REG - Ariana Resources PLC - High-Grade Drilling Results at Tavsan
12/03/2024 07:15
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RNS Number : 4279G Ariana Resources PLC 12 March 2024
12 March 2024
AIM: AAU
HIGH-GRADE DRILLING RESULTS AT TAVSAN
Drilling Campaign Completed
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 recent resource and extension drilling results from the
Tavsan Project, and outline the progress of the mine development work. The
project 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:
· Tavsan drilling campaign is now complete, with 10,285.7 metres,
comprising 112 diamond drillholes drilled since November 2022.
· Best intercepts from the last batch of results include:
o TAV-D054-23 12.6m @ 4.61g/t Au + 9.11g/t Ag from 214.9m
§ including 1.7m @ 9.22g/t Au + 9.83g/t Ag from 220.3m
o TAV-D053-23 9.1m @ 2.99g/t Au + 7.25g/t Ag from 69.4m
§ including 0.9m @ 12.70g/t Au + 10.58g/t Ag from 70.4m
o TAV-D050-23 8.3m @ 2.61g/t Au + 1.63g/t Ag from 55.9m
· 2,565 assay results have been received to date, with 569 remaining
samples pending analysis at the Kiziltepe Mine Laboratory ("KML").
· Resource and Reserve updates are underway following the latest
results.
· Mine construction is continuing to advance well and the Company looks
forward to declaring the first production from Tavsan in the coming months.
To read a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/4279G_1-2024-3-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4279G_1-2024-3-11.pdf)
Dr. Kerim Sener, Managing Director, commented:
"The latest drilling results from Tavsan are some of the most exciting we have
ever released. High-grade mineralisation not only occurs on extensions of
the North Zone near surface, but most intriguingly is now identified in the
deep drilling on the project. This suggests that there may be other laterally
extensive high-grade structures developed along other thrust-planes beneath
the main zone of mineralisation at Tavsan. The purpose of this deeper drilling
was to test this hypothesis, and these results confirm our understanding of
this potential.
"Meanwhile mining at Tavsan remains underway at the Main Pit, with high-grade
material (c.3 g/t Au) being stockpiled preferentially. The production of the
first gold at Tavsan will be derived from this high-grade material. Other
construction activities are both ongoing and on schedule, with further updates
on progress to be provided in future announcements.
"We are continuing to update our geological model based on the new data, which
is contributing towards a revised Mineral Resource Estimate. This in turn will
be used to update our production targets and development plans for 2024. We
expect to release the results of the new estimation before the end of this
month."
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").
Tavsan Project Summary
Gold mineralisation at Tavsan is epithermal in style, with associated silver
and antimony, broadly located along the thrust contact between
Jurassic-Cretaceous massively bedded limestone and an overlying Upper
Cretaceous multi-lithic ophiolite sequence. In addition, a karstic network
within the limestone and fractures within the ophiolitic rocks potentially
acted as conduits for the development of jasperoidal and generally silicified
rocks, several tens of metres, below and above the thrust fault contact,
respectively.
The mineralised jasperoid developed along the thrust contact is irregular in
form on a ten-metre scale, but broadly follows the gentle topography on a
hundred-metre scale and is largely exposed at surface. In the vicinity of a
NE-SW trending fault zone, the thrust is steeper than the topographic
gradient, resulting in a more steeply dipping zone of mineralisation. The
greatest thickness of gold-bearing jasperoid is observed in the vicinity of
the NE-SW fault zone. However, gold concentration appears to have a dominant
NW-SE control within the jasperoid as a whole, suggesting the potential for
steeply dipping conduit structures cross-cutting the limestone units in the
footwall.
Drilling Programme
The Tavsan Project is located in western Turkey, 130 kilometres by road from
Kiziltepe Gold Mine. Following the approval of its Environmental Impact
Assessment and associated permitting, Tavsan is being developed as Zenit's
second gold mining operation in Turkey and is currently in construction, with
mining underway.
Since November 2022, a resource infill and extension drilling programme has
been underway at Tavsan, which is now complete. 112 drill holes, for a total
of 10,285.7 metres of HQ diamond drilling were completed over the North and
Main zones at Tavsan. The average depth for all drilling was approximately 92
metres, with a minimum depth of 16.5 meters and a maximum depth of 270.7
metres. Most holes were drilled vertically, with 18 holes angled at 45 to
75(o).
Figure 1: Summary map showing the completed drillhole collar positions for the
Tavsan Project.
The best intercepts from the latest results included:
· TAV-D054-23 12.6m @ 4.61g/t Au + 9.11g/t Ag from 214.9m
o including 1.7m @ 9.22g/t Au + 9.83g/t Ag from 220.3m
· TAV-D053-23 9.1m @ 2.99g/t Au + 7.25g/t Ag from 69.4m
o including 0.9m @ 12.70g/t Au + 10.58g/t Ag from 70.4m
· TAV-D050-23 8.3m @ 2.61g/t Au + 1.63g/t Ag from 55.9m
· TAV-D048-23 6.6m @ 2.50g/t Au + 6.30g/t Ag from 19.8m
· TAV-D054-23 3.6m @ 3.90g/t Au + 0.25g/t Ag from 177.6m
Samples obtained from Tavsan have been sent to the KML for analysis. The
day-to-day operational samples from the Kiziltepe Mine have priority over the
drilling samples from the development work underway at the Tavsan Project,
causing a delay in receipt of results for the latest drilling programme at
Tavsan. To date, 2,565 results (incl. QA/QC) for 2,102.15 metres of diamond
core have been received from the KML, with 569 samples for 444.70 metres of
drill core are pending for assay and multi-element analysis at KML. For
previous results from the Tavsan drilling programme, refer to announcements on
(AIM: 16 June 2022
(https://www.londonstockexchange.com/news-article/AAU/positive-resource-drilling-at-tavsan/15497747)
) and (AIM: 21 December 2023
(https://www.londonstockexchange.com/news-article/AAU/significant-new-drilling-results-at-tavsan/16261441)
).
Table 1: Significant gold and silver intercepts calculated for the recent
results from the Tavsan drilling programme, using a 0.5g/t Au minimum cut-off
and allowing for up to 1m internal dilution.
Hole ID From To Length Au Ag
(m) (m) (m) (g/t) (g/t)
TAV-D040-23 33.8 37.6 3.8 2.14 8.04
incl. 34.8 35.2 0.4 8.19 1.52
TAV-D041-23 30.0 34.1 4.1 1.09 3.23
TAV-D042-23 5.2 6.2 1.0 1.31 6.13
TAV-D044-23 3.5 7.5 4.0 1.42 0.34
TAV-D045-23 18.3 19.2 0.9 1.69 4.20
TAV-D046-23 51.3 52.2 0.9 0.73 15.46
TAV-D047-23 47.5 49.9 2.4 0.92 1.34
54.2 54.8 0.6 1.07 0.94
TAV-D048-23 12.1 13.3 1.2 0.60 1.77
19.8 26.4 6.6 2.50 6.30
incl. 23.0 24.1 1.1 5.58 5.15
TAV-D049-23 49.9 50.9 1.0 1.01 4.79
54.6 55.0 0.4 0.65 1.24
TAV-D050-23 55.9 64.2 8.3 2.61 1.63
incl. 61.1 61.5 0.4 8.15 1.62
69.4 72.0 2.6 0.96 0.75
TAV-D051-23 53.7 64.8 11.1 1.24 3.96
TAV-D053-23 69.4 78.5 9.1 2.99 7.25
incl. 70.4 71.3 0.9 12.70 10.58
and 71.3 72.3 1.0 5.55 7.78
TAV-D054-23 84.8 85.8 1.0 0.83 0.25
177.6 181.2 3.6 3.90 0.25
incl. 178.8 180.0 1.2 6.45 0.25
207.8 210.9 3.1 0.96 0.64
214.9 227.5 12.6 4.61 9.11
incl. 216.2 217.2 1.0 6.31 5.67
and 218.2 219.2 1.0 5.54 6.25
and 219.2 220.3 1.1 6.72 5.82
and 220.3 221.0 0.7 10.84 9.35
and 221.0 222.0 1.0 8.09 10.17
232.8 234.1 1.3 0.64 14.80
TAV-D055-23 94.1 96.0 1.9 0.71 16.57
TAV-D055-23 97.3 98.0 0.7 1.29 10.50
TAV-D056-23 96.9 99.4 2.5 1.52 5.63
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the Tavsan Project and
analysed at KML, where results are assessed systematically.
HQ-size drill-core samples from the drilling programme at Tavsan 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 Tavsan during this campaign was 89%.
To date, a total of 2,091 sample results for 2,102.15 metres of sampled drill
core has been returned from the KML (including 474 QA/QC samples). So far, 12%
of all analysed samples have also been analysed by ALS Global in Izmir as an
external laboratory check as part of the QA/QC procedures used for the
project, with a minimum 10% check rate maintained to the end of the drilling
programme. The results are pending for a further 565 samples (including 120
QA/QC samples).
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, 1
field duplicate, 1 pulp duplicate and over 10% samples analysed at an external
laboratory. 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 Quality Control and Quality Assurance 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
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:
The information in this report relates to Exploration Results is based upon
information compiled by Ruth Bektas, Exploration Group Leader, Ariana
Resources plc. Ruth Bektas is a member of Recognised Professional
Organisations as defined by JORC 2012: a Chartered Geologist (CGeol,
Geological Society of London) and European Geologist (EurGeol, European
Federation of Geologists) and has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and to the
activity upon which she is reporting as a Competent Person as defined in the
2012 Edition of "The Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves." Ms. Bektas consents to the inclusion in
this report of the matters based on the information compiled by her, 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 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 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;
"g/t" grams per tonne;
"km" Kilometres;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"ppm" parts per million;
"oz" Troy ounces;
Ends.
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