REG - Ariana Resources PLC - Resource and Reserves Update
26/03/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240326:nRSZ2289Ia&default-theme=true
RNS Number : 2289I Ariana Resources PLC 26 March 2024
26 March 2024
AIM: AAU
ZENIT MINING OPERATIONS - WESTERN TÜRKİYE:
RESOURCE AND RESERVES UPDATE
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 a Resource and Reserve update for the Zenit Mining
Operations in western Türkiye, comprising the Kiziltepe and Tavsan sectors.
The projects are operated by 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:
· JORC Reserves total 5.3Mt @ 1.46g/t Au + 9.81g/t Ag for 249koz Au +
1.67Moz Ag, equivalent to approximately 10 years of further production*;
further economic and technical studies underway.
· Since the start-up of operations in 2017, 151koz Au and 1.68Moz Ag
have been produced from the Kiziltepe Sector to the end of December 2023.
· Global JORC Resource of 10.9Mt @ 1.37g/t Au + 12.65g/t Ag for 483koz
Au + 4.45Moz Ag*, with opportunities identified for further resource growth.*
· 12% increase in tonnage for the Kiziltepe Sector resources despite
continued depletion by mining; resources at 172koz Au and 3.3Moz Ag contained
metal.*
· 15% increase in tonnage for the Tavsan Sector resources, which stand
at 311koz Au and 1.1Moz Ag contained metal.*
*All Mineral Resource and Reserve figures in the announcement are quoted gross
with respect to Zenit Mining Operations - western Türkiye, of which Ariana
owns 23.5%.
To view a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/2289I_1-2024-3-25.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2289I_1-2024-3-25.pdf)
Dr. Kerim Sener, Managing Director, commented:
"We are extremely pleased with the latest Resource and Reserve estimation
outcome for the combined Zenit Mining Operations across the Kiziltepe and
Tavsan sectors. We have formally combined these two sectors, as we expect
high-grade ore from Tavsan to be mined and trucked to Kiziltepe for
processing. Likewise, high-grade ore from satellite deposits such as
Kizilcukur is also expected to be treated similarly. This outcome realises the
long-term strategy of the Company first outlined to shareholders conceptually
in 2009, which has developed and been de-risked markedly in the years since
with our Turkish partners. Interestingly, our total Resource base was
340,000oz of gold at that time, from which we have produced well over
150,000oz of gold since the commencement of mining in 2017.
"Following our current Mineral Resource Estimate depleted global Resources
currently stand at 483,000oz of gold and 4.45 million ounces of silver. Our
interim Reserves stand at 249,000oz of gold and 1.67 million ounces of silver
- representing a >50% conversion of Reserves from Resources, an excellent
outcome. Accordingly, we expect up to ten years of further production across
the combined operations, continuing to produce at a nominal rate of 25,000
ounces per annum. Further work is underway to optimise the mining and
processing rate and in the design of pits and mining schedules. These remain a
work in progress as we await additional assay results from Tavsan following
the completion of the recent drilling programme. Furthermore, with the marked
increase in gold price over the past year in particular, we will utilise pit
optimisations completed at US$2,000 per ounce, as opposed to the US$1,800 per
ounce Zenit that was previously used for pit design since 2022.
"Further work on the financial models will be completed following updates to
the pit designs, processing options, mining schedules and Reserves across the
Kiziltepe and Tavsan sectors. Zenit will soon benefit from a huge degree of
processing optionality and flexibility, enabling high-grade ore to be
processed through the Kiziltepe CIL plant, irrespective of source, and
low-grade ore processed via heap-leach at Tavsan. This places Zenit in a
strategically robust position in western Türkiye, and efforts are ongoing to
identify further sources of ore to feed both processing plants in the years
ahead.
"Further exploration work is being planned during 2024 to identify potential
areas of further resource upside across both sectors and the vicinity. With
the wealth of drilling and geophysical data now available following over two
years of continuous exploration and resource drilling, we are in an
advantageous position to take stock and better understand where further
opportunities may lie."
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").
Introduction
Since the last resource updates for Kiziltepe Sector (1 February 2022) and
Tavsan Sector (29 November 2022), the Ariana and Zenit teams have undertaken
significant new drilling programmes across these projects (Figure 1),
following which an extensive re-estimation of Mineral Resources, Ore Reserves
and Exploration Targets have been completed. Additionally, the team has also
re-assessed historically announced resources contained within other deposits
that are located within potential haulage distance of the Kiziltepe Processing
Plant. These deposits include the satellite areas of Kepez, Kizilcukur,
Karakavak, and Ivrindi. These are compiled here as an estimate of Resources
and Reserves for the Zenit Mining Operations as a whole.
This announcement summarises the modelling and resource estimation methods, in
addition to the approach taken for Reserve Estimation and the definition of
the Exploration Targets at the Zenit Mining Operations. The classified
resources include all Kiziltepe and Tavsan Sector Resources, as detailed in
the separate JORC Table 1's specific to each project which are provided on the
Ariana Resources website for further reference.
The updated Resource and Reserve estimates for the Kiziltepe and Tavsan
Sectors have been summarised in Table 1. These are discussed in further detail
in the following sections of the RNS.
Table 1: Zenit Mining Operations Resources and Reserves. Resources are
inclusive of Reserves. Reserves include ore in stockpiles to end of December
2023. Reporting is based on different cut-off grades for different domains, as
indicated in the table. All figures are quoted gross with respect to Zenit.
Figures in the table may not sum precisely due to rounding.
Zenit Mining Operations Average Value Metal Content
RESOURCES
Cut-off Grade Density Mass Au Ag Au Ag
g/t Au g/cm(3) t g/t g/t oz oz
Measured 0.5g/t Au, with 1 or 1.5 g/t Au for HG domains 2.59 4,795,400 1.43 12.91 219,800 1,990,600
Indicated 2.58 3,447,200 1.36 13.80 150,800 1,528,900
Inferred 2.57 2,687,800 1.30 10.73 112,100 927,000
TOTAL 2.58 10,930,500 1.37 12.65 482,700 4,446,600
Zenit Mining Operations Average Value Metal Content
RESERVES
Cut-off Grade Density Mass Au Ag Au Ag
g/t Au g/cm(3) t g/t g/t oz oz
Proven 0.5g/t Au, with 1 or 1.5 g/t Au for HG domains 2.60 2,983,700 1.51 10.45 145,000 1,002,400
Probable 2.60 2,318,600 1.39 8.98 103,600 669,300
TOTAL 2.60 5,302,400 1.46 9.81 248,600 1,671,600
Kiziltepe Sector
The Kiziltepe Sector is located in western Türkiye and includes Kiziltepe
(Arzu South, Arzu North, Derya and Banu), Kepez (North, Main, West and Far
West), Kizilcukur (Zeki, Ziya, Zafer), Karakavak and Ivrindi (Figure 1). To
date, mining has taken place only at Kiziltepe and Kepez North. Resources have
been calculated separately for each of these projects but are treated as a
whole, as the ore from all these satellite locations is planned to be
processed at the Kiziltepe Processing Plant. Trucking distances are shown on
the maps below (Figure 1).
The new Mineral Resource and Reserve Estimate is prepared in accordance with
JORC 2012. Details of all the estimates are provided in the JORC Table 1's for
each individual project. The data was collectively reviewed and modelled to
create representative three-dimensional mineralisation domains for the vein
mineralisation and host rock alteration typical of the deposits. Estimation of
grade and tonnage was attributed to the mineralisation models based on
internal and external laboratory assay data and drill core density studies
(where available), undertaken by the on-site geologists.
Three-dimensional block models were constructed from the mineralisation models
based on optimal data spacing parameters as defined by the Zenit mining team.
In the case of Kiziltepe and Kepez North, this was then reconciled against all
existing production numbers since operations commenced in 2017. This
reconciliation was completed on a pit-by-pit and bench-by-bench basis to
ensure that any remaining or newly defined down-dip and/or along-strike
mineralisation was accurately modelled within the grade/tonnage expectations
of the mining team.
Finally, the appropriately reconciled mineralisation model and associated
block models were subjected to a new open-pit optimisation study completed
internally by Ariana for Kiziltepe and Zenit for Kizilcukur, under revised
economic input parameters according to the latest economic and processing
factors. Measured and Indicated Resources captured by the latest pit-shells
produced during this study are included as Proven and Probable Ore Reserves.
The resource previously announced in February 2022 for the Kiziltepe Sector
has been depleted with the December 2023 topography to account for mining at
Kiziltepe and Kepez North to date.
Figure 1: Kiziltepe Sector summary map (top) and Kiziltepe, Kepez and Karakavak area map (bottom) showing primary access routes and locations of significant mineralisation and exploration opportunities.
The Mineral Resource is classified and reported in accordance with the 2012
JORC Code as Measured, Indicated, and Inferred (Table 2) and is reported in
depleted form, inclusive of Reserves (including Kiziltepe, Kepez, Kizilcukur,
Karakavak). The Ivrindi estimate has not been revised from its original JORC
2004 form, due to the Inferred nature of the estimation. The Ore Reserves
are classified and reported in accordance with the 2012 JORC Code (JORC Table
1) as Proven and Probable. The classification is determined based on search
pass spacing, with confidence increasing with proximity to drill holes. In
addition to in-situ Reserves, stockpiled ore, amounting to 10,500 tonnes, is
also included as Proven Ore Reserves. Reserves stated below are included in
the resources stated.
Table 2: Summary of depleted March 2024 Kiziltepe Sector Resources and
Reserves (including Kiziltepe, Kepez, Kizilcukur, Karakavak) classified and
reported in accordance with JORC 2012 (see associated JORC Table 1's for
details). Reserves include ore in stockpiles to end of December 2023.
Reserves are included in the Resources. Reporting is based on different
cut-off grades for different domains, as indicated in the table. All figures
are quoted gross with respect to Zenit. Figures in the table may not sum
precisely due to rounding.
KIZILTEPE SECTOR Average Value Metal Content
DEPLETED RESOURCE
March 2024
Cut-off Grade Density Mass Au Ag Au Ag
g/t Au g/cm(3) t g/t g/t oz oz
Measured 0.5g/t Au, with 1g/t Au for HG domains 2.51 1,032,100 1.70 42.66 56,300 1,415,700
Indicated 2.50 1,028,900 1.72 36.57 56,700 1,209,800
Inferred 2.52 1,219,300 1.50 18.28 58,700 716,600
TOTAL 2.51 3,280,400 1.63 31.69 171,700 3,342,200
KIZILTEPE SECTOR Average Value Metal Content
DEPLETED RESERVES
March 2024
Cut-off Grade Density Mass Au Ag Au Ag
g/t Au g/cm(3) t g/t g/t oz oz
Kiziltepe Proven 0.5g/t Au, with 1g/t Au for HG domains 2.50 451,200 1.76 32.58 25,600 472,600
Probable 2.50 286,500 1.81 32.77 16,700 301,900
Sub-total 2.50 737,600 1.78 32.66 42,300 774,500
Kizilcukur Proven 0.5g/t Au 2.58 46,900 2.02 85.33 3,000 128,700
Probable 2.58 38,000 1.92 82.87 2,300 101,200
Sub-total 2.58 84,900 1.97 84.23 5,400 229,900
TOTAL 2.51 822,500 1.80 37.98 47,700 1,004,400
Table 3 shows the JORC Exploration Target for Kiziltepe, reported in
accordance with JORC (2012). The target covers multiple areas across the
Kiziltepe Sector, focussing on extensions of known vein systems, supported by
surface geochemistry and geophysics anomalies, as well as at least one
drillhole. Estimated minimum and maximum grades are based on the grades of the
nearest vein.
Figure 2: Exploration target areas in the immediate vicinity of the Kiziltepe
Mine. These targets have been defined on the basis of mapped and sampled
geology and/or geophysical targets based on IP/Resistivity surveys.
Table 3: Updated Exploration Target (reported in accordance with JORC 2012)
originally established in 2017 for several additional vein systems and vein
extensions at Kiziltepe based on geological modelling and grade estimations
provided by along-strike and down-dip extrapolation of average grades from
drilled sections of the same vein systems. A density of 2.5 g/cm(3) is applied
to estimated volumes to determine tonnage. All figures are quoted gross with
respect to Zenit. Figures in the table may not sum due to rounding.
Kiziltepe Sector Tonnage Average Value Metal Content
Exploration Targets
Min Max Au Min Au Max Ag Min Ag Max Au Min Au Ag Ag
Max Min Max
March 2024 t t g/t g/t g/t g/t oz oz oz oz
Total 785,800 856,600 0.98 1.40 16.50 24.00 24,700 38,400 417,200 661,400
Tavsan Sector
The Tavsan Project is located in western Türkiye, 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 Türkiye and is currently in construction,
with mining underway. A drilling programme was completed for 10,285.7m with
results announced previously: refer to announcements on (AIM: 16 June 2022
(https://www.londonstockexchange.com/news-article/AAU/positive-resource-drilling-at-tavsan/15497747)
), (AIM: 21 December 2023
(https://www.londonstockexchange.com/news-article/AAU/significant-new-drilling-results-at-tavsan/16261441)
) and (AIM: 12 March 2024
(https://www.londonstockexchange.com/news-article/AAU/high-grade-drilling-results-at-tavsan/16372230)
). These results were used to update the model and resource estimate. Further
results are pending for 444.7m of drill core from the North Zone and Main
Zone.
The new Mineral Resource and Reserve Estimate is prepared in accordance with
JORC 2012. Details of the estimate are provided in the JORC Table 1. The new
data was collectively reviewed and modelled to create representative
three-dimensional mineralisation domains for the Tavsan deposit (Figure 3).
Estimation of grade and tonnage were attributed to the mineralisation models
based on internal and external laboratory assay data and drill core density
studies (where available). A three-dimensional block model was constructed
from the mineralisation model based on optimal block size parameters of 5x5x5m
as defined by the Zenit mining team.
Figure 3: Plan view of the Tavsan area, showing all recent drill collar
positions, rock-saw channel samples, mapped jasperoid outcrops, and the
surface projection of the 2024 Tavsan high-grade and low-grade MRE domains.
As in the previous resource estimate for Tavsan, the high-grade domains at
North Zone and Main Zone were modelled separately to the surrounding
mineralisation, using a 1.5g/t Au modelling cut-off grade for the high-grade
domain, and 0.3g/t Au for the surrounding mineralisation. The continuity of
the various structures is reflected in the Mineral Resource classification.
The Mineral Resource is classified and reported in accordance with the 2012
JORC Code as Measured, Indicated, and Inferred (Table 4) and is inclusive of
Reserves. The classification is determined based on search pass spacing, with
confidence increasing with proximity to drill holes. Importantly, in terms of
gold ounces, 49% of the Resource sits within the Measured category, with 32%
in Indicated and 19% in Inferred categories.
The percentage of the resource which is in the Measured and Indicated
categories in the 2024 resource compared to the 2022 resource has not changed
significantly, although confidence in the Measured Resources has increased
considerably. This is due to many drillholes in the 2022-2023 programme being
drilled in areas which were already classified as Measured, to further
increase the confidence in preparation for mining.
The results pending for the North and Main zones make up 18% of the samples of
the recent drilling programme, and have intersected the same lithologies and
mineralisation to the surrounding holes. These zones (Figure 4) have not been
included in the model and estimation, but show the potential for further
resource growth as a result of the recent drilling.
Figure 4: Oblique view of North zone showing the area with pending assay
results with the potential to result in further resource growth. Inset map in
plan view.
The high-grade domain has not shown significant changes. However, there has
been a drop in gold and silver grade from the 2022 to the 2024 resource for
the low-grade domain, resulting from the application of a lower reporting
cut-off grade to the resource of 0.5g/t Au as opposed to 0.7g/t Au as the
material in the 0.5-0.7 g/t Au range is now considered to be economic.
The Reserves for the Tavsan Sector are interim Reserves pending further
optimisation and planning. They have been calculated using the previously
optimised pits for the 2022 Resource. Any resources from the 2024 model which
fall within these pits have been classified as reserves accordingly. The
reserve estimation will be updated following update of the mineral resources
when the results of the final samples from the 2023 drilling programme are
received. The Ore Reserves are classified and reported in accordance with the
2012 JORC Code (JORC Table 1) as Proven and Probable. The classification is
determined based on search pass spacing, with confidence increasing with
proximity to drill holes. In addition to in-situ Reserves, stockpiled ore,
amounting to 18,450 tonnes, is also included as Proven Ore Reserves. Reserves
stated below are included in the resources stated.
Table 4: Summary of March 2024 Tavsan Sector Resources and Reserves classified
and reported in accordance with JORC 2012 (see associated JORC Table 1 for
details). Reserves include ore in stockpiles to end of December 2023. Reserves
are included in the Resources. Reporting is based on cut-off grades as noted
in the table. All figures are quoted gross with respect to Zenit. Figures in
the table may not sum precisely due to rounding.
TAVSAN SECTOR Average Value Metal Content
RESOURCES
March 2024
Cut-off Grade Density Mass Au Ag Au Ag
g/t Au g/cm(3) t g/t g/t oz oz
Higher grade domain Measured 1.5g/t Au 2.62 781,800 2.53 4.32 63,600 108,600
Indicated 2.61 286,700 2.46 5.72 22,700 52,700
Inferred 2.60 94,600 2.35 5.74 7,100 17,400
Lower grade domain Measured 0.5g/t Au 2.62 2,981,600 1.04 4.86 99,900 466,300
Indicated 2.61 2,131,600 1.04 3.89 71,300 266,400
Inferred 2.61 1,373,900 1.05 4.37 46,300 192,900
Measured 0.5g/t Au, with 1.5g/t Au for HG domains 2.62 3,763,300 1.35 4.75 163,500 574,900
Indicated 2.61 2,418,300 1.21 4.10 94,000 319,100
Inferred 2.61 1,468,500 1.13 4.46 53,400 210,400
TOTAL 2.61 7,650,100 1.26 4.49 311,000 1,104,400
TAVSAN SECTOR Average Value Metal Content
RESERVES
March 2024
Cut-off Grade Density Mass Au Ag Au Ag
g/t Au g/cm(3) t g/t g/t oz oz
All domains Proven 0.5g/t Au, with 1.5g/t Au for HG domains 2.62 2,485,700 1.46 5.02 116,400 401,100
Probable 2.61 1,994,200 1.32 4.15 84,600 266,200
TOTAL 2.62 4,479,900 1.40 4.63 200,900 667,300
Exploration Targets on the periphery of the system (Figure 5) are defined by
surface mapping, soil pXRF, rock-chip and rocksaw-channel sampling assay
results and drilling where available. Recent mapping and sampling have
confirmed the potential of some of these areas, notably in the East and South
zones (Table 5), as well as the panel in North Zone which has been drilled but
are still awaiting results. Estimated minimum and maximum grades are based on
the grades of the nearest modelled mineralisation.
Figure 5: Map showing the Exploration Targets defined at Tavsan.
Table 5: Updated Exploration Target (reported in accordance with JORC 2012)
based on geological modelling and grade estimations provided by along-strike
and down-dip extrapolation of average grades from drilled sections of the
known mineralisation. A density of 2.5 g/cm(3) is applied to estimated volumes
to determine tonnage. All figures are quoted gross with respect to Zenit.
Figures in the table may not sum precisely due to rounding.
Tavsan Sector Tonnage Average Value Metal Content
Exploration Targets
Min Max Au Min Au Max Ag Min Ag Max Au Au Ag Ag
Min Max Min Max
March 2024 t t g/t g/t g/t g/t oz oz oz oz
Total 1,331,900 1,472,000 1.00 1.30 2.50 3.30 42,800 61,500 107,000 156,500
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 Türkiye and copper-gold
exploration and development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint
venture with Ozaltin Holding A.S. and Proccea Construction Co. in Türkiye
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 Türkiye and contains a
depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold
and 3.3 million ounces silver (as at March 2024). The mine has been in
profitable production since 2017 and has been producing at an average rate of
c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of
2.5% on production is being paid to Franco-Nevada Corporation.
The Tavsan Gold Mine is located in western Türkiye and contains a JORC
Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1
million ounces silver (as at March 2024). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Türkiye and is currently in
construction. A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Türkiye and contains a
JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold
(as at July 2020). It is located within the multi-million ounce Artvin
Goldfield, which contains the "Hot Gold Corridor" comprising several
significant gold- copper projects including the 4 million ounce Hot Maden
project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2%
on future production is payable to Eldorado Gold Corporation.
Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as
part of the Company's proprietary Project Catalyst Strategy. The Fund is
focused on investments in high-value potential, discovery-stage mineral
exploration companies located across the Eastern Hemisphere and within easy
reach of Ariana's operational hubs in Australia, Türkiye, UK and Zimbabwe.
Ariana owns 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which
operates across south-eastern Europe and is based in Pristina, Republic of
Kosovo. The company is targeting its exploration on major copper-gold deposits
across the porphyry-epithermal transition. WTR is being funded through a
five-year Alliance Agreement with Newmont Mining Corporation
(www.newmont.com) and is separately earning-in to up to 85% of the Slivova
Gold Project.
Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused
on the exploration and development of copper-gold assets in Cyprus which
contain a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to
0.80% copper (excluding additional gold, silver and zinc.
Panmure Gordon (UK) Limited and WH Ireland Limited are brokers to the Company
and Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana, you are invited to visit the Company's
website at www.arianaresources.com.
Glossary of Technical Terms:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"km" Kilometres;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"ppm" parts per million;
"oz" Troy ounces;
Ends.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDEAPDSAEFLEFARecent news on Ariana Resources
See all newsREG - Ariana Resources PLC - Merger with Rockover Holdings and Dual-List on ASX
AnnouncementREG - Ariana Resources PLC - Holding(s) in Company
AnnouncementREG - Ariana Resources PLC - Resource and Reserves Update
AnnouncementREG - Ariana Resources PLC - High-Grade Drilling Results at Tavsan
AnnouncementREG - Ariana Resources PLC - Final Drilling Results Received for Kizilcukur
Announcement