TIDMAAU
RNS Number : 7305N
Ariana Resources PLC
25 January 2023
25 January 2023
AIM: AAU
SUBSTANTIAL DRILLING PROGRESS AT SALINBAS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe , is pleased to announce the initial results
from the 2021-2022 drilling programme at the Salinbas Project and
provides an update on the ongoing drilling programme. The Salinbas
Project is operated via Zenit Madencilik San. ve Tic. A.S.
("Zenit") in partnership with Proccea Construction Co. and Ozaltin
Holding A.S. and is 23.5% owned by Ariana.
Highlights:
-- Over 8,000m of diamond drilling has been completed at the
Salinbas Project, representing a 350% increase in drilled metres
over the original programme.
-- Approximately 22,000m of resource and exploration drilling
has now been planned to better constrain the mineralisation and to
extend its boundaries.
-- Significant results of the current programme include:
o 13.7m @ 6.75g/t Au + 1.3g/t Ag
o 8.6m @ 3.90g/t Au + 1.5g/t Ag + 68ppm Mo
o 11.5m @ 1.37g/t Au + 8.5g/t Ag
-- Very encouraging results from the initial drilling at
Hizarliyayla, displaying extensive silica-carbonate mineralisation
containing abundant base-metal sulphides.
-- Recent surface sampling at Hizarliyayla (including Au: 1.02
g/t, Ag: 141 g/t, Pb + Zn: c. 20%) has shown the potential for a
base-metal rich intermediate sulphidation epithermal system.
Dr. Kerim Sener, Managing Director, commented:
"We are delighted to report the initial results from the
drilling programme which has been underway at the Salinbas Project
over the past year. These results have demonstrated the continuity
of gold and silver mineralisation within part of the AS Zone,
between Salinbas and Ardala, and confirmed the presence of
significant molybdenum mineralisation in the periphery of the
Ardala porphyry. Further confirmatory analytical work is being
undertaken on the drill core to understand the distribution of
precious and base-metal mineralisation and its associated
alteration.
"The drilling programme was originally planned for 2,300m but
this was extended at different points throughout the year,
particularly following the receipt of critical forestry permits,
which will now allow for a total programme of up to 22,000m. The
programme continues to be funded through US$8 million in new
capital provided to the project by Ozaltin Holding A.S. and is
accompanied by various environmental studies and social development
work.
"The drilling programme progressed slowly due to very poor
weather in the early part of 2022. Drilling conditions have often
been problematic, particularly where significant colluvium cover
was being penetrated in the AS Zone. These issues, coupled with the
high demand on the Kiziltepe Mine Laboratory for analysis and
external laboratory QA/QC check assays, have resulted in a delay to
the receipt of results from the programme. We are confident that
the delivery of samples to the laboratory and the subsequent
analytical work is now speeding up, though a backlog of over 2,500
samples remains.
"Drilling is now also well underway at Hizarliyayla using a
second drill rig. The initial results from this work and associated
detailed field sampling are highly encouraging, demonstrating the
potential of this area to host an intermediate sulphidation
precious and base-metal system. This is particularly significant
given the proximity of the area to the >4Moz Hot Maden Cu-Au
deposit just 7km to the south. Accordingly, the Salinbas Project is
now shown to comprise several porphyry-related gold-rich
mineralised systems over approximately 11km of strike."
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").
Drilling Programme
The Salinbas P roject, comprising the mineralisation encountered
at Salinbas-Ardala and Hizarliyayla, is located in north-eastern
Turkey within the multi-million-ounce Artvin Goldfield. Drilling
has been focused in the Ardala area since November 2021 (Figure 1),
with a total of 8,778.9m drilled to date (including the first 2
holes at the Hizarliyayla prospect to the south) across 42 HQ
diamond drill holes, with the top of hole in PQ due to a thick
colluvium layer .
Currently, two drill rigs are operating simultaneously across
Salinbas-Ardala and Hizarliyayla. The average drilling depth has
been approximately 200m, with a minimum depth of 29.7m and a
maximum depth of 745.3m. Of the drilling completed to date, 13
holes were angled at between 50(o) and 75(o) , with the rest
drilled vertically.
http://www.rns-pdf.londonstockexchange.com/rns/7305N_1-2023-1-24.pdf
Figure 1: Map showing the completed and planned drillhole collar
positions for the Salinbas Project.
The ongoing drilling programme at Salinbas has three primary
objectives:
1) To continue exploration step-out drilling between the known
limits of the Salinbas deposit and the Ardala porphyry. A 500m gap
known as the AS Zone between the Salinbas and Ardala mineralised
zones required further drill testing. Drilling initially completed
in 2019 (for 2,210m as announced on 11 July 2019), suggested that
the AS Zone probably contained other significant forms of precious
and base-metal mineralisation including additional mineralised
porphyries, skarn-skarnoid contact mineralisation, and
highly-mineralised breccia structures;
2) Test non-outcropping lateral extensions of the Ardala
porphyry within the periphery of its known extent;
3) Complete the first phase of resource infill drilling at the
north-eastern end of the Salinbas deposit, within the AS Zone.
Later phases of this on-going drilling campaign will focus on
resource infill drilling on the Salinbas western extents and
several peripheral exploration targets. Several holes within these
planned areas required forestry permits, which were obtained during
the latter part of 2022. Furthermore, additional holes will be
added to this drilling programme for the purpose of acquiring
specific material for further metallurgical test work.
All historic drilling, up to and inclusive of 2019 has defined
the current JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as announced on 30 July 2020) split between
the high-grade Salinbas deposit and the lower-grade, high-tonnage
Ardala Porphyry Complex. To date, 30,278.65m of drilling has been
completed across 173 holes at the Salinbas Project in total.
Samples extracted from the Salinbas drilling programme have been
sent periodically in batches to the Kiziltepe Mine Laboratory
("KML") for processing and analysis. This has resulted in temporary
delays and backlogs of pending samples for the Salinbas Project as
a whole. The requirement to introduce the Salinbas samples slowly
was undertaken to mitigate high sample flow from other higher
priority projects and to allow for sufficient calibration and
testing of new instruments introduced to the mine laboratory
through an expansion completed during 2020/2021. The day-to-day
operational samples from the Kiziltepe Mine, as well as the
significant ongoing flow of samples from the rapidly progressing
development work underway at the Tavsan Project has also taken
priority over the Salinbas analyses.
To date, a total of 3,757 sample results for 3,854.7m of sampled
drill core has been returned from the KML (plus 442 QA/QC samples).
Approximately 10% of all analysed samples are being externally
analysed by ALS Global in Izmir as an external laboratory check as
part of the QA/QC procedures used for the project. Results are
pending for a further 2,500 samples (including 294 QA/QC
samples).
Results from the AS Zone are continuing to demonstrate that the
geological model for this area remains robust with several
anomalous intercepts being returned from the expected Salinbas
mineralisation horizon located between the Kizilcik and Ziyarettepe
formations (Table 1). However, there is some additional complexity
associated with a porphyry intrusion which appears to partially
underly and disrupt the Salinbas mineralisation horizon in places.
The most significant intercepts within the expected target zones
include:
o ARD039: 13.7m @ 6.75g/t Au + 1.3g/t Ag from 101m
o ARD050: 8.6m @ 3.90g/t Au + 1.5g/t Ag + 68 ppm Mo from 108.9m
o ARD042: 11.5m @ 1.37g/t Au + 8.5g/t Ag from 60m
o ARD060A: 18.7m @ 0.97g/t Au + 24.5g/t Ag from 114m
Each of these intercepts was identified at the contact between
the Kizilcik and Ziyarettepe formations, which defines the host
horizon for the Salinbas style mineralisation (Figure 2). Drill
holes ARD039 and ARD050 are of particular interest as these holes
have intercepted new extensions of the Salinbas mineralisation,
expanding the mineralisation model a further 100m beyond previous
drilling.
Furthermore, testing of the Salinbas model towards its
north-eastern extent has confirmed that a large complex of
multi-phase intrusions in part cross-cut the Salinbas
mineralisation. Accordingly, it is concluded that the 500m gap
between the Ardala porphyry and the Salinbas zone is largely
occupied by untested phases of porphyry intrusions which were
emplaced coevally with the Ardala mineralised porphyry. Assay
results from several holes drilled into these porphyries and
testing to depths beyond 450m have returned with significant
molybdenum results including:
o ARD051: 60.7m @ 109ppm Mo from 396.7m
including 1.2m @ 418ppm Mo at 396.7m
o ARD051: 14.3m @ 93ppm Mo from 361.6m
o ARD049: 8.7m @ 135ppm Mo from 190.6m
Work is currently underway to confirm the associated base-metal
content (copper, lead and zinc) of some of these intercepts in
order to accommodate this data for use in future economic
assessments.
http://www.rns-pdf.londonstockexchange.com/rns/7305N_1-2023-1-24.pdf
Figure 2: Schematic cross-section through Salinbas Main Zone,
A-S Zone and Ardala Porphyry Complex, showing newly intercepted
intrusions and anomalous molybdenum zones. Porphyry intrusions have
been extrapolated to depth based on current understanding. No
vertical exaggeration has been applied.
Table 1: Significant intercepts calculated for all 2021/2022
drilling, using a 0.5g/t Au minimum cut-off and typically allowing
for 1m internal dilution but up to 3m depending on the geology of
the intercept. Intercepts calculated using KML data and supported
by external laboratory results. Intercepts recording a grade
greater than 0.7g/t Au are shown below.
Hole ID From To Interval Gold Silver Mo (ppm)
(m) (m) (m) (g/t) (g/t)
------------ ------- ----------------- ---------- ------------ ------------
ARD035 112.00 116.40 4.40 1.05 8.7 20
------------ ------- ----------------- ---------- ------------ ------------
ARD036 103.30 105.70 2.40 1.31 10.0 2
------------ ------- ----------------- ---------- ------------ ------------
ARD036A 106.90 109.00 2.10 1.29 14.7 29
------------ ------- ----------------- ---------- ------------ ------------
ARD037 149.30 152.60 3.30 1.34 4.0 7
------------ ------- ----------------- ---------- ------------ ------------
ARD038 127.00 128.30 1.30 4.72 15.9 5
------------ ------- ----------------- ---------- ------------ ------------
143.00 144.50 1.50 1.94 237.5 27
------------ ------- ----------------- ---------- ------------ ------------
148.10 149.40 1.30 0.70 3.2 13
------------ ------- ----------------- ---------- ------------ ------------
ARD039 101.00 114.70 13.70 6.75 1.3 7
------------ ------- ----------------- ---------- ------------ ------------
ARD040 103.40 107.00 3.60 2.01 3.5 3
------------ ------- ----------------- ---------- ------------ ------------
111.9 121.60 9.70 1.09 20.34 0
------------ ------- ----------------- ---------- ------------ ------------
ARD041A 88.00 90.30 2.30 1.19 20.2 30
------------ ------- ----------------- ---------- ------------ ------------
ARD042 51.30 52.50 1.20 2.07 17.1 14
------------ ------- ----------------- ---------- ------------ ------------
60.00 71.50 11.50 1.37 8.5 20
------------ ------- ----------------- ---------- ------------ ------------
ARD044 66.70 70.00 3.30 1.43 3.1 2
------------ ------- ----------------- ---------- ------------ ------------
82.80 84.40 1.60 3.22 13.8 30
------------ ------- ----------------- ---------- ------------ ------------
ARD049 66.00 67.20 1.20 1.82 15.3 52
------------ ------- ----------------- ---------- ------------ ------------
78.00 79.00 1.00 0.71 1.2 18
------------ ------- ----------------- ---------- ------------ ------------
86.50 87.50 1.00 0.72 0.3 1
------------ ------- ----------------- ---------- ------------ ------------
ARD050 94.50 96.40 1.90 0.82 63.0 16
------------ ------- ----------------- ---------- ------------ ------------
108.90 117.50 8.60 3.90 1.5 68
------------ ------- ----------------- ---------- ------------ ------------
ARD054 297.50 299.80 2.30 0.98 2.0 28
------------ ------- ----------------- ---------- ------------ ------------
317.35 320.50 3.15 0.94 4.3 16
------------ ------- ----------------- ---------- ------------ ------------
ARD056 117.70 120.00 2.30 0.76 0.4 Not assayed
------------ ------- ----------------- ---------- ------------ ------------
189.30 190.70 1.40 3.95 0.3
------------ ------- ----------------- ---------- ------------ ------------
ARD059 18.00 19.70 1.70 2.43 0.5
------------ ------- ----------------- ---------- ------------
ARD060 96.50 112.10 15.60 0.73 4.4
------------ ------- ----------------- ---------- ------------
115.10 118.50 3.40 1.25 28.3
------------ ------- ----------------- ---------- ------------
124.20 127.20 3.00 0.73 38.0
------------ ------- ----------------- ---------- ------------
ARD060A 114.00 132.70 18.70 0.97 24.5
------------ ------- ----------------- ---------- ------------
ARD061 72.60 74.50 1.90 3.03 3.7
--------- ------------ ------- ----------------- ---------- ------------ ------------
Table 2: Significant intercepts calculated for all 2021/2022
drilling at Ardala, using a 50ppm Mo minimum cut-off and allowing
for up to 5m internal dilution.
Hole From To Interval Mo ppm
ID (m) (m) (m)
-------- ------- --------- -------
ARD034 113.50 123.80 10.30 81
-------- ------- --------- -------
including 1.20 208
----------------- --------- -------
ARD049 120.00 130.80 10.80 68
-------- ------- --------- -------
190.60 199.30 8.70 135
-------- ------- --------- -------
ARD050 112.50 117.50 5.00 106
-------- ------- --------- -------
including 1.00 294
----------------- --------- -------
ARD051 156.70 162.20 5.50 94
-------- ------- --------- -------
361.60 375.90 14.30 93
-------- ------- --------- -------
396.70 457.40 60.70 109
-------- ------- --------- -------
including 1.20 418
----------------- --------- -------
ARD054 113.4 117.8 4.40 260
-------- -------- ------- --------- -------
127.6 129.6 2.00 547
-------- -------- ------- --------- -------
266.5 267.5 1.00 271
-------- -------- ------- --------- -------
Hizarliyayla Drilling
The Hizarliyayla Prospect is located 7km southwest of the
Salinbas area and about 7km north of the Hot Maden Au-Cu deposit.
The area is defined by an area of approximately 700m by 500m of
argillic to advanced-argillic alteration zone with pervasive
disseminated pyrite, silica and minor gold from surface.
In 2017 (see announcement dated 5 September 2017), the Ariana
exploration team completed extensive surface mapping to 1:10,000
scale, pXRF soil, clay, and rock-chip sampling over the
Hizarliyayla Prospect. This work was followed up in the Autumn of
2022 with further infill soil sampling, rock sampling for
geochemistry, petrography and multi-sensor sample scanning,
detailed geological, alteration and structural mapping supported by
remote sensing studies; collectively leading to define the type of
the mineralisation and alteration zonation at Hizarliyayla. The
collective results were used in late 2022 to plan Zenit's maiden
diamond drilling programme at Hizarliyayla.
The Hizarliyayla drilling programme consists of up to 19 planned
holes for approximately 4,000m (Figure 3). Drilling commenced on
the project in late December 2022, with the first hole (HZR001)
completed by early January 2023 at a final depth of 366 m. Drilling
is expected to continue at Hizarliyayla until the end of Q1
2023.
http://www.rns-pdf.londonstockexchange.com/rns/7305N_1-2023-1-24.pdf
Figure 3: Map showing the drilling planned at Hizarliyayla,
including the recently completed holes.
Drill hole HZR001 has now been reviewed and sampled by the
onsite geological team. The drill core observations have provided
very encouraging results (Figure 4). Of most significant interest
is a zone of highly brecciated mineralisation spanning 6m from
157.5m down hole with a 10m alteration halo. This zone contains
abundant silica-carbonate veins with layered pyrite, marcasite and
rhodochrosite with galena, sphalerite, and other sulphide minerals.
At approximately 160.2m, clear carbonate-sulphide veins are noted
with peripheral lattice boiling textures.
Drill hole HZR002 has also been completed for 420m and logging
is underway. This collar was planned 100m southwest of HZR001. The
on-site team have confirmed similar mineralisation as noted in
HZR001 from approximately 270m downhole. Samples extracted from
both HZR001 and HZR002 are being sent to the KML for priority
analysis.
http://www.rns-pdf.londonstockexchange.com/rns/7305N_1-2023-1-24.pdf
Figure 4: Half cores from the first drill hole at Hizarliyayla
showing silica-carbonate mineralisation with galena and
sphalerite:
A) HZR001 @162.8m showing disseminated and patchy galena,
sphalerite, pyrite with multiphase Mg + silica-carbonate
mineralisation;
B) HZR001 @160.2m showing late-stage veins with greater galena
and sphalerite content within its halo; lattice bladed texture
indicating boiling;
C) Concentrically laminated pyrite around silica-carbonate
nodule;
D) Broken laminated pyrite in the centre and galena, sphalerite
and pyrite mineralisation at the bottom of the image;
E) chalcopyrite, galena, sphalerite and pyrite mineralisation
within a silica-carbonate vein and disseminated pyrite in
silicified host rock.
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Kiziltepe mine site and analysed at the Kiziltepe Mine Laboratory
("KML"). Results are assessed systematically and are grouped
according to individual mineralised zones at the Salinbas
Project.
HQ size drill-core samples from the drilling programme at
Salinbas and Ardala 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 Salinbas
during this campaign was 82%, for a total of 6,230 measurements. A
total of 4,199 samples (including 442 QA/QC samples) were submitted
to KML. A total of 672 samples (including 112 QA/QC samples) were
submitted to ALS Global, Izmir as an external laboratory check to
add confidence to KML results, particularly during laboratory
expansion work.
QA/QC sample insertion rates vary depending on the batch size
accepted by the laboratory. Ariana sampling protocol requires
insertion of 4 QA/QC samples per batch to include 1 blank, 1 CRM, 1
field duplicate and 1 pulp duplicate to assess the accuracy and
precision of all stages of the sampling and analysis. During the
2021-2022 drilling, Zenit QA/QC protocol required 1 blank, 1 CRM
and 1 field duplicate and over 10% samples analysed at external
laboratory. The Zenit QA/QC protocol is under review by both Ariana
and Zenit teams following the laboratory upgrade.
Between 2020 and 2021, KML has undergone an extensive expansion
to meet the significant demands for sample assaying, from both the
mining and exploration teams. This expansion is complete with the
onsite laboratory now housing seven furnaces, two ICP-OES
instruments, two Atomic Absorption spectrometers (AAS), three
drying ovens, three crushers and three pulverisers. The laboratory
upgrades have allowed for a doubling of sampling throughput (70
samples per day to 135). The two major upgrades for 2021 included
the addition of 1) a multi-element ICP-OES (Perkin Elmer Avio 550)
analyser, and 2) an Elementrac CS-I sulphur-carbon analyser. The
ICP-OES provides the team with a full suite of elements on selected
samples (as opposed to just gold and silver).
However, new operating procedures are currently being internally
reviewed and calibrations of the new instruments are being
assessed. As part of this, the laboratory team are sending in
excess of 10% of their crushed rejects from selected drill core
samples to ALS Global in Izmir for check assays, with c.9% of the
Salinbas samples also analysed at ALS. Zenit's internal QA/QC data
and sample duplicates have been reviewed, and are considered
satisfactory for Ariana's reporting purposes. In addition, since
October 2022 KML has been accredited by the Turkish Accreditation
Agency (TÜRKAK) with "TS EN ISO/IEC 17025:2017 General Requirements
for the Competence of Experimental and Calibration Laboratory".
All samples were assayed for gold using a 30g fire assay.
Multi-element ICP was used for molybdenum, as well as other
elements though further review is required currently for the
copper, lead and zinc analyses. Reviews of the assay results have
determined that all Quality Control and Quality Assurance samples
(blanks, standards and duplicates) passed the required quality
control checks established by the company, with duplicate samples
showing excellent correlation. Laboratory sample preparation,
assaying procedures and chain of custody are appropriately
controlled. Zenit maintains an archive of half core samples and a
photographic record of all cores for future reference.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited 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) 7951 402 336
Dom Barretto / Tom Randell arianaresources@yellowjerseypr.com
/ Shivantha Thambirajah
Editors' Note:
The information that relates to Exploration Results is based
upon information compiled by Mr Zack van Coller BSc (Hons), Special
Projects Geologist, Ariana Resources plc. Mr van Coller has
sufficient experience which is relevant to the style of
mineralisation and type of deposits under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined by the 2012 edition of the Australasian Code for the
Reporting of Exploration Results, Mineral Resources and Ore
Reserves (JORC Code). Mr van Coller has over 10 years of relevant
experience in the Technical Assessments of Mineral Properties. Mr
van Coller consents to the inclusion in the report of the matters
based on his information in the form and context in which it
appears.
The information in this announcement that relates to exploration
results is based on information compiled by Dr. Kerim Sener BSc
(Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr.
Sener is a Fellow of The Geological Society of London and a Member
of The Institute of Materials, Minerals and Mining and has
sufficient experience relevant to the styles of mineralisation and
type of deposit under consideration and to the activity that has
been undertaken to qualify as a Competent Person as defined by the
2012 edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
and under the AIM Rules - Note for Mining and Oil & Gas
Companies. Dr. Sener consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at February 2022).
The joint venture comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 222,000 ounces gold and 3.8 million ounces silver (as at
February 2022). The mine has been in profitable production since
2017 and is expected to produce at a rate of c.20,000 ounces of
gold per annum to at least the mid-2020s. A Net Smelter Return
("NSR") royalty of 2.5% on production is being paid to
Franco-Nevada Corporation.
The Tavsan Gold Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million ounces silver (as at November 2022). Following
the approval of its Environmental Impact Assessment and associated
permitting, Tavsan is being developed as the second gold mining
operation in Turkey. 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).
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 .
Glossary of Technical Terms:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"Mo" chemical symbol for molybdenum;
"g/t" grams per tonne;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"ppm" parts per million.
Ends.
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