REG - Ariana Resources PLC - Asgard Portfolio Update

Ariana ResourcesAnnouncement

31/01/2024 07:00

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RNS Number : 4176B  Ariana Resources PLC  31 January 2024

31 January 2024

AIM: AAU

ASGARD PORTFOLIO UPDATE

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"),
highlighting some of its associated investments. Please visit
www.asgardmetals.com.au (https://asgardmetals.com.au/) for more information.

Highlights:

·    Due diligence drilling programme on the Dokwe Gold Project in
Zimbabwe is ongoing, with the Company increasing the current investment in
Rockover Holdings to circa 2.1% by investing a further US$150,000.

·    Increased investment in Panther Metals to circa 5.5%, following an
agreement to extend the consulting input of Asgard by a further year to the
end of 2024.

·    Pallas Resources agrees an option and joint venture agreement with
First Quantum Minerals, whilst securing BHP funding through their Xplor
programme.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased we are able to report significant developments within the
Asgard portfolio in such a short period of time since our last year-end update
(https://www.londonstockexchange.com/news-article/AAU/year-end-update-on-asgard-investments/16206091)
in November 2023.

"We have elected to increase our position in Rockover Holdings as we conclude
the Dokwe Gold Project due diligence drilling programme. The initial technical
results of this programme achieved, as expected, a positive outcome; although
assays remain for completion in due course. We are now evaluating further
involvement in the feasibility-stage project that contains 1.3Moz gold in JORC
Resources and we are in discussions with Rockover Holdings with respect to the
company and its assets.

"We reached an agreement to extend our consulting arrangement with Panther
Metals by a further year, which has resulted in the issue of circa 2.1 million
additional shares in the company, increasing our holding to circa 5.5%. This
comes at an important time for Panther Metals as it advances towards a revised
mineral resource estimate and an associated scoping study for the Coglia
nickel-cobalt project in Western Australia, following a drilling programme
completion in 2023.

"Two significant milestones were achieved in regard to Pallas Resources since
the last update to the market:

"Firstly, we are delighted to announce that Pallas Resources has partnered
with First Quantum Minerals, one of the world's largest copper producers. This
option and joint-venture agreement will target major porphyry and
sediment-hosted copper systems within predefined areas of interest in
Kazakhstan's world-class mineral belts. The agreement initially covers the
newly acquired Aktogay West (377km(2)) Copper Project.

"Finally, Pallas Resources (https://www.pallasresources.com/) has also been
selected as one of only six companies representing the 2024 BHP Xplor cohort
in a process which involved over 500 applicants. Pallas Resources will receive
up to US$500,000 in non-dilutive funding from BHP, which is earmarked for the
acceleration of exploration over a defined area of interest for significant
copper systems in Kazakhstan. Under the agreement, BHP does not acquire an
equity interest in Pallas Resources, or any project owned by the company. The
Company looks forward to reporting future progress made in the Asgard
portfolio later in 2024."

 

Contacts:

 

 Ariana Resources plc                           Tel: +44 (0) 20 7407 3616
 Michael de Villiers, Chairman
 Kerim Sener, Managing Director
 Beaumont Cornish Limited (Nominated Adviser)   Tel: +44 (0) 20 7628 3396
 Roland Cornish / Felicity Geidt
 Panmure Gordon (UK) Limited (Joint Broker)     Tel: +44 (0) 20 7886 2500
 Hugh Rich / Atholl Tweedie / Rauf Munir
 WHIreland Limited (Joint Broker)               Tel: +44 (0) 207 2201666

 Harry Ansell / Katy Mitchell / George Krokos

 Yellow Jersey PR Limited (Financial PR)        Tel: +44 (0) 7983 521 488
 Dom Barretto / Shivantha Thambirajah /         arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)

Bessie Elliot

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Editors' Note:

 

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
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 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
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 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
five-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 PLC ("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 16.6Mt @ 0.45% to
0.80% 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 (http://www.arianaresources.com) .

 

 

Ends.

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