REG - Ariana Resources PLC - Completion of Drilling Programme at Salinbas

Ariana ResourcesAnnouncement

04/06/2024 07:00

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RNS Number : 9140Q  Ariana Resources PLC  04 June 2024

 

4 June 2024

AIM: AAU

COMPLETION OF DRILLING PROGRAMME AT THE SALINBAS PROJECT

Ariana Resources plc ("Ariana" or "the Company"), is pleased to announce the
completion of a drilling programme undertaken recently at the Salinbas Project
("Salinbas" or "the Project") in north-eastern Türkiye, which has extended
the zones of known gold and silver mineralisation. Ariana is an AIM-listed
mineral exploration and development company with gold project interests in
Africa and Europe, and owns 23.5% of the operator of the Salinbas Project,
Zenit Madencilik San. ve Tic. A.S. ("Zenit") in partnership with Proccea
Construction Co. (23.5%) and Ozaltin Holding A.S. (53%).

Highlights:

·    Significant intercepts for the final 35 holes of the drilling
programme include:

o  2.6m @ 10.30g/t Au + 2.48g/t Ag

§ including 1.3m @ 19.85g/t Au + 4.25g/t Ag

o  6.7m @ 3.68g/t Au + 7.75g/t Ag

§ including 4.8m @ 4.49g/t Au + 10.12g/t Ag

o  11.3m @ 1.88g/t Au + 14.50g/t Ag

§ including 4.2m @ 3.49 g/t Au + 28.18g/t Ag

·    This work concludes the 115-hole, 15,782-metre diamond drilling
programme at the Salinbas Project.

·    Step-out drilling has resulted in a 17% growth in the overall volume
of the Salinbas deposit (Main Zone).

·    Deeper drilling discovered a second horizon of 'contact'-style
mineralisation beneath the WSW part of the Salinbas deposit, highlighting a
significant new exploration target.

·    The Salinbas 'contact'-style mineralisation occurs immediately above
the A-S Zone, which is now interpreted to be a root, or feeder zone, for the
Salinbas deposit.

·      Infill drilling has confirmed the continuity of mineralisation
within the Salinbas resource envelope, and an update is expected to be
provided in due course.

To read a pdf version of the announcement, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/9140Q_1-2024-6-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9140Q_1-2024-6-3.pdf)

Dr. Kerim Sener, Managing Director, commented:

"We are very pleased with the final results of the Salinbas drilling
programme, which have continued to demonstrate continuity across the Salinbas
Zone, expanding its footprint and demonstrating the potential for repeated
zones of mineralisation at depth. Furthermore, we are increasingly confident
that the Salinbas mineralisation developed as a result of the intrusion of the
Ardala Porphyry Complex, resulting in the propagation of mineralisation along
and away from the A-S Zone breccia style mineralisation, which almost
certainly represents a feeder.

"We are currently working towards a revised Mineral Resource Estimate for the
Salinbas Project, which will encompass the Salinbas and Ardala zones.
Principally we expect a conversion of mineral resources to higher categories
of JORC within the Salinbas Zone. While the Ardala Porphyry Complex has
received some new drilling from the programme, a lot of work remains to
determine the full potential as it has been significantly less drill tested.
Notably the deepest hole of the programme yielded 461.8m @ 0.22% Cu + 0.23g/t
Au, and 155ppm Mo from 283.5 metres to a total depth of approximately
three-quarters of a kilometre, ending in mineralisation, confirming the
significant scale of the porphyry complex and the exciting potential of the
Salinbas Project as a whole.

"The Salinbas Project exploration programme continues to be funded through
US$8 million in new capital provided to the project by Ozaltin Holding A.S.,
of which US$5 million has been spent to date. The partners are now going to
further evaluate the results of this drilling programme and determine the
optimal path forward for the project, which will likely involve further
geological and economic modelling."

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").

Background

The Salinbas Project is located in north-eastern Türkiye within the
multi-million-ounce Artvin Goldfield. The Project is a partnership between
Ariana, Proccea and Ozaltin, with Zenit as the operator and Ozaltin providing
US$8 million in funding to take the project through drilling and into project
evaluation.

Between November 2021 and December 2023, the Zenit exploration team completed
115 holes for a total of 15,782 metres of diamond drilling at the Salinbas
Project, which comprises the gently east-northeast plunging Salinbas
'contact'-style mineralisation, and the sub-vertical Ardala Porphyry Complex.
In May 2024, an analysis of samples was completed for the last 35 holes
drilled during Q4 2023.

The drilling programme set out to achieve four primary objectives:

1)   Continue exploration step-out drilling in the vicinity of the Salinbas
deposit

2)   Define lateral and depth extensions of the Ardala Porphyry Complex

3)   Determine whether the A-S Zone is part of, or distinct from, the
Salinbas deposit

4)   Complete the first phase of resource infill drilling, primarily at
Salinbas.

Drilling initially focused on the Ardala Porphyry Complex and a relatively
less well-tested area between the porphyry and the Salinbas deposit; the A-S
Zone (Figure 1). Following the receipt of the necessary forestry permits,
drilling continued across the Salinbas deposit throughout 2023.

This announcement summarises the results of the latest drill holes, and the
programme as a whole, which has both extended mineralisation laterally and
vertically beyond the current Resource, and developed the understanding of
several aspects of the Salinbas Project. The summary incorporates updates
published on 25 January 2023, 19 June 2023 and 30 November 2023., with the key
outcomes of the drilling programme presented below.

Figure 1: Map showing all completed drill-hole collar positions for the
Salinbas Project. Collars in red represent all holes discussed in this
announcement. The purple boundary represents the new defined extents of the
Salinbas deposit, compared to the previous extents shown in yellow.

 

Salinbas Deposit

The Salinbas deposit comprises a broadly tabular zone of mineralisation
located primarily at the contact between the Kizilcik and Ziyarettepe
formations. In 2022, Zenit drilled 30 holes in the area between the Ardala and
Salinbas deposits, which resulted in a 50-80m expansion of the panel to the SE
where it is abruptly terminated by the Salinbas thrust fault. The presence, or
otherwise, of Salinbas mineralisation further south of the Salinbas Thrust is
not well constrained. However, the highest-ranking hole drilled in the
2021-2023 drilling programme (ARD039), intercepted 13.7m @ 7.28 Au + 1.3g/t Ag
(AIM: 25 January 2023
(https://www.londonstockexchange.com/news-article/AAU/substantial-drilling-progress-at-salinbas/15809186)
), within the region of the Salinbas Thrust contact, representing a
significant exploration target for further work. Furthermore, the "A-S" zone
is also host to a second deeper zone of breccia-style mineralisation beneath
Salinbas, which is now though to be part for a feeder zone for the Salinbas
deposit.

During January 2023, Zenit completed 75 diamond holes for 7,789.3 metres of
resource infill drilling within the Salinbas deposit area. The drilling
results will add significant confidence to the existing resource and allow
sufficient resolution to potentially upgrade the resource category in areas
which are currently classified as inferred resources. This drilling has also
resulted in a 17% increase in volume over the pre-2024 mineralisation model
(Figure 2).

As part of the infill drilling, SALH125 was drilled to a greater depth to test
for a second, deeper target that had been inferred from an unusual repetition
of target lithological units noted in the logging (Figure 2). SALH125
intercepted 6.7m @ 3.68g/t Au + 7.75g/t Ag from 141.8m. Peripheral holes
primarily targeting the Salinbas mineralisation are now known to not have been
drilled deep enough to intercept this second panel of mineralisation. This
includes hole SALH115, which was terminated in the target lithology of the
second panel. To date, this second deeper panel is still significantly
under-drilled and remains an important exploration target.

Early results of the drilling in the Salinbas area (SALH076 - SALH090)
announced on (AIM: 19 June 2023
(https://www.londonstockexchange.com/news-article/AAU/significant-drilling-results-at-salinbas-ardala/16003741)
) included:

·    SALH087: 12.8m @ 1.34g/t Au + 3.3g/t Ag - from surface

·    SALH077: 10.7m @ 1.19g/t Au + 16.5g/t Ag - from 82.0m

·    SALH090: 3.5m @ 1.28g/t Au + 160.6g/t Ag - from 63.8m

Further results (SALH091-SALH108) announced on (AIM: 30 November 2023
(https://www.londonstockexchange.com/news-article/AAU/significant-drilling-results-at-salinbas/16230674)
) included:

·    SALH093: 7.2m @ 9.37g/t Au + 19.6g/t Ag - from 86.2m

o  Incl. 1.4m @ 35.02g/t Au + 69.8g/t Ag - from 88.7m

·    SALH092: 6.5m @ 3.69g/t Au + 4.4g/t Ag - from 108.1m

·    SALH102: 11.05m @ 1.56g/t Au + 11.8g/t Ag - from 85.35m

Final phase of results for the Salinbas resource drilling (SALH109 - SALH142)
include:

·    SALH137: 2.6m @ 10.30g/t Au + 2.48g/t Ag - from 113.7m

o  Incl. 1.3m @ 19.85g/t Au + 4.25g/t Ag - from 113.7m

·    SAL125: 6.7m @ 3.68g/t Au + 7.75g/t Ag - from 141.8m

o  Incl. 4.8m @ 4.49g/t Au + 10.12g/t Ag - from 143.0m

·    SALH131: 11.3m @ 1.88g/t Au + 14.50g/t Ag - from 44.7m

o  Incl. 4.2m @ 3.49g/t Au + 28.18g/t Ag - from 47.3m

 

Figure 2: An interpretive long-section through the Salinbas and Ardala areas.
Labelled holes represent some of the successful targets intercepted during the
2021-2023 drilling programme. Drillhole SALH115 represents a hole which was
terminated too early within a newly discovered secondary Salinbas-style target
zone.

Ardala Porphyry Complex

 

During this drilling campaign, a total of 10 holes for 3,253 metres of
drilling was completed within Ardala and its peripheral area. These holes were
designed to test mineralised contact zones around the Ardala Porphyry Complex,
as well as provide some infill drilling of the porphyry itself. This includes
the deepest hole drilled in the project area to date (ARD068 745.3m).
Significant results from Ardala and peripheral areas include:

 

·    ARD068: 461.8m @ 0.22% Cu + 0.23g/t Au + 155ppm Mo from 283.5m to end
of hole

 

·    ARD067: 8.2m @ 1.27% Cu + 0.95g/t Au + 22.41g/t Ag + 0.16% Zn from
46.6 metres

•     Including 0.3m @ 12.92% Cu

 

·    ARD065: 5.8m @ 1.43g/t Au + 25.7g/t Ag

 

·    ARD051: 60.7m @ 109ppm Mo from 396.7m including 1.2m @ 418ppm Mo at
396.7m

 

All historic drilling, up to and inclusive of 2019 defined the current JORC
Measured, Indicated and Inferred Resource of 1.5 million ounces of gold as
announced on (AIM: 30 July 2020
(https://polaris.brighterir.com/public/ariana_resources_plc/news/rns/story/x4z33dr)
) split between the high-grade Salinbas deposit and the lower-grade,
high-tonnage Ardala Porphyry Complex. To date, 37,851.15 metres of drilling
has been completed across 248 holes at Salinbas and Ardala. Since the release
of the 2020 Mineral Resource Estimate, there has been a 41.7% increase in
total drilled metres. The 2021-2023 drilling includes the deepest hole drilled
into the core of the Ardala Porphyry Complex (ARD068 for 745.3m), which
intercepted significant Au-Cu-Mo mineralisation from 283.5 metres to the end
of the hole, for 461.8m @ 0.22% Cu + 0.23g/t Au + 155ppm Mo as announced on
(AIM: 19 June 2023
(https://www.londonstockexchange.com/news-article/AAU/significant-drilling-results-at-salinbas-ardala/16003741)
).

 

A revised Mineral Resource Estimate is currently underway. This will initially
focus on the Salinbas deposit and the main body of the Ardala Porphyry Complex
following detailed quality assurance/quality control ("QA/QC").

 

Table 1: Significant gold and silver only intercepts calculated for all 2023
drilling to date, using a 0.5g/t Au minimum cut-off and allowing for up to 1m
internal dilution. Intercepts calculated using KML data and supported by
external laboratory results.

 

 Hole ID   From (m)  To (m)  Interval (m)  Gold (g/t)  Silver (g/t)
 SALH110   97.7      101.8   4.10          0.68        21.88
 SALH113   0.0       1.3     1.30          0.84        1.48
 SALH114   96.7      101.5   4.80          1.88        43.17
 Incl.     100.0     101.5   1.50          3.39        107.65
 SALH116   106.6     108.9   2.30          1.57        0.53
 Incl.     107.9     108.9   1.00          2.08        0.25
 SALH116   113.1     117.5   4.40          2.80        7.82
 Incl.     114.1     115.6   1.50          5.48        11.12
 Incl.     116.2     117.5   1.30          2.53        12.17
 SALH116   143.2     144.5   1.30          1.44        2.10
 SALH120   77.4      80.85   3.45          3.63        50.73

           91.0      91.8    0.80          0.74        0.25
 SALH124   50.15     51.0    0.85          0.64        5.66
 SALH125   59.2      61.5    2.30          0.78        5.33
           63.8      67.3    3.50          1.49        6.26
           140.0     140.5   0.50          2.30        1.24
 Incl.     140.0     140.5   0.50          2.30        1.24
 SALH125   141.8     148.5   6.70          3.68        7.75
 Incl.     143.0     147.8   4.80          4.49        10.12
 SALH128   4.6       6.6     2.00          1.14        2.59
 SALH129   47.7      50.5    2.80          2.36        18.57
 Incl.     48.4      49.9    1.50          3.22        23.58
 SALH129   64.9      65.4    0.50          1.06        31.94
 SALH130   113.4     114.5   1.10          0.52        35.10
           114.9     116.1   1.20          0.96        41.13
 SALH131   44.7      56.0    11.30         1.88        14.50
 Incl.     47.3      51.5    4.20          3.49        28.18
 SALH132   60.5      61.7    1.20          1.24        6.61
           63.0      65.7    2.70          1.63        26.88
 Incl.     63.0      64.0    1.00          2.01        10.72
 SALH132   69.4      69.9    0.50          1.55        2.74
           73.5      74.6    1.10          0.57        24.21
 SALH133A  147.4     155.5   8.10          1.86        0.25
 Incl.     147.4     148.5   1.10          4.76        0.25
 Incl.     149.8     152.1   2.30          2.26        0.25
 SALH133A  162.6     165.0   2.40          1.30        23.29
 SALH134   106.0     112.7   6.70          1.08        0.54
 Incl.     109.2     109.7   0.50          3.09        1.27
 SALH134   114.0     115.0   1.00          0.94        0.25
           116.3     118.6   2.30          1.88        0.25
 Incl.     116.3     117.4   1.10          2.41        0.25
 SALH135   167.5     171.3   3.80          1.63        1.61
 Incl.     170.0     171.3   1.30          2.37        1.62
 SALH136   70.4      81.1    10.70         1.32        15.58
 Incl.     78.0      78.6    0.60          3.26        9.51
 Incl.     80.5      81.1    0.60          2.32        28.08
 SALH136   82.7      83.5    0.80          1.55        18.50
 SALH137   113.7     116.3   2.60          10.30       2.48
 Incl.     113.7     115.0   1.30          19.85       4.25
 SALH137   138.4     139.5   1.10          1.01        3.79
 SALH140   68.4      71.4    3.05          3.55        27.12
 Incl.     69.0      71.4    2.40          4.18        33.61

 

 

 

Table 2: Significant gold and silver only intercepts calculated for all 2023
drilling to date, using a 0.5g/t Au minimum cut-off and allowing for up to 1m
internal dilution. Intercepts calculated using KML data and supported by
external laboratory results. Previously announced in November 2023

 

 Hole ID    From (m)  To (m)  Length (m)  Au (g/t)  Ag (g/t)
 SALH076    97.3      104.3   7.0         2.55      20.5
 SALH089    87        87.35   0.35        9.23      19.3
 SALH092    108.1     114.6   6.5         3.69      4.4
 SALH093    86.2      98.8    7.2         9.37      19.6
 including  88.7      90.1    1.4         35.02     69.8
 SALH095    0         2.4     2.4         0.62      1.4
            92.2      95.8    3.6         0.57      13.6
 SALH099    121.9     123.2   1.3         1.14      11.1
 SALH099A   96.5      97.4    0.9         0.51      3.6
            115.6     128.8   13.2        0.97      12.9
 SALH100    52.95     58.4    5.45        2.18      38.0
 SALH101    73.8      77.3    3.5         1.68      33.8
 SALH102    85.35     96.4    11.05       1.56      11.8
 SALH104    105.8     111.1   5.3         1.03      3.2
 SALH105    62.0      64.7    2.7         1.37      15.4
            77.1      78.9    1.8         1.32      75.4
 SALH106    104.6     110.5   5.9         0.78      3.6
            114.5     115.4   0.9         0.53      0.8
 SALH107    84.4      89.7    5.3         1.92      14.7
 SALH108    41.4      42.4    1.0         3.55      73.2
            45.5      48.5    3.0         1.72      62.7

 

 

Table 3: Significant multi-element intercepts calculated for drilling within
the Ardala area, using a 0.2% Cu minimum cut-off and allowing for up to 1m
internal dilution. Intercepts calculated using KML data and supported by
external laboratory results. * 7.5m maximum internal dilution applied for the
calculation of this intercept within the Ardala Porphyry Complex (in bold).
Previously announced in June 2023.

 Hole ID    From (m)  To (m)  Interval (m)  Au (g/t)  Ag (g/t)  Mo (g/t)  Cu (%)  Zn (%)
 ARD064     340.0     344.7   4.7           0.60      1.32      2         0.12    0.09
            356.6     359.8   3.2           0.12      1.57      2         0.11    0.21
 ARD066     27.4      38.4    11.0          0.40      14.43     19        0.33    0.25
 ARD067     46.6      54.8    8.2           0.95      22.41     9         1.27    0.16
 Including  52.9      53.2    0.3           0.15      3.29      9         12.92   0.45
 ARD068     160.6     166.7   6.1           0.11      0.25      1         0.13    0.06
            170.3     177.3   7.0           0.22      0.60      4         0.11    0.14
            200.1     204.0   3.9           0.13      0.58      9         0.12    0.04
            283.5     294.5   11.0          0.08      0.31      127       0.16    0.00
            306.5     312.7   6.2           0.12      0.63      168       0.16    0.04
 ARD068*    283.5     745.3   461.8         0.23      0.50      155       0.22    0.00
 ARD069     158.7     163.6   4.9           0.13      1.24      9         0.21    0.03
 ARD070     47.4      52.4    5.0           0.03      3.79      9         0.16    0.10
 SALH077    101.1     111.1   10.0          0.03      0.85      11        0.44    1.04

 

Table 4: Significant gold and silver only intercepts calculated for all new
drilling within the Ardala and "A-S" region of the Salinbas Project, using a
0.5g/t Au minimum cut-off and allowing for up to 1m internal dilution.
Intercepts calculated using KML data and supported by external laboratory
results. Previously announced in January 2023 and June 2023.

 

 Hole ID  From (m)  To (m)  Interval (m)  Gold (g/t)  Silver (g/t)
 ARD035   112.0     116.4   4.4           1.05        8.7
 ARD036   103.3     105.7   2.4           1.31        10.0
 ARD036A  106.9     109.0   2.1           1.29        14.7
 ARD037   149.3     152.6   3.3           1.34        4.0
 ARD038   127.0     128.3   1.3           4.72        15.9
          143.0     144.5   1.5           1.94        237.5
          148.1     149.4   1.3           0.70        3.2
 ARD039   101.0     114.7   13.7          7.28        1.3
 ARD040   103.4     107.0   3.6           2.01        3.5
          113.8     121.6   7.8           1.27        23.1
 ARD041A  88.0      90.3    2.3           1.19        20.2
 ARD042   51.3      52.5    1.2           2.07        17.1
          60.0      71.5    11.5          1.37        8.5
 ARD044   66.7      70.0    3.3           1.43        3.1
          82.8      84.4    1.6           3.22        13.8
 ARD049   66.0      67.2    1.2           1.82        15.3
          78.0      79.0    1.0           0.71        1.2
          86.5      87.5    1.0           0.72        0.3
 ARD050   94.5      96.4    1.9           0.82        63
          108.9     117.5   8.6           3.64        1.5
 ARD054   297.5     299.8   2.3           0.98        2
          317.4     320.5   3.1           0.94        4.3
 ARD056   117.7     120.0   2.3           0.76        0.4
          189.3     190.7   1.4           3.95        0.3
 ARD059   18.0      19.7    1.7           2.43        0.5
 ARD060   96.5      112.1   15.6          0.73        4.4
          115.1     118.5   3.4           1.27        28.3
          124.2     127.2   3.0           0.73        38
 ARD060A  114.0     132.7   18.7          0.97        24.5
 ARD061   72.6      74.5    1.9           3.03        3.7
 ARD062   41.2      44.0    2.8           2.20        20.9
 ARD064   153.3     155.9   2.6           0.67        5.1
 ARD065   152.7     158.5   5.8           1.43        25.7
 ARD067   46.6      48.8    2.2           3.36        78.4
 ARD068   91.5      95.0    3.5           2.17        51.0
          506.1     508.6   2.5           0.63        0.6
          563.3     565.3   2.0           0.66        0.5
 ARD069   128.5     131.2   2.7           1.90        3.0.
          43.5      46.3    2.8           1.70        8.6
 ARD070   2.0       4.0     2.0           2.13        4.9
 SALH077  82.0      92.7    10.7          1.19        16.5
 SALH082  0         3.1     3.1           1.12        3.2
 SALH087  0         12.8    12.8          1.34        3.3
 SALH088  0         2.0     2.0           1.52        5.3
 SALH090  63.8      67.3    3.5           1.28        160.6
          58.1      60.1    2.0           0.72        34.1

Table 5: Significant molybdenum intercepts within the Ardala area using a
50ppm Mo minimum cut-off and allowing for up to 5m internal dilution.
Previously announced in January 2023.

 Hole ID  From (m)  To (m)  Interval (m)  Mo ppm
 ARD034    113.5    123.8    10.3          81
                    including             1.2     2
                                                  0
                                                  8
 ARD049    120.0    130.8    10.8          68
           190.6    199.3    8.7           135
 ARD050    112.5    117.5    5.0           106
                    including             1.0     2
                                                  9
                                                  4
 ARD051    156.7    162.2    5.5           94
           361.6    375.9    14.3          93
           396.7    457.4    60.7          109
                    including             1.2     4
                                                  1
                                                  8
 ARD054   113.4     117.8   4.4           260
          127.6     129.6   2.0           547
          266.5     267.5   1.0           271

Sampling and Assaying Procedures

All diamond drill core are currently being processed at the Ardanuc depo
facility in Artvin and analysed at the Kiziltepe Mine Laboratory ("KML"). The
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 Salinbas and Ardala
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 Salinbas during this campaign was 82%, for a total of 6,833
measurements. A total of 17,489 samples (including 2,959 Quality Assurance and
Quality Control - QA/QC samples) were submitted to the KML. A total of 1,968
samples (including 157 QA/QC samples) were submitted to ALS Global, Izmir as
an external laboratory check as part of the QA/QC procedures used for the
project, with an 11% check rate achieved by the end of the drilling programme.

 

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
and 1 field duplicate and over 10% of samples were analysed at an external
laboratory. The Zenit QA/QC protocol remains under review by both Ariana and
Zenit teams following the laboratory upgrade.

 

Between 2020 and 2021, 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).

 

However, new operating procedures are continuing to be reviewed and
calibrations of the new instruments are being assessed with ongoing internal
QA/QC checks. As part of this, the laboratory team are sending in excess of
10% of their crushed rejects from selected drill core samples to ALS Global in
Izmir for check assays, with 10% of the Salinbas samples also analysed at ALS.
Zenit's internal QA/QC data and sample duplicates have been reviewed, and are
considered appropriate 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 QA/QC 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 Adviser)   Tel: +44 (0) 20 7628 3396
 Roland Cornish / Felicity Geidt
 Panmure Gordon (UK) Limited (Joint Broker)     Tel: +44 (0) 20 7886 2500
 John Prior / Hugh Rich / Atholl Tweedie
 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:

 

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 Türkiye 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 Özaltin Holding A.S. and Proccea Construction Co. in Türkiye
which contains a depleted total of c. 2.2 million ounces gold equivalent (as
at March 2024, using a price ratio of 90 Ag to 1 Au). The joint venture
comprises the Kiziltepe Mine and Tavsan mines and the Salinbas projects.

 

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a
depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold
and 3.3 million ounces silver (as at March 2024). The mine has been in
profitable production since 2017 and has been producing at an average rate of
c.22,000 ounces of gold per annum. 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 Türkiye and contains a JORC
Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1
million ounces silver (as at March 2024). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Türkiye 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 Türkiye 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, Türkiye, 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 61% 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.

 

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;

 

"Pb" chemical symbol for lead;

 

"ppm" parts per million;

 

"Zn" chemical symbol for zinc.

 

Ends.

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