REG - Ariana Resources PLC - Geophysical Survey Results at Kiziltepe

Ariana ResourcesAnnouncement

22/02/2023 07:00

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RNS Number : 6355Q  Ariana Resources PLC  22 February 2023

22 February 2023

AIM: AAU

GEOPHYSICAL SURVEY RESULTS AT KIZILTEPE

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 positive results from an IP/Resistivity geophysical survey
conducted by the company at the Kiziltepe Project ("Kiziltepe" or "the
Project").  Kiziltepe 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:

●     Completion of a comprehensive geophysical survey programme across
the Sindirgi Gold Corridor in late 2022.

 

●     Positive results obtained from the Kiziltepe Induced Polarization
(IP)/Resistivity survey confirm the presence of extensions to several mined
vein systems.

 

●     Confirmation of new near surface drill targets are defined at the
far northwest extensions of Arzu North and Arzu South and towards the
southeast of the mined vein systems.

 

●     Targets defined in this survey are being integrated into a
revision of our JORC Exploration Target, which will define priorities for
future exploration and resource drilling.

 

Dr. Kerim Sener, Managing Director, commented:

"Several geophysical programmes were conducted at Kiziltepe and nearby
prospects during the later part of 2022.  We are very pleased to report the
results from the programme completed at Kiziltepe itself, which was designed
to test near-mine zones of vein mineralisation.  It may become subject to
future drill-testing, as we go about building on the potential for resource
extensions.  We are pleased to note that several pronounced geophysical
anomalies exist along strike of previously mapped and drilled veins,
suggesting the potential for further discoveries, particularly in the
southeast part of the prospect. This signals a new area to us which has not
previously received much attention from drilling in the past.  Beyond the
area covered in the survey outlined here, work was also undertaken at Kepez
and at Kizilcukur, the results of which will become the subject of future
announcements."

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").

Details of the Geophysical Programme

The geophysical programme was undertaken over four prospects located within
the Sindirgi Gold Corridor, a north-east trending mineralised zone extending
from the Kiziltepe Project in the southwest to the Kizilcukur Project in the
northeast. This work included IP/Resistivity surveys over the Kiziltepe mine
area, Kepez Main, Kepez North and a UAV magnetic survey over Kizilcukur
(Figure 1).

Figure 1: The Sindirgi Gold Corridor with defined prospects and areas
currently covered by geophysical datasets.

The geophysical results reported in this update are from the Kiziltepe near
mine and extensional zones (Figure 2) covering an area of 5.3 km².  The
results from the other three surveys are currently being processed and
analysed.

In late 2022, data was collected from 15 northeast-southwest oriented
IP/Resistivity profiles, which were spaced 200m apart with a total length of
25.26km.  These lines were designed to cover the extensions of mineralised
vein systems and were integrated with historic IP/Resistivity survey data
collected during 2008 and 2010.  A pole-dipole array was used with a 30m
electrode spacing, using a Canada GDD TxII-5000W transmitter and a France Iris
Elrec Pro 10 receiver operating in the time domain.

The typical northwest-southeast trend of most mineralised vein systems at the
Kiziltepe Project is well constrained and the historic IP/Resistivity surveys
were designed to transect these in a perpendicular manner.  By utilising all
available geophysical data, the recent survey has defined several additional
near-surface and moderately deep targets between 150m to 200m across the wider
area.

 

Figure 2: Overview map showing historic geophysical IP/Resistivity survey
lines of 2008 and 2010, and the completed programme in 2022 in relation to
mapped veins.

The results of the Kiziltepe IP/Resistivity survey show a series of generally
northwest-southeast trending IP and resistivity anomalies, which probably
represent additional mineralised quartz vein systems (Figure 3).

Moderate to high resistivity anomalies are well defined across known vein
systems whilst higher IP anomalies suggest the presence of alteration zones
near surface and potential for sulphide mineralisation below the water table.
 Due to the composition of the host rocks, these appear to have minimal
influence on the IP/resistivity responses measured.  Several target areas
have been defined and are numbered in Figure 3:

1. At the northwest end of the project area, the resistivity anomaly is
consistent over about 600m, suggesting a similar trend to the Banu vein.

2. The northwest extension of Arzu North vein is confirmed with both IP and
resistivity anomalies, which are expected to be drill tested in 2023.

3. A new parallel zone of high resistivity defined immediately to the
northeast of Arzu North.

4 & 5. The two strong resistivity trends supported by moderate IP
anomalies to the northeast of Arzu North, which were partly defined in earlier
surveys, are confirmed with the recent survey and will be used to generate new
drill targets.

6. The survey also defined several potential structures at the southeast
extensions of both the Arzu South and Fidan vein systems.

Further studies will be made to prioritise the defined exploration targets
from the IP/Resistivity survey which will be integrated with the Kiziltepe
geological model to design a new drilling programme.

Figure 3: Merged 3D resistivity model of the Kiziltepe vein system with the
mapped and modelled veins in red and interpreted structures in blue.

 

Contacts:

 

 Ariana Resources plc                     Tel: +44 (0) 20 7407 3616
 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) 7951 402 336
 Dom Barretto / Shivantha Thambirajah/    arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)

Bessie Elliot

 

 

Editors' Note:

 

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
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 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. 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 and the UK.

 

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 Corporation (www.newmont.com
(http://www.newmont.com) ).

 

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 Indicated and Inferred Resource of 17Mt @ 0.45% to
1.10% copper (excluding additional gold, silver and zinc.

 

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) .

 

Glossary of Technical Terms:

 

"IP" Induced Polarization;

 

"km" Kilometres;

 

"m" Metres;

 

"UAV" Unmanned Aerial Vehicle;

 

 

 

Ends.

 

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