TIDMAAU
RNS Number : 4908I
Ariana Resources PLC
02 April 2020
2 April 2020
AIM: AAU
KEPEZ RESOURCE DEVELOPMENT UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce the completion of rock-saw channel sampling at Kepez
North ("Kepez"). Kepez is part of the Red Rabbit Joint Venture
("JV") with Proccea Construction Co. and is 50% owned by Ariana
through its shareholding in Zenit Madencilik San. ve Tic. A.S.
("Zenit").
Highlights:
-- New rock-saw channel sampling intercepts confirm earlier results at Kepez, including:
o 14.2m @ 10.77 g/t Au + 93 g/t Ag
o 10.0m @ 11.45 g/t Au + 73 g/t Ag
o 4.0m @ 3.64 g/t Au + 34 g/t Ag
-- Scree sampling grid identifies a larger area of highly
mineralised and broken material at surface, with grab sample
results including:
o 36.37 g/t Au + 247 g/t Ag
o 35.36 g/t Au + 200 g/t Ag
o 27.00 g/t Au + 124 g/t Ag
-- Kepez is being integrated into the 2020 resource estimation
for Kiziltepe and is being assessed in conjunction with associated
pit optimisation studies.
-- New drill programme has been planned to further test the
Kepez resource area and forestry submissions are underway.
Dr. Kerim Sener, Managing Director, commented:
"This additional work at Kepez was required in order to confirm
our resource estimation at this important, high-grade satellite for
the Kiziltepe processing plant. The in-situ grades and the widths
of mineralisation reported add significant confidence to earlier
work and will result in a more robust mineral resource estimate. We
envisage this area being developed as a series of shallow open-pits
producing ore which will be trucked approximately 14km to the
Kiziltepe plant for processing."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Sampling Programme
Since late 2019, the Ariana exploration team has been working
with Zenit to re-evaluate and expand upon historic data collected
over the Kepez area. The work undertaken was designed to; 1)
confirm results of historic high-grade grid sampling from the
western flank of the Kepez North Vein (see announcement, 13 May
2009) and to extend this sampling beyond the earlier grid to
close-off and fully define the anomaly; 2) re-sample historically
reported channel-chip samples (see announcement, 2 Feb 2006), using
the rock-saw method and updated industry sampling procedures; 3)
revise the geological model based on the latest results, newly
acquired drone photogrammetry, recent geological mapping and
earlier drilling; 4) complete a revised resource estimation and pit
optimisation study, and; 5) submit forestry permits for a resource
development drilling programme.
During February 2020, the exploration team collected a total of
160 grab samples on a 10m x 10m grid covering approximately
13,500m(2) on the western flank of the Kepez North Vein (Figure 1).
The grid was designed to overlie and extend beyond the earlier
sampling grid by approximately 7,200m(2) . Sample points on the new
grid were located using differential GPS. Quartz samples were
selected randomly from broken scree material within a 1m radius of
each surveyed point. The mappable density of quartz float was
recorded at each location to aid geological modelling for the next
phase of resource work.
The objective of the new sampling grid was to confirm and add
confidence to significant historic results, in addition to
extending the data beyond the current grid to close-off the
footprint of the mineralised scree material. Results from this
latest phase of work provided excellent correlations with the
historic data. Exceptional results up to 36.37g/t Au + 247g/t Ag,
35.36 g/t Au + 200 g/t Ag and 27.00 g/t Au + 124 g/t Ag were
obtained. A total of 22 samples exceeded 10 g/t Au and a further 11
samples exceeded 20 g/t Au. The average grade for all 160 samples
within the 90m x 150m survey grid was 6.09 g/t Au + 49.40 g/t Ag,
which is consistent with the earlier sampling. These results
highlight the resource potential of the mineralised scree on the
western flank of the Kepez North Vein. Future drilling aims to
evaluate the depth extent of this scree and forestry permits are
being prepared accordingly.
By early March 2020, the exploration team proceeded to re-test
historical channel chip-sample lines extracted from quartz vein
outcrops at Kepez North. This re-sampling work was repeated to; 1)
confirm historically reported in-situ grades, and; 2) extract
samples in a suitable manner, with the use of a petrol-powered
dual-bladed diamond saw, effectively mimicking the quality of
diamond drilling across the vein, which could then be used to
provide additional surface data for resource estimation. A total of
eight rock-saw channel lines were completed in the footprint of the
sample grid referred to above, returning results including:
o Channel 5: 14.2m @ 10.77g/t Au + 92.92g/t Ag
o Channel 6: 10.0m @ 11.45g/t Au + 72.80g/t Ag
o Channel 8: 4.0m @ 3.64g/t Au + 33.5g/t Ag
http://www.rns-pdf.londonstockexchange.com/rns/4908I_1-2020-4-1.pdf
Figure 1: Map of the Kepez North area, showing the sampling
grids and recent results, including the results of the rock-saw
channel samples (e.g. CH5), referred to in the text.
Kepez North
T he Kepez North prospect is situated 14km haulage distance from
the Kiziltepe processing plant. The prospect contains 2.5 km of
dominantly north-trending and bifurcating low-sulphidation style
vein outcrop over a series of ridges near the village of Kepez. The
Kepez North main outcrop vein is approximately 600m long and up to
20m wide. It is positioned at the contact between dacitic
pyroclastic and ophiolitic rocks and dips at 50(o) to the west. The
majority of the gold mineralisation in this vein occurs in a matrix
supported hydrothermal quartz breccia which occurs in a limited
zone of approximately 100m along strike. The mineralisation is
silver rich with some veins showing a Ag:Au ratio of between 4:1
and 8:1. In places, a pyrite content of up to 40% is observed but
is typically 1 to 5%. Mineralised scree from old workings along the
Kepez Main hanging wall (containing average grades of approximately
7g/t Au + 65g/t Ag) has been defined. A JORC Indicated Resource of
60,000t @ 4.61g/t Au + 34.7 g/t Ag is located in this area.
Sampling and Assaying Procedures
All samples taken during the Kepez resource development
programme were assayed at the Kiziltepe mine laboratory using a 30g
fire assay. Samples were analysed in line with normal operating
procedures for grade control analysis conducted for the Kiziltepe
open pit. The addition of blanks, standards, and duplicates were
routinely included in the sample batches as part of Ariana's
sampling procedures in adherence to the JORC Code. Duplicate
samples were analysed from coarse rejects within the Zenit
laboratory. Quality control checks have determined that blanks and
standards passed and duplicate samples showed good correlations.
Laboratory sample preparation, assaying procedures, and chain of
custody are appropriately controlled. The Company maintains an
archive of photographic records for all channel locations for
future reference.
A total of 91 rock-sawed samples for 157.7m were extracted from
16 outcrop locations across a 450m strike extension of the Kepez
North vein system. Samples were typically composited on 1-2m
intercepts, with an average composite length over all channels of
1.7m. Samples extracted during the rock-saw programme were sampled
in accordance with Ariana's drilling protocols and QA/QC
procedures.
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
Atholl Tweedie / James Stearns
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
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 operating in Europe. It has interests in gold production in
Turkey and copper-gold assets in Cyprus. The Company is developing
a portfolio of prospective licences in Turkey, which contain a
total of 1.6 million ounces of gold and other metals (as at
end-2017).
The Red Rabbit Project is comprised of the Company's flagship
assets, the Kiziltepe and Tavsan gold projects, and is part of a
50:50 Joint Venture with Proccea Construction Co. Both assets are
located in western Turkey, which hosts some of the largest
operating gold mines in the country and remains highly prospective
for new porphyry and epithermal deposits. The Kiziltepe Sector of
the Red Rabbit Project is fully permitted and is currently in
production. The total resource inventory at the Project and its
wider area is 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.
The 100% owned Salinbas Gold Project is located in north-eastern
Turkey and has a total resource inventory of c. 1 million ounces of
gold equivalent. The project comprises three notable licence areas:
Salinbas, Ardala and Hizarliyayla, all of which are located within
a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor"
contains several significant gold-copper projects including the
4Moz Hot Maden project, which lies 16km to the south of Salinbas
and 7km south of Hizarliyayla. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation on the Salinbas
Gold Project.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus"). Venus is focused on the exploration and development
of copper-gold assets in Cyprus.
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 .
Glossary of Technical Terms:
"Ag" the chemical symbol for silver;
"Au" the chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"m" Metres;
"oz" Troy Ounces. One Troy Ounce is equal to 31.1035 grams;
Ends.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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