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REG - Ariana Resources PLC - WTR GRANTED THREE LICENCES IN KOSOVO

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RNS Number : 6012J  Ariana Resources PLC  28 April 2022

 

 

 

 

 

28 April 2022

AIM: AAU

 

WESTERN TETHYAN RESOURCES GRANTED THREE LICENCES IN KOSOVO

 

Ariana Resources plc ("Ariana" or the "Company"), an AIM-listed mineral
exploration and development company with gold mining interests in Europe, is
pleased to announce the grant of three exploration licenses in Kosovo to
Western Tethyan Resources Ltd ("WTR"), which is 75% owned by Ariana.  WTR has
three other license applications in Kosovo under final approval phase by the
Independent Commission for Mines and Minerals ("ICMM").

 

Highlights:

 

·    Three contiguous exploration licenses recently granted by the ICMM,
covering a total of 239km(2) and located in the vicinity of the Stanterg Mine,
historically the largest Pb-Zn mine in Europe (Figure 1).

 

·      Cecelia, Popovo and Lluzhan projects are located along a
significant NW-SE trending structural contact, which juxtaposes
metasedimentary rocks against prospective Oligocene to Miocene-aged magmatic
rocks of the Trepca Mineral Belt.

 

·      WTR is currently completing a comprehensive pXRF soil-sampling
programme across all licences on a 250x500m grid.

 

·      Historical and the initial reconnaissance work on the projects
conducted by WTR, although limited, returned several significant results
throughout the licenses:

 

o  Stream-sediment sampling up to 10 g/t gold and

o  Boulder sampling up to 19.55 g/t gold and 684 g/t Ag

 

Dr. Kerim Sener, Managing Director, Ariana Resources, commented:

 

"This is an excellent result for Western Tethyan, just as it commences a very
active period of exploration in Kosovo and in the wider region, particularly
after having entered into a strategic relationship with Newmont Corporation
just last month.  Securing the first three of six licence applications in
Kosovo at the start of the field season could not have come at a better
time.  These initial licences all show evidence of gold, silver and
base-metal mineralisation from historical sampling and are located in the
proximity of the Stanterg Mine, which contains a resource of 31Mt @ 76 g/t Ag,
7% Pb and Zn (gold data not available).

 

"The Western Tethyan team are now initiating further exploration work on this
granted tenure, to better define the nature of the mineral systems and to
identify locations for initial drill-testing.  We are aiming to advance these
projects rapidly to the drilling stage within their first year.  In the
meantime, a number of other project opportunities are being actively assessed
within Kosovo and in the wider south-eastern European region.  We look
forward to providing further updates on these developments in due course."

 

Mentor Demi, Managing Director of Western Tethyan Resources Ltd, commented:

 

"We are delighted to share the news on the issuance of three exploration
licences in Kosovo. The three licenses combined lie on the highly prospective
northwest-southeast trending Trepca Belt, host of world class projects, such
as Stanterg Mine.  We look forward to exploring and developing another
potential world class project from within our licenses."

 

http://www.rns-pdf.londonstockexchange.com/rns/6012J_1-2022-4-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6012J_1-2022-4-27.pdf)

 

Figure 1: Map showing the distribution of the three granted licences, Cecelia,
Popovo and Lluzhan, and the location of historical sampling and significant
results.  The licences are located not far from Pristina, the capital of
Kosovo, and the Stanterg Mine (31Mt @ 76 g/t Ag, 7% Pb and Zn).

 

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").

 

Contacts:

 

 Ariana Resources plc                     Tel: +44 (0) 20 3476 2080
 Michael de Villiers, Chairman
 Kerim Sener, Managing Director
 Beaumont Cornish Limited                 Tel: +44 (0) 20 7628 3396
 Roland Cornish / Felicity Geidt
 Panmure Gordon (UK) Limited              Tel: +44 (0) 20 7886 2500
 John Prior / Hugh Rich / Atholl Tweedie
 Yellow Jersey PR Limited                 Tel: +44 (0) 20 3004 9512
 Dominic Barretto / Henry Wilkinson       arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)

 

Editors' Notes:

 

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 Project is located in western Turkey and contains a JORC
Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7
million ounces silver (as at June 2020). Following the approval of its
Environmental Impact Assessment, resulting permitting work is ongoing to
develop Tavsan as the second joint venture gold mining operation in Turkey. A
NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold
(as at July 2020). It is located within the multi-million ounce Artvin
Goldfield, which contains the "Hot Gold Corridor" comprising several
significant gold-copper projects including the 4 million ounce Hot Maden
project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2%
on future production is payable to Eldorado Gold Corporation.

Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as
part of the Company's proprietary Project Catalyst Strategy. The Fund is
focused on investments in high-value potential, discovery-stage mineral
exploration companies located across the Eastern Hemisphere and within easy
reach of Ariana's operational hubs in Australia, Turkey and the UK.

Ariana owns 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which
operates across south-eastern Europe and is based in Pristina, Republic of
Kosovo.  The company is targeting its exploration on major copper-gold
deposits across the porphyry-epithermal transition.  WTR is being funded
through a five-year Alliance Agreement with Newmont Corporation
(www.newmont.com).

Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus") which is focused
on the exploration and development of copper-gold assets in Cyprus which
contain a combined JORC Indicated and Inferred Resource of 17Mt @ 0.45% to
1.10% copper (excluding additional gold, silver and zinc), in addition to
pursuing a separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic
SX-EW processing plant and the 11Mt @ 0.25% to 0.69% Cu Apliki mine
development project.

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish
Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's
website at www.arianaresources.com (http://www.arianaresources.com) .

Ends.

 

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