TIDMAAU
RNS Number : 1476G
Ariana Resources PLC
17 July 2023
17 July 2023
AIM: AAU
WESTERN TETHYAN - SLIVOVA RESOURCE UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to announce that Western Tethyan
Resources Ltd ("WTR"), of which 75% is held by Ariana, has
completed an updated Mineral Resource Estimate on the Slivova Gold
Project ("the Project") in Kosovo, prepared under CIM Definition
Standards guidelines and reported in accordance with Canadian
NI43-101 resource estimate reporting regulations . WTR executed a
definitive Earn-In Agreement with Avrupa Minerals Ltd (TSX-V: AVU)
on the Project, and can earn up to 85% by spending EUR1.8 million
("Earn-in").
Highlights:
-- Total Project Mineral Resource gold ounces increased by 78%
over the previous Mineral Resource Estimate ("MRE") to:
o Measured Resources: 835Kt @ 4.3g/t Au + 15g/t Ag for 113,000 oz Au + 402,000 oz Ag.
o Indicated Resources: 296Kt @ 3.6 g/t Au + 15g/t Ag for 33,000 oz Au + 144,000 oz Ag.
o Inferred Resources: 250Kt @ 3.7g/t Au + 13g/t Ag for 30,000 oz Au + 100,000 oz Ag.
-- Other target areas previously identified in the immediate
vicinity, including Dzemajl, Valiaviste and Brus, are defined by
geochemical and geophysical anomalies.
-- A 4,500-metre drilling programme is planned for the next
phase of Mineral Resource infill drilling and broader exploration
drilling.
*All Mineral Resource figures in the announcement are quoted
gross with respect to the Project. WTR of which Ariana owns 75%,
has yet to establish a net attributable interest under the
Earn-in.
To read a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/1476G_1-2023-7-16.pdf
Dr. Kerim Sener, Managing Director, commented:
"We are very pleased to provide a substantial resource update on
the Slivova Gold Project in Kosovo. With 176,000 oz of gold and
646,000 oz Ag in global resources now defined, Slivova is now well
on track to be developed conceptually as a high-grade, open-pit and
underground mining operation.
We are increasingly confident that further resource expansions
will occur as exploration proceeds at the site in the upcoming
years. Several exploration targets in the immediate vicinity
require follow-up and drill-testing, and the broader project area
contains significant exploration potential for similar
mineralisation based on the latest regional BLEG stream-sediment
results.
We are firmly in the planning stage for a new drilling programme
at Slivova, which will be focused in part on resource infill and
extensional drilling. We are targeting a minimum resource of
200,000 oz of gold prior to the initiation of more advanced project
development work and technical studies."
Mentor Demi, Managing Director of WTR, added:
"Western Tethyan Resources is very excited to announce a
significant resource increase for the Slivova gold deposit. The
resource growth came mostly from the incorporation of the new
historical drilling data and the revision of the geology, resource
interpretation and model. Based on the current resource' size,
Slivova represents a very prospective-undeveloped gold project, in
Kosovo.
Slivova is well on its way to becoming an advanced project, yet
with a lot of exploration upside down dip from the current
resource, as well as from the surrounding satellite prospects. WTR
is looking forward to starting in Q3 with the exploration program,
Environmental Impact Assessment and Social Engagement Plan
following recommendations from the Preliminary Economic
Assessment."
Paul W. Kuhn, President and CEO of Avrupa Minerals, added:
"We are truly excited about this new development in the progress
of the Slivova Project, and look forward to continued success in
the program. WTR and its associated company, Ariana Resources, are
working hard to advance the Project to the next level. We expect
further information concerning progress, as the two companies work
to complete a Preliminary Economic Assessment for Slivova in the
coming months and begin a 4,500-metre drilling program to further
define the Slivova deposit and test other attractive mineral
targets around the license."
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
Between October 2022 and June 2023, the Western Tethyan and
Ariana teams completed detailed field, drill core and digital data
reviews of all information attributed to the Slivova Project and
its Mineral Resources. Mineral Resources have been estimated by Mr.
Richard Siddle, MAIG, of Addison Mining Services Ltd., an
Independent Qualified Person as defined by Canadian NI 43-101.
The Slivova gold and silver deposit, consists of
intrusive-related, stratiform massive to disseminated gold-bearing
and base metal mineralogy hosted in Cretaceous-aged calcareous
sediments. The mineralisation occurs as disseminated to massive
replacement of calcareous sandstone to pebble conglomerate and
minor replacement of limestone, associated with pyrite, pyrrhotite,
arsenopyrite, and base-metal sulphides. Lithological control and
structural features appear to have played a major role in focusing
the alteration and mineralisation, both as fluid pathways and fluid
retardants.
The Slivova Project exploration license is located along the
Vardar Trend, approximately 30km SE of Pristina, the capital city
of Kosovo (Figure 1).
Figure 1: The Slivova deposit (Peshter Target), and its
associated license boundary.
Slivova Mineral Resource Estimate
Mineral Resources have been estimated for the Slivova deposit
(Peshter Target) only. No Mineral Resources have as yet been
declared for other targets within the Slivova Project, such as
Dzemajl, Valiaviste and Brus, which have previously been identified
by geochemical and geophysical anomalies.
The estimated Mineral Resource for Slivova is reported in
accordance with CIM Definition Standards, comprising of an
anticipated open-pittable portion and an anticipated underground
extraction portion reported above appropriate cut-off grades
reflecting each anticipated mining type. Identification of material
which has a reasonable prospect of eventual economic extraction is
supported by existing metallurgical test work and an ongoing
Preliminary Economic Analysis by Bara Consulting Ltd of the UK.
Mineralisation and block models for the Mineral Resource
Estimate were informed by data from 62 surface drillholes over a
total of 6,640m performed between 2014 and 2018 by the previous
explorer, Innomatik Exploration Kosova (IEK). The hole spacing for
the deposit is approximately 15m north by 15m east in the core of
the deposit, extending to 30m north x 30m east towards the edges
(Figure 2). Sample spacing and distribution are considered
sufficient to establish the geological and grade continuity
required for modelling and resource estimation. Gold and silver
have been estimated as mining products, with no by-products or
deleterious elements modelled.
Figure 2: Summary map of the various phases of drilling
completed within the Slivova Project area. Some drill collars in
the core of the deposit are not visible at this scale. WGS84
Z34N.
The drill database was validated prior to resource estimation
and quality control (QC) checks were made using industry-standard
control charts for blanks, core duplicates and commercially
certified reference material inserted into assay batches. The
Qualified Person has reviewed the QC data and has found it suitable
for use in Mineral Resource Estimation. Additionally, the assay
database was reconstructed from the original assay certificates to
increase confidence in the final assay database used in the
resource estimation.
Geological Modelling
The mineralisation is understood to be typically defined as a
single identifiable unit, and geologically constrained (e.g. higher
grades are noted in some cases to be associated with coarser
grained 'pebble conglomerates'). The steeply-dipping, intercalated
pebble and cobble conglomerates, sandstone and minor siltstone beds
are thought to control the mineralisation through their different
porosity and permeability characteristics. The geological model as
applied to the Mineral Resource Estimate comprises a single domain
plunging to the east-southeast, the strike of which is controlled
by the host rocks (Figure 3).
The Slivova geological modelling used a combination of surface
mapping data, structural measurements, geophysics, geological
interpretations and multi-element geochemical analysis in
conjunction with date derived from diamond drill holes across the
deposit area. Interpretations of geological surfaces are derived
from 3D implicit modelling of drill hole data in Leapfrog GEO and
EDGE v. 2023.1.0 using the software's 'intrusion' function to
generate an encapsulating volume over economically defined drill
composites (Figure 3). All wireframes have been clipped to the
topography.
A minerali s ed wireframe at a cut-off of approximately 0.2g/t
Au was used to distinguish minerali s ed and unminerali s ed
material. Grade continuity within the interpreted mineralised zones
is generally robust. Where continuity was not established between
sections, the strike extrapolation was limited both manually
(wireframes) and statistically (interpolations). While higher-grade
sub-population s of 3-10 g/t Au and above 10g/t Au are inferred
from the data distribution inspection, the drill core indicated
that this could not reliably be modelled, and as such an indicator
kriging approach was adapted during block model estimation.
Figure 3: 3D view of the modelled mineralised volume looking
north. WGS84 Z34N.
The mineralisation broadly follows a northwest-southeast trend,
as supported by structural measurements both in outcrop and on
oriented core. The mineralisation outcrops at surface with visible
sulphides in the exposure. The mineralised zone is approximately
260m along strike and 70m wide and covers an area of approximately
1.7 hectares. The Mineral Resources extend from surface to a depth
of approximately 200 metres, plunging for approximately 300 metres
to the east-southeast with a vertical extent of 100-150 metres and
is typically 50 to 100 metres wide. Mineralisation is closed by
drilling to the north, south and east, however, remains open down
plunge to the east-southeast. The northern contact of the
mineralisation is interpreted to be controlled by a bounding
fault.
Estimation Methodology
The block model was prepared using Micromine Origin and Beyond
version 2023, Services Pack 4 (Figure 4). A 5m x 5m x 5m block
model was created with sub-blocks of minimum size 1m x 1m x 1m on
domain boundaries. Grade estimation from 2m composites was carried
out using median indicator kriging (mIK) for gold and using
ordinary kriging for silver. The model was validated by comparison
of input and output statistics, de-clustering, kriging
neighbourhood analysis and by inspection of the assay data and
block model in cross-section.
Figure 4: Oblique view of the block model showing the estimated
gold grades. WGS84 Z34N.
The density database contains 2,472 bulk density determinations
of which 1,222 fall within the mineralised domain. Values within
the domain were interpolated into each block using inverse distance
weighting to a power of 2 with a lower limit of 1.5t/m(3) and
capped at 3.8t/m(3) .
Slivova Mineral Resource Classification
Mineral Resources were classified according to the Qualified
Persons' view of the accuracy of the estimates and the quality and
confidence of data underpinning them. Mineral Resource
classification considered the data quality, spacing and kriging
standard error statistic (SE). Measured Mineral Resources are
supported in the part of the deposit with the closest spaced
drilling where the SE is <0.3 and blocks are informed by three
or more drill holes with spacing typically less than 15m. Indicated
Mineral Resources were classified where the SE was >0.4 and the
average data spacing was typically less than 25m. The remaining
blocks were classified as Inferred Mineral Resources including the
down plunge portion of the deposit which is largely informed by two
drill holes and is extrapolated by approximately 55m.
The Mineral Resource Estimate has an effective date of 22 June
2023, superseding the previous Mineral Resource Estimate which had
an effective date of 31 May 2016. The Mineral Resource Estimate for
Slivova is reported in Table 1, which was completed on 14 July
2023.
No estimates of Mineral Reserves have been prepared. Mineral
Resources are not Mineral Reserves and do not have demonstrated
economic viability. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues. The
Qualified Person is not aware of any such issues at the time of
writing.
Table 1: Estimated Mineral Resources for Slivova. Numbers are
rounded to an appropriate number of significant figures and as such
discrepancies may exist between individual values, products and
totals.
Category Tonnes Bulk Density AuEq Au Ag Au Ag
(g/t) (g/t) (g/t) (oz) (oz)
---------- ------------- ------- ------- ------- -------- ========
Total Mineral Resources (Gross to the Project)
Measured 835,000 2.9 4.3 4.2 15 113,000 402,000
=========== ========== ============= ======= ======= ======= ======== ========
Indicated 296,000 2.8 3.6 3.5 15 33,200 144,000
=========== ========== ============= ======= ======= ======= ======== ========
Meas
+ Ind 1,130,000 2.9 4.1 4.0 15 146,000 546,000
=========== ========== ============= ======= ======= ======= ======== ========
Inferred 250,000 2.8 3.7 3.7 13 30,000 100,000
----------- ---------- ------------- ------- ------- ------- -------- ========
Open Pit Resources Above 0.5g/t AuEq
Measured 110,000 2.9 3.2 3.2 14 11,200 48,300
=========== ========== ============= ======= ======= ======= ======== ========
Indicated 39,300 2.6 2.8 2.7 13 3,390 16,500
=========== ========== ============= ======= ======= ======= ======== ========
Meas
+ Ind 150,000 2.8 3.1 3.0 13 14,600 64,800
=========== ========== ============= ======= ======= ======= ======== ========
Inferred nil nil nil nil nil nil nil
----------- ---------- ------------- ------- ------- ------- -------- ========
Underground Resources Above 1.5g/t AuEq
Measured 725,000 2.9 4.4 4.4 15 102,000 354,000
=========== ========== ============= ======= ======= ======= ======== ========
Indicated 257,000 2.9 3.7 3.6 15 29,800 127,000
=========== ========== ============= ======= ======= ======= ======== ========
Meas
+ Ind 982,000 2.9 4.2 4.2 15 131,000 481,000
=========== ========== ============= ======= ======= ======= ======== ========
Inferred 250,000 2.8 3.7 3.7 13 30,000 100,000
----------- ---------- ------------- ------- ------- ------- -------- --------
Notes to the Mineral Resource Estimate (1-9):
1. The independent Qualified Person responsible for Mineral
Resource disclosure, as defined by NI 43-101, is Mr. Richard
Siddle, MSc, MAIG, of Addison Mining Services Ltd. The effective
date of the Mineral Resource Estimate is 22 June 2023.
2. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the Mineral Resource will be converted to Mineral
Reserves.
3. A gold equivalent (AuEq) grade was calculated for each block
using the formula AuEq = (Ag g/t x 0.05) + Au g/t. It is the
opinion of the Qualified Person that all elements included in the
Au Equivalent calculation have a reasonable prospect of being
recovered and sold, the calculation of the Au equivalent value
considers the relative recovery and payability of each element
(recovery by cyanide leaching of 93.4% for gold and 50% for silver
and 95% and 85% payability, respectively, as informed by
metallurgical test work completed to date) as well as the assumed
commodity prices.
4. Reasonable prospects of eventual economic extraction are
satisfied by the estimation of break-even cut-off grades for each
anticipated mining scenario (0.5g/t AuEq for open pit and 1.5g/t
AuEq for underground mining). These cut-off grades were used to
report the Mineral Resource. The cut-off grades were estimated on
the basis of the following assumptions: a gold price of US$1850/oz
(selected following consideration of (1, 2 and 3 year trailing
average LMBA gold price and LMBA 2023 average forecast gold price,
a silver price of US$20/oz, underground mining costs of US$43.7/t,
processing costs (including tailings disposal) of US$29.5/t and
G&A costs of US$3/ROMt.
5. Estimates in the above table have been rounded to three
significant figures for Measured and Indicated Resources and two
significant figures for Inferred Mineral Resources.
6. CIM Definition Standards for Mineral Resources have been followed.
7. The independent Qualified Person for Resources is not aware
of any additional known environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues that
could materially affect the Mineral Resource Estimate.
8. The Mineral Resource figures set out above are quoted gross
with respect to the Project. WTR of which Ariana owns 75%, has yet
to establish a net attributable interest under the Earn-in and
accordingly, no separate net attributable figures are reported.
9. Western Tethyan Resources is the operator of Slivova.
Additional drilling is required to increase the confidence in
the Mineral Resources in the Indicated and particularly Inferred
parts of the resource estimate. Increased levels of information
brought about by further drilling may serve to either increase or
decrease the estimate of Mineral Resources. It is reasonably
expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
A 4,500-metre drilling programme has been planned for the next
phase of resource infill and exploration work at Slivova.
Comparison to Previous Mineral Resources
A resource estimate was completed by Mining Plus for Slivova as
part of the 2016 NI43-101 Study on the project (Table 2). The most
significant change is the upgrade of Mineral Resources from the
Indicated category to the Measured category.
-- 115% increase in total tonnes
-- 17% decrease in gold grade but a 78% increase in total gold ounces
-- 1% decrease in silver grade but a 113% increase in total silver ounces
There was a slight decline in the gold grade due to extending
the model in areas showing grade continuity, but at a lower grade.
This increased the number of ounces and tonnage as the result of
extrapolating the resource with the additional drilling. The 2016
estimate did not include any of the 2016 drill program data and, as
such, a detailed comparison is less meaningful. Changes in the
estimate, including classification, grade and contained metal can
largely be attributed to the inclusion of additional data and
increased confidence in the model due to better understanding of
the geology and the outcomes of the in-depth QC review and
reviewing laboratory assay certificates in detail.
Table 2: Mineral Resources reported in the 2016 NI43-101 study.
The Mineral Resources were reported at a cut-off grade of 1.0g/t Au
and had an effective date of 31 May 2016.
2016 MRE Mass Average Value Material Content
-------- ---------------- -------------------
Au Ag Au Ag
-------- ------- ------- -------- ---------
t g/t g/t oz oz
-------- ------- ------- -------- ---------
Measured - - - - -
----------- -------- ------- ------- -------- ---------
Indicated 640,000 4.80 14.68 98,700 302,000
----------- -------- ------- ------- -------- ---------
Inferred 2,000 2.00 16.12 130 1,000
----------- -------- ------- ------- -------- ---------
Total 642,000 4.79 14.68 98,830 303,000
----------- -------- ------- ------- -------- ---------
Other Considerations
To the best of the Qualified Person's knowledge, at the time of
estimation there are no known environmental, permitting, legal,
title, taxation, socio-economic, marketing, political or other
relevant issues that could materially impact the eventual
extraction of the Mineral Resource.
The most likely extraction scenario is anticipated to be by
means of a small 100m wide open pit to a depth of approximately 30m
, followed by underground stoping. While a larger open pit would
likely be economically viable based on pit optimi s ation tests,
the size of the pit may encroach on local waterways and bring
nearby farm buildings within the safe blast radius of the pit. As
such , the above scenario is considered more likely.
Studies have been previously completed as part of the 2017 PFS
(internal, unpublished) on the natural environment and potential
impacts on the local community.
GR Engineering Services Ltd (GRES) completed a metallurgical and
processing report for the project as part of the 2017 PFS
(internal, unpublished). The metallurgical work was conducted at
ALS Metallurgical Laboratories in Balcatta, Western Australia with
initial tests confirming the gold is not refractory. In summary,
good gold recovery was demonstrated in cyanide leaching (96%) and
flotation (88%), whereas the gravity method gave only 36%
recovery.
Detailed studies were previously completed as part of the 2017
PFS (internal, unpublished) on mining, hydrology, geomechanics,
waste geochemistry, mine waste and tailings, power supply, surface
infrastructure and CAPEX & OPEX.
Sampling and Assaying Procedures
All of the drill holes used to define the Slivova Project have
been drilled using diamond core drilling techniques in HQ, NTW and
NQ diameter core sizes. All diamond drill core is processed in the
Company's core shed, near the Slivova Project. Initially, all
sample preparation occurred at the ALS Group sample preparation
facility at Rosia Montana, Romania and then at ALS in Bor, Serbia.
Drill-core samples from the drilling programmes at Slivova were cut
in half by a diamond saw and sent for analysis in batches in line
with the Company's quality control procedures.
The review of the QA/QC results from the 2014-2016 drill
programme, the holes which were used in the resource estimate,
indicated no issues. Standards, blanks and duplicates all showed
good performance. The insertion rate of QA/QC samples for these
phases of the drill programme was 12% (4,930 samples incl. 582
QA/QC samples), with a similar proportion of blanks, standards,
field duplicates, analytical duplicates and pulp duplicates
inserted.
Diamond drill core recoveries were monitored and recorded in the
sampling database. Overall core recovery for the diamond drilling
is 92%, with core recovery for only the holes used in the resource
estimate being 90%. There is no bias between sample recovery and
grade. Samples with less than 80% recovery were noted to be in
zones of fault gouge, highly broken core or drill-spun core.
All samples have been submitted for gold and silver analysis,
with some batches being submitted for a full multi-element suite of
analysis. Not all batches had multi-element analysis due to budget
constraints. All analysis has been undertaken by ALS Group at their
fully accredited laboratories, as detailed below.
Gold analysis was undertaken at the ALS laboratory in Rosia
Montana, Romania using Fire Assay with an Atomic Absorption
Spectrometry Finish on a 30g charge. The upper detection limit for
this method (Au-AA23) is set at 10g/t gold, with any over-detection
values re-analysed via Fire Assay with a Gravimetric Finish
(Au-GRA21).
Silver analysis was undertaken at the ALS laboratory in
Loughrea, Ireland using a multi-acid digest and a hydrochloric acid
leach with an AAS read. An upper detection limit of 100g/t silver
is set for this analytical technique - no samples returned grades
at this upper detection limit.
Multi-element analysis was undertaken at the ALS facility in
Ireland, using a multi-acid digest with the analysis completed by
inductively coupled plasma-mass spectrometry (ICPMS).
Review of the assay results 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 were appropriately controlled. The Company maintains an
archive of half-core samples and a photographic record of all cores
for future reference.
About Western Tethyan Resources
Western Tethyan Resources Ltd ("WTR") is a UK-registered,
mineral exploration and development company focused on South East
Europe. The company has a strategic alliance with Newmont
Corporation and Ariana Resources and is currently focused on
exploration for major copper-gold deposits in the Lecce Magmatic
Complex and Vardar Belt. The company is assessing several other
exploration project opportunities across Eastern Europe, targeting
major copper-gold deposits across the porphyry-epithermal
transition.
For further information on Western Tethyan Resources you are
invited to visit the Company's website at
www.westerntethyanresources.com
About Avrupa Minerals Ltd
Avrupa Minerals Ltd. is a growth-oriented junior exploration and
development company directed to discovery of mineral deposits,
using a hybrid prospect generator business model. The company holds
one 100%-owned license in Portugal, the Alvalade VMS Project,
presently optioned to Sandfire MATSA in an earn-in joint venture
agreement. The company now holds one 100%-owned exploration license
covering the Slivova gold prospect in Kosovo and is actively
advancing four prospects in central Finland through the recently
announced acquisition of Akkerman Finland Oy. Avrupa focuses its
project generation work in politically stable and prospective
regions of Europe, presently including Portugal, Finland and
Kosovo. The company continues to seek and develop other
opportunities around Europe.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited (Nominated Tel: +44 (0) 20 7628 3396
Adviser)
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
John Prior / Hugh Rich / Atholl
Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George
Krokos Tel: +44 (0) 7983 521 488
Yellow Jersey PR Limited (Financial
PR)
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
Editors' Note:
The independent Qualified Person for Mineral Resources as
defined by NI 43-101 is Mr. Richard Siddle, MAIG, of Addison Mining
Services Ltd. Mr. Siddle has reviewed and approved the scientific
and technical content of this news release. The Qualified Person
completed a site visit to the project on 13 June 2023, and has
inspected the property, drillhole locations and has reviewed
selected intervals of the drill core used in the Mineral Resource
Estimate. No concerns were identified during the visit.
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 pro table 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. Construction progress is temporarily suspended
pending the outcome of a local court decision pertaining to the
EIA. 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 Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant 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
ve-year Alliance Agreement with Newmont Corporation
(www.newmont.com) and is separately earning-in to 85% of the
Slivova Gold Project.
Ariana owns 58% 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 and WH Ireland Limited are brokers
to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
For further information on Ariana, you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"AuEq" gold equivalent;
"CIM" Canadian Institute of Mining, Metallurgy and
Petroleum;
"cut-off grade" the lowest grade, or quality, of mineralised
material that qualifies as economically mineable and available in a
given deposit. May be defined on the basis of economic evaluation,
or on physical or chemical attributes that define an acceptable
product specification;
"g/t" grams per tonne;
"Indicated Resource" a part of a mineral resource for which
tonnage, densities, shape, physical characteristics, grade and
mineral content can be estimated with a reasonable level of
confidence. It is based on exploration, sampling and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. The
locations are too widely or inappropriately spaced to confirm
geological and/or grade continuity but are spaced closely enough
for continuity to be assumed;
"Inferred Resource" a part of a mineral resource for which
tonnage, grade and mineral content can be estimated with a low
level of confidence. It is inferred from geological evidence and
has assumed, but not verified, geological and/or grade continuity.
It is based on information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that may be limited or of uncertain quality and
reliability;
"Inverse Distance Weighted Squared" or "IDWS" or "ID2" a
conventional mathematical method used to calculate the attributes
of mineral resources. Near sample points provide a greater
weighting than samples further away for any given resource
block;
"JORC" the Joint Ore Reserves Committee;
"JORC 2012" is the current edition of the JORC Code, which was
published in 2012. After a transition period, the 2012 Edition came
into mandatory operation in Australasia from 1 December 2013;
"m" Metres;
"Measured Resource" a part of a Mineral Resource for which
tonnage, densities, shape, physical characteristics, grade and
mineral content can be estimated with a high level of confidence.
It is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and
drillholes. The locations are spaced closely enough to confirm
geological and grade continuity;
"mIK" Median Indicator Kriging;
"MRE" Mineral Resource Estimate;
"Mt" million tonnes;
"NI 43-101" the Canadian National Instrument 43-101. This is the
national instrument for the Standards of Disclosure for Mineral
Projects within Canada or reported on the TSX (Toronto Stock
Exchange);
"oz" Troy ounces;
"ROMt" run of mill tonnes;
"SE" standard error statistic;
"t/m(3) " tonnes per cubic metre.
Ends.
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