TIDMAAU
RNS Number : 3053S
Ariana Resources PLC
15 November 2021
15 November 2021
AIM: AAU
DRILLING COMMENCES AT SALINBAS AND TAVSAN
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with interests in gold
mining operations in Europe , is pleased to announce the
commencement of drilling programmes at Salinbas and Tavsan. These
projects are part of the Zenit Madencilik San. ve Tic. A.S.
("Zenit") Joint Venture ("JV") with Proccea Construction Co. and
Ozaltin Holding A.S. and are 23.5% owned by Ariana.
Highlights:
-- Commencement of diamond drilling programme at the Salinbas Project.
-- Imminent start-up of diamond drilling programme at the Tavsan Project.
-- Over 2,300m of resource and exploration drilling planned at
Salinbas to increase confidence in resource and extend the
peripheries of the current model.
-- Over 2,000m of resource drilling planned at Tavsan prior to commencement of mining.
-- Kiziltepe Sector drilling programme has concluded following
the completion of over 15,000m, representing the most significant
single programme conducted to date.
Dr. Kerim Sener, Managing Director, commented:
"We are delighted to be commencing our drilling programmes at
Salinbas and Tavsan. These programmes were repeatedly delayed
through this year, largely as a result of COVID-19-induced
limitations on both our teams and on the drilling companies. Up
until one month ago, we had expected an RC programme to commence,
but even this had to be cancelled and we have now opted to
undertake diamond drilling across both projects. A mid-winter
programme presents some challenges, but as we will now be
proceeding with diamond drilling this also provides some
advantages. We are now looking forward to seeing the results of
these new programmes and wish the teams involved much success."
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
The drilling programmes at Salinbas and Tavsan are commencing
following completion of the Kiziltepe Sector drilling programme of
over 15,000m which started in December 2020. As with the Kiziltepe
drilling, the activities of the JV team will be supported by the
Ariana exploration team during the course of the drilling
programmes at Salinbas and Tavsan. Both teams have now mobilised to
their respective sites.
Salinbas
Diamond drilling (HQ, with top of hole in PQ due to thick
colluvium layer) has commenced at the Salinbas Project, located in
north-eastern Turkey within the multi-million ounce Artvin
Goldfield. The 4,000m programme has begun with the Phase 1 drilling
(Figure 1) which is comprised of holes located exclusively on
private land. Phase 1 of the programme, consisting of 2,320m across
16 holes, aims to increase confidence in the resource by means of
infill drilling. Some exploratory holes have also been planned to
target the periphery of the current model, to potentially expand
the resource. Later phases of the programme will focus on
exploration targets, some of which require forestry permits, for
which applications have been made. Additional holes will be added
to this drilling programme as twin holes to provide material for
metallurgical test work.
A drilling programme in 2019 completed a total of 2,210m on the
Salinbas Project which improved the understanding of the
relationship between the Salinbas-style of mineralisation and the
Ardala Porphyry Complex (see new release 11 July 2019). To date,
21,277.60 m of drilling has been completed across 134 holes at the
Salinbas Project. These previous drilling programmes helped to
define the current JORC Measured, Indicated and Inferred Resource
of 1.5 million ounces of gold (see news release 30 July 2020) split
between the high-grade Salinbas Deposit and the lower-grade,
high-tonnage Ardala Porphyry Complex.
http://www.rns-pdf.londonstockexchange.com/rns/3053S_1-2021-11-14.pdf
Figure 1: Map showing planned drillhole collar locations for the
Phase 1 Salinbas resource drilling programme.
Tavsan
Diamond drilling (HQ) is planned to start at the Tavsan Project
before the end of the month, with 85 holes planned for a total of
over 2,000m of drilling (Figure 2). Opportunities for resource
expansion at Tavsan have been demonstrated and thus the aim of this
programme is primarily infill and resource step-out drilling, with
some additional exploration holes.
The majority of the drilling at Tavsan was completed prior to
2005. To date, 5,879m of drilling has been completed at Tavsan
across 171 holes (max. depth 159m, avg. 34m, min. 7m). Based on
this drilling, the Tavsan Project has a current JORC Measured,
Indicated and Inferred Resource of 253,000 ounces gold and 0.7
million ounces silver (as at June 2020).
The EIA permit for the Tavsan Project to be developed as a gold
and silver mine, targeting production of up to 30,000oz of gold per
year over 8 years, was approved recently (see news release 14
October 2021). Zenit is managing the development of the Tavsan
Mine, with construction to commence following the receipt of final
permits, including those for construction, health and safety, and
forestry, among others, and with production expected to commence
within 12 months after the initiation of construction.
http://www.rns-pdf.londonstockexchange.com/rns/3053S_1-2021-11-14.pdf
Figure 2: Map showing planned drillhole collar locations for the
Tavsan Project.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
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
John Prior / Hugh Rich / Atholl
Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 7951 402 336
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 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. 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 July 2020). Operations comprise 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 227,000 ounces gold and 3.7 million ounces silver (as at April
2020). The mine has been in profitable 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 Project is located in western Turkey and
contains a JORC Measured, Indicated and Inferred Resource of
253,000 ounces gold and 0.7 million ounces silver (as at June
2020). The project is being progressed through permitting and an
Environmental Impact Assessment, with the intention of developing
the site to become the second gold mining operation. 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 Goldfield, which contains the "Hot Gold
Corridor" comprising several significant 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 is currently earning-in to 75% of Western Tethyan
Resources Ltd ("WTR"), which operates across 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.
Ariana owns 50% 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 Inferred Resource of
9.5Mt @ 0.65% copper (excluding additional gold, silver and
zinc).
Ariana operates its wholly-owned Asgard Metals Fund ("Asgard"),
as part of the Company's proprietary Project Catalyst Strategy. The
Fund will be 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.
Panmure Gordon (UK) Limited is broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser and
Broker.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"EIA" Environmental Impact Assessment;
"JORC" the Joint Ore Reserves Committee;
"m" Metres
Ends.
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