TIDMAAU
RNS Number : 2699J
Ariana Resources PLC
15 August 2023
15 August 2023
AIM: AAU
CURRENT EXPLORATION & DEVELOPMENT AT KIZILTEPE
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 results of recent
exploration and development work conducted at Kiziltepe
("Kiziltepe" or "the Project"). The Kiziltepe 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:
-- Recent drilling undertaken at the Kiziltepe Sector has
defined the likely economic limits of the known vein systems.
-- Drilling remains underway at Karakavak, with progression onto
Kepez and with a separate programme ongoing at Kizilcukur.
-- Targets defined following a recent Induced Polarisation
(IP)/Resistivity survey will become the focus of further drilling
across the Kiziltepe Sector.
-- Opportunities to further extend mine life to nine years,
through to 2025, and potentially beyond are being assessed.
To read a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/2699J_1-2023-8-14.pdf
Dr. Kerim Sener, Managing Director, commented:
"Kiziltepe currently remains our most important mining operation
pending the successful commissioning of Tavsan which is currently
under construction. Meanwhile, we have been working with the Zenit
team to define further resource upside in the vicinity of the
Kiziltepe operation. Successive drilling programmes conducted in
recent years have already yielded success, extending mine life at a
time when milling capacity was doubled. We are now looking to
identify additional resources in the wider area and at several
satellite locations such as Kizilcukur and Ivrindi. In addition, we
remain excited by the potential for further discovery at Kepez, and
we are now preparing for a new drilling programme to test this area
appropriately. Road building for the drill rig is underway and we
are looking to initiate the drilling programme in this location as
soon as possible once drilling concludes at Karakavak.
Meanwhile, drilling at Kiziltepe specifically has tested most of
the known vein extensions and some additional resource upside has
already been determined, particularly at the northwest ends of both
Arzu South and Arzu North. Beyond this, a recent geophysical survey
has identified several priority drilling targets, one of which lies
beneath cover to the northeast of the Arzu vein system and is
currently under review to design a well-planned deep drilling
programme. This has the potential to represent a capped vein
system, which has been preserved beneath cover.
Once the drilling programmes across the Kiziltepe Sector are
completed, including the active programmes in the Karakavak and
Kepez areas and the programme recently started at Kizilcukur, we
will be undertaking a further review and reassessment of our
resources and reserves."
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").
Summary of Kiziltepe Operations
The Kiziltepe mine has been operational since March 2017 and has
produced over 133,000 ounces of gold and over 1.4 million ounces of
silver up to the end of 2022, which compares to a total mine
production of 117,000 ounces of gold over an envisaged mine life of
eight years as per the Feasibility Study. Kiziltepe's most
productive year was 2022, producing 28,421 ounces of gold and
326,206 ounces of silver. In July 2023, mining was initiated at
Banu, the last of the five currently planned pits at the Kiziltepe
Project identified in the Feasibility Study. Based on current
estimates, mining is expected to continue at Kiziltepe until 2024,
with additional potential sources of ore being developed as
satellites at Kizilcukur and Ivrindi, among others. The
opportunities to add additional years to the mine life through
further exploration remain positive. This presents itself in two
forms:
1) Current exploration or short-term input; primarily consisting
of step-out drilling which was completed between 2020 and 2023,
testing extensions along strike and down dip of known
mineralisation.
2) Conceptual exploration or longer-term input; ongoing work to
discover new mineralisation under cover, or in areas where
geological factors such as structure, geophysical signatures,
and/or subtle geochemical anomalies may provide vectors toward new
discoveries.
Once all open pittable resources have been mined at Kiziltepe,
the final phase of mining activities to be evaluated is the
potential for underground development which target residual
resources at depth beyond the open pit limits and in an area under
cover to the northeast of the Arzu structure. Another area of
underground potential is also being evaluated at Arzu Central,
between the Arzu South pit and the Derya pit, where strip ratios
exceed viability to open pit any deeper than the currently planned
pit floors.
Current Exploration Activities
Since December 2020, the Ariana and Zenit exploration teams have
been working on back-to-back drilling campaigns on all projects
across Turkey. However, the most significant focus of this work has
been at Kiziltepe. Over 33,000 metres of drilling for 258 diamond
drill holes have been completed over the last three years. Results
from each phase of this ongoing work have been systematically
reported to the regulators. This work is now largely concluded and
the extent of peripheral mineralisation beyond the existing open
pit limits is now well established.
Through 2020 and 2021, the primary exploration objective at
Kiziltepe was to define potential for deepening and widening the
Arzu South pit (AIM: 17 August 2021); in particular, to fully
understand the potential to push the northern pit wall into the
target area of Zone A (Figure 1). This work was successfully
completed, and over the next year, the Company will be undertaking
work to widen the Arzu South pit and then progress northwards to
mine Zone A.
Figure 1: A long section through the Arzu South Pit,
illustrating the approximate location of mineralised pierce points.
An outline of the 2023 optimisation results can be seen as a dashed
purple line, with the most significant area (Zone A) shown as a
thick black line, where additional economic mineralisation is
defined.
Through 2021 and 2022, focus turned to Arzu North, where the
objective was to test the potential for pit expansion opportunities
in both the north-west and south-east strike extensions of the vein
system. Early results from the northern end of Arzu North
identified significant potential in an area which is now known as
Arzu Far North (AIM: 29 April 2021). Follow-up drilling through
2022 and into early 2023 went on to fully test the 300m Arzu Far
North strike extent. A new optimisation study completed in March
2023 has outlined some potential to expand the Arzu North pit a
further 150 metres into the Arzu Far North area, (Figure 2, Zone
D). This potential expansion is part of a further study, which may
include additional drilling. If the expansion goes ahead, this
would increase the currently projected life of mine by potentially
six months.
Other objectives completed in 2022 and 2023 included completing
additional drilling at Banu to significantly increase the
confidence of the estimated resource, particularly along its
southern and northern limits. Exploration work was also completed
at Ceylan, testing for low-grade bulk tonnage potential in this
stockwork dominated region of the Kiziltepe vein system.
Drilling in 2023 primarily focused on testing lower-priority
peripheral zones of the Kiziltepe vein system, with targets defined
mainly from surface geochemistry and geological mapping. This work,
partly as predicted, intercepted short zones of mineralisation (0.6
- 2.6m thick), and typically with lower grades ranging from 0.2 to
1.5g/t Au.
The 2023 phase of drilling at Kiziltepe consists of a total of
65 diamond drill holes for a total of 7,026 metres. Notable results
from this programme include (see Table 1 for full results):
-- Arzu Central
o KTP-D07-23: 1.1m @ 14.16g/t Au + 13.0g/t Ag from 89 metres
o KTP-D06-23: 1.3m @ 2.77g/t Au + 7.0g/t Ag from 31.4 metres
o KTP-D05-23: 1.2m @ 1.43g/t Au + 33.6g/t Ag from 91.9
metres
-- Arzu Far North
o KTP-D14-23: 2.1m @ 6.16g/t Au + 131.5g/t Ag from 125.3
metres
o KTP-D12-23: 1.8m @ 2.94g/t Au + 100.0g/t Ag from 152.7
metres
o KTP-D13-23: 1.8m @ 2.89g/t Au + 61.1g/t Ag from 110.5
metres
-- Derya West
o KTP-D40-23: 3.8m @ 1.85g/t Au + 103g/t Ag from 24.7 metres
o KTP-D48-23: 1.3m @ 1.43g/t Au + 1.3g/t Ag from 56.7 metres
-- Fidan
o KTP-D23-23: 0.6m @ 13.23g/t Au + 330.0g/t Ag from 44.4
metres
o KTP-D37-23: 0.7m @ 9.40g/t Au + 144.0 Ag from 57.5 metres
o KTP-D29-23: 1.3m @ 4.04g/t Au + 41.0g Ag from 6.1 metres
Figure 2: A long section through the Arzu North Pit,
illustrating the approximate location of mineralised pierce points.
An outline of the 2023 optimisation results can be seen as a dashed
purple line, with the most significant area (Zone D) shown as a
thick black line, where additional economic mineralisation is
defined.
Figure 3: Summary map of drilling at Kiziltepe 2020 - 2023.
The final phase of drilling work completed at Kiziltepe during
2023, was designed to test lower priority peripheral targets on the
northern extents of the Banu, Fidan, Arzu Central and Derya Far
West vein.
Conceptual Exploration and Future Targets
Future exploration work at Kiziltepe will focus on conceptual
targets based on key features identified in IP geophysical data
(Figure 4). These targets were discussed in detail in early 2023
(AIM: 21 February 2023). However, a summary of the targets is
presented below.
The Company is now planning a further 2,500m of priority
drilling with up to 5,000m planned in total. This next phase of
drilling is expected to start in Q3/Q4 2023, with the aim to
systematically test the targets described below.
Figure 4: Merged 3D resistivity model of the Kiziltepe vein
system with the mapped and modelled veins in red and interpreted
structures in blue. Targets numbered 1-5, as described below.
1) At the northwest end, the resistivity anomaly is consistent
at about 600m, suggesting a similar trend to the Banu vein.
2) The north-west extension of Arzu North vein is confirmed with
both IP and resistivity anomalies, which have already been largely
drill tested as part of the 2023 programme.
3) A new zone of high resistivity defined to the immediate
northeast side of Arzu North.
4 & 5) The two resistivity trends supported by moderate IP
anomalies to the northeast of Arzu North, in the vicinity of the
waste rock dump, which was defined in earlier surveys, are
confirmed with the recent survey, and will be used to generate new
deep drilling targets.
6) The survey also defined several potential structures at the
south-east extensions of both the Arzu South and Fidan vein
systems, which are less well-characterised and form future target
areas.
Table 1: Results of the 2023 phase of drilling at Kiziltepe.
Hole ID From (m) To (m) Interval (m) Gold g/t Silver g/t Area
------------ --------- ------- ------------- --------- ----------- ------------------------------
KTP-D02-23 112.9 113.6 0.7 2.51 23.9 Arzu Central
--------- ------- ------------- --------- ----------- ------------------------------
114.1 114.9 0.8 1.33 11.8
--------- ------- ------------- --------- ----------- ------------------------------
119.7 120.3 0.6 1.35 8.5
--------- ------- ------------- --------- -----------
KTP-D03-23 124.3 125.1 0.8 1.05 24.8
--------- ------- ------------- --------- -----------
131.8 133 1.2 3.25 1.3
--------- ------- ------------- --------- -----------
KTP-D04-23 67.8 68.3 0.5 2.15 11.3
--------- ------- ------------- --------- -----------
79.3 79.8 0.5 3.44 178.0
--------- ------- ------------- --------- -----------
83.7 84.2 0.5 6.00 110.7
--------- ------- ------------- --------- -----------
KTP-D05-23 11.1 12.2 1.1 1.07 21.4
--------- ------- ------------- --------- -----------
18.2 19.2 1 1.01 23.9
--------- ------- ------------- --------- -----------
35.3 36.4 1.1 1.12 17.6
--------- ------- ------------- --------- -----------
38.3 39.3 1 1.58 8.1
--------- ------- ------------- --------- -----------
41.3 42.1 0.8 1.51 6.3
--------- ------- ------------- --------- -----------
43.8 44.6 0.8 1.28 5.6
--------- ------- ------------- --------- -----------
91.9 93.1 1.2 1.43 33.6
--------- ------- ------------- --------- -----------
KTP-D06-23 17.7 18.6 0.9 1.11 22.0
--------- ------- ------------- --------- -----------
20.6 21.7 1.1 1.11 5.7
--------- ------- ------------- --------- -----------
26.4 28.4 2 1.41 3.1
--------- ------- ------------- --------- -----------
31.4 32.7 1.3 2.77 7.0
--------- ------- ------------- --------- -----------
KTP-D07-23 59.2 59.8 0.6 14.07 135.0
--------- ------- ------------- --------- -----------
78.9 81.5 2.6 1.71 11.2
--------- ------- ------------- --------- -----------
89 90.1 1.1 14.16 13.0
--------- ------- ------------- --------- -----------
91.2 92.8 1.6 3.23 16.0
--------- ------- ------------- --------- -----------
94.9 96.2 1.3 1.00 6.3
--------- ------- ------------- --------- -----------
103.5 104.4 0.9 1.06 2.8
--------- ------- ------------- --------- -----------
KTP-D08-23 96.2 96.6 0.4 2.16 59.4
------------ --------- ------- ------------- --------- -----------
99.5 101.1 1.6 5.25 140.0
------------ --------- ------- ------------- --------- -----------
102.4 103.5 1.1 1.03 7.3
------------ --------- ------- ------------- --------- ----------- ------------------------------
KTP-D09-23 42.7 43.1 0.4 2.87 31.2 Arzu Far North
--------- ------- ------------- --------- ----------- ------------------------------
44.8 47.2 2.4 1.13 14.6
--------- ------- ------------- --------- ----------- ------------------------------
KTP-D10-23 80.5 82.9 2.4 1.30 22.5
--------- ------- ------------- --------- -----------
KTP-D11-23 82.1 82.8 0.7 1.09 41.8
--------- ------- ------------- --------- -----------
84 85 1 1.73 54.1
--------- ------- ------------- --------- -----------
KTP-D12-23 114.9 115.9 1 1.35 1.0
--------- ------- ------------- --------- -----------
152.7 154.5 1.8 2.94 100.0
--------- ------- ------------- --------- -----------
KTP-D13-23 110.5 112.3 1.8 2.89 61.1
--------- ------- ------------- --------- -----------
KTP-D14-23 125.3 127.4 2.1 6.16 131.5
--------- ------- ------------- --------- -----------
KTP-D16-23 2.8 4.1 1.3 2.35 1.7
--------- ------- ------------- --------- -----------
22.7 23.5 0.8 1.24 27.6
--------- ------- ------------- --------- -----------
KTP-D18-23 66 66.9 0.9 1.03 3.7
------------ --------- ------- ------------- --------- ----------- ------------------------------
KTP-D21-23 40.1 40.6 0.5 2.33 66.9 Fidan
--------- ------- ------------- --------- ----------- ------------------------------
KTP-D22-23 30.5 31.8 1.3 1.33 53.2
--------- ------- ------------- --------- ----------- ------------------------------
KTP-D23-23 44.4 45 0.6 13.23 330.0
--------- ------- ------------- --------- -----------
KTP-D24-23 13.7 14.6 0.9 1.68 59.6
--------- ------- ------------- --------- -----------
KTP-D25-23 19.8 20.2 0.4 2.50 81.5
--------- ------- ------------- --------- -----------
KTP-D26-23 15.9 16.7 0.8 3.00 89.7
--------- ------- ------------- --------- -----------
KTP-D27-23 18.3 18.8 0.5 1.43 75.2
--------- ------- ------------- --------- -----------
32.4 32.8 0.4 1.50 21.1
--------- ------- ------------- --------- -----------
KTP-D29-23 6.1 7.4 1.3 4.04 41.0
--------- ------- ------------- --------- -----------
20.8 22 1.2 1.23 8.6
--------- ------- ------------- --------- -----------
KTP-D32-23 60.4 60.8 0.4 1.24 12.1
--------- ------- ------------- --------- -----------
KTP-D36-23 40 41.1 1.1 2.82 43.4
--------- ------- ------------- --------- -----------
KTP-D37-23 39.3 39.9 0.6 1.44 22.7
--------- ------- ------------- --------- -----------
57.5 58.2 0.7 9.40 144.0
--------- ------- ------------- --------- ----------- ------------------------------
KTP-D40-23 5.8 6.5 0.7 2.98 52.7 Derya West and Derya Far West
--------- ------- ------------- --------- ----------- ------------------------------
21.2 21.8 0.6 1.68 76.4
--------- ------- ------------- --------- ----------- ------------------------------
24.7 28.5 3.8 1.85 103.3
--------- ------- ------------- --------- -----------
KTP-D42-23 33.6 34 0.4 3.69 35.3
--------- ------- ------------- --------- -----------
KTP-D47-23 35 35.7 0.7 1.57 12.0
--------- ------- ------------- --------- -----------
KTP-D48-23 56.7 58 1.3 1.43 1.3
------------ --------- ------- ------------- --------- ----------- ------------------------------
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 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 partnership 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 partnership 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 and is currently in construction. A NSR royalty
of up to 2% on future production is payable to Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern 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 which contains Measured, Indicated and
Inferred Resource of 176,000 oz gold and 646,000 oz silver (as at
July 2023).
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 .
Ends.
Glossary of Technical Terms:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"IP" Induced Polarization;
"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;
"km" Kilometres;
"m" Metres;
Ends.
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