REG - Ariana Resources PLC - Kizilcukur Drilling Identifies Potential Extension
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RNS Number : 1640J Ariana Resources PLC 27 November 2025
27 November 2025
AIM: AAU
ASX: AA2
Kizilcukur Drilling Identifies Potential Extensions to Satellite Production
for Kiziltepe Mine, Türkiye
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, has recently completed a drilling programme at
Kizilcukur through its 23.5% ownership in Zenit Madencilik San. ve Tic. A.S.
("Zenit") in the Kiziltepe region, western Türkiye. Kizilcukur is being
advanced towards providing satellite ore feed to the producing Kiziltepe
Gold-Silver Mine.
Highlights:
· Diamond drilling programme tested all three main zones of
mineralisation at the Kizilcukur Deposit (Zeki, Ziya, and Zafer) located 22km
NE of the Kiziltepe Gold-silver Mine, and identified potential extension
zones.
· 2,769 metres across 31 holes completed, with best intercepts
including:
o 4.90m @ 4.53g/t Au + 118.3g/t Ag (KCR-D07-25) - from 24.40m
o 3.60m @ 2.89g/t Au + 77.5g/t Ag (KCR-D19-25) - from 59.30m
o 1.90m @ 5.39g/t Au + 70.6g/t Ag (KCR-D21-25) - from 66.10m
· Zenit is continuing to work towards the mining of Kizilcukur as a
satellite source of ore for the Kiziltepe Gold-Silver Mine, which is in
production, and environmental permitting is underway.
· Zenit is currently targeting a late 2026 commencement of
operations from Kizilcukur, as an extension to the Kiziltepe mining
operations.
Dr. Kerim Sener, Managing Director, commented:
"The results of this drilling programme at Kizilcukur continue to demonstrate
that the extensions of the known vein systems remain prospective and have the
potential to add to the resource opportunity at this deposit. In particular, a
few intercepts of a newly drilled vein system located on the eastern flank of
the deposit suggest further upside in that direction.
"Zenit is continuing to work towards the mining of Kizilcukur as a satellite
source of ore for the nearby Kiziltepe Gold-Silver Mine, currently in
production. Associated environmental permitting is underway as part of this
process and the team are working towards integrating Kizilcukur into the
mining schedule for the Kiziltepe Sector. A local public consultation meeting
was recently completed successfully as part of the permitting process, with a
view to commencing operations late in 2026."
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
The Kizilcukur Project ("Kizilcukur" or "the Project") consists of one
operational licence located in Balikesir Province in Western Türkiye. The
Project is located 22km to the northeast (straight line) and 70km by road from
the Kiziltepe Mine. Kizilcukur is being explored and developed as part of
Zenit Madencilik's ("Zenit") operations, 23.5% of which are by Ariana. Zenit
has been exploring in the vicinity of the Kiziltepe Mine (Figure 1) in search
of additional ore sources to augment production from the Kiziltepe processing
plant.
Figure 1: Summary map of the Kiziltepe Project area, with the Kizilcukur
Deposit highlighted in blue
Kizilcukur Drilling
In July 2025, the Zenit exploration team initiated a new phase of exploration
and resource HQ diamond drilling at Kizilcukur for 2,769 metres across 31
drill holes (Figure 2). The average depth for all drilling was approximately
69 metres, with a minimum depth of 25 metres and a maximum depth of 140
metres. The dip angles ranged from 45° to 65° to test the extent of the
mineralisation at depth. All drill core has been sampled and processed at the
Kiziltepe Mine Laboratory ("KML").
The programme, which is now complete, was primarily designed to provide
resource step-out drilling along the northwestern and southeastern extents of
the Zeki, Ziya, and Zafer vein resource areas. In addition to the resource
step-out drilling, four drill holes were drilled on the far eastern area of
the Kizilcukur vein system, to test a series of shallow depressions surrounded
by mineralised quartz float mapped in 2014. These depressions are thought to
represent a series of "bell-pit" workings.
Resource drilling for the southeastern extension of the Ziya vein tested
mostly outcropping and mapped extensions of the vein system, which in the past
were not accessible due to a lack of drilling-road infrastructure and steep
terrain (Figure 2).
Figure 2: Plan view of the Kizilcukur Project, showing historic and completed
drillholes in relation to the currently defined resources. Between 2023 and
2024, the Zenit team has drilled over 3,500 metres at Kizilcukur.
As in previous programmes (AIM: 22 February 2024
(https://www.londonstockexchange.com/news-article/AAU/final-drilling-results-received-for-kizilcukur/16343431)
), the 2025 drilling programme intercepted the complex multi-phase
mineralisation characteristic of the Kizilcukur deposit. Three different
mineralisation phases have been identified and are being evaluated in further
detail. These represent epithermal quartz veins, manganese-rich zones, and a
deeper massive sulphide lead and zinc zone, which are suggestive of a low to
intermediate sulphidation type system (Figure 3).
Significant intercepts from the 2025 drilling programme at Kizilcukur include:
· 4.90m @ 4.53g/t Au + 118.3g/t Ag from 24.40m in KCR-D07-25
o including 1.00m @ 10.45g/t Au + 158.7g/t Ag from 25.8m
· 3.60m @ 2.89g/t Au + 77.5g/t Ag from 59.30m in KCR-D19-25
· 1.90m @ 5.39g/t Au + 70.6g/t Ag from 66.10m in KCR-D21-25
o including 0.90m @ 10.61g/t Au + 100.2g/t Ag from 66.1m
Figure 3: A northeast-southwest cross-section through the Kizilcukur vein
deposit, showing the Ziya and Zafer veins, as well as peripheral exploration
gold-bearing quartz veins and all representative drill holes from the 2025
drilling.
Hole ID From To Length Gold Silver Grade Copper Grade Lead Grade Zinc Grade
Grade
(m) (m) (m) (Au g/t) (Ag g/t) (Cu ppm) (Pb ppm) (Zn ppm)
KCR-D02-25 33.9 35.7 1.8 1.55 4.8 151 371 494
KCR-D03-25 45.7 46.7 1.0 1.62 126.6 146 223 195
KCR-D04-25 15.0 15.4 0.4 3.58 239.8 95 448 973
KCR-D06-25 38.7 40.0 1.3 1.61 771.1 312 844 3,605
84.1 84.6 0.5 0.62 18.0 337 1,967 1,632
KCR-D07-25 24.4 29.3 4.9 4.53 118.3 2,780 16,031 8,548
including 25.8 26.8 1.0 10.45 158.7 2,494 25,724 2,175
including 27.6 29.3 1.7 6.23 127.8 1,021 1,151 584
KCR-D08-25 53.9 54.7 0.8 1.56 3.1 47 14 130
KCR-D10-25 23.4 24.3 0.9 1.17 32.0 126 329 910
27.6 28.3 0.7 1.45 53.4 60 215 472
KCR-D11-25 6.8 7.4 0.6 14.66 57.6 216 810 2,363
18.9 19.4 0.5 24.63 237.3 239 201 434
KCR-D15-25 14.7 16.2 1.5 1.23 28.2 1,227 3,528 4,962
KCR-D19-25 20.9 22.0 1.1 0.63 1.1 41 253 514
59.3 62.9 3.6 2.89 77.5 342 1,352 1,860
including 61.3 62.9 0.7 9.62 60.3 353 1,313 2,423
KCR-D21-25 66.1 68.0 1.9 5.39 70.6 354 2,870 3,412
including 66.1 67.0 0.9 10.61 100.2 1,535 4,907 5,635
KCR-D22-25 35.4 36.0 0.6 1.90 6.8 146 9,287 9,833
KCR-D23-25 4.9 6.9 2.0 2.08 64.3 232 2,907 2,775
KCR-D23A-25 33.2 34.2 1.0 1.34 1.3 86 1 157
KCR-D24-25 94.2 94.9 0.7 3.54 5.9 144 203 359
106.4 107.6 1.2 1.37 9.5 115 291 415
KCR-D25-25 7.5 8.8 1.3 0.79 17.8 582 269 274
KCR-D26-25 0.0 1.3 1.3 0.61 46.2 133 279 1,604
KCR-D27-25 8.6 9.2 0.6 1.85 57.5 5 49 43
22.8 23.8 1.0 1.06 3.5 31 174 183
37.6 38.4 0.8 1.11 1.7 70 44 155
KCR-D28-25 9.9 10.8 0.9 0.94 73.5 63 53 114
20.8 21.3 0.5 6.59 284.0 253 242 1,546
KCR-D29-25 49.1 50.2 1.1 0.55 8.4 39 275 563
KCR-D30-25 17.7 18.1 0.4 6.67 50.0 283 718 186
Table 1: Significant gold intercepts calculated for 2025 Kizilcukur drilling
using a 0.5g/t Au minimum cut-off and allowing for up to 1m internal dilution.
Intercepts calculated using KML data. Silver, copper, lead and zinc shown to
emphasise the different zones of mineralisation.
Summary of Kizilcukur Geology
The Project covers an area containing a series of sub-parallel quartz veins
hosted by ophiolitic (dominantly basaltic) units that trend northwest and
extend for about two kilometres. The veins exhibit classic low-sulfidation
epithermal textures and attain a maximum true width of 8m. The Zeki Vein
extends over a strike length of 820m.
Ore Reserves have been estimated for Kizilcukur as 84.9kt at 1.97g/t Au and
84.23g/t Ag for 5,400oz gold (Au) and 0.23Moz silver (Ag) contained metal. The
Mineral Resource Estimate for Kizilcukur is 256.9kt at 1.98g/t Au and 74.54g/t
Ag for 16,400oz Au and 0.62Moz Ag contained metal (2024). Resources are
inclusive of reserves.
Trial mining was completed within the central part of the Zeki Pit in 2017.
This pit is the largest and highest grade of the three pits defined following
Whittle optimisation of the Kizilcukur resource in 2016. The General
Directorate of Mining Affairs approved blasting operations on the licence as
part of the Mining Permit (AIM: 18 November 2015
(https://polaris.brighterir.com/public/ariana_resources_plc/news/rns/story/rm0m9nx)
).
Sampling and Assaying Procedures
All diamond drill core from Kizilcukur has been logged and sampled at the
Kiziltepe Project and analysed at KML (Kiziltepe Mine Laboratory), where the
results are systematically assessed.
HQ-size drill-core samples from the drilling programme at Kizilcukur 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 Kizilcukur during this 2025 campaign was 91%.
From this programme, a total of 1,579 sample results for 1,236.7 metres of
sampled drill core have been returned from the KML (including 339 QA/QC
samples). Samples are also being analysed by ALS Global ("ALS") 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
(Inductively Coupled Plasma) was used to analyse 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.
Kizilcukur Mineral Resource Estimate
CLASSIFICATION TONNAGE GRADE CONTAINED METAL
(t)
Au Ag Au Ag
(g/t)
(g/t)
(oz)
(oz)
Measured 200,100 2.12 81.23 13,600 522,700
Indicated 52,900 1.52 50.97 2,600 86,600
Inferred 3,900 1.24 50.55 200 6,300
TOTAL 256,900 1.98 74.54 16,400 615,600
Notes:
1. The Kizilcukur Mineral Resource Estimate is reported in accordance with
the JORC Code. Reported using a cut-off grade of 0.5g/t Au, inclusive of
Reserves, depleted for mining to 26 March 2024.
2. Refer to sections 5.5.4 and 5.5.5 of the IGR for further information
regarding the Kizilcukur Mineral Resource Estimate including information
required by ASX Listing Rule 5.8.
Kizilcukur Ore Reserve Estimate
CATEGORY TONNAGE GRADE CONTAINED METAL
(t)
Au Ag Au Ag
(g/t)
(g/t)
(oz)
(oz)
Proven 46,900 2.02 85.33 3,050 128,700
Probable 38,000 1.92 82.57 2,350 101,200
TOTAL 84,900 1.97 84.23 5,400 229,900
Notes:
1. The Kizilcukur Ore Reserves are reported in accordance with the JORC
Code. Reported using a cut-off grade of 0.5g/t Au. Depleted for mining to 30
August 2024.
2. Refer to sections 5.5.6 to 5.5.8 of the IGR for further information
regarding the Kizilcukur 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.
Competent Persons Statement
The information in this announcement relating to Exploration Results at the
Kizilcukur Project is based on, and fairly represents, information and
supporting documentation prepared by Mr Zack van Coller BSc (Hons). Mr van
Coller is a full-time employee of Ariana Resources plc. Mr van Coller is a
Member of the Australian Institute of Mining and Metallurgy, a Fellow of the
Geological Society London (a Registered Overseas Professional Organisation as
defined in the ASX Listing Rules), and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which has been undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the
JORC Code 2012). Mr van Coller consents to the inclusion in this report of the
matters based on the information compiled by him, in the form and context in
which it appears.
The information that relates to Mineral Resources and Reserves is 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. Woodcock 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.
Forward looking statements and disclaimer
This announcement contains certain "forward-looking statements".
Forward-looking statements can generally be identified by the use of
forward-looking words such as "forecast",
"likely", "believe", "future", "project", "opinion", "guidance", "should",
"could", "target", "propose", "to be", "foresee", "aim", "may", "will",
"expect", "intend", "plan", "estimate", "anticipate", "continue", "indicative"
and "guidance", and other similar words and expressions, which may include,
without limitation, statements regarding plans, strategies and objectives of
management, anticipated production dates, expected costs or production outputs
for the Company, based on (among other things) its estimates of future
production of the Projects. To the extent that this document contains
forward-looking information (including forward-looking statements, opinions or
estimates), the forward-looking information is subject to a number of risk
factors, including those generally associated with the gold exploration,
mining and production businesses. Any such forward-looking statement also
inherently involves known and unknown risks, uncertainties, and other factors
that may cause actual results, performance, and achievements to be materially
greater or less than estimated. These factors may include, but are not limited
to, changes in commodity prices, foreign exchange fluctuations, general
economic and share market conditions, increased costs and demand for
production inputs, the speculative nature of exploration and project
development (including the risks of obtaining necessary licenses and permits
and diminishing quantities or grades of reserves), changes to the regulatory
framework within which the Company operates or may in the future operate,
environmental conditions including extreme weather conditions, geological and
geotechnical events, and environmental issues, and the recruitment and
retention of key personnel.
The Board of Ariana Resources plc has approved this announcement and
authorised its release.
Drill Collars Table for Kizilcukur 2025
(ED50 / UTM Zone 35)
Hole ID Easting Northing Elevation (m) Azi (°) Dip (°) Depth (m)
KCR-D01-25 626784 4360300 1176 50 55 109.7
KCR-D02-25 626565 4360285 1177 45 50 71.8
KCR-D03-25 626928 4360468 1229 80 60 70.0
KCR-D04-25 626750 4360461 1230 55 55 90.0
KCR-D05-25 626346 4360559 1199 50 50 100.0
KCR-D06-25 625978 4360749 1146 55 60 140.0
KCR-D07-25 626595 4360255 1173 45 50 70.5
KCR-D08-25 626620 4360230 1160 50 50 70.0
KCR-D09-25 626733 4360498 1225 55 55 70.0
KCR-D10-25 626750 4360458 1230 140 50 100.0
KCR-D11-25 626560 4360314 1190 50 50 25.0
KCR-D12-25 626680 4360197 1132 30 50 80.1
KCR-D13-25 626680 4360198 1133 60 50 80.0
KCR-D14-25 626753 4360146 1117 60 55 60.0
KCR-D15-25 626754 4360341 1194 50 52 32.0
KCR-D16-25 626552 4360306 1183 50 53 30.0
KCR-D17-25 626537 4360327 1192 50 50 27.0
KCR-D18-25 626528 4360318 1187 50 50 45.0
KCR-D19-25 626500 4360327 1195 50 53 72.1
KCR-D20-25 626474 4360357 1208 50 63 75.0
KCR-D21-25 626412 4360436 1210 50 65 100.3
KCR-D22-25 626053 4360742 1157 55 55 52.0
KCR-D23-25 626015 4360758 1146 55 60 52.1
KCR-D23A-25 626015 4360758 1146 55 60 52.0
KCR-D24-25 626602 4360436 1238 50 58 113.0
KCR-D25-25 626574 4360530 1240 230 45 34.0
KCR-D26-25 626562 4360492 1249 50 60 57.2
KCR-D27-25 626620 4360489 1250 230 45 60.1
KCR-D28-25 626640 4360486 1247 50 56 46.4
KCR-D29-25 626675 4360391 1221 50 60 83.0
KCR-D30-25 626928 4360468 1229 130 55 80.7
JORC Table 1 - Kizilcukur
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) sampling: Samples were collected at 1
specific specialised industry standard measurement tools appropriate to the m intervals and split using a two-stage riffle splitter, running each sample
minerals under investigation, such as down hole gamma sondes, or handheld XRF through twice. Wet samples were speared four times ensuring that even and
instruments, etc). These examples should not be taken as limiting the broad representative samples were taken to the bottom and corners of each sample
meaning of sampling. sack. Saturated wet samples were extracted using a "grab" sample manual
technique.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. · Diamond Drilling: Full core was cut using a rock saw and
half-core samples were taken at variable intervals ranging from 0.3 m to 2 m,
· Aspects of the determination of mineralisation that are Material to with an average length of 1 m. Core recovery was recorded into the database.
the Public Report.
· Previously, samples were sent to an ISO accredited ALS laboratory
· In cases where 'industry standard' work has been done this would be in Izmir, Türkiye for Au and Ag analysis by fire assay, which is still used
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m as an external laboratory for QA/QC purposes.
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there · Samples are now prepared and analysed at Zenit's own internal
is coarse gold that has inherent sampling problems. Unusual commodities or Kiziltepe Mine Laboratory, for Au (fire assay), Ag (AAS), and 4-acid digest
mineralisation types (eg submarine nodules) may warrant disclosure of detailed for all other elements.
information.
· Under normal Company operational procedures, sampling undertaken
as early-stage exploration or reconnaissance is submitted to the laboratory
for 30 g 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
1 m intervals on all drill core. This is primarily for geological modelling
purposes.
· Pulp rejects from all 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.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Pre-2015 drilling was undertaken by HQ diameter diamond drilling
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or (1,792 m).
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · 2015 drilling was undertaken by RC drilling (1,598 m).
· 2018-19 drilling was undertaken by NQ diameter diamond drilling
(746 m).
· 2023 drilling was undertaken by HQ diameter diamond drilling
(3,564 m).
· 2025 drilling was undertaken by HQ diameter diamond drilling
(2,769 m).
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Recoveries were monitored and recorded into the sampling
results assessed. database.
· Measures taken to maximise sample recovery and ensure representative · Overall core recovery for diamond drilling in 2018-2019 was
nature of the samples. >75%. The figure is low due to recoveries falling below 10% where historic
workings and cavities were intercepted. Holes without old workings had
· Whether a relationship exists between sample recovery and grade and recoveries of up to 95%. Overall core recovery for the 2023 programme is 90%.
whether sample bias may have occurred due to preferential loss/gain of Overall core recovery for the 2025 programme is 91 %.
fine/coarse material.
· Overall recovery for RC drilling is >90% and >85% for
mineralised zones. Recoveries fall below 10% where historic workings and
cavities were intercepted. Recovery was estimated by visual inspection of each
bag. Weights were not recorded.
· There is no bias 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
discs 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 chip
tray.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · Samples from diamond drill core were collected from sawn halves
taken. of identified zones of interest.
· If non-core, whether riffled, tube sampled, rotary split, etc and · RC sampling: Samples were collected at 1 m intervals and split
whether sampled wet or dry. using a two-stage riffle splitter, running each sample through the splitter
twice. Wet intervals were sub-sampled with scoop or spear. Samples were
· For all sample types, the nature, quality and appropriateness of the oven-dried at the laboratory if necessary. Although every metre was sampled
sample preparation technique. from top to bottom of each hole, metres which were clearly unmineralised were
not assayed.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples. · Sample preparation technique is appropriate to the mineralisation
style.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field · Splitting and sample preparation conducted on samples at the
duplicate/second-half sampling. Kiziltepe Mine Laboratory:
· Whether sample sizes are appropriate to the grain size of the o Drying at 105(O)C
material being sampled.
o Crushing whole sample to ≤ 2 mm
o Splitting of crushed sample to analyse
o Pulverising sub-sample to 80% passing ≤75μm
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · QC procedures for 2015 drilling included the insertion of
laboratory procedures used and whether the technique is considered partial or certified reference standards, blank samples, duplicates and umpire laboratory
total. check samples to monitor the accuracy and precision of laboratory data. The
protocol followed included the insertion of one standard, one blank and two
· For geophysical tools, spectrometers, handheld XRF instruments, etc, duplicates; each batch corresponding to 22 drilling samples. The overall
the parameters used in determining the analysis including instrument make and quality of QA/QC meets or exceeds the currently accepted industry standards,
model, reading times, calibrations factors applied and their derivation, etc. to ensure the validity of the data used for resource estimation purposes.
· Nature of quality control procedures adopted (eg standards, blanks, · In drill programmes since 2019, samples have been submitted in
duplicates, external laboratory checks) and whether acceptable levels of batches of 35 to ALS Global, Izmir, to include 1 blank, 1 CRM, 1 field
accuracy (ie lack of bias) and precision have been established. duplicate and 1 pulp duplicate. Insertion rate of 11%.
· Samples submitted to Kiziltepe Mine Laboratory are in batches of
20 to include 1 blank, 1 CRM, 1 field duplicate, 1 pulp duplicate and 1
internal Kiziltepe Mine Lab sample. 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.
· 10% of all drill samples are 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 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 · Samples taken in 2023-2025 have been submitted to Zenit's
or alternative company personnel. Kiziltepe Mine Laboratory, with 10% also selected for check assays at ALS
Global in Izmir throughout the sampling program. Samples for check assays are
· The use of twinned holes. chosen from areas suspected to be mineralised.
· Documentation of primary data, data entry procedures, data · All samples prior to 2023 were submitted to the internationally
verification, data storage (physical and electronic) protocols. accredited laboratory of ALS Global in Izmir, Türkiye (ISO 9001:2008
accredited).
· Discuss any adjustment to assay data.
· At the resource definition stage three staged duplicates; one
field, one crush and one pulp, are inserted into each 22 sample batch.
· Primary data, data entry procedures, data verification and data
storage protocols are in line with industry best-practice.
· Assay data has not been adjusted.
· No twin holes have been drilled. Although intercepts have been
tested and verified by re-drilling into them from alternative angles,
particularly when testing some of the older holes or holes drilled by previous
companies.
· All samples (30 g or 50 g) are analysed using fire assay with AAS
(Au-AA23) and aqua regia with ICP-AES (ME-ICP41).
· 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 Kiziltepe Mine Laboratory and ALS Laboratory 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
and down-hole surveys), trenches, mine workings and other locations used in later surveyed by a professional surveyor using DGPS equipment.
Mineral Resource estimation.
· Downhole deviation surveys were routinely carried out in all
· Specification of the grid system used. holes, using a down-hole Gyro on 4 m intervals. The Gyro data was then later
calibrated with Flex-it survey tool data and corrected to ED50 UTM 35N.
· Quality and adequacy of topographic control.
· Topographic data is collected by DGPS.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Due to the steep terrain, drill spacing is largely dependent on
accessible sites. In many instances more than one hole was drilled from a
· Whether the data spacing and distribution is sufficient to establish single site with drill hole separation achieved by using diverging downhole
the degree of geological and grade continuity appropriate for the Mineral trajectories.
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Sample compositing has not been applied at the sampling stage.
· Whether sample compositing has been applied.
· 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 dip of the vein mineralisation for most of the deposit is
possible structures and the extent to which this is known, considering the steeply dipping to subvertical, striking 310(o) NW. Local grade continuity
deposit type. follows the dip of the mineralisation for the entire deposit. Drill hole
trajectories were angled in order to intersect the mineralisation obliquely.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a · No biases are expected from the drilling direction.
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · Samples are stored at a secure company facility at the Kiziltepe
Mine Site in a clean area free of any contamination.
· During drilling programmes pre-2019 samples were delivered to ALS
Global, Izmir once a week by Aras Cargo, Sindirgi.
· The measures taken to ensure sample security for samples used for
analysis and QA/QC include the following:
1. Chain of Custody is demonstrated by both Company and ALS Global in
the delivery and receipt of sample materials.
2. Upon receipt of samples, ALS Global delivers by email to the
Company's designated Quality Control Manager, confirmation that each batch of
samples has arrived, with its tamper-proof seal intact, at the allocated
sample preparation facility.
3. 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 the 2023 and 2025 drilling programmes, the majority of samples
have been analysed by the Zenit's 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. · Reviews on sampling and assaying results were conducted for all data
internally.
· Zenit 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.
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 Kizilcukur Project consists of one operational license (No.
agreements or material issues with third parties such as joint ventures, 200700970) and is owned by Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint
partnerships, overriding royalties, native title interests, historical sites, Venture ("JV") with Proccea Construction Co. and Ozaltin Holding A.S. (23.5%
wilderness or national park and environmental settings. owned by Ariana).
· The security of the tenure held at the time of reporting along with · It is located in the Balikesir Province in Western Türkiye
any known impediments to obtaining a licence to operate in the area. (coordinates: 626150 mE; 4360440 mN).
· A royalty of 2% Net Smelter Return on commercial production from the
Project is payable to Dogu Akdeniz Mineralleri San. Ve Tic. Ltd.
· There are no known impediments to the current operations.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Pre-2007, Eurogold Madencilik A.S. identified the occurrence of gold
and silver at Kizilcukur through various stream sediment sampling programmes.
· Kefi Minerals Plc acquired the project in 2007.
· In 2007, systematic rock and channel sampling was undertaken by Kefi
for 485 samples.
· In 2008, Kefi completed 1,185.2 m of diamond drilling for 8 holes.
During this time Kefi also contracted external polished block and other
petrological analyses.
· In 2009, Kefi completed an initial soil sampling programme for 452
samples.
· In 2011, Kizilcukur was acquired by Ariana Resources.
· Since 2020, Kizilcukur has been operated by Zenit.
Geology · Deposit type, geological setting and style of mineralisation. · The Project covers an area containing a series of sub-parallel quartz
veins hosted by ophiolitic units that trend northwest and extend for about two
kilometres. The veins exhibit classic low-sulphidation epithermal features
and attain a maximum true width of 8 m. The vein system extends over a
strike length of over 900 m.
Drill hole Information · A summary of all information material to the understanding of the · Diamond drilling for a total of 2,769 m (for 31 holes) was completed
exploration results including a tabulation of the following information for during Q3 2025 at the Kizilcukur Project. The programme was primarily
all Material drill holes: designed to provide resource step-out drilling along the north-western and
south-eastern extents of the Zeki, Ziya, and Zafer vein resource areas.
o easting and northing of the drill hole collar Collars of the 2025 programme are detailed below from KCR-D01-25 to
KCR-D30-25.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
· Diamond drilling for a total of 3,563.8 m (for 56 holes) was
o dip and azimuth of the hole completed in 2023 at the Kizilcukur Project. The primary objective of the
programme was to increase the confidence in the resource, and upgrade the
o down hole length and interception depth classification, in addition to further testing along known mineralised
structures, both at depth and along strike. In particular, the vein systems
o hole length. at Ziya and Zafer were targeted, which had previously received only limited
drill testing. In addition, in-fill drilling at depth and along strike was
· If the exclusion of this information is justified on the basis that completed at the Zeki main vein system.
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why · All results from the 2023 drill programme were announced on AIM.
this is the case. Details of collars, surveys and mineralisation intercepts are noted in these
press releases:
o 22/02/2024 (FINAL DRILLING RESULTS RECEIVED FOR KIZILCUKUR)
o 28/11/2023 (DRILLING COMPLETED AT KIZILCUKUR).
· Drilling prior to 2023 has also been previously reported on AIM.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Metal equivalents have not been used.
maximum and/or minimum grade truncations (eg cutting of high grades) and
cut-off grades are usually Material and should be stated. · Significant down-hole intercepts calculated for the 2025 Kizilcukur
drilling program, using a 0.5 g/t Au minimum cut-off and allowing for up to 1
· Where aggregate intercepts incorporate short lengths of high grade m internal dilution.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· 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 · Down hole length, true width not stated.
Exploration Results.
· See Table above.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. · All drilling has previously been reported and modelled in
three-dimensions accordingly.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
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 2024 Resource Domains at Kizilcukur.
locations and appropriate sectional views.
Mineralisation Phases at Kizilcukur.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Intercept depths stated in the drill hole information but not stated
practicable, representative reporting of both low and high grades and/or in the data aggregation methods section are lower grade intersections. Down
widths should be practiced to avoid misleading reporting of Exploration hole widths of intercepts are stated.
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · In 2011, Ariana completed an Induced Polarisation (IP) study to aid
reported including (but not limited to): geological observations; geophysical geological modelling and identify the resistive and chargeable properties of
survey results; geochemical survey results; bulk samples - size and method of the Kizilcukur vein system.
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
· In 2012, detailed 1:500 scale mapping of outcropping epithermal veins
was conducted.
· In 2013, larger scale geological mapping (1:5,000) was conducted over
the main project area, with the assistance of pXRF analysis for rock typing.
· In 2018, a detailed soil pXRF survey was completed for 562 samples.
· In 2023 an airborne magnetics survey was completed to better define
the controlling structures of the Kizilcukur vein system, and also identifying
new potential zones of gold mineralisation along strike of the known veins.
· An automated multi-sensor core scanner (BoxScan) is being used to
obtain data on geochemistry, mineralogy, magnetic susceptibility, core
topography and high-resolution RGB colour imagery of core from the key holes
from the 2023 Kizilcukur drilling program. Previously, 30 holes from the 2007,
2018 and 2019 drill programmes, totalling over 2,530 m (712 core trays) were
scanned. Single-element and multi-element data analysis methods will be
applied to the new data to aid machine learning by training the system on the
known lithologies. Core scanning data from the latest drilling will help to
decipher the phases of mineralisation in more detail and potentially improve
on exploration targeting in future drilling programmes.
· Initial metallurgical test work has been carried out at the Kiziltepe
Mine Laboratory, with gold recoveries of 82 to 91%.
Further work · The nature and scale of planned further work (eg tests for lateral · To date, historic and recent exploration activities have identified
extensions or depth extensions or large-scale step-out drilling). approximately 2.3 km of anomalous outcropping epithermal veins within the
Kizilcukur license. Presently, only 40% (0.9 km) of the exposed vein system
· Diagrams clearly highlighting the areas of possible extensions, have been drill-tested due to outcrop accessibility and infrastructure.
including the main geological interpretations and future drilling areas, Drill testing the remaining 60% of the known vein system may be undertaken in
provided this information is not commercially sensitive. the future.
· Ariana also have longer term plans to explore (using airborne
geophysics), for potential shallow seated intrusive porphyries, which are
likely sources for the Kizilcukur mineralisation and other associated
mineralisation within the nearby district.
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.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The Kizilcukur resource data was stored in Datashed. Data has now
example, transcription or keying errors, between its initial collection and been transferred to MX Deposit , the database management system used by the
its use for Mineral Resource estimation purposes. company since Q3 2021. It is exported as spreadsheets to be used in 3D
modelling software (Leapfrog Geo and Edge).
· Data validation procedures used.
· Previously, data was logged onto field sheets which were then
entered into the data system directly by geologists working on the Project. In
recent drill programmes, the logging has been completed directly into MX
Deposit from field tablets.
· Data was validated on entry into the database, or on upload from
the earlier MS Access databases, by a variety of means including the
enforcement of coding standards.
· Laboratory data has been received in digital format and uploaded
directly to the database.
· Original data sheets and files have been retained and are used to
validate the contents of the database against the original logging.
· Independent consultants Coffey Geotechnics Ltd, a Tetra Tech
company performed a visual validation by reviewing drill holes on section in
Datamine Studio RM mining software.
· Ariana Resources performed validation checks in Leapfrog GEO and
EDGE v. 2023.2.0.
Site visits · · Ariana staff have visited the site on numerous occasions, and
supervised all 2015, 2018-2019 and 2023 drilling sampling and other operations
at all times in order to introduce appropriate logging, sampling and drilling
protocols.
· Ruth Woodcock (BSc, CGeol, EurGeol) of Ariana Resources is acting
as the Competent Person for this study, and has been on site during active
drilling programmes and other exploration activities. The site will be
re-visited at a later date if further work is required.
· Zack van Coller (BSc) of Ariana Resources has been involved in
all work on the project since 2010 and has completed the peer review of this
MRE.
· Ariana Resources (Galata Madencilik) and Zenit Madencilik field
staff are permanently on site.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · Sub-vertically-dipping vein-hosted mineralisation.
interpretation of the mineral deposit.
· Interpretations by Ariana of geological surfaces derived from 3D
· Nature of the data used and of any assumptions made. modelling of drill hole lithological data in Leapfrog Geo and Edge
(v.2023.2.0).
· The effect, if any, of alternative interpretations on Mineral
Resource estimation. · The Project covers an area containing a series of sub-parallel
quartz veins hosted by ophiolitic units that trend northwest and extend for
· The use of geology in guiding and controlling Mineral Resource about two kilometres. The veins exhibit classic low-sulphidation epithermal
estimation. features and attains a maximum true width of 8 m. The vein system extends
over a strike length of 900 m.
· The factors affecting continuity both of grade and geology.
Dimensions · The extent and variability of the Mineral Resource expressed as · In plan orientation, the deposit comprises three main lodes
length (along strike or otherwise), plan width, and depth below surface to the ranging in strike length from 290 m to 375 m over an overall strike length of
upper and lower limits of the Mineral Resource. 900 m.
· Lodes typically vary from 1 to 6.5 m in thickness with main lode
averaging 2.5 m thickness.
· Mineralisation has vertical extents of approximately 100 m.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) · Drill hole sample data was constrained within semi-manually
applied and key assumptions, including treatment of extreme grade values, constructed orebody wireframes defined by a nominal 0.3 g/t Au cut off. The
domaining, interpolation parameters and maximum distance of extrapolation from model was based on gold results only, but silver was also estimated into that
data points. If a computer assisted estimation method was chosen include a volume.
description of computer software and parameters used.
· Compositing was completed in Leapfrog EDGE using a 1 m best fit
· The availability of check estimates, previous estimates and/or mine routine. Hard domain boundaries were applied to the main veins and soft
production records and whether the Mineral Resource estimate takes appropriate boundaries with 1m range were applied to the smaller veins either side of the
account of such data. main veins, which forced all samples to be included in one of the composites
by adjusting the composite length, while keeping it as close as possible to
· The assumptions made regarding recovery of by-products. the selected intervals of 1m.
· Estimation of deleterious elements or other non-grade variables of · Sample data was composited to a 1 m downhole length using a 0.3
economic significance (eg sulphur for acid mine drainage characterisation). g/t Au cut-off and maximum 1 m internal waste.
· In the case of block model interpolation, the block size in · An analysis of the grade distribution characteristics of the
relation to the average sample spacing and the search employed. domain composites for each deposit was undertaken. Following analysis of the
data it was decided that a top cut was not required. However, grade clamping
· Any assumptions behind modelling of selective mining units. was applied for gold results >12g/t. This has the effect of preserving the
high grade, but not allowing it to smear over a large area.
· Any assumptions about correlation between variables.
· A block model was constructed using a 2 m E by 2m N by 1 m RL
· Description of how the geological interpretation was used to parent block size. The block model is a non-rotated conventional block model
control the resource estimates. with no sub-blocking used.
· Discussion of basis for using or not using grade cutting or · Estimation was carried out using inverse distance squared (ID(2))
capping. at the parent block scale. Three estimation passes were undertaken using
specific composite data for each separate domain. Ordinary Kriging was not
· The process of validation, the checking process used, the used as satisfactory variograms were not obtainable.
comparison of model data to drill hole data, and use of reconciliation data if
available. · Material from historical underground mining has not been
subtracted as the extent of these is not clear. Surface trial mining material
has been depleted from the resource as updated topography was used.
· Search parameters were as in the table below.
· Gold and silver have been estimated as mining products. No
by-products or deleterious elements have been modelled.
· In general, gold and silver show a positive correlation with each
other.
· A visual validation between drillhole data, composite data and
block model data is carried out.
· Swath plots for each vein set showed good consistency between raw
data, composites and estimated block grades.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnes have been estimated on a dry basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · Measured, Indicated and Inferred Resources have been reported
applied. above a 1.0 g/t Au cut-off grade, i.e., economical cut-off. This is the same
cut-off applied in previous estimates.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · No mining factors (i.e. dilution, ore loss, recoverable resources
dimensions and internal (or, if applicable, external) mining dilution. It is at selective mining block size) have been applied.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · It is assumed that the deposit will be an open pit operation with
assumptions made regarding mining methods and parameters when estimating ore material trucked to the nearby Kiziltepe Mine carbon-in-leach plant for
Mineral Resources may not always be rigorous. Where this is the case, this gold and silver extraction.
should be reported with an explanation of the basis of the mining assumptions
made.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · No metallurgical assumptions have been built into the resources
amenability. It is always necessary as part of the process of determining because there is no intent at this point in time to convert the Mineral
reasonable prospects for eventual economic extraction to consider potential Resource into a Mineral Reserve.
metallurgical methods, but the assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral Resources may not always · Initial metallurgical test work has been carried out at the
be rigorous. Where this is the case, this should be reported with an Laboratory at the Kiziltepe Mine, with gold recoveries of 82 to 91%.
explanation of the basis of the metallurgical assumptions made.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · The Competent Person is not aware of any known environmental or
disposal options. It is always necessary as part of the process of determining permitting issues on the projects, however, the estimate of Mineral Resources
reasonable prospects for eventual economic extraction to consider the may be materially affected should such related issues arise.
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density has been estimated into the model, based on
assumptions. If determined, the method used, whether wet or dry, the frequency calculations on drill core density measurements across 868 measurements. Based
of the measurements, the nature, size and representativeness of the samples. on these estimations, density in the total resource is 2.58g/cm(3). The
density measurements range from 1.99 to 3.65 g/cm(3) depending on the
· The bulk density for bulk material must have been measured by lithology, with quartz vein material ranging from 2.21 to 3.65 g/cm(3).
methods that adequately account for void spaces (vugs, porosity, etc),
moisture and differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.
Classification · The basis for the classification of the Mineral Resources into · Mineral Resources have been classified on the basis of confidence
varying confidence categories. in geological and grade continuity using the drilling density, geological
model and modelled grade continuity, in accordance with JORC 2012.
· Whether appropriate account has been taken of all relevant factors
(i.e. relative confidence in tonnage/grade estimations, reliability of input · Measured Mineral Resources have been defined by a 30 x 15 x 7.5 m
data, confidence in continuity of geology and metal values, quality, quantity search ellipse.
and distribution of the data).
· Indicated Mineral Resources have been defined by a 60 x 30 x 15 m
· Whether the result appropriately reflects the Competent Person's search ellipse.
view of the deposit.
· Inferred Mineral Resources have been defined in areas beyond the
indicated search ellipse to the limits of the resource wireframes.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · The ID(2) model was validated against the input drill hole
composites for each domain by visual comparisons carried out against the
composited drill hole samples for each domain against the modelled block
grade.
· The Zenit Mining team conducted their own internal MRE estimation
of Kiziltepe, using both their own and Ariana's input parameters and domain
models, but using different software (Datamine Studio RM). Results between the
Ariana and Zenit estimations were peer-reviewed and discussed. There was good
correlation between the estimations.
· The previous mineral resource estimate on the Kizilcukur project
was completed in 2020 by Tetra Tech (UK).
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and · The Mineral Resource estimate at the global level for the
confidence level in the Mineral Resource estimate using an approach or Measured and Indicated Resources based on the estimation technique and data
procedure deemed appropriate by the Competent Person. For example, the quality and distribution is considered to be adequate for the
application of statistical or geostatistical procedures to quantify the classification. Inferred Resources have a lower level of confidence outside
relative accuracy of the resource within stated confidence limits, or, if such of this range. The Exploration Target is categorised separately from Mineral
an approach is not deemed appropriate, a qualitative discussion of the factors Resources.
that could affect the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
· Gold and silver have been estimated as mining products. No
by-products or deleterious elements have been modelled.
· In general, gold and silver show a positive correlation with each
other.
· A visual validation between drillhole data, composite data and
block model data is carried out.
· Swath plots for each vein set showed good consistency between raw
data, composites and estimated block grades.
Moisture
· Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.
· Tonnes have been estimated on a dry basis.
Cut-off parameters
· The basis of the adopted cut-off grade(s) or quality parameters
applied.
· Measured, Indicated and Inferred Resources have been reported
above a 1.0 g/t Au cut-off grade, i.e., economical cut-off. This is the same
cut-off applied in previous estimates.
Mining factors or assumptions
· Assumptions made regarding possible mining methods, minimum mining
dimensions and internal (or, if applicable, external) mining dilution. It is
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
· No mining factors (i.e. dilution, ore loss, recoverable resources
at selective mining block size) have been applied.
· It is assumed that the deposit will be an open pit operation with
ore material trucked to the nearby Kiziltepe Mine carbon-in-leach plant for
gold and silver extraction.
Metallurgical factors or assumptions
· The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral Resources may not always
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
· No metallurgical assumptions have been built into the resources
because there is no intent at this point in time to convert the Mineral
Resource into a Mineral Reserve.
· Initial metallurgical test work has been carried out at the
Laboratory at the Kiziltepe Mine, with gold recoveries of 82 to 91%.
Environmental factors or assumptions
· Assumptions made regarding possible waste and process residue
disposal options. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
· The Competent Person is not aware of any known environmental or
permitting issues on the projects, however, the estimate of Mineral Resources
may be materially affected should such related issues arise.
Bulk density
· Whether assumed or determined. If assumed, the basis for the
assumptions. If determined, the method used, whether wet or dry, the frequency
of the measurements, the nature, size and representativeness of the samples.
· The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity, etc),
moisture and differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.
· Bulk density has been estimated into the model, based on
calculations on drill core density measurements across 868 measurements. Based
on these estimations, density in the total resource is 2.58g/cm(3). The
density measurements range from 1.99 to 3.65 g/cm(3) depending on the
lithology, with quartz vein material ranging from 2.21 to 3.65 g/cm(3).
Classification
· The basis for the classification of the Mineral Resources into
varying confidence categories.
· Whether appropriate account has been taken of all relevant factors
(i.e. relative confidence in tonnage/grade estimations, reliability of input
data, confidence in continuity of geology and metal values, quality, quantity
and distribution of the data).
· Whether the result appropriately reflects the Competent Person's
view of the deposit.
· Mineral Resources have been classified on the basis of confidence
in geological and grade continuity using the drilling density, geological
model and modelled grade continuity, in accordance with JORC 2012.
· Measured Mineral Resources have been defined by a 30 x 15 x 7.5 m
search ellipse.
· Indicated Mineral Resources have been defined by a 60 x 30 x 15 m
search ellipse.
· Inferred Mineral Resources have been defined in areas beyond the
indicated search ellipse to the limits of the resource wireframes.
Audits or reviews
· The results of any audits or reviews of Mineral Resource estimates.
· The ID(2) model was validated against the input drill hole
composites for each domain by visual comparisons carried out against the
composited drill hole samples for each domain against the modelled block
grade.
· The Zenit Mining team conducted their own internal MRE estimation
of Kiziltepe, using both their own and Ariana's input parameters and domain
models, but using different software (Datamine Studio RM). Results between the
Ariana and Zenit estimations were peer-reviewed and discussed. There was good
correlation between the estimations.
· The previous mineral resource estimate on the Kizilcukur project
was completed in 2020 by Tetra Tech (UK).
Discussion of relative accuracy/ confidence
· Where appropriate a statement of the relative accuracy and
confidence level in the Mineral Resource estimate using an approach or
procedure deemed appropriate by the Competent Person. For example, the
application of statistical or geostatistical procedures to quantify the
relative accuracy of the resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative discussion of the factors
that could affect the relative accuracy and confidence of the estimate.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
· The Mineral Resource estimate at the global level for the
Measured and Indicated Resources based on the estimation technique and data
quality and distribution is considered to be adequate for the
classification. Inferred Resources have a lower level of confidence outside
of this range. The Exploration Target is categorised separately from Mineral
Resources.
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in sections 2 and 3, also
apply to this section.)
Criteria JORC Code explanation Commentary
Mineral Resource estimate for conversion to Ore Reserves · Description of the Mineral Resource estimate used as a basis for · The Measured and Indicated resources estimated by Zenit Madencilik
the conversion to an Ore Reserve. for the Kizilcukur area, based on data to December 2023, were used as the
basis for Ore Reserves.
· Clear statement as to whether the Mineral Resources are reported
additional to, or inclusive of, the Ore Reserves. · The Ore Reserves, including adjustment for ore loss and dilution
factors are included within declared Mineral Resources.
Site visits · Comment on any site visits undertaken by the Competent Person and · See above for site visits of Competent Person for resource
the outcome of those visits. estimation.
· If no site visits have been undertaken indicate why this is the · Kadir Turan (BSc) of Zenit Madencilik is the Chief Mine Planning
case. Engineer responsible for the reserves, optimisation study and mine design.
· Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana
Resources plc, and a Competent Person as defined by the JORC Code is acting as
the Competent Person for the reserves part of this study.
Study status · The type and level of study undertaken to enable Mineral Resources · The optimization and mine scheduling study was completed by the
to be converted to Ore Reserves. head Mine Planning Engineer of Ariana Resources' JV partner, Zenit Madencilik
using Datamine Studio OP v2.12.58.0 and Auto scheduler plugin, as well as
· The Code requires that a study to at least Pre-Feasibility Study Studio NPVS v.1.4.26.0 for optimisation.
level has been undertaken to convert Mineral Resources to Ore Reserves. Such
studies will have been carried out and will have determined a mine plan that · Kizilcukur is a satellite project to the Kiziltepe Mine, with
is technically achievable and economically viable, and that material Modifying mining planned for 2024.
Factors have been considered.
· A mine plan that is technically achievable and economically viable
has been identified, with an open pit mine life of approximately 1-2 years.
· All material modifying factors are considered by the Competent
Person to have been accounted for in this Ore Reserve estimate.
Cut-off parameters · The basis of the cut-off grade(s) or quality parameters applied. · To determine the optimum open pit design, a cut-off grade estimate
was performed. The cost per ton for mining, processing and overhead costs,
mining dilution and loss factors, processing plant recoveries and net payable
gold prices were derived from actual mine estimations, as provided by Zenit
Madencilik.
· A cut-off grade of 1g/t Au at a minimum mining width of 1.5 m was
used to identify mineable shapes which formed the basis of design.
· These cut-off grades are currently being used for the mining
operations and are considered by the Competent Person to be appropriate for
the operation, considering the nature of the deposit and the associated
project economics.
· The mine currently produces gold/silver doré bars for sale to the
Istanbul Gold Refinery.
Mining factors or assumptions · The method and assumptions used as reported in the Pre-Feasibility · Open pit designs were updated in 2023.
or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e.
either by application of appropriate factors by optimisation or by preliminary · The Competent Person considers the proposed mining method to be
or detailed design). appropriate for the size and scale of mineralisation.
· The choice, nature and appropriateness of the selected mining · Overall pit wall slopes of 43(o) were used, with the optimum pit
method(s) and other mining parameters including associated design issues such slope selected based on iteration with a combination of different pit designs.
as pre-strip, access, etc. Geotechnical parameters were based on design work undertaken for the Kiziltepe
Feasibility Study by the Middle East Technical University (METU) Mining
· The assumptions made regarding geotechnical parameters (eg pit Engineering Department in Ankara, taking into account geological structure,
slopes, stope sizes, etc), grade control and pre-production drilling. rock type and design orientation constraints. It was established that the
geotechnical parameters considered for the operation to date are suitable for
· The major assumptions made and Mineral Resource model used for pit further mining.
and stope optimisation (if appropriate).
· Mining dilution assumed for the reserve estimation is 10%. Ore
· The mining dilution factors used. mining recovery factor for reserve estimation is 90%.
· The mining recovery factors used. · A minimum mining width of 1.5 m and bench height of 10m (production
slice height of 5 m, 2.5 m for ore to control and minimise dilution) is used
· Any minimum mining widths used. based on the nature of the deposit and the equipment fleet currently in use at
the Kiziltepe Mine and available for use at Kizilcukur.
· The manner in which Inferred Mineral Resources are utilised in
mining studies and the sensitivity of the outcome to their inclusion.
· The infrastructure requirements of the selected mining methods.
Metallurgical factors or assumptions · The metallurgical process proposed and the appropriateness of that · The ore extracted from Kizilcukur will be treated at the Kiziltepe
process to the style of mineralisation. Processing Plant. This plant processes all ore sources from the Kiziltepe
Sector.
· Whether the metallurgical process is well-tested technology or
novel in nature. · Ore is ground using a standard crushing circuit followed by a ball
mill for grinding. The ground ore is thickened and treated by a combination of
· The nature, amount and representativeness of metallurgical test Carbon in Column (CIC) and Carbon in Leach (CIL) processes. Gold and silver
work undertaken, the nature of the metallurgical domaining applied and the loaded carbon undergo standard elution, electrowinning and smelting processes
corresponding metallurgical recovery factors applied. to produce doré bars.
· Any assumptions or allowances made for deleterious elements. · Ore is blended based on grade to maintain a constant input grade to
the process plant.
· The existence of any bulk sample or pilot scale test work and the
degree to which such samples are considered representative of the orebody as a · As the mine has been operating since late 2016 (first gold pour in
whole. 2017), the metallurgical recoveries of different ore types are well
understood. Metallurgical recovery for this processing plant to date is 92%
· For minerals that are defined by a specification, has the ore for Au and 75% for Ag. The difference in the metallurgical characteristics of
reserve estimation been based on the appropriate mineralogy to meet the the Kizilcukur ore compared to Kiziltepe ore is accounted for by using
specifications? predicted recoveries of 88% and 80% for gold and silver respectively.
· There are no deleterious elements of significance.
· See Section 3 for details on metallurgical test work.
· The ore reserve estimation is based on the appropriate mineralogy
and grades for the Kiziltepe Processing Plant.
Environmental · The status of studies of potential environmental impacts of the · The Kizilcukur Project is located within Operating Licence number
mining and processing operation. Details of waste rock characterisation and 200700970. The ore will be trucked to the Kiziltepe Processing Plant for which
the consideration of potential sites, status of design options considered and, an EIA was completed in 2013. The processing methods and tailings storage
where applicable, the status of approvals for process residue storage and facility as assessed by the EIA (2013) is the same as has been assumed for
waste dumps should be reported. this ore reserve estimate.
· Tailings from the process plant are discharged to the tailings dam
after cyanide destruction.
· Baseline environmental monitoring is carried out on and around mine
site, in line with regulations.
· The waste rock has potential for acid rock drainage (ARD) due to
the presence of arsenic and sulphide bearing mineralisation. Limestone is
(calcium carbonate) trucked to the waste rock dump (WRD) from a local quarry
at regular elevation intervals and spread to cover the whole WRD to minimize
any potential ARD. There is a water channel around the WRD diverting any water
from the area. Water draining out of the WRD is channelled into a concrete
sump, where it is monitored and then diverted to the tailings dam.
· A top-soil management plan is in place, with soil stored for
remediation purposes at the end of mine life.
· Stockpile areas for waste rock were identified with sterilization
drilling. Waste material is also utilized for construction of infrastructure
such as road and earthworks.
· Kiziltepe Gold and Silver Mine is an operating mine and is
compliant with all local environmental regulatory requirements and permits.
Infrastructure · The existence of appropriate infrastructure: availability of land · The existing infrastructure is adequate to support the existing
for plant development, power, water, transportation (particularly for bulk operations. The processing facilities were expanded in 2021 to allow greater
commodities), labour, accommodation; or the ease with which the infrastructure ore throughput, accommodating the lower grade and higher tonnage nature of
can be provided, or accessed. other areas of the Kiziltepe Sector.
· The deposits are located within the Company's licence area with
extraction rights according to the General Directorate of Mining and Petroleum
Affairs (Maden ve Petrol İşleri Genel Müdürlüğü: MAPEG). Ore is
processed at the Company's current facilities, with ore delivered by truck to
the Kiziltepe Process Plant.
· Offices and mechanical workshop buildings are available. Power for
the offices, workshop and weighbridge is provided via the existing grid
system, with diesel generators as backup.
· Labour is readily available as the operation is in production and
planned extraction rates are consistent with current capacity.
· G&A and processing labour are part of the existing company
staff. Canteen facilities and associated services requirements continue to be
serviced by the current infrastructure.
Costs · The derivation of, or assumptions made, regarding projected capital · Kiziltepe Gold and Silver Mine is an operating open pit mine with
costs in the study. associated infrastructure and an operating processing facility on site. A
capital expenditure for Kizilcukur is largely limited to that required to
· The methodology used to estimate operating costs. sustain the ongoing operation at the current level.
· Allowances made for the content of deleterious elements. · Operating cost estimates are derived from actual costs incurred by
the existing mining and processing operations within the licence area.
· The source of exchange rates used in the study.
· Average mining operating costs (drill, blast, load, haul) of US$1.7
· Derivation of transportation charges. per ton was assumed, consistent with the current mining rates.
· The basis for forecasting or source of treatment and refining · Assumed processing costs of US$47 per ton processed (including
charges, penalties for failure to meet specification, etc. G&A) for this processing method are based on actual costs to date.
· The allowances made for royalties payable, both Government and · There are no deleterious elements of significance at this project.
private.
· All financial calculations for the Ore Reserves have been completed
using US Dollars. Local Turkish Lira exchange rates are pegged to the US
Dollar.
· Transportation charges are based on current contracts.
· Gold/silver doré is sold to Istanbul Gold Refinery. Selling costs
of US$160/oz is assumed (including government share, royalties, smelting
costs, transport).
· Royalties and taxes are assumed as a percentage of ounce price plus
smelter costs.
Revenue factors · The derivation of, or assumptions made regarding revenue factors · A detailed LOM mine schedule has not yet been completed.
including head grade, metal or commodity price(s) exchange rates,
transportation and treatment charges, penalties, net smelter returns, etc. · Revenue is based on a gold price of US$1900 per troy ounce and
silver price of US$23 per troy ounce. These are considered to be reasonable
· The derivation of assumptions made of metal or commodity price(s), long-term average prices for the purposes of Ore Reserve estimates.
for the principal metals, minerals and co-products.
Market assessment · The demand, supply and stock situation for the particular · The market for gold and silver is well established. The metal price
commodity, consumption trends and factors likely to affect supply and demand is fixed externally, however the Company has reviewed a number of metal
into the future. forecast documents from reputable analysts and is comfortable with the market
supply and demand situation.
· A customer and competitor analysis along with the identification of
likely market windows for the product. · A specific study relating to customer and competitor analysis has
not been completed as part of this project. Gold and silver are openly traded
· Price and volume forecasts and the basis for these forecasts. via transparent open-market systems and marketing of these products is
generally straightforward.
· For industrial minerals the customer specification, testing and
acceptance requirements prior to a supply contract. · Price and volume forecasts have been studied in reports from
reputable analysts, based on metal supply and demand, US$ and global
economics.
Economic · The inputs to the economic analysis to produce the net present · The mine development and open pit designs are developed or updated
value (NPV) in the study, the source and confidence of these economic inputs on an annual basis and reflect current and projected mine performances for the
including estimated inflation, discount rate, etc. Ore Reserves.
· NPV ranges and sensitivity to variations in the significant · The mine plan created to derive the Ore Reserves is optimised to
assumptions and inputs. maximise cash flow, thus providing positive cash margins in all years when
modifying factors are applied.
Social · The status of agreements with key stakeholders and matters leading · To the best of the Competent Person's knowledge, agreements with
to social licence to operate. key stakeholders pertaining to social licence to operate are valid and in
place.
Other · To the extent relevant, the impact of the following on the project · There are no material naturally occurring risks associated with the
and/or on the estimation and classification of the Ore Reserves: Ore Reserves.
· Any identified material naturally occurring risks. · The Company is currently compliant with all legal and regulatory
requirements and marketing arrangements.
· The status of material legal agreements and marketing arrangements.
· The project is located within a current operating licence area.
· The status of governmental agreements and approvals critical to the
viability of the project, such as mineral tenement status, and government and
statutory approvals. There must be reasonable grounds to expect that all
necessary Government approvals will be received within the timeframes
anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss
the materiality of any unresolved matter that is dependent on a third party on
which extraction of the reserve is contingent.
Classification · The basis for the classification of the Ore Reserves into varying · Measured and Indicated Mineral Resources that are above the
confidence categories. nominated Ore Reserves cut-off grade criteria and are within the open pit
designs (which have been derived by applying the appropriate modifying factors
· Whether the result appropriately reflects the Competent Person's as described above) have been classified as Probable Ore Reserves.
view of the deposit.
· There are currently no Proven Reserves.
· The proportion of Probable Ore Reserves that have been derived from
Measured Mineral Resources (if any). · It is the opinion of the Competent Person for Ore Reserves that the
results are an appropriate reflection of the deposit.
Audits or reviews · The results of any audits or reviews of Ore Reserve estimates. · No external audits or reviews of this Ore Reserves estimate have
been conducted. The Ore Reserves estimate and all work and reports
underpinning the estimate have been internally reviewed by Zenit Madencilik
and Ariana Resources.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and · The Ore Reserve has been completed to a feasibility standard with
confidence level in the Ore Reserve estimate using an approach or procedure the data generated from a closely spaced drilling grid and grade control data,
deemed appropriate by the Competent Person. For example, the application of thus confidence in the resulting figures is considered high.
statistical or geostatistical procedures to quantify the relative accuracy of
the reserve within stated confidence limits, or, if such an approach is not · Extraction of ore from the Kiziltepe Mine and satellite projects
deemed appropriate, a qualitative discussion of the factors which could affect will continue.
the relative accuracy and confidence of the estimate.
· Mining costs and haulage costs are as per the current contracts in
· The statement should specify whether it relates to global or local place being utilised at Kiziltepe operation, as well as other mines in the
estimates, and, if local, state the relevant tonnages, which should be Kiziltepe Sector.
relevant to technical and economic evaluation. Documentation should include
assumptions made and the procedures used. · Project capital is well managed and capital requirements are for
maintenance of ongoing operations only.
· Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a material impact · The Modifying Factors for mining, processing, metallurgical,
on Ore Reserve viability, or for which there are remaining areas of infrastructure, economic, gold price, legal, environmental, social and
uncertainty at the current study stage. governmental factors as references above have been applied to the open pit
designs and Ore Reserves calculation on a global scale and data reflects the
· It is recognised that this may not be possible or appropriate in global assumptions.
all circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available. · Ore Reserves are best reflected as global estimates.
· Other than dilution and recovery factors described above, no
additional modifying factors are applied. There is a high confidence in these
models as the area is well known and well drilled and production data
reconciles well with the Mineral Resource estimate, and thus Ore Reserve
estimate.
NOTE: 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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