REG - Ariana Resources PLC - ASGARD METALS FUND: PANTHER METALS SUCCESSFUL IPO

Ariana ResourcesAnnouncement

10/12/2021 07:00

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RNS Number : 1961V  Ariana Resources PLC  10 December 2021

 

 

 

 

 

10 December 2021

AIM: AAU

 

ASGARD METALS FUND: SUCCESSFUL IPO OF PANTHER METALS

 

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with joint-venture gold mining operations
in Europe, is pleased to announce the completion of the initial investment of
the Asgard Metals Fund ("the Fund"), which is being developed as part of its
proprietary Project Catalyst Strategy.

 

Highlights:

 

·    Panther Metals Limited ("Panther Metals") has successfully listed on
the Australian Securities Exchange ("ASX") under the ticker 'PNT', at a market
capitalisation of A$10.9 million.

 

·    Asgard Metals Fund ("Asgard") hold an interest in 1.75 million PNT
shares (representing 3.2%).

 

·    Shares will be held in a mandatory escrow for a 2-year period
following the IPO of PNT.

 

Dr. Kerim Sener, Managing Director, commented:

 

"The successful listing of Panther Metals marks a key pivot point of our
ambitions as an exploration and development company, which now spans three
continents, and represents an important stage in the realisation of value
through the Asgard Metals Fund. The fund offers Ariana and its shareholders
significant upside through the exposure to exciting, high-growth potential
assets across multiple jurisdictions and commodities and we look forward to
developing and increasing its role in Ariana's growth.

 

"We are proud to be working alongside the Panther team as they advance their
Coglia nickel-cobalt deposit, located near Laverton in Western Australia, to
the drilling stage.  We will be closely monitoring their activities and we
look forward to seeing the results of both their nickel-cobalt and gold
exploration programmes into 2022.

 

"In particular, this is an exciting time to be exploring for the commodities
which will help the world transition to alternative energy, while at the same
time recognising the ethical sourcing issues associated with commodities such
as cobalt."

 

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").

 

Contacts:

 

 Ariana Resources plc                                 Tel: +44 (0) 20 3476 2080
 Michael de Villiers, Chairman
 Kerim Sener, Managing Director
 Beaumont Cornish Limited                             Tel: +44 (0) 20 7628 3396
 Roland Cornish / Felicity Geidt
 Panmure Gordon (UK) Limited                          Tel: +44 (0) 20 7886 2500
 John Prior / Hugh Rich / Atholl Tweedie
 Yellow Jersey PR Limited                             Tel: +44 (0) 20 3004 9512
 Dominic Barretto / Henry Wilkinson / Matthew McHale  arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)

 

Editors' Notes:

 

About Panther Metals Limited:

 

The following information is derived from stock exchange announcements by
Panther Metals plc (principally 21 June 2021, 27 May 2021, 8 July 2020 and 18
June 2020).  Panther Metals Limited ("PNT") is 36.6%-owned by Panther Metals
plc (LSE:PALM), and is focused on mineral exploration in Western Australia and
the Northern Territory.  PNT has recently completed its listing on the
Australian Securities Exchange (the "ASX" or "ASX Exchange").

 

Western Australia Projects

 

The Merolia Project ("Merolia") comprises a series of largely contiguous
exploration licences located from 35km to the southeast of the town of
Laverton (population: 340) in the Eastern Goldfields Province of Western
Australia.  The area around Laverton includes several major gold mines,
including Granny Smith (3 Moz), Sunrise Dam (8 Moz) and Wallaby (8 Moz), and
many significant gold deposits.  It is one of the most prolific gold
producing areas in Western Australia and is consequently well-serviced by
infrastructure and has a skilled local work-force.

 

The Archaean greenstone belts in the Laverton region are dominantly basaltic
in composition, containing ultramafic intercalations, which were subsequently
intruded by dolerite dykes in places and which are particularly prospective
for gold and nickel mineralisation.  The areas under licence are partly
obscured by a veneer of partly lateritic transported cover and exploration in
the area has consequently been limited.

 

Within the eastern part of Merolia are a series of gold prospects, notably
Burtville East, Comet Well and Ironstone.  Regional magnetic data over this
part of the project identifies several NW-SE trending shear systems which have
potential to host gold mineralisation.  This potential has been confirmed by
surface geochemical sampling along the 15km long Comet Well gold trend, which
has identified several significant and coherent linear gold in soil anomalies
at Comet South, Comet North, Comet West, Ironstone and the recently discovered
40 Mile Camp anomaly.

 

Previous drilling across these prospect areas includes 8m at 6.7 g/t Au and 5m
at 27.8 g/t Au at Burtville East and 9m at 46.5 g/t Au and 24m at 8.6g/t Au at
Ironstone.  The Comet Well area has not been drilled to date, but contains a
series of distinct sub-parallel 1.25 to 2.5km long NW-trending gold anomalous
zones (gold in soils reaching a peak of 2.6 g/t Au), which yielded substantial
quantities of angular gold nuggets through surface prospecting.  The angular
nature of the gold nuggets suggests a proximal gold source, which will become
the focus of further work in this area.

 

Approximately 15km to the west of Laverton lies the Red Flag Project ("Red
Flag").  Previous exploration in the area around Red Flag identified a
WNW-trending gold anomalous zone coinciding with a distinct magnetic low.
The geology of the area is dominated by mafic volcanic rocks intruded by
dolerite dykes, displaying sheared gold mineralised margins in places.  This
area was drilled, yielding a best near surface intercept of 2m at 9.20 g/t
Au.  The licence area is also significantly prospective for nickel-cobalt
sulphide mineralisation, containing the Mt. Goose and Salimas prospects, and
with several resources identified on adjacent tenements.

 

Panther has also recently defined a JORC Exploration Target for nickel and
cobalt at the Coglia Project ("Coglia") on the southernmost area encompassed
by the Merolia project tenements.  This target provided a tonnage range of
30-50Mt at 0.6 to 0.8% nickel and 400 to 600ppm cobalt.  The mineralisation
is developed along a lateritic horizon lying above largely ultramafic host
rocks which are themselves mineralised with sulphides in places.  It is
expected that Panther will be able to define at least an Inferred JORC
Resource with certain additional drilling and other work at Coglia.

 

Northern Territory Projects

 

The Annaburroo and Marrakai gold projects comprise two granted licences
(EL32140 and EL32121 respectively) covering a total area of 160km(2), located
from 70km to the southeast of Darwin, Northern Territory (Figure 1).  The
projects are situated within the Palaeoproterozoic Pine Creek Orogen ("PCO"),
which hosts over 250 gold occurrences and several operating gold mines.  Both
licence areas are close to good infrastructure and the Toms Gully and Rustlers
Roost deposits, which are owned by China Hanking Holdings Limited.  Toms
Gully is a high-grade underground mine containing 1.1Mt @ 8.9 g/t Au (0.3
Moz); operations are expected to recommence following recent EIA approval.
 Rustlers Roost contains 51Mt @ 1.0 g/t Au (1.6Moz) and is one of the largest
gold projects in the region.

 

The project areas contain several gold prospects at Donkey Hill, Johns Reef,
Chins Gully and Jasons Rise, some of which have yielded substantial quantities
of gold nuggets, individually up to 30oz in weight.  These prospects have all
yielded high-grade gold from grab samples (e.g. c. 30-60 g/t Au), trenching
(e.g. 5m @ 6.68 g/t Au) and limited RAB or RC drilling (e.g. 2m @ 5.74g/t Au
from surface).  In more detail, several NE and NW trending linear features
cut the local geology and may provide control on the distribution of gold
mineralisation.  These will be the focus of future ground-based exploration
work.  The mineralisation consists largely of sulphidic quartz veins hosted
by banded greywacke and siltstones of the Finnis River, South Alligator and
Mt. Partridge Groups, which are metamorphosed to lower greenschist facies.
It is expected that Panther will continue to explore and ultimately drill-test
several of these prospect areas during the next few years.

 

 

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 July 2020). 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 227,000 ounces gold
and 3.7 million ounces silver (as at April 2020). The mine has been in
profitable 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 Project is located in western Turkey and contains a JORC
Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7
million ounces silver (as at June 2020). The project is being progressed
through permitting and an Environmental Impact Assessment, with the intention
of developing the site to become the second joint venture gold mining
operation. 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
Goldfield, which contains the "Hot Gold Corridor" comprising several
significant 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 75% of Western Tethyan Resources Ltd ("WTR"), which operates
across 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.

Ariana owns 50% 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 Inferred Resource of 9.5Mt @ 0.65% copper (excluding
additional gold, silver and zinc).

Ariana operates its wholly-owned Asgard Metals Fund ("Asgard"), as part of the
Company's proprietary Project Catalyst Strategy. The Fund will be 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.

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish
Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's
website at www.arianaresources.com (http://www.arianaresources.com) .

Ends.

 

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