HZR003 2.0m @ 1.17g/t Au + 52.03g/t Ag + 2.76% Zn + 0.23% Cu
from 333.0m
o HZR001 4.9m @ 2.85% Zn + 0.96% Pb + 30.17g/t Ag from
158.5m
o HZR003 1.3m @ 0.75% Cu from 49.0m
-- Best longer, lower-grade intercepts include:
o HZR003 24.4m @ 0.34g/t Au + 2.88g/t Ag from 182.3m
o HZR002 36.4m @ 0.17g/t Au + 1.18g/t Ag from 186.3m
o HZR002 29.2m @ 0.12g/t Au + 1.61g/t Ag from 293.3m
-- 4,503 assay results received to date, with 2,467 remaining
samples pending assay and multi-element analysis at the Kiziltepe
Mine Laboratory ("KML").
To read a pdf version of the announcement, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/7722V_1-2023-12-5.pdf
Dr. Kerim Sener, Managing Director, commented:
"Six months on from our announcement of the discovery of a
substantial intermediate-sulphidation precious and base-metal-rich
epithermal system at Hizarliyayla, we are very pleased to announce
further positive drilling results from the extended drilling
programme. We were able to yield typically better gold and silver
grades than our discovery drillholes and this work represents the
culmination of a concerted effort to understand the operative
mineral system across the broader Salinbas Project area. We
recognise that Hizarliyayla represents a zone of mineralisation and
alteration which lies on a potential extension of the Hot Maden
system, separated by about 8 kilometres and developed along similar
structures. Significantly, the gold and silver grades encountered
in all drilling to date typically improve with increasing depth,
suggesting that a precious-metal dominant zone lies somewhere
beyond 250 to 500 metres below surface.
"Geological, geochemical, and geophysical data obtained from
Hizarliyayla to date suggests that there are several similarities
to the mineralisation encountered at Hot Maden. Furthermore, the
spacing of mineralisation centres along the NNE-trending corridor
encompassing Hot Maden, Hizarliyayla and Salinbas/Ardala is an
intriguing feature of the geology and reinforces the high
prospectivity of this region. Hizarliyayla appears to be located at
the heart of this corridor and the drilling results continue to
demonstrate a widely dispersed alteration system containing
abundant zones of mineralisation. Our goal now is to identify
whether the system has a more highly mineralised core.
"We are presently underway with an Induced Polarization
("IP")/Resistivity geophysical survey at Hizarliyayla, which has
been designed for maximum depth resolution. The survey will aid the
definition of deep drilling targets ahead of a future drilling
programme, which we will aim to conduct in 2024. Initial results
from this geophysical survey are encouraging, having established a
significant meridional chargeability anomaly across the first three
lines of the programme. This matches our geological understanding
of the prospect and reinforces the potential of the area to host a
well-developed mineral system. The geophysical survey is currently
on hold due to winter weather conditions and will recommence in
spring 2024. We look forward to communicating further drilling
results at Hizarliyayla in 2024. "
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 prospect is located 9 kilometres southwest of
the Salinbas and Ardala area and about 8.5 kilometres north of the
Hot Maden Au-Cu deposit ( Figure 1 ). Hizarliyayla is defined by an
area of approximately 1,500 metres by 800 metres, containing an
argillic to advanced-argillic alteration zone with pervasive
disseminated pyrite, silica, and minor gold at surface.
Drilling commenced on the project in late December 2022, and to
date, 10 drill holes have been completed for a total of 6,005.8
metres. The objective of the Hizarliyayla drilling programme was to
systematically test several soil geochemical targets and intense
clay alteration areas.
Figure 1: Summary map showing the completed drillhole collar
positions for the Hizarliyayla prospect. The inset topographic map
shows the position of Hizarliyayla with respect to Salinbas and Hot
Maden, and the mining licences comprising the Salinbas Project (red
outline). The location of the first three IP/Resistivity survey
lines are shown as dotted yellow lines.
Drillholes were initially planned to 200-300 metre depths;
though, most holes intercepted far more alteration and
mineralisation than expected. These holes continued to a maximum
depth range of 400-800 metres, with the deepest hole being HZR010,
which was drilled to 797 metres. All holes intercepted sporadic
intermediate sulphidation (Ag-Pb-Zn+/-Au) type breccia and vein
mineralisation which is typically encountered in the periphery of
porphyry-style mineralisation ( Figure 2 ). This was discussed in
more detail in an announcement of the Hizarliyayla discovery
drilling on AIM: 21 June 2023 .
Figure 2: Scaled map and schematic long-section through the Hot
Maden, Hizarliyayla and Ardala/Salinbas areas, identifying the
regular spacing of hydrothermal (porphyry derived?) centres. The
potentially most well-preserved system occurs at Hizarliyayla and
future drilling will need to be planned accordingly.
The Hizarliyayla drilling programme was completed in September
2023; however, 2,467 samples for 2,154 metres of drill core remain
pending for assay and multi-element analysis at the Kiziltepe Mine
Laboratory. To date, 4,503 results for 3,852 metres of diamond core
have been received from the KML.
Table 1: Significant gold and silver intercepts calculated for
all Hizarliyayla drilling to date, using a 0.5g/t Au minimum
cut-off and allowing for up to 1m internal dilution. Copper, lead,
and zinc values are shown for the same intervals. Numbers in bold
are considered significant for this project.
Hole ID From To Length Au Ag Cu Pb Zn
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
------ ------ ------- ------- ------- ------ ------
HZR002 189.8 190.6 0.8 0.59 0.84 0.06 0.007 0.01
--------- ------ ------ ------- ------- ------- ------ ------ ------
321.5 322.5 1.0 0.51 14.00 0.006 0.07 0.26
--------- ------ ------ ------- ------- ------- ------ ------ ------
HZR003 22.5 25.0 2.5 0.83 11.68 0.07 0.36 0.94
--------- ------ ------ ------- ------- ------- ------ ------ ------
185.1 186.5 1.4 1.15 10.86 0.29 0.25 0.34
--------- ------ ------ ------- ------- ------- ------ ------ ------
202.0 205.4 3.4 1.08 7.11 0.06 0.12 0.22
------ ------ ------- ------- ------- ------ ------ ------
235.9 236.4 0.5 0.73 5.70 0.03 0.20 0.50
------ ------ ------- ------- ------- ------ ------ ------
333.0 335.0 2.0 1.17 52.03 0.23 0.15 2.76
------ ------ ------- ------- ------- ------ ------ ------
436.9 437.9 1.0 1.08 13.27 0.009 0.22 0.46
--------- ------ ------ ------- ------- ------- ------ ------ ------
HZR004 251.3 253.2 1.9 0.66 0.39 0.03 0.003 0
--------- ------ ------ ------- ------- ------- ------ ------ ------
HZR005 359.2 359.6 0.4 1.54 0.25 0.002 0 0.001
--------- ------ ------ ------- ------- ------- ------ ------ ------
HZR006 72.5 73.5 1.0 2.80 5.26 0.09 0.008 0.008
--------- ------ ------ ------- ------- ------- ------ ------ ------
HZR007 198.9 199.3 0.4 0.55 1.74 Data pending
--------- ------ ------ ------- ------- ------- ----------------------
Table 2: Significant copper, lead and zinc intercepts calculated
for all Hizarliyayla drilling to date, using a 0.1% Cu and 1% Pb
and 1% Zn minimum cut-off. Gold and silver values are shown for the
same intervals. Numbers in bold are considered significant for this
project.
Hole ID From To Length Cu Pb Zn Au Ag
(m) (m) (m) (%) (%) (%) (g/t) (g/t)
------ ------ ------- ----- ------ ------ -------
HZR001 158.5 163.4 4.9 0.02 0.96 2.85 0.11 30.17
--------- ------ ------ ------- ----- ------ ------ ------- -------
HZR002 110.4 110.8 0.4 0.11 0.20 0.66 0.20 24.13
--------- ------ ------ ------- ----- ------ ------ ------- -------
170.5 171.5 1.0 0.18 0.23 0.76 0.11 21.63
--------- ------ ------ ------- ----- ------ ------ ------- -------
190.6 191.1 0.5 0.10 0.007 0.01 0.32 0.25
--------- ------ ------ ------- ----- ------ ------ ------- -------
HZR003 49.0 50.3 1.3 0.75 0.001 0.005 0.06 0.25
--------- ------ ------ ------- ----- ------ ------ ------- -------
182.3 183 0.7 0.16 0.06 0.11 0.21 2.33
--------- ------ ------ ------- ----- ------ ------ ------- -------
185.1 186.5 1.4 0.29 0.25 0.34 1.15 10.86
------ ------ ------- ----- ------ ------ ------- -------
202.4 203.2 0.8 0.10 0.11 0.15 0.61 6.96
------ ------ ------- ----- ------ ------ ------- -------
333.0 335.0 2.0 0.23 0.15 2.76 1.17 52.03
--------- ------ ------ ------- ----- ------ ------ ------- -------
HZR005 114.9 116.2 1.3 0.02 0.27 1.50 0.15 5.72
--------- ------ ------ ------- ----- ------ ------ ------- -------
119.4 121.4 2.0 0.34 0.04 0.10 0.33 3.55
--------- ------ ------ ------- ----- ------ ------ ------- -------
364.3 365.3 1.1 0.11 0.005 0.03 0.09 9.03
--------- ------ ------ ------- ----- ------ ------ ------- -------
These higher-grade intercepts ( Table 1 and 2 ) are surrounded
by lower-grade, but very extensive alteration - (Refer to Table 3
).
Table 3: Longer, lower-grade gold and silver intercepts
calculated for all Hizarliyayla drilling to date, using a 0.1g/t Au
minimum cut-off.
Hole ID From (m) To (m) Length (m) Au (g/t Ag (g/t)
--------- ------- ----------- --------
HZR001 18.0 20.7 2.7 0.15 0.53
--------- --------- ------- ----------- -------- ---------
31.7 32.7 1.0 0.11 0.25
--------- --------- ------- ----------- -------- ---------
45.5 46.9 1.4 0.17 5.15
--------- ------- ----------- -------- ---------
129.8 130.8 1.0 0.16 1.65
--------- ------- ----------- -------- ---------
132.0 135.0 3.0 0.16 2.97
--------- ------- ----------- -------- ---------
148.5 152.3 3.8 0.15 19.96
--------- ------- ----------- -------- ---------
161.5 166.8 5.3 0.13 43.71
--------- ------- ----------- -------- ---------
246.4 247.4 1.0 0.10 1.15
--------- ------- ----------- -------- ---------
249.7 263.6 13.9 0.14 5.42
--------- ------- ----------- -------- ---------
305.1 306.1 1.0 0.11 0.25
--------- --------- ------- ----------- -------- ---------
HZR002 12.25 13.3 1.1 0.14 1.07
--------- --------- ------- ----------- -------- ---------
19.5 21.8 2.3 0.13 0.25
--------- --------- ------- ----------- -------- ---------
30.1 31.2 1.1 0.12 0.25
--------- ------- ----------- -------- ---------
54.0 55.0 1.0 0.10 1.11
--------- ------- ----------- -------- ---------
67.5 68.5 1.0 0.11 0.85
--------- ------- ----------- -------- ---------
70.5 75.8 5.3 0.16 3.00
--------- ------- ----------- -------- ---------
79.7 81.0 1.3 0.11 1.26
--------- ------- ----------- -------- ---------
91.4 92.4 1.0 0.15 2.13
--------- ------- ----------- -------- ---------
98.4 99.4 1.0 0.18 0.56
--------- ------- ----------- -------- ---------
101.4 103.4 2.0 0.13 0.66
--------- ------- ----------- -------- ---------
144.0 146.0 2.0 0.27 1.65
--------- ------- ----------- -------- ---------
167.5 175.5 8.0 0.13 6.46
--------- ------- ----------- -------- ---------
186.3 222.7 36.4 0.17 1.18
--------- ------- ----------- -------- ---------
223.7 224.7 1.0 0.11 0.25
--------- ------- ----------- -------- ---------
235.1 236.1 1.0 0.10 0.66
--------- ------- ----------- -------- ---------
238.1 239.1 1.0 0.17 0.25
--------- ------- ----------- -------- ---------
246.1 248.8 2.7 0.11 0.25
--------- ------- ----------- -------- ---------
256.4 257.4 1.0 0.15 4.97
--------- ------- ----------- -------- ---------
268.0 274.5 6.5 0.17 8.92
--------- ------- ----------- -------- ---------
283.3 289.1 5.8 0.11 0.65
--------- ------- ----------- -------- ---------
293.3 322.5 29.2 0.12 1.61
--------- ------- ----------- -------- ---------
323.5 324.5 1.0 0.20 6.70
--------- ------- ----------- -------- ---------
356.4 361.8 5.4 0.18 2.41
--------- --------- ------- ----------- -------- ---------
HZR003 24.0 35.8 11.8 0.18 2.72
--------- --------- ------- ----------- -------- ---------
47.7 49.0 1.3 0.11 0.25
--------- --------- ------- ----------- -------- ---------
182.3 206.7 24.4 0.34 2.88
--------- ------- ----------- -------- ---------
242.0 243.0 1.0 0.17 0.79
--------- ------- ----------- -------- ---------
244.0 245.0 1.0 0.11 1.41
--------- ------- ----------- -------- ---------
246.0 247.0 1.0 0.12 0.56
--------- ------- ----------- -------- ---------
295.8 296.8 1.0 0.28 2.17
--------- ------- ----------- -------- ---------
333.0 336.0 3.0 0.88 37.97
--------- ------- ----------- -------- ---------
348.1 349.5 1.4 0.26 8.52
--------- ------- ----------- -------- ---------
367.0 368.3 1.3 0.12 1.06
--------- ------- ----------- -------- ---------
436.9 437.9 1.0 1.08 13.27
--------- ------- ----------- -------- ---------
538.3 539.3 1.0 0.15 2.05
--------- --------- ------- ----------- -------- ---------
HZR004 68.1 69.4 1.3 0.11 1.18
--------- --------- ------- ----------- -------- ---------
126.7 127.8 1.1 0.17 0.25
--------- --------- ------- ----------- -------- ---------
132.0 133.1 1.1 0.15 0.25
--------- ------- ----------- -------- ---------
226.2 227.4 1.2 0.11 0.25
--------- ------- ----------- -------- ---------
250.1 256.8 6.7 0.34 0.44
--------- --------- ------- ----------- -------- ---------
HZR005 12.6 13.9 1.3 0.10 1.50
--------- --------- ------- ----------- -------- ---------
28.3 29.8 1.5 0.17 3.57
--------- --------- ------- ----------- -------- ---------
47.6 48.7 1.1 0.15 0.83
--------- ------- ----------- -------- ---------
50.0 51.2 1.2 0.35 0.60
--------- ------- ----------- -------- ---------
92.3 93.3 1.0 0.15 0.25
--------- ------- ----------- -------- ---------
114.9 126.4 11.5 0.19 2.24
--------- ------- ----------- -------- ---------
130.5 132.4 1.9 0.14 1.61
--------- ------- ----------- -------- ---------
177.0 178.8 1.8 0.30 2.11
--------- ------- ----------- -------- ---------
191.8 194.5 2.7 0.12 0.45
--------- ------- ----------- -------- ---------
199.8 201.8 2.0 0.15 0.92
--------- ------- ----------- -------- ---------
206.0 210.7 4.7 0.16 0.76
--------- ------- ----------- -------- ---------
212.6 214.6 2.0 0.12 1.39
--------- ------- ----------- -------- ---------
215.6 218.1 2.5 0.16 0.25
--------- ------- ----------- -------- ---------
222.0 223.0 1.0 0.14 0.25
--------- ------- ----------- -------- ---------
259.7 262.3 2.6 0.11 0.91
--------- ------- ----------- -------- ---------
264.7 266.7 2.0 0.17 0.57
--------- ------- ----------- -------- ---------
297.8 298.8 1.0 0.12 0.25
--------- ------- ----------- -------- ---------
361.9 363.2 1.3 0.18 0.25
--------- ------- ----------- -------- ---------
389.1 390.1 1.0 0.12 1.26
--------- ------- ----------- -------- ---------
404.2 407.4 3.2 0.16 6.19
--------- ------- ----------- -------- ---------
529.6 530.6 1.0 0.12 0.84
--------- ------- ----------- -------- ---------
561.8 563.5 1.7 0.24 2.24
--------- ------- ----------- -------- ---------
648.1 649.1 1.0 0.11 0.25
--------- --------- ------- ----------- -------- ---------
HZR006 71.5 73.5 2.0 1.55 3.24
--------- --------- ------- ----------- -------- ---------
114.0 115.2 1.2 0.13 2.51
--------- --------- ------- ----------- -------- ---------
280.5 281.5 1.0 0.17 2.26
--------- --------- ------- ----------- -------- ---------
HZR007 7.0 8.0 1.0 0.10 0.64
--------- --------- ------- ----------- -------- ---------
145.7 147.0 1.3 0.21 0.44
--------- --------- ------- ----------- -------- ---------
188.0 189.0 1.0 0.24 2.56
--------- ------- ----------- -------- ---------
198.0 199.3 1.3 0.26 1.12
--------- ------- ----------- -------- ---------
262.2 267.0 4.8 0.16 1.45
--------- ------- ----------- -------- ---------
291.2 292.3 1.1 0.13 2.95
--------- ------- ----------- -------- ---------
293.3 298.7 5.4 0.11 1.48
--------- ------- ----------- -------- ---------
383.0 385.3 2.3 0.28 0.25
--------- ------- ----------- -------- ---------
425.3 428.3 3.0 0.14 2.04
--------- --------- ------- ----------- -------- ---------
Samples obtained from Hizarliyayla have been sent periodically
in batches to the KML for analysis. This has resulted in temporary
delays and backlogs of pending samples for the Salinbas Project as
a whole. The requirement to introduce these 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 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 continue
to take priority over the Hizarliyayla analyses.
Soil Sampling
In the weeks leading up to the 2023 Hizarliyayla drilling
campaign, the Ariana exploration team completed the collection of
over 200 infill soil samples for multi-element assay analysis at
ALS Global. This was merged with historic sample results to yield a
high-resolution geochemical map containing 1,098 soil samples in
the immediate area. This data was extensively interrogated by our
in-house geochemistry team. Principal Component Analysis ("PCA")
identified significant correlations with key elements (Bi, Sb, Ag,
K, Mo, Au, and Pb). The PCA clustering of these elements was
plotted and utilised as primary targets for the now-completed
drilling programme.
Furthermore, the soil geochemistry also identified a significant
zoning of base-metal and precious metal elements ( Figure 3 ). This
work was a key factor in the design of the drilling programme.
Concentrations of precious metals are often indicative of the core
of a mineralising system, whereas base metals tend to form on the
periphery, and therefore represent lower-priority targets.
Figure 3: Soil geochemical maps for gold and lead, showing the
broadly overlapping precious and base metal geochemical signature
of Hizarliyayla, with base metals more dominant in the west and
gold more dominant in the east.
Geophysics
A geophysical Pole-Dipole IP-Resistivity survey commenced in
November 2023 to aid the resolution of deeper targets ( Figure 4 ).
The 2,500-metre survey lines are oriented broadly perpendicular to
the structures in the area, roughly north-south, at 200-metre line
spacing. Electrodes are spaced at 50-metre intervals, using a mixed
array type of surveying. This provides high resolution near
surface, but also deeper signals at lower resolution. The survey
parameters have been optimised for depths of up to 500 metres. To
date, three lines have been completed, with the remaining three on
hold due to unsuitable weather (heavy rain and snow). Processing
and interpretation of the results are ongoing and will be used to
better target future drilling.
Figure 4: Results from top to bottom (north to south) of the
first 3 lines of the IP/Resistivity survey with resistivity (left)
and chargeability (right).
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Ardanuc depo facility in Artvin and analysed at the Kiziltepe Mine
Laboratory. 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
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 82%.
To date, a total of 3,617 sample results for 3,852 metres of
sampled drill core has been returned from the KML (plus 886 QA/QC
samples). So far, 2% of all analysed samples have also been
analysed by ALS Global in Izmir as an external laboratory check as
part of the QA/QC procedures used for the project, with a 10% check
rate to be achieved by the end of the drilling programme. Results
are pending for a further 2,467 samples (including 519 QA/QC
samples).
QA/QC sample insertion rates vary depending on the batch size
accepted by the laboratory. Ariana sampling protocol requires the
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, 1
field duplicate, 1 pulp duplicate and over 10% samples analysed at
an external laboratory. The Zenit QA/QC protocol is under review by
both Ariana and Zenit teams following the laboratory upgrade.
The 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, 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).
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 over 10% of their crushed
rejects from selected drill core samples to ALS Global in Izmir for
check assays. 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 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 .
Glossary of Technical Terms:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"Cu" chemical symbol for copper;
"g/t" grams per tonne;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"Mo" chemical symbol for molybdenum;
"PCA" Principal Component Analysis;
"Pb" chemical symbol for lead;
"ppm" parts per million;
"Zn" chemical symbol for zinc.
Ends.
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END
DRLEAKASELADFFA
(END) Dow Jones Newswires
December 06, 2023 02:00 ET (07:00 GMT)
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