REG - Ariana Resources PLC - Exploration Updates: Türkiye, Kosovo & Cyprus

Ariana ResourcesAnnouncement

03/12/2024 07:00

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RNS Number : 4975O  Ariana Resources PLC  03 December 2024

 

3 December 2024

AIM: AAU

EXPLORATION UPDATES: TÜRKIYE, KOSOVO, CYPRUS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with gold project interests in Africa and
Europe, is pleased to provide an exploration update on its projects in
Türkiye, Kosovo and Cyprus.

Highlights:

·    Kosovo: Initial earn-in up to 51%* of the Slivova Project is
underway, through the completion of trenching and a separate 1,000m drilling
programme; other generative exploration is in progress via the Exploration
Alliance Agreement with Newmont.

·    Cyprus: Over 9,000m of drilling is planned to increase confidence in
currently defined resources and to test other targets. Discussions are
underway to potentially advance the projects in partnership with other groups.

·    Türkiye: Three contiguous exploration licences are being explored in
the Project Leopard area in eastern Türkiye, with broader generative
exploration also underway.

* Earn-in agreement on Slivova is via Western Tethyan Resources Ltd, of which
Ariana owns 76%.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased with the consistent progress being maintained across all our
exploration areas during the past year. In Kosovo, our subsidiary is now in
the process of committing to completing its initial earn-in to take control of
the Slivova Gold Project, which contains a global NI43-101 Mineral Resource of
176,000oz of gold and 646,000oz of silver, largely in Measured and Indicated
categories. A diamond drilling programme of approximately 1,000m will commence
imminently, testing the extensions of the current resource and a couple of
additional targets in its periphery.

"In Cyprus, work continues to demonstrate the potential for discovery of new
volcanic massive sulphide deposits based on a revised geological model. We
consider the potential for major 'Mavrovouni-style' deposits to remain high,
given the lack of deeper modern exploration across the island. Venus Minerals
has acquired and continues to acquire licences that have some of the very best
geological, geophysical and geochemical targets for future testing. Venus is
also investigating opportunities to partner its projects with like-minded
exploration companies to develop its assets.

"In Türkiye, our generative exploration work across the Project Leopard area
in the eastern part of the country is identifying longer-term opportunities to
acquire prospective ground either through government auction or via direct
application. Our current exploration licences in this region have seen initial
stream and rock-chip sampling programmes completed and existing geochemical
anomalies partly followed up.

"We continue to streamline our portfolio and consider these projects as
significant to the longer-term growth of the Company, and we will notify the
market as these opportunities develop."

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.

 

Kosovo

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"), which
operates across south-eastern Europe and is primarily focused on Kosovo. WTR
is targeting its exploration for major copper-gold deposits across the
porphyry-epithermal transition. WTR completed its first phase of drilling at
the Hertica Project this year, with encouraging results suggesting a
porphyry-style copper-gold-molybdenum bearing alteration system (AIM: 31 July
2024
(https://www.londonstockexchange.com/news-article/AAU/western-tethyan-resources-limited-update/16594140)
). This programme of work was undertaken with funding secured through the
Exploration Alliance Agreement with Newmont Mining Corporation, along with
other generative exploration across South East Europe.

 

In recent months, the WTR team has been working on a trenching programme at
the Slivova Project. Over 1,800 portable X-ray Fluorescence ("pXRF") samples
were collected over eight trenches spanning 1,850m. From these samples,
bismuth results from the pXRF analysis strongly correlate with historic gold
assay analyses. Arsenic in the pXRF data also shows significant associations
with gold mineralised zones but generally outlines areas of altered host rocks
and wider mineralised zones. This pXRF data has been instrumental in
determining samples for gold assay analysis, which is pending.

 

Within the trenching programme, six trenches were completed over the Dzemajl
Target, where the objective was to identify and measure structures related to
mineralisation defined in historic trenching. The seventh trench was excavated
directly over the central Slivova deposit area to expose outcropping
mineralisation and better map the structural controls of the deposit. A final
trench was excavated over the Vajileviste Target; an area defined by a weak
soil gold anomaly, some historic trenching, and a weak-to-moderate Induced
Polarisation ("IP") chargeability target.

 

In the coming weeks, the WTR team is finalising logistics to initiate a
1,000-metre diamond drill programme for four holes (Figure 1). The programme
has three technical objectives:

·    Complete two infill resource holes (PL04 and PL25), which are
critical for testing an area where the Slivova resource is "open". The
estimated blocks in the resource model here are currently classified as
Inferred.

·    Complete an exploration hole approximately 120m west of Slivova to
test a significant IP chargeability target which shows characteristics
suggestive of a concealed intrusive body.

·    Test the Vajileviste target area to understand better the
relationships between anomalous soil samples, historic trenching results, and
a weak-to-moderate IP chargeability anomaly.

On completion of this drilling programme, WTR will have satisfied the
requirements of its initial 51% earn-in on the Slivova Project from Avrupa
Minerals Ltd (TSX-V: AVU). WTR will then commence work towards its earn-in to
75% of the Slivova Project, which will require a further €1,000,000 of
expenditure for the preparation of a JORC Code-compliant Mineral Resource
Estimate and the commencement of an Environmental Impact Assessment ("EIA").

 

Figure 1: Summary of work completed and pending for the Slivova deposit,
showing the locations of recently completed trenching and planned drill
collars.

 

Cyprus

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused
on the exploration and development of copper-gold assets in Cyprus containing
a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 0.80%
copper (excluding additional gold, silver and zinc). Kokkinoyia, the largest
component of the combined Resource (12.3Mt @ 0.45% Cu and 0.28g/t Au), is
currently under a new application, along with two other exploration licences.

 

Venus holds 17 licences in prospective regions, with licence areas selected
following the review of an island-wide proprietary database, detailed field
mapping and soil sampling. The next phase of exploration work for Venus will
include targeting 'Mavrovouni-style' deposits, with 5,350m of percussion
drilling planned across four licences to test identified targets. In addition
to this, 3,700m of step-out and infill diamond drilling is planned for
advanced-stage projects. This planned phase of drilling will also provide the
material needed for metallurgical test work for these projects.

 

Discussions are underway with several third parties to fund all or part of the
proposed exploration programmes via joint venture, earn-in or other commercial
arrangements. Since April 2024, the ongoing funding requirements of Venus have
been met by both Ariana and its partner, Semarang Enterprises Ltd, on a
pro-rata basis.

 

Türkiye

Project Leopard is 100% Ariana-owned, focusing on greenfield exploration
across eastern Türkiye (Figure 2). As part of Project Leopard, Ariana has
been identifying multiple prospective locations across eastern Türkiye using
our proprietary exploration datasets coupled with the use of the Newmont 2D
Database under licence. This work has also involved extensive new satellite
remote-sensing and geophysical data processing and interpretation, which is
being conducted in-house. Ariana remains poised to make applications for
ground across the region in the future, intending to initiate a major
greenfield exploration effort targeting the discovery of significant new
copper-gold deposits.

 

Ariana currently holds three contiguous licences within the Project Leopard
area, covering approximately 6,000 hectares. This project, known as the
Güllüce Project, is located to the north of the Güllüce village, about
50km northwest of Erzurum, eastern Türkiye. Stream sediment and rock-chip
sampling were completed on the Güllüce Project, in addition to geological
mapping. Massive limestone in the centre of the license area, conglomerate,
mudstone, and sandstone alternations in the south and younger volcanics were
observed. In regions close to the southern contact of volcanic and sedimentary
rocks, volcanic breccias containing volcanic and sedimentary clasts in a
limonitic matrix were observed and sampled. Previous surface geochemistry was
followed up by this sampling programme and demonstrated low-level gold
anomalism along an NE-SW trending zone across the licences.

 

Ariana is also conducting brownfield exploration in Türkiye through its 23.5%
share in Zenit Madencilik as part of its partnership with Ozaltin Holding A.S.
and Proccea Construction Co. Alongside this, the Ariana team are continuing to
review all projects held with Zenit, to determine the potential expansion of
resources near the Kiziltepe and Tavsan mine sites following extensive
drilling and other exploration programmes during the past few years.

 

Figure 2: The three metallogenic arcs in eastern Türkiye, the focus of
Project Leopard. The three licences of the Güllüce Project held by Ariana
are shown as a single red box.

 

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 Liberum (Joint Broker)                 Tel: +44 (0) 20 7886 2500
 Kieron Hodgson / Atholl Tweedie / Rauf Munir
 Zeus Capital Limited (Joint Broker)            Tel: +44 (0) 203 829 5000

 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 Mineral Resources is based upon information
compiled by Mr. Zack van Coller BSc (Hons), Targeting Group Leader, Ariana
Resources plc. Mr. van Coller is a Fellow of The Geological Society of London,
and 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 a major gold development project in Zimbabwe,
gold production in Türkiye and copper-gold exploration and development
projects in Cyprus and Kosovo.

 

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is
made up of the Dokwe North and Dokwe Central gold deposits which are located
in the Tsholotsho District near the city of Bulawayo. The deposits have a
combined JORC Measured, Indicated and Inferred Resource of over 1.83 million
ounces of gold (as at June 2024) and the project represents the largest
undeveloped gold project in Zimbabwe.

 

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
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 the Tavsan and 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 76% 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 projects in Cyprus, some of
which are in application, containing a combined JORC Indicated and Inferred
Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver
and zinc).

 

Ariana owns several investments in listed and private companies via its
Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also provides
technical input into the various investee company exploration programmes.
Investments have been made 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.
Its most advanced interest is through a 2% holding of Panther Metals Limited
(ASX: PNT).

 

Panmure Liberum Limited and Zeus Capital 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:

 

"Au" chemical symbol for gold;

 

"g/t" grams per tonne;

 

"Inferred Mineral Resource" is that part of a Mineral Resource for which
quantity and grade (or quality) are estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient to imply
but not verify geological and grade (or quality) continuity. It is based on
exploration, sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes. An Inferred Mineral Resource has a lower level of confidence than that
applying to an Indicated Mineral Resource and must not be converted to an Ore
Reserve. It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with continued
exploration;

 

"Indicated Mineral Resource" is that part of a Mineral Resource for which
quantity, grade (or quality), densities, shape and physical characteristics
are estimated with sufficient confidence to allow the application of Modifying
Factors in sufficient detail to support mine planning and evaluation of the
economic viability of the deposit. Geological evidence is derived from
adequately detailed and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes, and is sufficient to assume geological and
grade (or quality) continuity between points of observation where data and
samples are gathered. An Indicated Mineral Resource has a lower level of
confidence than that applying to a Measured Mineral Resource and may only be
converted to a Probable Ore Reserve;

 

"JORC" Joint Ore Reserves Committee;

 

"k" thousand

 

"km" Kilometres;

 

"m" Metres;

 

"Measured Mineral Resource" is that part of a Mineral Resource for which
quantity, grade (or quality), densities, shape, and physical characteristics
are estimated with confidence sufficient to allow the application of Modifying
Factors to support detailed mine planning and final evaluation of the economic
viability of the deposit. Geological evidence is derived from detailed and
reliable exploration, sampling and testing gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes, and is sufficient to confirm geological and grade (or quality)
continuity between points of observation where data and samples are gathered.
A Measured Mineral Resource has a higher level of confidence than that
applying to either an Indicated Mineral Resource or an Inferred Mineral
Resource. It may be converted to a Proved Ore Reserve or under certain
circumstances to a Probable Ore Reserve;

 

"MRE" Mineral Resource Estimate;

 

"M" million

 

"oz" Troy ounces;

 

"t" tonnes;

 

Ends.

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