REG - Ariana Resources PLC - High-Grade Gold in Drilling Results at Tavsan Mine
Today 07:00
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RNS Number : 2675H Ariana Resources PLC 13 November 2025
13 November 2025
AIM: AAU
ASX: AA2
HIGH-GRADE GOLD IN EXPANSION & INFILL DRILLING AT TAVSAN MINE
Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the
mineral exploration, development and production company with gold project
interests in Africa and Europe, provides the following summary of the ongoing
drilling programme at Tavsan Mine, western Türkiye (23.5% owned by Ariana).
Highlights:
· Assay results received from the 71-hole programme at Tavsan North
Zone, designed to identify resource expansion opportunities and to complete
infill drilling.
· Results include the following best intercepts:
o 5.10m @ 7.23g/t Au + 3.61g/t Ag (TAV-D002-25)
o 8.50m @ 3.70g/t Au + 2.09g/t Ag (TAV-D138B-25)
o 7.30m @ 4.02g/t Au + 4.81g/t Ag (TAV-D045-25) including 1.00m
@ 21.54g/t Au + 8.31g/t Ag
· Mineralisation now confirmed to extend beyond the current JORC
Resource, both at depth and along strike and in areas between planned pits
· Drilling is continuing in the Main and South Zone, and other areas
across the Tavsan Mine region.
· A JORC Resource update will be completed at the end of the 15,000m
programme at Tavsan, expected in Q3 2026.
To read a pdf version of the announcement, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/2675H_1-2025-11-12.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2675H_1-2025-11-12.pdf)
Dr. Kerim Sener, Managing Director, commented:
"This is an excellent set of drilling results from the ongoing Tavsan diamond
drilling programme. These results relate to the drilling recently completed in
the Tavsan North zone, which will become the next open pit to be developed for
the mine. The new data confirms our understanding of the geology and
demonstrates the continuity of some higher-grade zones in this area.
"This is expected to facilitate an expansion of the Resource and ultimately
the Reserve in this area, as we continue to work towards further increases to
the expected total 8-year life of mine at Tavsan. The mine has already been in
production from its Main Zone for almost two years and went operational
through its heap-leach just last 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 North Zone Drilling
Since the start of drilling at Tavsan early this year, over 9,480m of HQ
diamond drilling has been completed by Q3 2025. Of this, 5,345m of drilling
was completed across 71 holes at the North Zone (Figure 1), with assay results
obtained for all 71 holes as drilling continues, with results expected for
other areas of the Tavsan Mine, specifically extensions of the Main and South
zones.
Drilling has included infill holes to aid mine planning, but also drilling
around the periphery of the currently defined resources, with mineralisation
now confirmed to extend beyond the current resource outlines, both at depth
and along strike. Tavsan contains a JORC 2012 Measured, Indicated and Inferred
Resource of 7.65Mt at 1.26g/t for 311,000oz Au and 1.1Moz Ag. A resource
update will be completed at the end of the drilling programme, currently
expected in Q3 2026.
Key intercepts to date include:
· 5.10m @ 7.23g/t Au + 3.61g/t Ag from 76.0m in TAV-D002-25
· 8.50m @ 3.70g/t Au + 2.09g/t Ag from 50.7m in TAV-D138B-25
· 7.30m @ 4.02g/t Au + 4.81g/t Ag from 35.8m in TAV-D045-25
o including 1.00m @ 21.54g/t Au + 8.31g/t Ag from 41.5m
· 3.40m @ 5.01g/t Au + 5.44g/t Ag from 39.4m in TAV-D135-25
· 6.70m @ 2.42g/t Au + 1.94g/t Ag from 64.0m in TAV-D057-25
· 1.90m @ 8.41g/t Au + 2.38g/t Ag from 29.8m in TAV-D125-25
Figure 1: Plan view of Tavsan showing historic and recently completed drilling
in the North Zone in relation to the currently defined resources, currently
planned pit outlines and target areas.
The infill drilling in North Zone has confirmed the continuity of the
high-grade domain, as previously modelled. Gaps in the previous model have
also been drilled and have intercepted mineralisation at the expected depths.
The peripheral drilling has indicated a continuation of mineralisation deeper
than previously modelled, extending the mineralised zone into an area of 90m
(dip) by 200m (strike). Additionally, drilling in the areas between the
currently planned pits has shown the continuation of mineralisation across
these 50m by 125m gaps.
Figure 2: 3D view of Tavsan North Zone showing 2025 drilling within and around
the currently planned pits (grey). The March 2024 block model is shown,
coloured on the same scale as the assay results. Parts of the Main Zone
(green) have been mined already. Drilling and assays are only shown for 2025
for simplicity and only intercepts greater than 0.5g/t Au are shown.
Significant gold intercepts were calculated for the 2025 Tavsan drilling using
a 0.5g/t Au minimum cut-off and allowing for up to 1m internal dilution.
Intercepts were calculated using Kiziltepe Mine Laboratory ("KML") data. All
significant intercepts are provided in JORC Table 1, with intercepts above
5g/t Au x metres, which are considered material to the project listed in the
table below.
Figure 3: Northwest-southeast cross-section through Tavsan North Zone,
highlighting key 2025 drill intercepts and the geological interpretation for
an approximate 200m swath.
Hole ID From (m) To (m) Interval (m) Au g/t Ag g/t
TAV-D002-25 76.0 81.1 5.1 7.23 3.61
including 77.1 78.4 1.3 8.31 0.25
including 78.4 78.8 0.4 16.32 0.60
including 78.8 80.1 1.3 9.64 0.25
TAV-D003-25 58.0 61.3 3.3 2.72 14.96
TAV-D005-25 46.8 50.0 3.2 2.58 0.25
TAV-D009-25 18.8 24.0 5.2 2.11 3.69
including 19.3 20.2 0.9 5.73 2.86
TAV-D017-25 5.2 10.5 5.3 2.09 9.12
TAV-D021-25 3.8 9.8 6.0 0.93 26.75
16.0 22.3 6.3 1.10 1.33
TAV-D042-25 10.6 17.0 6.4 1.68 13.32
TAV-D044-25 35.0 37.2 2.2 2.44 2.06
TAV-D045-25 35.8 43.1 7.3 4.02 4.81
including 41.5 42.5 1.0 21.54 8.31
TAV-D057-25 64.0 70.7 6.7 2.42 1.94
TAV-D065-25 52.5 57.2 4.7 1.13 280.82
TAV-D067-25 11.9 26.3 14.5 1.00 12.21
TAV-D069-25 4.0 10.5 6.5 1.30 10.60
TAV-D118-25 20.4 23.8 3.4 2.04 1.15
TAV-D125-25 29.8 31.7 1.9 8.41 2.38
including 29.8 30.8 1.0 5.51 0.25
including 30.8 31.7 0.9 11.63 4.75
TAV-D135-25 39.4 42.8 3.4 5.01 5.44
including 39.4 40.7 1.3 8.37 0.25
67.2 73.2 6.0 1.22 0.75
75.8 81.7 5.9 1.13 1.20
TAV-D138B-25 50.7 59.2 8.5 3.70 2.09
including 50.7 51.9 1.2 9.93 1.63
TAV-D139-25 37.4 41.0 3.6 1.54 11.01
Table 1: Significant gold intercepts for the 2025 Tavsan drilling using a
0.5g/t Au minimum cut-off and allowing for up to 1m internal dilution. Only
results above 5g/t Au x metres are considered material to the project and are
listed here.
Sampling and Assaying Procedures
All diamond drill core from Tavsan has been logged and sampled at the Tavsan
Mine site and analysed at the Kiziltepe Mine Laboratory ("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 2025 campaign was 88%.
From this programme, a total of 2,476 sample results for 1,818 metres of
sampled drill core has been returned from the KML (including 525 QA/QC
samples). Samples are also being 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 to be achieved by the end of the
drilling programme.
QA/QC sample insertion rates vary depending on the batch size accepted by the
laboratory. During the 2021-2025 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 analyses of other elements. Reviews of the assay results have
determined that all Quality Control and Quality Assurance samples (blanks,
standards, field duplicates and pulp 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.
Tavşan Mineral Resource Estimate
MINERAL DOMAIN CLASSIFICATION TONNAGE GRADE CONTAINED METAL
(TONNES)
Au (g/t) Ag (g/t) Au (oz) Ag (oz)
High-grade Domain Measured 781,800 2.53 4.32 63,600 108,600
Cut-off: 1.5g/t Au
Indicated 286,700 2.46 5.72 22,700 52,700
Inferred 94,600 2.35 5.74 7,100 17,400
TOTAL 1,163,000 2.50 4.78 93,400 178,700
Low-grade Domain Measured 2,981,600 1.04 4.86 99,900 466,300
Cut-off: 0.5g/t Au
Indicated 2,131,600 1.04 3.89 71,300 266,400
Inferred 1,373,900 1.05 4.37 46,300 192,900
TOTAL 6,487,100 1.04 4.44 217,600 925,700
TOTAL Measured 3,763,300 1.35 4.75 163,500 574,900
Indicated 2,418,300 1.21 4.10 94,000 319,100
Inferred 1,468,500 1.13 4.46 53,400 210,400
TOTAL 7,650,100 1.26 4.49 311,000 1,104,400
Notes:
1. The Tavşan Mineral Resource Estimate is reported in
accordance with the JORC Code. Reported using variable cut-off grades of low
domain of 0.5g/t Au and high domain of 1.5g/t Au.
2. The Tavşan Mineral Resource Estimate is reported
inclusive of Reserves.
3. Refer to sections 5.6.6 and 5.6.7 of the Independent
Geologist's Report (IGR) for further information regarding the Tavşan Mineral
Resource Estimate including the information required by ASX Listing Rule 5.8.
Tavşan Ore Reserves
CATEGORY TONNAGE GRADE CONTAINED METAL
(MT)
Au (g/t) Ag (g/t) Au (oz) Ag (oz)
Proven 2.5 1.46 5.02 116,400 401,100
Probable 2.0 1.32 4.15 84,600 266,200
TOTAL 4.5 1.40 4.63 200,900 667,300
Notes:
1. The Tavşan Ore Reserves are reported in accordance with
the JORC Code. Reported using variable cut-off grades of low domain of 0.5g/t
Au and high domain of 1.5g/t Au.
2. Refer to section 5.6.8 of the IGR for further information
regarding the Tavşan Ore Reserves including the information required by ASX
Listing Rule 5.9.
The Board of Ariana has approved this announcement and authorised its release.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
Michael de Villiers, Chairman
Dr. Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
Roland Cornish / Felicity Geidt
Zeus Capital (Joint Broker) Tel: +44 (0) 203 829 5000
Harry Ansell / Katy Mitchell
Fortified Securities (Joint Broker) Tel: +44 (0) 203 411 7773
Guy Wheatley
Yellow Jersey PR Limited (UK Financial PR) Tel: +44 (0) 7983 521 488
Dom Barretto / Shivantha Thambirajah / arianaresources@yellowjerseypr.com
Bessie Elliot
M&C Partners (Aus Financial PR) Tel: +61 438 227 286
Christina Granger / Ben Henri christina.granger@mcpartners.com.au
Shaw and Partners Limited Tel: +61 (0)2 9238 1268
(Lead Manager - ASX)
Damien Gullone
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.
About Ariana Resources plc:
Ariana is a mineral exploration, development and production company dual
listed on AIM (AIM: AAU) and ASX (ASX: AA2), 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-silver
production in Türkiye and copper-gold-silver exploration and development
projects in Kosovo and Cyprus.
For further information on the vested interests Ariana has, please visit the
Company's website at www.arianaresources.com (http://www.arianaresources.com)
.
Zeus Capital Limited, Fortified Securities and Shaw and Partners Limited are
the brokers to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
Editors' Note:
The information that relates to Exploration Results are based upon information
compiled by Miss Ruth Woodcock, Exploration Group Leader, Ariana Resources
plc. Miss Woodcock 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.
Glossary of Technical Terms:
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" Joint Ore Reserves Committee;
"k" thousand
"km" Kilometres;
"m" Metres;
"M" million
"oz" Troy ounces;
"t" tonnes;
Ends.
Collars Table for Tavsan North Zone 2025
Hole ID Easting Northing Elevation Azimuth Dip Depth
TAV-D001-25 678691 4368408 1,066 0 90 86.0
TAV-D002-25 678656 4368377 1,067 0 90 104.0
TAV-D003-25 678702 4368465 1,057 0 90 94.4
TAV-D004-25 678721 4368489 1,056 0 90 90.0
TAV-D005-25 678731 4368516 1,053 0 90 77.1
TAV-D009-25 678857 4368634 1,063 0 90 50.0
TAV-D011-25 678841 4368613 1,064 0 90 110.0
TAV-D015-25 678815 4368566 1,068 0 90 60.2
TAV-D017-25 678799 4368544 1,068 0 90 71.0
TAV-D021-25 678774 4368518 1,064 0 90 61.0
TAV-D023-25 678806 4368500 1,079 0 90 47.0
TAV-D025-25 678791 4368471 1,081 0 90 68.0
TAV-D027-25 678774 4368445 1,080 0 90 48.0
TAV-D028-25 678938 4368656 1,078 0 90 46.4
TAV-D028A-25 678940 4368656 1,078 0 90 106.6
TAV-D031-25 678913 4368619 1,085 0 90 66.9
TAV-D033-25 678881 4368581 1,091 0 90 47.3
TAV-D034-25 678859 4368534 1,095 0 90 60.0
TAV-D036-25 678843 4368474 1,098 0 90 43.0
TAV-D037-25 678844 4368506 1,094 0 90 49.8
TAV-D039-25 678794 4368450 1,089 0 90 44.5
TAV-D040-25 678657 4368312 1,077 0 90 107.1
TAV-D041-25 678618 4368324 1,070 0 90 135.7
TAV-D042-25 678730 4368408 1,077 0 90 41.2
TAV-D043-25 678687 4368383 1,074 0 90 119.5
TAV-D044-25 678768 4368566 1,053 0 90 81.0
TAV-D045-25 678768 4368592 1,053 0 90 130.5
TAV-D046-25 678663 4368250 1,080 0 90 71.0
TAV-D053-25 678722 4368260 1,099 0 90 70.0
TAV-D055-25 678752 4368356 1,099 0 90 43.7
TAV-D057-25 678721 4368546 1,047 0 90 86.7
TAV-D059-25 678619 4368411 1,059 0 90 141.9
TAV-D063-25 678901 4368699 1,061 0 90 70.3
TAV-D064-25 678672 4368535 1,036 130 66 85.2
TAV-D065-25 678937 4368734 1,053 0 90 63.0
TAV-D066-25 678673 4368555 1,033 0 90 39.3
TAV-D066A-25 678674 4368557 1,032 0 90 98.5
TAV-D067-25 678968 4368761 1,066 0 90 30.0
TAV-D068-25 678997 4368805 1,078 0 90 47.0
TAV-D069-25 679027 4368849 1,085 130 45 55.0
TAV-D070-25 678711 4368602 1,036 0 90 215.9
TAV-D071-25 679051 4368893 1,085 130 45 63.0
TAV-D117-25 678776 4368575 1,053 125 45 66.2
TAV-D118-25 678791 4368600 1,053 120 45 68.0
TAV-D119-25 678826 4368589 1,065 120 45 50.8
TAV-D120-25 678816 4368566 1,068 120 45 40.0
TAV-D121-25 678757 4368553 1,052 125 45 60.0
TAV-D122-25 678813 4368526 1,075 120 45 40.0
TAV-D123-25 678694 4368388 1,075 115 62 50.1
TAV-D124-25 678686 4368361 1,078 115 45 50.0
TAV-D125-25 678736 4368529 1,052 125 45 53.6
TAV-D126-25 678665 4368335 1,077 110 45 55.2
TAV-D127-25 678719 4368506 1,052 125 45 60.1
TAV-D128-25 678633 4368347 1,072 110 47 85.0
TAV-D129-25 678724 4368475 1,058 120 50 50.0
TAV-D130-25 678618 4368378 1,068 110 45 105.1
TAV-D131-25 678699 4368447 1,060 120 52 61.5
TAV-D132-25 678778 4368680 1,037 120 55 109.3
TAV-D133-25 678870 4368670 1,059 120 45 108.4
TAV-D134-25 678864 4368694 1,054 120 84 86.0
TAV-D135-25 678837 4368673 1,053 120 83 87.9
TAV-D136-25 678858 4368687 1,054 120 61 55.0
TAV-D137-25 678833 4368666 1,053 120 61 73.0
TAV-D138-25 678785 4368631 1,047 120 45 16.7
TAV-D138A-25 678830 4368667 1,053 120 45 20.3
TAV-D138B-25 678784 4368631 1,047 120 45 84.3
TAV-D139-25 678815 4368647 1,052 115 62 112.5
TAV-D140-25 678805 4368636 1,052 120 86 119.6
TAV-D141-25 678775 4368622 1,047 120 72 119.6
TAV-D142-25 678580 4368366 1,067 100 63 130.1
TAV-D143-25 678619 4368335 1,070 79 59 100.0
Intercepts Table for Tavsan North Zone
Gold intercepts for the 2025 Tavsan drilling using a 0.5g/t Au minimum cut-off
and allowing for up to 1m internal dilution.
Hole ID From To Interval Au g/t Ag g/t
TAV-D002-25 76.0 81.1 5.1 7.23 3.61
including 77.1 78.4 1.3 8.31 0.25
including 78.4 78.8 0.4 16.32 0.60
including 78.8 80.1 1.3 9.64 0.25
including 80.1 80.7 0.7 7.31 1.32
94.6 96.1 1.5 0.79 34.33
TAV-D003-25 58.0 61.3 3.3 2.72 14.96
61.7 62.2 0.5 0.65 0.25
TAV-D005-25 46.8 50.0 3.2 2.58 0.25
53.3 54.4 1.1 2.26 2.76
58.1 60.1 2.0 1.35 0.86
TAV-D009-25 18.8 24.0 5.2 2.11 3.69
including 19.3 20.2 0.9 5.73 2.86
29.0 30.3 1.3 2.88 4.11
including 29.0 29.4 0.4 6.87 7.76
33.8 34.4 0.6 0.89 0.67
37.6 38.7 1.1 0.65 0.87
39.8 42.2 2.4 1.99 1.88
TAV-D011-25 22.4 24.3 1.9 2.31 11.32
32.6 33.7 1.1 0.88 0.77
45.5 46.5 1.0 1.25 0.25
47.5 49.2 1.7 0.63 0.41
63.5 64.8 1.3 0.65 0.25
98.7 99.8 1.1 0.68 0.52
TAV-D015-25 11.2 13.5 2.3 1.83 82.49
TAV-D017-25 5.2 10.5 5.3 2.09 9.12
including 6.4 7.0 0.6 5.66 6.59
TAV-D021-25 0.0 1.9 1.9 1.54 1.92
3.8 9.8 6.0 0.93 26.75
16.0 22.3 6.3 1.10 1.33
35.7 36.2 0.5 0.53 7.83
TAV-D023-25 2.0 2.6 0.6 0.60 5.69
22.0 22.8 0.8 0.68 5.67
TAV-D025-25 0.0 2.0 2.0 1.10 5.82
TAV-D027-25 0.0 1.3 1.3 1.08 4.45
TAV-D028-25 30.5 31.0 0.5 0.76 4.06
TAV-D031-25 0.0 1.6 1.6 0.76 14.34
16.5 17.5 1.0 0.70 10.36
TAV-D033-25 21.2 22.9 1.7 2.43 4.60
TAV-D036-25 0.0 0.5 0.5 0.90 2.14
16.6 17.1 0.5 0.50 2.99
TAV-D039-25 0.0 1.6 1.6 0.81 13.36
23.4 23.9 0.5 0.89 6.05
TAV-D040-25 100.3 101.9 1.6 0.73 1.31
TAV-D041-25 130.5 131.8 1.3 0.72 0.92
TAV-D042-25 10.6 17.0 6.4 1.68 13.32
19.4 22.0 2.6 0.84 17.51
TAV-D043-25 60.4 61.3 0.9 0.58 0.25
61.8 63.4 1.6 1.04 2.58
65.9 66.6 0.7 2.08 150.69
68.4 69.1 0.7 0.76 1.57
70.4 71.7 1.3 0.99 3.33
82.5 83.8 1.3 0.65 0.25
86.3 87.3 1.0 1.06 1.13
101.7 102.8 1.1 1.20 0.25
107.2 108.4 1.2 0.66 2.67
TAV-D044-25 35.0 37.2 2.2 2.44 2.06
67.3 68.0 0.7 0.66 2.13
TAV-D045-25 35.8 43.1 7.3 4.02 4.81
including 41.5 42.5 1.0 21.54 8.31
84.0 84.7 0.7 0.80 0.25
127.3 127.8 0.5 0.67 6.93
TAV-D046-25 61.3 62.0 0.7 0.50 0.80
64.4 66.8 2.4 0.59 0.25
TAV-D053-25 1.8 3.1 1.3 0.83 3.18
35.9 38.2 2.3 0.60 2.11
TAV-D055-25 0.0 2.0 2.0 0.68 2.54
TAV-D057-25 64.0 70.7 6.7 2.42 1.94
72.4 73.6 1.2 1.34 10.42
78.9 80.2 1.3 0.76 0.25
81.4 83.3 1.9 0.91 5.28
TAV-D059-25 131.8 132.3 0.5 0.68 2.64
TAV-D065-25 28.3 28.8 0.5 0.76 38.49
52.5 57.2 4.7 1.13 280.82
60.7 61.2 0.5 2.02 0.25
TAV-D067-25 11.9 26.3 14.5 1.00 12.21
TAV-D069-25 4.0 10.5 6.5 1.30 10.60
13.1 14.3 1.2 0.71 0.25
16.5 18.9 2.4 0.76 2.22
TAV-D070-25 161.8 162.6 0.8 1.65 5.00
163.7 164.8 1.1 0.65 2.75
166.5 167.3 0.8 1.18 15.66
TAV-D071-25 18.7 19.2 0.5 0.55 6.93
40.9 42.2 1.3 0.66 0.25
TAV-D117-25 17.9 21.2 3.3 1.08 4.78
23.8 24.9 1.1 0.60 12.88
29.0 30.2 1.2 0.52 0.25
TAV-D118-25 20.4 23.8 3.4 2.04 1.15
TAV-D119-25 11.0 12.3 1.3 0.55 1.51
13.0 17.0 4.0 0.93 2.96
46.3 47.6 1.3 0.87 2.88
TAV-D120-25 14.3 17.0 2.7 1.25 5.73
TAV-D121-25 21.2 23.0 1.8 1.77 0.25
TAV-D122-25 1.5 6.1 4.6 1.07 12.47
TAV-D123-25 33.7 35.0 1.3 1.97 0.41
41.0 42.0 1.0 0.77 3.46
43.2 44.2 1.0 0.71 0.25
TAV-D125-25 29.8 31.7 1.9 8.41 2.38
including 29.8 30.8 1.0 5.51 0.25
including 30.8 31.7 0.9 11.63 4.75
TAV-D128-25 72.5 76.2 3.7 1.33 0.56
TAV-D129-25 25.4 28.8 3.4 0.68 11.35
39.0 41.2 2.2 0.70 0.70
TAV-D130-25 78.4 79.7 1.3 0.56 0.25
80.8 82.0 1.2 1.61 0.72
84.8 85.6 0.8 0.74 19.09
TAV-D131-25 40.2 41.3 1.1 1.19 1.61
TAV-D133-25 32.2 32.8 0.6 1.04 9.64
TAV-D134-25 50.5 51.5 1.0 0.64 39.49
56.0 57.7 1.7 1.22 2.41
TAV-D135-25 39.4 42.8 3.4 5.01 5.44
including 39.4 40.7 1.3 8.37 0.25
44.6 45.7 1.1 0.58 13.50
48.3 51.2 2.9 1.13 2.59
67.2 73.2 6.0 1.22 0.75
75.8 81.7 5.9 1.13 1.20
TAV-D136-25 38.8 39.4 0.6 3.39 1.82
TAV-D137-25 39.5 40.9 1.4 2.42 3.82
44.9 47.0 2.1 2.28 2.40
TAV-D138B-25 46.9 47.9 1.0 0.51 9.20
50.7 59.2 8.5 3.70 2.09
including 50.7 51.9 1.2 9.93 1.63
70.0 75.0 5.0 0.76 0.93
TAV-D139-25 37.4 41.0 3.6 1.54 11.01
51.2 52.5 1.3 0.51 1.29
59.0 60.3 1.3 0.57 9.12
88.5 89.6 1.1 1.66 2.17
91.6 92.6 1.0 1.85 5.30
94.6 95.6 1.0 0.64 0.98
TAV-D140-25 68.4 70.5 2.1 1.07 0.83
76.9 78.1 1.2 2.45 5.64
95.8 96.8 1.0 0.99 3.54
107.2 108.4 1.2 0.67 1.69
TAV-D141-25 56.9 57.8 0.9 0.54 3.04
60.6 61.3 0.7 0.67 3.06
TAV-D142-25 122.5 123.4 0.9 1.24 9.79
TAV-D143-25 87.0 87.5 0.5 4.43 1.80
88.2 89.5 1.3 0.59 4.43
90.6 91.1 0.5 0.79 29.05
Editors' Note:
The information that relates to Exploration Results are based upon information
compiled by Miss Ruth Woodcock, Exploration Group Leader, Ariana Resources
plc. Miss Woodcock 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.
Glossary of Technical Terms:
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"Global Resources" Total project resources, both contained within pits and
outside, including mineralisation with potential for underground
development;
"JORC" Joint Ore Reserves Committee;
"k" thousand
"km" Kilometres;
"m" Metres;
"M" million
"oz" Troy ounces;
"t" tonnes;
Ends.
JORC Table 1 - Tavsan
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Reverse circulation (RC) chips were collected at 1 m intervals
specific specialised industry standard measurement tools appropriate to the and in some cases over 0.5 m intervals over the mineralised zone. The chips
minerals under investigation, such as down hole gamma sondes, or handheld XRF were collected into plastic sample bags from a cyclone to ensure maximum
instruments, etc). These examples should not be taken as limiting the broad recovery. The samples were split using a standard riffle-splitter to around
meaning of sampling. 0.25 to 0.5 kg per sample.
· Include reference to measures taken to ensure sample representivity · Diamond drill core is cut using a diamond rock saw, and half-core
and the appropriate calibration of any measurement tools or systems used. samples are taken in lithologically appropriate intervals, ranging from 0.5 m
to 3 m in length, with additional sampling extending before and after
· Aspects of the determination of mineralisation that are Material to mineralisation. Diamond core void of mineralisation was not a priority for the
the Public Report. company and therefore not all core has been sampled once mineralisation
controls were established. Core recovery is recorded into the database. For
· In cases where 'industry standard' work has been done this would be diamond core duplicate sample analysis, half core samples were cut into two
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m quarter core samples, one as the primary sample and the other for duplicate
samples from which 3 kg was pulverised to produce a 30 g charge for fire analysis. Half core always remains in the core box.
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · Samples from the initial exploration programmes were sent to an
mineralisation types (eg submarine nodules) may warrant disclosure of detailed ISO accredited ALS Chemex in Vancouver, British Columbia for Au and Ag
information. analysis by fire assay and latterly to a similar ALS laboratory in Izmir,
which is still used as an external laboratory for QA/QC purposes.
· Samples are now prepared and analysed at Zenit's own internal
Kiziltepe Mine Laboratory, for Au (fire assay), Ag (AAS), and 4-acid digest
for all other elements.
· Under normal operational procedures, sampling undertaken during
early-stage exploration or reconnaissance is submitted to the laboratory for
30g fire assay analysis. However, sampling undertaken on more advanced or
resource stage projects are submitted for 50 g fire assay analysis, where it
is expected that the larger sample mass will provide marginally more
representative results.
· As of January 2022, the Kiziltepe Mine Laboratory houses two
ICP-OES (PerkinElmer Avio 550 and PerkinElmer Optima 8000) instruments, two
Atomic Absorption Spectrometers (PerkinElmer's PinAAcle 900F), three drying
ovens, three crushers, three pulverisers and seven furnaces. In addition,
since October 2022 the Kiziltepe Mine Laboratory 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 Laboratories".
· Portable X-ray Fluorescence (pXRF) analysis is typically used on
1m intervals on all drill core not sampled for assaying. This is primarily for
geological modelling purposes.
· Some pulp rejects from assayed samples are also analysed using
pXRF analysis. This data is not used for mineral resource estimation purposes,
but rather for internal evaluations conducted by the exploration team. pXRF
certified reference standards are used on a regular basis in line with company
procedures.
· Rock-saw channel sampling was completed in early 2020 over 60
outcrops of mapped mineralised jasperoid to support the resource. A petrol
powered dual bladed diamond saw was used to cut 35 millimetre (mm) thick
channels to represent halved HQ core.
· Historic drilling and sampling procedures (pre-2000) were not
available, but work undertaken was completed by reputable exploration
companies, so it is assumed that sampling was completed in line with industry
standards at the time. This data amounts to less than 15% of the drilling
database to date. In 2008 Ariana Resources successfully completed check
assaying of 42 coarse reject material samples to test historical drilling to
provide additional confidence to historical Quality Assurance and Quality
Control (QA/QC) procedures.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · In total 26,074.7 m of drilling across 480 drill holes has been
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or completed across the Tavsan deposit. Additionally 1,169 m has been sampled
standard tube, depth of diamond tails, face-sampling bit or other type, across 156 rocksaw channels.
whether core is oriented and if so, by what method, etc).
· Diamond drillholes comprise a combination of PQ and HQ diameter
(standard tube). Drilling on the project can be summarised as follows:
o 2025 - 71 diamond holes for 5,345.0 m (Tavsan North to 17 October 2025)
o 2024 - 3 diamond holes for 741.4 m
o 2023 - 99 diamond holes for 7,808.2 m
o 2022 - 61 diamond holes for 4,037.2 m
o 2021 - 71 diamond holes for 2,173.7 m
o 2019 - 4 diamond holes for 90.5 m (Tavsan Far North)
o 2006 - 87 RC (13.3 centimetre) holes for 1,611 m
o 2004 - 35 PQ diamond holes for 1,419 m
o 1997 - 8 diamond holes for 341m, 7 RC holes for 543 m
o 1988 - 34 RC holes for 1,965 m
· All historic holes were drilled by Ranger (1988), Teck Cominco
(1997) and, Pusula Madencilik (Odyssey's 100% Turkish subsidiary) and their
various contractors prior to the acquisition of the project by Ariana
Resources plc and latterly Zenit Madencilik San. ve. Tic. A.Ş.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Diamond drillcore recoveries were monitored and recorded into the
results assessed. sampling database. No recovery was calculated for RC drilling conducted at
Tavsan.
· Measures taken to maximise sample recovery and ensure representative
nature of the samples. · Select historic drill holes were examined for core recovery at
the site, which was deemed to be satisfactory.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · Overall core recovery for 2021/2022 diamond drilling was 88% for
fine/coarse material. 2,854 measurements, with 95% of drilling showing over 70% recovery. Core
recovery for the 2023 diamond drilling programme was 89%, with 94 % drilling
showing over 70% recovery. Core recovery for the 2025 drilling programme to
date is 88% (Tavsan North Zone).
· There is no correlation between sample recovery and grade.
Logging · Whether core and chip samples have been geologically and · All diamond core holes were logged lithologically (regardless of
geotechnically logged to a level of detail to support appropriate Mineral the presence of mineralisation) using a coded logging system for rock type,
Resource estimation, mining studies and metallurgical studies. mineralisation, grain size, colour, alteration and any other relevant
observations.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · Mineralised zones were identified from observation of mineralogy
and lithological characteristics. Portable XRF analysis was conducted post
· The total length and percentage of the relevant intersections logged. drilling, to provide supporting geochemical data for non-sampled regions in
all drilling prior to 2023. Areas identified as geochemically anomalous by
pXRF were further sampled. The pXRF was calibrated with the calibration
disks on a regular basis.
· Logging is qualitative in the comments section and quantitative
(scales 1 to 3 or percentages) in the attributes such as alteration or
mineralisation.
· Logging of RC samples was carried out on washed samples with
geological characteristics recorded to a database.
· All diamond drill core trays are photographed (dry and wet)
before sampling. Representative samples of RC chips are taken for each trip
tray and photographed.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Core samples were cut using an electric circular diamond saw with
taken. water supply for dust suppression. Half core remains in the core tray for
reference.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · RC sampling: Samples were collected at 1 m intervals and split
using a two-stage riffle splitter, running each sample through the splitter
· For all sample types, the nature, quality and appropriateness of the twice. Wet intervals were sub-sampled with scoop or spear. Samples were
sample preparation technique. oven-dried at the laboratory if necessary. Although every metre was sampled
from top to bottom of each hole, metres which were clearly unmineralised were
· Quality control procedures adopted for all sub-sampling stages to not assayed.
maximise representivity of samples.
· Sample preparation technique is appropriate to the mineralisation
· Measures taken to ensure that the sampling is representative of the style.
in situ material collected, including for instance results for field
duplicate/second-half sampling. · Splitting and sample preparation conducted on samples at the
Kiziltepe Mine Laboratory:
· Whether sample sizes are appropriate to the grain size of the
material being sampled. o Drying at 105°C
o Crushing whole sample to ≤2 mm
o Splitting of crushed sample to analyse
o Pulverising sub-sample to 80% passing ≤75 μm
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · A quality control (QA/QC) programme was instituted at the
laboratory procedures used and whether the technique is considered partial or beginning of the drill programmes, which consisted of inserting a field
total. duplicate and uncertified/certified reference material samples into the sample
stream. No field blanks were inserted. Uncertified standards were typically
· For geophysical tools, spectrometers, handheld XRF instruments, etc, inserted (1:16 to 1:20 samples), during Odyssey's drilling campaigns. These
the parameters used in determining the analysis including instrument make and were determined to not be reliable enough to measure accuracy at the
model, reading times, calibrations factors applied and their derivation, etc. laboratory. Odyssey's own QA/QC programme has significant shortcomings, but
the lab performance is adequate to support a mineral resource estimation.
· Nature of quality control procedures adopted (eg standards, blanks, Standard and duplicate samples for QA/QC were taken by ALS Izmir and
duplicates, external laboratory checks) and whether acceptable levels of performance was noted as good. Reporting of ALS's internal QA/QC samples have
accuracy (ie lack of bias) and precision have been established. found the results to fall within the 95% confidence interval assigned to them,
as per the lab's internal monitoring standards.
· All suitable measures were taken to ensure that samples were
suitably representative.
· QA/QC procedures employed in all drill programmes prior to 2019
included the insertion of certified reference standards (1:22), blank samples
(1:22), pulp and crush duplicates (2:22) to monitor the accuracy and precision
of laboratory data when samples were submitted to ALS Global, Izmir. Insertion
rate of 18%.
· In drill programmes since 2019, samples have been submitted in
batches of 35 to ALS Global, Izmir, to include 1 blank, 1 CRM, 1 field
duplicate and 1 pulp duplicate. Insertion rate of 11%.
· Since 2019, samples have been submitted to Kiziltepe Mine
Laboratory in batches of 20 to include 1 field blank, 1 CRM, 1 field duplicate
and 1 pulp duplicate. Insertion rate of 20%. The Kiziltepe Mine Laboratory
adds an additional duplicate sample which is a split of the 19th sample of
each batch. Further to this the laboratory adds 4 internal standards for their
own instrumental QA/QC checks.
· In addition to routine QA/QC procedures, 59% of all Tavsan drill
samples from the 2021/2022 programme were duplicated to submit to ALS Global,
Izmir, as check samples at an external laboratory to confirm internal
Kiziltepe Mine Laboratory results, whilst the laboratory expansion was taking
place and while laboratory procedures and instrumentation was being checked
internally. For the 2023 programme, 10% of all drill samples were duplicated
to submit to ALS Global, Izmir, as check samples at an external laboratory to
confirm internal Kiziltepe Mine Laboratory results.
· The overall quality of QA/QC procedures is considered adequate to
ensure the validity of the data used for resource estimation purposes.
· The handheld portable XRF is an Olympus Vanta. A series of 10
blank and certified reference material samples are used to check the quality
of the pXRF data. These are scanned at a rate of 1 blank and 1 CRM for every
100 samples. The device does not require further calibration.
Verification of sampling and assaying · The verification of significant intersections by either independent · Significant intercepts were inspected by Mr. Joe Hirst (Tetra
or alternative company personnel. Tech Competent Person) during the site inspection in 2018. Data input has been
completed in accordance with company procedures, which have been reviewed by
· The use of twinned holes. Tetra Tech during their MRE in 2018 and 2020.
· Documentation of primary data, data entry procedures, data · Data verification was also independently completed in 2006 by Mr.
verification, data storage (physical and electronic) protocols. Antoine Yassa of P & E Mining Consultants Inc. during an earlier phase of
exploration. 12 check samples were taken. Results were deemed satisfactory and
· Discuss any adjustment to assay data. demonstrated that the grade of gold is very similar in most instances, to what
was originally reported by Odyssey.
· Prior to resource estimation, below detection limit assay results
have been replaced with values of zero.
· Primary data, data entry procedures, data verification and data
storage protocols are in line with industry best-practice.
· All samples (30 g or 50 g) are analysed using fire assay with AAS
(Au-AA23) and aqua regia with ICP-AES (ME-ICP41).
· All samples before 2019 were submitted to the internationally
accredited laboratory of ALS Global in Izmir, Turkey (ISO 9001:2008
accredited).
· Samples taken in 2019 - 2025 have been submitted to Kiziltepe
Mine Laboratory (TS EN ISO/IEC 17025:2017 accredited since October 2022), with
minimum 10% also selected for check assays at ALS Global in Izmir throughout
the sampling programme. Samples are chosen from areas suspected to be
mineralised.
· Since early 2021 the Kiziltepe Mine Laboratory has undergone
expansion to deal with increased sample capacity. Initial verification of
assay results from newly installed laboratory instruments is still undergoing
internal review. Check results from the external laboratory (ALS Izmir) have
been received and reviewed, demonstrating that received assay data and
associated QA/QC samples fall within expected levels. Evaluations of incoming
check data for the Zenit and ALS laboratories will continue to be assessed.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · All collar positions were located initially by hand-held GPS
and down-hole surveys), trenches, mine workings and other locations used in (Garmin Etrex 10 and 30) and later surveyed by a professional surveyor using
Mineral Resource estimation. DGPS equipment. All coordinates are recorded in UTM ED50 35N.
· Specification of the grid system used. · Down hole surveys were not completed at Tavsan as holes were
typically drilled vertically. However, drill holes were surveyed, where
· Quality and adequacy of topographic control. possible, by open hole methods at 20 m intervals from surface, during a
project review in 2015; using a Flexit down hole multi-shot survey device.
· All holes were surveyed in the 2021/2022, 2023/2024 and 2025
drilling programmes using a standard Electronic Multi-shot Magnetic survey
deviation tool (Devico PeeWee).
· Topographic data is collected by DGPS. Additionally, 5 m and 25 m
contours were generated from ortho-rectified WorldView satellite imagery.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · The Resource area has been drilled as access allows, resulting in
an irregular data spacing, typically between 25 m and 80 m between collars
· Whether the data spacing and distribution is sufficient to establish (average collar spacing between all zones is 35 m).
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · Samples were composited to 1 m prior to estimation.
· Whether sample compositing has been applied. · 281 diamond drill holes (16,611 m), 128 RC drill holes (4,115 m)
and 156 rock-saw channels (1,169 m) were used to model the mineralisation in
the most recent MRE (March 2024).
· Since the MRE, 71 diamond holes has been drilled at Tavsan North
Zone for 5,345 m.
· Sample compositing has not been applied at the sampling stage.
· Sample spacing and distribution is sufficient to establish the
geological and grade continuity required for modelling and resource
estimation.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · The mineralisation is primarily outcropping at surface and has
possible structures and the extent to which this is known, considering the been drilled primarily vertically, with full intersections. Some inclined
deposit type. holes have been drilled between -80 and -40 degrees of dip, primarily stepped
off from the mineralisation to delineate the edges of the mineralisation at
· If the relationship between the drilling orientation and the depth.
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material. · No sampling bias is observed from the orientation of drilling
with regards to the mineralised structures. True thickness with respect to
apparent thickness is well understood as most intersections are normal to the
mineralisation.
· No biases are expected from the drilling direction.
Sample security · The measures taken to ensure sample security. · Samples are stored in a secure location (Balikoy Depot, and more
recently the Tavsan mine site) in a clean area free of any contamination.
Full chain of custody documentation is used when transferring the samples to
the laboratory and has been overseen by the responsible company geologist.
· In drilling programmes pre-2019 the measures taken to ensure
sample security for samples used for analysis and QA/QC include the following:
o Chain of Custody is demonstrated by both Company and ALS Global or
Kiziltepe Mine Laboratory in the delivery and receipt of sample materials.
o Upon receipt of samples, ALS Global delivers by email to the Company's
designated QC Manager, confirmation that each batch of samples has arrived,
with its tamper-proof seal intact, at the allocated sample preparation
facility.
o Any damage to or loss of samples within each batch (e.g., total loss,
spillage or obvious contamination), must also be reported to the Company in
the form of a list of samples affected and detailing the nature of the
problem(s).
· In all drilling programmes since 2020, the majority of samples
have been analysed by the Kiziltepe Mine Laboratory. Samples are delivered
securely from the drill site to the laboratory by the exploration team and are
securely held at the laboratory in the fenced off and guarded mine site, with
no unauthorised access.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · In 2020 Tetra Tech reviewed the protocols and procedures adopted
and found the various aspects sufficient to support mineral resource
estimation. Tetra Tech completed an independent analysis of the QA/QC data
completed by Odyssey, and whilst there are shortcomings, the ALS lab QA/QC
programme was robust. The data is deemed appropriate for resource
estimation.
· Ariana has implemented QA/QC programmes covering all aspects of
sample location and collection that meets or exceeds the currently accepted
industry standards.
· Ariana implemented a QA/QC programme based on international best
practice during the initial exploration work and subsequent drilling
programmes. The company has continued to review and refine the QA/QC
programme as these exploration campaigns have progressed.
· Zenit continues to implement QA/QC programmes based on
international best practice during the drilling programmes.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · The Tavsan Property consists of four operating licenses owned by
agreements or material issues with third parties such as joint ventures, Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture ("JV") with Proccea
partnerships, overriding royalties, native title interests, historical sites, Construction Co. and Ozaltin Holding A.S. (23.5% owned by Ariana). Licence
wilderness or national park and environmental settings. numbers:
· The security of the tenure held at the time of reporting along with o Örencik license no: 12743, due date of 11.06.2029.
any known impediments to obtaining a licence to operate in the area.
o Kavaklı license no: 59770, due date of 11.06.2029.
o Dağardı license no: 70484, due date of 10.01.2030.
o Evciler license no: 72400, due date of 26.01.2035.
· In 2008, Ariana acquired the Project for US $500,000 in cash and
3 million shares in the Company at 5 pence per share from Odyssey Resources
Limited and a retained royalty of up to 2% on future gold production payable
to Teck Resources Limited. This royalty has since been transferred to
Sandstorm Gold Ltd.
· There are no known impediments to current operations.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. A summary of exploration activities at Tavsan:
· 1980s - Initially discovered by Australian company Ranger.
· 1988 - Ranger drilled 34 RC holes totalling 1960.5 m in the
primary mineralisation zone. Ranger completed no further work.
· 1995 - The MTA (Turkish government exploration agency) sampled
the primary ore zone.
· 1996 - Teck Cominco Ltd acquired the property and conducted
several systematic surface sampling programmes yielding an average grade 2.3
g/t Au at surface.
· 1997 - Teck Cominco Ltd initiated a 341 m DD programme for 8
holes (TD01 - TD10). 265 samples were sent for Inductively Coupled Plasma
(ICP) and fire assay using a 30-gram aliquot. A RC programme totalling 543 m
for 7 holes (T05 - T14) was run concurrently with the DD programme. 362 RC
chip samples were analysed for gold using fire assay on a 30-gram aliquot.
· 2003 - Pusula Madencilik, Odyssey Resources Ltd's 100% owned
subsidiary company in Turkey acquired the Tavsan property from Cominco.
· 2004 - Odyssey completed the first of a 3-phase drilling
programme. Phase 1 totalled 1,067.7 m and consisted of 20 DD holes (OD1 -
OD20). Phase 2 consisted of 15 DD holes (OD21 - OD35), totalling 351 m.
· 2005 - Odyssey undertook a surface sampling programme on 11
surface-exposed gold mineralised jasperoid zones.
· 2006 - Odyssey completed Phase 3 of drilling with the addition of
87 RC holes (ODX36-ODX131) totalling 1,611 m.
· 2008 - Ariana Resources acquired the Tavsan project.
· 2010 - Tavsan is added into the Zenit portfolio.
Geology · Deposit type, geological setting and style of mineralisation. · The property is located in the Izmir-Ankara suture zone in
north-western Anatolia. The formations present span from Jurassic to
Tertiary and typically comprise metamorphosed sedimentary sequences,
displaying intense compressional tectonic features.
· The Property includes an upper thrust plate of Late Cretaceous
ophiolitic rocks (Dagardi Melange), jasperoid gold-bearing silicification
along the thrust surface and a footwall of Jurassic-Cretaceous Budagan
Formation massive, a massive micritic limestone.
· Through the summer of 2022, the Ariana team completed remapping
of the Tavsan license area to 1:2,000 and 1:5,000 scale (See Diagrams).
Drill hole Information · A summary of all information material to the understanding of the · No new exploration data is included in this report. All
exploration results including a tabulation of the following information for relevant data has been reported in press releases to AIM.
all Material drill holes:
· The purpose of the 2019 to 2020 rock-saw channel sampling
o easting and northing of the drill hole collar programme was to provide a further increase in the confidence of the resource
classification, and to reduce planned infill drilling meters for future
o elevation or RL (Reduced Level - elevation above sea level in metres) of resource development work. The sampling included areas that are were
the drill hole collar classified as part of the JORC Exploration Target and Inferred Resource, with
a view to improving confidence in the resource estimate and an improvement in
o dip and azimuth of the hole the resource classification. A total of 751 samples (including 118 QA/QC
samples), averaging a length of 1.8 m were extracted during the sampling
o down hole length and interception depth activities. Of these samples, 676 were sent to the Kiziltepe Mine Laboratory
for gold and silver fire assay only. A further 76 samples were sent to ALS
o hole length. in Izmir for gold and silver fire assay and multi-element ICP analysis. The
channel sampling makes up only 6% of the drilling database.
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the · Infill resource drilling and exploration drilling was completed
understanding of the report, the Competent Person should clearly explain why in 2022-2023.
this is the case.
· 2024 collars:
· 2025 Tavsan North Zone collars:
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Metal equivalents have not been used in this estimate.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · No aggregation has been applied beyond the standard 1 m sampling
interval honouring lithological changes down to 30 cm.
· Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for such · Significant down-hole intercepts for the Tavsan 2025 drilling
aggregation should be stated and some typical examples of such aggregations programme, using a 0.5 g/t Au minimum cut-off and allowing for 1 m internal
should be shown in detail. dilution:
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The majority of the drillholes were advanced vertically. Some
Exploration Results. holes were advanced at between -80 and -40 degrees from horizontal to
intersect dipping structures, or to delineate at depth. The mineralised
· If the geometry of the mineralisation with respect to the drill hole horizons are commonly flat-lying to gently dipping. As such, the true width
angle is known, its nature should be reported. is generally represented by the intersection length. However, recorded
intercept widths are down hole length and should not be regarded as true
· If it is not known and only the down hole lengths are reported, there widths.
should be a clear statement to this effect (eg 'down hole length, true width
not known'). · Three-dimensional wireframe models have been generated for sample
selection to constrain the resource estimate. This process eliminates any
bias imparted by oblique intercepts.
Diagrams · Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Full balanced reporting of exploration results has been
practicable, representative reporting of both low and high grades and/or undertaken and is disclosed within the technical report and press releases to
widths should be practiced to avoid misleading reporting of Exploration AIM.
Results.
· Intercepts depths stated in the drill hole information but not
stated in the data aggregation methods section are lower grade intersections.
Widths of intercepts are stated.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · In 2022 Ariana completed a 41km2 geological mapping project
reported including (but not limited to): geological observations; geophysical across the Tavsan licenses. This work included pXRF analysis of lithological
survey results; geochemical survey results; bulk samples - size and method of units, petrography analysis, thin section and magnetic susceptibility studies.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances. · In 2017 Ariana completed an extensive high-resolution (25 m by 25
m) portable X-ray Fluorescence (pXRF) soil survey. This work was completed
in order to better define and characterise targets for a second phase of
resource-development and to improve confidence in targeting for further
resource drilling. Sixteen target areas were highlighted by the 8,265 soil
samples collected, covering an area of approximately 5 square kilometres
(km2).
Further work · The nature and scale of planned further work (eg tests for lateral · Further surface sampling and drilling work for Tavsan East Zone.
extensions or depth extensions or large-scale step-out drilling).
· Further surface exploration to test the anomaly linking West Zone
· Diagrams clearly highlighting the areas of possible extensions, to South Zone.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. · Further investigation of the deeper high grade intercepts at
North Zone.
NOTE: Sections 3 and 4 aren't provided here as no mineral resources or ore
reserves are being reported. Section 5 is not relevant to this work as there
is no estimation or reporting of diamonds or other gemstones in this project.
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