TIDMAAU
RNS Number : 5324X
Ariana Resources PLC
21 December 2023
21 December 2023
AIM: AAU
SIGNIFICANT NEW DRILLING RESULTS AT TAVSAN
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 recent resource and
extension drilling results from the Tavsan Project, outlining the
progress of the mine development work. The 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:
-- Tavsan 2023 drilling campaign is still ongoing, with 8,994.3m
completed; comprising 104 diamond drillholes drilled since November
2022.
-- Best new intercepts to date include:
o TAV-D023-23 12.1m @ 2.52g/t Au + 9.38g/t Ag from 114.6m
o TAV-D027-23 11.0m @ 2.18g/t Au + 5.00g/t Ag from 137.3m
o TAV-D025-23 6.2m @ 3.54g/t Au + 4.56g/t Ag from 102.1m
o TAV-D020-23 8.8m @ 2.41g/t Au + 5.24g/t Ag from 45.3m
-- 2,147 assay results received to date, with 809 remaining
samples pending analysis at the Kiziltepe Mine Laboratory
("KML").
-- Mine construction is advancing well according to current
scheduling, with the first gold production expected during Q2
2024.
Dr. Kerim Sener, Managing Director, commented:
"The latest drilling results from the ongoing drilling programme
at Tavsan continue to demonstrate scope for expanding the Resource.
Some of our deeper holes on the project have been yielding high
grades over c.10m intervals, which is highly encouraging and
suggests that there may be further depth continuity to parts of the
Tavsan deposit than previously indicated. Further drilling is
underway, and we will continue to test the strike and depth
continuity of mineralisation, particularly in the North Zone and
North Zone Extension. We anticipate that approximately a further
5,000m of drilling is planned.
"We are currently working on revisions to our geological model
based on the new data, which will ultimately contribute to a
revised Mineral Resource Estimate. This in turn will be used to
update production and development plans during Q1 2024, and we
remain on track for first gold from Tavsan during Q2 2024. "
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").
Tavsan Project Summary
The Tavsan Project is located in western Turkey, 130km by road
from the Kiziltepe Gold Mine. Following the approval of the
Environmental Impact Assessment and associated permitting, Tavsan
is being developed as Zenit's second gold mining operation in
Turkey, and is currently in construction, with mining scheduled to
begin in 2024.
Gold mineralisation at Tavsan is epithermal in style, with
associated silver and antimony, broadly located along the thrust
contact between Jurassic-Cretaceous massively bedded limestone and
an overlying Upper Cretaceous multi-lithic ophiolite sequence. In
addition, a karstic network within the limestone and fractures
within the ophiolitic rocks potentially acted as conduits for the
development of jasperoidal and generally silicified rocks, several
tens of metres, below and above the thrust fault contact,
respectively.
The mineralised jasperoid developed along the thrust contact is
irregular in form on a ten-metre scale; however, broadly follows
the gentle topography on a hundred-metre scale and is largely
exposed at surface. In the vicinity of the NE-SW trending fault
zone, the thrust is steeper than the topographic gradient,
resulting in a more steeply dipping zone of mineralisation. The
greatest thickness of gold-bearing jasperoid is observed near the
NE-SW fault zone. However, gold concentration appears to have a
dominant NW-SE control within the jasperoid as a whole, suggesting
the potential for steeply dipping conduit structures cross-cutting
the limestone units in the footwall.
Drilling Programme
The Tavsan mineral resource estimate was last updated and
announced on 29 November 2022, with the Resource currently at 6.6
Mt at 1.44 g/t Au and 5.26 g/t Ag for 307,000 oz Au and 1.1 million
oz Ag (all categories). The resource is de-risked, with 83%
classified in the Measured & Indicated JORC Resource
categories. The resource includes a high-grade domain of 1.1 Mt at
2.74 g/t Au and 4.89 g/t Ag for 96,000 oz Au and 171,000 oz Ag.
There is a significant additional potential of 1.7 Mt of below
cut-off grade material occurring in the 0.5 to 0.7 g/t Au range for
c.34,000 oz Au, which is not currently classified as part of the
resource.
Since November 2022, a resource infill and extension drilling
programme has been underway at Tavsan, with drilling still ongoing.
104 drill holes for a total of 8,994.3m of HQ diamond drilling was
completed over the North and Main zones at Tavsan. The average
depth for all drilling was approximately 86m, with a minimum depth
of 16.5m and a maximum depth of 255.2m. Most holes were drilled
vertically, with 18 holes angled at 45 to 75(o) .
Figure 1: Summary map showing the completed drillhole collar
positions for the Tavsan Project.
The best intercepts in this last batch of results included:
-- TAV-D023-23 12.1m @ 2.52g/t Au + 9.38g/t Ag from 114.6m
o including 1.0m @ 11.83g/t Au + 1.15g/t Au from 114.6m
-- TAV-D027-23 11.0m @ 2.18g/t Au + 5.00g/t Ag from 137.3m
o including 1.1m @ 5.98g/t Au + 5.98g/t Ag from 139.1m
-- TAV-D025-23 6.2m @ 3.54g/t Au + 4.56g/t Ag from 102.1m
o including 1.4m @ 10.64g/t Au + 1.84g/t Ag from 102.1m
-- TAV-D020-23 8.8m @ 2.41g/t Au + 5.24g/t Ag from 45.3m
o including 2.2m @ 6.25g/t Au + 3.75g/t Ag from 45.3m
-- TAV-D022-B-23 9.4m @ 1.66g/t Au + 8.06g/t Ag from 225.2m
-- TAV-D025-23 12.0m @ 1.23g/t Au + 2.46g/t Ag from 132.6m
-- TAV-D109-22 12.9m @ 0.94g/t Au + 2.43g/t Ag from 73.6m
-- TAV-D111-22 6.4m @ 1.82g/t Au + 5.94g/t Ag from 56.2m
The Tavsan drilling programme is still underway; with 809
samples for 632.1m of drill core pending for assay and
multi-element analysis at the KML. To date, 2,147 results (incl.
QA/QC) for 1,776.5m of diamond core have been received from the
KML. For previous results from the Tavsan drilling programme, see
announcement ( AIM: 16 June 2022 ).
Hole ID From To Length Au Ag
(m) (m) (m) (g/t) (g/t)
TAV-D98-22 16.7 17.7 1.0 0.54 0.25
------ ------ ------- ------- -------
39.1 40.2 1.1 0.72 5.14
------ ------ ------- ------- -------
TAV-D103-22 19.3 20.4 1.1 0.66 4.54
------ ------ ------- ------- -------
22.0 26.9 4.9 1.48 13.97
------ ------ ------- ------- -------
41.5 46.5 5.0 1.04 0.25
------ ------ ------- ------- -------
50.5 60.7 10.2 0.82 3.86
------ ------ ------- ------- -------
67.0 68.0 1.0 0.55 0.25
------ ------ ------- ------- -------
69.0 70.0 1.0 1.09 0.25
------ ------ ------- ------- -------
73.0 74.0 1.0 0.57 0.25
------ ------ ------- ------- -------
TAV-D106-22 4.0 6.0 2.0 1.69 7.00
------ ------ ------- ------- -------
10.0 11.0 1.0 0.76 2.71
------ ------ ------- ------- -------
27.8 28.8 1.0 1.25 3.77
------ ------ ------- ------- -------
38.8 40.8 2.0 0.78 1.89
------ ------ ------- ------- -------
TAV-D108-22 112.0 113.0 1.0 0.50 0.91
------ ------ ------- ------- -------
113.9 114.9 1.0 0.51 0.72
------ ------ ------- ------- -------
125.6 126.8 1.2 0.59 3.03
------ ------ ------- ------- -------
142.5 143.8 1.3 0.52 0.25
------ ------ ------- ------- -------
146.7 147.9 1.2 0.59 1.49
------ ------ ------- ------- -------
TAV-D109-22 57.5 62.1 4.6 0.59 3.83
------ ------ ------- ------- -------
73.6 86.5 12.9 0.94 2.43
------ ------ ------- ------- -------
91.1 96.4 5.3 1.30 2.29
------ ------ ------- ------- -------
101.3 103.3 2.0 0.69 0.25
------ ------ ------- ------- -------
TAV-D111-22 56.2 62.6 6.4 1.82 5.94
------ ------ ------- ------- -------
70.5 75.4 4.9 0.73 2.70
------ ------ ------- ------- -------
76.7 77.9 1.2 0.80 1.65
------ ------ ------- ------- -------
91.0 92.3 1.3 0.71 0.67
------ ------ ------- ------- -------
TAV-D112-22 16.5 19.3 2.8 1.16 10.60
------ ------ ------- ------- -------
TAV-D113-22 86.9 92.4 5.5 1.35 4.67
------ ------ ------- ------- -------
103.4 104.7 1.3 0.55 0.25
------ ------ ------- ------- -------
TAV-D114-22 47.8 51.6 3.8 0.61 7.53
------ ------ ------- ------- -------
TAV-D003-23 48.5 49.5 1.0 1.08 6.62
------ ------ ------- ------- -------
52.3 53.3 1.0 7.16 9.03
------ ------ ------- ------- -------
TAV-D004-23 43.0 44.0 1.0 0.59 2.46
------ ------ ------- ------- -------
TAV-D005-23 35.8 37.3 1.5 0.81 7.76
------ ------ ------- ------- -------
TAV-D011-23 136.4 140.5 4.1 0.85 1.21
------ ------ ------- ------- -------
TAV-D017-23 23.5 24.7 1.2 0.74 11.02
------ ------ ------- ------- -------
26.8 27.8 1.0 0.53 2.57
------ ------ ------- ------- -------
TAV-D018-23 52.2 54.4 2.2 0.65 4.27
------ ------ ------- ------- -------
TAV-D019-23 79.7 81.7 2.0 0.73 7.05
------ ------ ------- ------- -------
86.9 90.6 3.7 1.32 5.10
------ ------ ------- ------- -------
TAV-D020-23 45.3 54.1 8.8 2.41 5.24
------ ------ ------- ------- -------
including 2.2 6.25 3.75
-------------- ------- ------- -------
TAV-D021-23 117.6 120.3 2.7 0.92 16.22
------ ------ ------- ------- -------
TAV-D022-A-23 206.8 209.6 2.8 1.63 5.53
------ ------ ------- ------- -------
TAV-D022-B-23 209.3 218.1 8.8 1.03 12.20
------ ------ ------- ------- -------
220.1 223.0 2.9 0.67 13.21
------ ------ ------- ------- -------
225.2 234.6 9.4 1.66 8.06
------ ------ ------- ------- -------
244.7 249.6 4.9 0.65 3.97
------ ------ ------- ------- -------
TAV-D023-23 114.6 126.7 12.1 2.52 9.38
------ ------ ------- ------- -------
including 1.0 11.83 1.15
-------------- ------- ------- -------
TAV-D024-23 80.3 86.5 6.2 1.36 0.63
------ ------ ------- ------- -------
91.5 93.2 1.7 2.68 2.26
------ ------ ------- ------- -------
TAV-D025-23 102.1 108.3 6.2 3.54 4.56
------ ------ ------- ------- -------
including 1.4 10.64 1.84
-------------- ------- ------- -------
129.4 130.6 1.2 0.79 3.42
------ ------ ------- ------- -------
132.6 144.6 12.0 1.23 2.46
------ ------ ------- ------- -------
TAV-D026-23 80.9 86.0 5.1 0.81 5.12
------ ------ ------- ------- -------
101.2 102.4 1.2 0.62 9.15
------ ------ ------- ------- -------
109.4 112.2 2.8 1.19 3.08
------ ------ ------- ------- -------
TAV-D027-23 137.3 148.3 11.0 2.18 5.00
------ ------ ------- ------- -------
including 1.1 5.98 5.98
-------------- ------- ------- -------
167.4 170.7 3.3 1.63 4.30
------ ------ ------- ------- -------
174.5 176.4 1.9 0.73 3.36
------ ------ ------- ------- -------
TAV-D028-23 115.0 116.1 1.1 0.62 12.06
------ ------ ------- ------- -------
TAV-D029-23 137.8 140.4 2.6 2.14 16.21
------ ------ ------- ------- -------
TAV-D032-23 89.7 93.4 3.7 1.15 11.06
------ ------ ------- ------- -------
TAV-D033-23 121.3 126.3 5.0 1.21 21.39
------ ------ ------- ------- -------
133.8 134.8 1.0 0.78 2.85
------ ------ ------- ------- -------
136.7 137.7 1.0 0.93 12.32
------ ------ ------- ------- -------
TAV-D035-23 8.3 9.3 1.0 2.16 4.11
------ ------ ------- ------- -------
24.5 25.5 1.0 0.75 4.97
------ ------ ------- ------- -------
TAV-D036-23 0.5 2.7 2.2 0.67 1.27
------ ------ ------- ------- -------
13.1 14.6 1.5 1.16 28.59
------ ------ ------- ------- -------
TAV-D037-23 47.3 48.3 1.0 0.63 0.25
------ ------ ------- ------- -------
Table 1: Significant gold and silver intercepts calculated for
the results from the recent Tavsan drilling programme, using a
0.5g/t Au minimum cut-off and allowing for up to 1m internal
dilution.
Samples obtained from Tavsan have been sent to the KML for
analysis. The day-to-day operational samples from the Kiziltepe
Mine have priority over the drilling samples from the development
work underway at the Tavsan Project, causing a delay in receipt of
results for the latest drilling programme at Tavsan.
Tavsan Mapping Programme
Detailed geological mapping work was undertaken on the Tavsan
Project as part of the wider exploration work completed in
2022-2023 to identify spatial and temporal relationships between
mineralisation and structural elements of the Tavsan deposit and
the role of the faults in localising and transferring the fertile
fluids. The work focussed on collecting geological and structural
data via the mapping of local-scale and regional-scale
features.
The collected data was used to build the 3D geological model (
Figure 2 ) in more detail than had been previously possible. Future
work on the project will include geophysical Induced
Polarization/Resistivity studies, isotope analysis and
geochronology of mineralised samples.
Figure 2: 3D model of the Tavsan deposit showing the potential
extents of the mineralised jasperoid in pink.
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Tavsan Project and analysed at the KML, where results are assessed
systematically.
HQ-size drill-core samples from the drilling programme at Tavsan
were cut in half by a diamond saw and sent for analysis in batches
in line with the Company's quality control procedures. During this
campaign, core recovery for all drilling conducted at Tavsan was
89%.
To date, a total of 1,761 sample results for 1,776.5m of sampled
drill core have been returned from the KML (plus 386 QA/QC
samples). So far, 6.5% of all analysed samples have also been
analysed by ALS Global in Izmir as an external laboratory check as
part of the QA/QC procedures used for the project, with a 10% check
rate to be achieved by the end of the drilling programme. The
results are pending for a further 809 samples (including 171 QA/QC
samples).
QA/QC sample insertion rates vary depending on the batch size
accepted by the laboratory. Ariana sampling protocol requires the
insertion of 4 QA/QC samples per batch including 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
2021-2023 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. The Zenit QA/QC protocol is under review by
both Ariana and Zenit teams following the laboratory upgrade. 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 copper, lead, molybdenum, 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 (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
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.
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 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, UK and Zimbabwe.
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 Mining Corporation (
www.newmont.com ) and is separately earning-in to up 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;
"g/t" grams per tonne;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"ppm" parts per million;
Ends.
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