Ariana Resources PLC SALINBAS LICENCE, FORESTRY PERMITS AND DRILLING (8848Y)
14 May 2019 - 4:00PM
UK Regulatory
TIDMAAU
RNS Number : 8848Y
Ariana Resources PLC
14 May 2019
14 May 2019
AIM: AAU
SALINBAS LICENCE, FORESTRY PERMITS AND DRILLING
Ariana Resources plc ("Ariana" or "the Company"), the
exploration and development company with gold mining operations in
Turkey, is pleased to announce several positive developments on its
Salinbas Gold Project ("Salinbas" or "the Project"). Salinbas is
located in the Hot Gold Corridor and is 100% owned by Ariana
through its shareholding in Greater Pontides Exploration B.V.
("GPE").
Highlights:
-- Salinbas licence renewal to operational status approved for
10 years by the General Directorate of Mining and Petroleum Affairs
("MAPEG") and relevant fees are paid.
-- Ardala licence forestry permits for full drilling programme
secured and site preparation including road-building is
underway.
-- Reverse Circulation ("RC") drill rig has been mobilised to
site and a 2,000m drilling programme is commencing imminently.
-- Trial mining at the Ardala Au-Cu-Mo porphyry has provided for
a c.10,000 tonne stockpile on site containing evidence of
significant mineralisation.
Dr. Kerim Sener, Managing Director, commented:
"This is an excellent set of outcomes for the future development
of the Salinbas Project, which have converged simultaneously. Now
that we have secured all of the permits required for the drilling
of the Ardala licence we have much greater flexibility to
drill-test some of the key targets defined in earlier exploration.
An initial 2,000m of RC drilling is due to commence on the Ardala
licence imminently and is expected to conclude by early June. In
addition, achieving the upgrade of the Salinbas licence to
operational status is a particularly important development, as it
will secure our rights to that property for 10 years."
Salinbas Licence
The General Directorate of Mining and Petroleum Affairs
("MAPEG") has approved an operational licence covering part of the
Salinbas Project for 10 years. The relevant fees have been paid to
MAPEG in order for the licence to be certificated. It is expected
that the licence will be formally granted in due course. The
Salinbas Licence encompasses the "Discovery Outcrop" of the
Salinbas deposit and the JORC Indicated part of the Global Resource
for Salinbas. Consequently it is one of the most important licences
held by the Company over the Project.
Ardala Licence
Forestry Permits
Forestry permits enabling up to 10,000m of drilling were granted
by the Ministry of Agriculture and Forestry and have now been
assigned locally to the operating subsidiary Pontid Madencilik San.
ve Tic. Ltd. Site preparation, including road-building for the
purposes of the drilling programme is underway. In addition,
existing roads have been made ready for further drilling in the
trial mining area and the vicinity of the Ardala Porphyry and to
enable access for heavy machinery for the purposes of further trial
mining.
Trial Mining
Further trial mining on the Ardala licence was conducted
recently as part of a programme of work scheduled for 2019 and as
specified to the Turkish Government. Over 10,000 tonnes of
mineralised material has now been extracted from the trial mining
area and stockpiled on site. Rock-chips and channel samples from
the mining area and stockpiles provide average grades of 0.27 g/t
Au, 0.14% Cu and 72 g/t Mo. A recent site inspection by MAPEG
concluded successfully and reported upon accordingly. The Company
expects that the licence will enter its renewal period at MAPEG in
June 2019 in good-standing; renewal of the licence is expected to
occur during the latter part of 2019.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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
James Stearns / Atholl Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Tim Thompson / Felicity Winkles / Harriet arianaresources@yellowjerseypr.com
Jackson
/ Henry Wilkinson
Editors' Note:
About Ariana Resources:
Ariana is an exploration and development company with mining
operations focused on epithermal gold-silver and porphyry
copper-gold deposits in Turkey, the largest gold producing country
in Europe. The Company is developing a portfolio of prospective
licences originally selected on the basis of its in-house
geological and remote-sensing database, which now contain a total
of 1.6 million ounces of gold and other metals (as at end-2017).
Ariana's objective is to cost-effectively add value to its projects
through focused exploration and to develop its operations,
primarily through well-financed joint ventures.
The Company's flagship assets are its Kiziltepe and Tavsan gold
projects which form the Red Rabbit Gold Project. Both contain a
series of prospects, within two prolific mineralised districts in
the Western Anatolian Volcanic and Extensional (WAVE) Province in
western Turkey. This Province hosts the largest operating gold
mines in Turkey and remains highly prospective for new porphyry and
epithermal deposits. These core projects, which are separated by a
distance of 75km, form part of a 50:50 Joint Venture with Proccea
Construction Co. The Kiziltepe Sector of the Red Rabbit Project is
fully-permitted and is currently in production. The total resource
inventory at the Red Rabbit Project and wider project area stands
at c. 605,000 ounces of gold equivalent (as at end-2017). At
Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on
production is payable to Franco-Nevada Corporation. At Tavsan an
NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold
Project, comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million
ounces of gold equivalent. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Panmure Gordon (UK) Limited are broker 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.
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END
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