TIDMAAU

RNS Number : 1920U

Ariana Resources PLC

01 December 2021

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1 December 2021

AIM: AAU

APLIKI PROJECT REVISED MINERAL RESOURCE ESTIMATE

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 a Mineral Resource Estimate ("MRE") for the Apliki Project for which Venus Minerals Ltd ("Venus") has entered into a Heads of Terms for a 50:50 JV agreement with Hellenic Copper Mines Ltd ("HCM"). Venus is focused on the exploration and development of copper and gold assets in Cyprus and is 50% owned by Ariana.

Highlights:

-- JORC 2012 MRE updated internally by Ariana and Venus using due-diligence and historical drilling data.

-- Total Indicated and Inferred Resource of c. 11 Mt at a grade of 0.25 to 0.69% Cu across the Apliki Project.

-- Inclusive of 800,000t @ 0.34% Cu of Probable Reserves in the Apliki Stockpiles as defined by HCM and verified by Venus.

   --    Processing plant currently undergoing due diligence and pre-installation checks. 

-- Joint UK and Cypriot partnership designed to unlock the value of such copper mining opportunities in Cyprus.

Dr. Kerim Sener, Managing Director, commented:

"This MRE represents an important part of the ongoing due diligence of the Apliki Copper Project in Cyprus by Venus Minerals.

"Following the positive results of the due diligence drilling, which was announced in early November, we have now integrated these new data with the historical drilling to produce a more robust and independently assessed resource.

"Apliki represents a significant European opportunity for the production of high-purity cathode copper using a tried-and-tested hydrometallurgical processing route with a low environmental impact. Beyond the resource areas identified here, there are clearly areas of potential resource upside, particularly in the Apliki Mine area and specifically its related stockpiles. Further work by the Venus team will be undertaken in these areas in order to continue building on the Resources and Reserves.

"In addition, Venus has engaged consultants to assess the condition and capacity of the processing plant which is on standby for re-installation at the Apliki site. Based on an initial review it is clear that some additional processing upside exists, which will complement any growth in the resource base."

* Further information about Venus Minerals and its projects is available on the Company's website, www.venusminerals.co .

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

Between June and October 2021, Ariana worked alongside Venus to assess the Hellenic Copper Mines (HCM)-owned Apliki Project in the northern Troodos region of Cyprus. This work included the planning and completion of three due-diligence diamond drill holes, and a full MRE of all near-term resources held within the Apliki tenements. The positive results of the due-diligence drilling were announced on 8 November 2021. This subsequent announcement outlines the results of the MRE and reflects the progress of the Venus team on the Joint Venture opportunity with HCM.

The Apliki Project is located in the western part of the Solea Graben, which is interpreted as a tectonic feature hosting some of the largest massive sulphide deposits in Cyprus. Mineralisation occurring at West Apliki and the Apliki Mine is controlled by a primary north-northeast trending normal fault. While independent structures control the mineralisation locally within the separate deposit areas, it appears that the highest grades of copper occur on the hanging wall side of this normal fault, with lower-grade mineralisation occurring on the footwall side.

Mineralisation at Apliki is characterised as a classic Volcanic Massive Sulphide (VMS) system. However, ME-ICP multi-element analysis of the 2021 due-diligence drilling determined that Apliki does not contain associated gold, zinc or lead as with several other VMS related projects within Cyprus. The mineralogical characteristics of the ore at West Apliki comprise secondary copper minerals (including chalcocite, covellite, delafossite, chrysocolla) at higher levels, and occurrence of chalcopyrite at depth, which is also seen in association with secondary minerals. In the Apliki Mine area the mineralisation is dominantly chalcopyrite with some associated secondary minerals.

The HCM database provided contains 245 drill holes, totalling 24,154.45 meters. All holes are spread over three main areas (Apliki Mine, West Apliki and the Apliki Stockpiles). The MRE summary presented here provides an estimate of the resources contained across the entire Apliki project area, which includes the Apliki Stockpiles (where sufficient data are provided), the Apliki Mine and its remaining in-situ resources, and the West Apliki area.

Mining of the Apliki Mine started in the 1960s by Cyprus Mines Corporation and ended prematurely following the events of 1974. To date, some high-grade resources remain in-situ below and on the north-east periphery of the main open pit. Low-grade material excavated during the development of the Apliki Mine open-pit was stockpiled separately and now represents an important resource for hydrometallurgical exploitation. In recent years, 300,000 tonnes of oxide ore were excavated from the stockpiles, trucked and processed at the Skouriotissa solvent-extraction and electrowinning plant (SX-EW); the same plant will be relocated to Apliki as part of the Joint Venture. The Apliki Stockpiles have been reviewed in detail, and are classified as reserves by HCM, based on their survey, trenching, drilling and recent processing activities.

Further potential for other in-situ mineralisation and stockpiles (highlighted in Figure 1), will remain a significant near-future target for additional resources beyond this MRE.

http://www.rns-pdf.londonstockexchange.com/rns/1920U_1-2021-12-1.pdf

Figure 1: Plan view of the Apliki Project, showing the due-diligence drill collar positions and historical collars. All Apliki MRE domains are highlighted in red. Areas with further potential, which require follow-up work are outlined in dashed purple.

West Apliki

The West Apliki area contains secondary copper mineralisation conducive to heap leaching and hydrometallurgical recovery processes. As a primary objective of the detailed project evaluation of Apliki, Venus completed due-diligence diamond drilling in the West Apliki area. Results for this programme were announced on the 8 November 2021, and included the following significant intersections:

   --    VMD006 44.5m @ 0.77% Cu from 51.5 m, 

o including 8 m @ 1.40% Cu

   --    VMD007 28.0m @ 0.86% Cu from 16.0 m 

o including 6 m @ 1.59% Cu

   --    VMD008 23.0m @ 0.39% Cu from 34.0 m 

West Apliki is defined by 96 historic churn, rotary wet and rotary air drill holes totalling 13,435.49 meters (1968-2011) at an average depth of 140 m (min. 25m, max 355 m), and 3 due diligence diamond holes totalling 383.8 meters (2021). All historic holes were drilled vertically with an average collar spacing of approximately 38 m, based on 38 collar-to-collar measurements (min=2.35 m, max=69.18 m).

Apliki Mine

The Apliki Mine is defined by 100 historic holes totalling 9,902.24 meters (1968-2011) at an average depth of 96m (min. 3m, max. 457m). The remaining resources of immediate interest occur at the base of the historical pit, where approximately 340,000 cubic meters of moderate (0.5% Cu) to high grade (>1% Cu) mineralisation still remain. While much of this remaining mineralisation is dominated by sulphide phases and is hence unlikely to be amenable to the proposed extraction route, there is some evidence of secondary sulphides at higher levels and particularly to the north of the Apliki pit. Additionally, there is further potential to expand the Apliki Mine resource to the north and east of the current open pit walls, however, further work is required to determine the full extent and nature of such remaining resources, which will be a significant priority for future Venus exploration.

Apliki Stockpiles

The Apliki Stockpiles contain significant amounts of low-grade ore amenable for immediate hydrometallurgical processing. Multiple sampling programmes in various forms have been completed by HCM to define an understanding of grade continuity and variability within the stockpiles. The most significant of these programmes includes 1,117m of churn drilling across 49 holes (average depth 22m), which led to HCM's classification of the remaining stockpiles (where tested) as reserves. Venus's independent verification has confirmed this classification and the estimated tonnages and grades. Significant additional potential exists in untested stockpiles to the far north east of the Apliki Mine open pit (Figure 1) representing a future development opportunity for Venus.

MRE

The MRE is based on a detailed review by Ariana and Venus of all available drill data acquired between 1968-2011, as well as three due-diligence drillholes drilled in 2021. These data comprise churn, rotary wet, rotary air and diamond drill holes for a total of 24,538 meters of drilling (all historic holes and the 2021 due diligence drilling), and covers all major areas of the Apliki project (West Apliki, Apliki Mine and Apliki Stockpiles). The use of modern software with improved estimation methods and statistical analysis enables the calculation of a MRE with sufficient confidence to be classified as Indicated and Inferred. However, the drill hole spacing density for the project is generally appropriate to support higher classification of resources in some areas, but this will require more confirmatory drilling to validate and increase confidence in the historic data. JORC Table 1 for Apliki provides more detail on sampling techniques and data used in this estimation.

Estimation Methodology

Ariana completed the geological modelling of all mineralised zones at Apliki in Leapfrog Geo 6.0.5 (see JORC Table 1, Appendix 1). Four mineralisation domains were modelled from sectional interpretations and associated interpolation, representing the most current geological data and understanding. The MRE is separated into three main areas: 1) West Apliki, 2) Apliki Mine, and 3) Apliki Stockpiles (Figure 2).

http://www.rns-pdf.londonstockexchange.com/rns/1920U_1-2021-12-1.pdf

Figure 2: 2021 MRE block model domains of all major Apliki mineralisation areas.

West Apliki contains a large part of the mineralisation within the MRE and is exposed locally at surface, extending to a vertical depth of approximately 150m. The grade through West Apliki is fairly homogeneous (0.2%-1.0% Cu) with occasional narrow high-grade zones containing 1-3% Cu. Overall, it was not considered necessary to sub-domain the higher-grade copper zones at this stage. On the eastern flank of West Apliki lies a smaller resource area comprising lower grades (0.1-0.7% Cu). Mineralisation is more widely exposed at surface and extending to a vertical depth of approximately 120m.

Apliki Mine contains significant grades of copper (>0.5%) however, historical mining has depleted much of the resource. Only the material below the historical pit floor remains, which includes a significant intercept of 33.1m @ 1.38% Cu, representing some residual high-grade sulphide ore. The Apliki Stockpiles were defined by DGPS topography data of the stockpile area compared to the previous topographic surface, which provided an accurate volume of stockpiled material. The final domain used in this MRE was further restricted to only the areas tested by HCM's trenching and drill hole sampling. No volumes were included in the resource estimate for areas not sampled. Grades within the remaining stockpiles range from 0.10-0.76% Cu, with an average grade of 0.2% Cu. HCM have defined approximately 800,000t @ 0.34% Cu in Probable Reserves and Venus estimates a further 1.7Mt of Inferred resources in stockpiles.

Interpolation and wireframe modelling of the mineralised zones in Leapfrog EDGE was completed using a 0.1% Cu modelling cut-off grade (CoG), for all domains. Higher-grade mineralisation was not sub-domained, as it was not deemed necessary to do so. All models created were based upon interval selections that referenced the copper grades, lithological descriptions and structural interpretation, where appropriate. Where continuity was not established between sections, the strike extrapolation was limited both manually (wireframes) and statistically (interpolations). The continuity of the various structures is reflected in the MRE classification.

A specific gravity of 2.4g/cm(3) was applied to the deposit as a whole. Further work is required to more appropriately define density variations through the deposit. Previous studies completed by Ariana for other deposits in the area utilised sulphur assays to simulate pyrite intensity and create a density model. However, the historic data for Apliki only contains copper values, and mostly represents oxide mineralisation. Based on HCM's own internal work, they have defined 2.4g/cm(3) to be the average density of most remaining mineralisation encountered at Apliki.

Compositing was completed in Leapfrog EDGE using a 1m best-fit routine with a hard domain boundary. This composite length was increased to 3m for the estimation of Apliki Mine resources. General mineralisation trends and continuity were identified within Leapfrog Geo by use of trend planes and their associated attributes. Variography analysis was not completed but is recommended in future work to: 1) verify the current mineralisation orientations and trends, and 2) to identify potentially more accurate mineralisation trends.

A top-cut was not deemed necessary for Apliki Mine as the high grades have been confirmed by historical production. Based on the reporting of twin hole studies completed by HCM and peak grades associated with the due diligence drilling, a top-cut of 3% Cu was applied to all search passes within the West Apliki domains. This was primarily to minimise high-grade smearing into the block model as a result of historic holes (900 series drilling) overstating copper grades (up to 5.76% Cu), which could not be verified by either HCM or the due-diligence drilling. Such areas generally returned check results of 2-3% Cu for these higher-grade zones.

A non-rotated regular block model was established for West Apliki, Apliki Mine and the Apliki Stockpiles (Figure 3). Block sizes were determined by drill spacing within the dataset and wireframe geometry. The optimal block sizes used within the block-model were 10m x 10m x 3m (X, Y, Z). This is the same block size as used by the HCM team in their internal estimations. Grades for the block models were estimated using Inverse Distance Weighted Squared (ID2), adopting a multi-pass methodology.

http://www.rns-pdf.londonstockexchange.com/rns/1920U_1-2021-12-1.pdf

Figure 3: Cross section with a wide (500m) swathe to highlight all the 2021 MRE Apliki block models as illustrated.

Geochemical data for Apliki, with the exception of the three 2021 drill holes at West Apliki, only contain copper values. Therefore, only copper was estimated for the defined extents of the deposit. Multi-element data that does exist, suggests that other trace metals within the West Apliki area would not be economic.

Resource Classification

The MRE is classified in accordance with the JORC Code (2012) as Indicated and Inferred resources only (Table 1). The Apliki Mine and West Apliki deposits have sufficient subsurface geological and geochemical data for the resource to be classified with higher confidence as Measured or Indicated. However, such a classification is currently limited by the historic nature of the majority of the drilling database and these data cannot be audited, as no reference samples have been archived. Further validation will be required for an upgrade in classification, using twin-holes where necessary.

The MRE for the Project uses a reporting cut-off of 0.2% Cu for Apliki Mine and West Apliki and demonstrates that there are reasonable prospects for eventual economic extraction (Table 1). Confidence in the MRE is sufficient to allow the results to be used in further technical and economic studies. Additional confidence in the data obtained from historic drilling is required in order to advance further understanding of the Project.

Due-diligence drilling provides greater confidence across parts of the West Apliki deposit, and in such areas the resources have been classified as Indicated. However, all remaining resources have been classified as Inferred until further drilling work is completed. As well as significant classification upgrades, there is potential for an increase in resource tonnage with further drilling.

The styles of mineralisation have been identified, the controls on mineralisation are sufficiently understood and measurements and sampling completed to a reasonable degree of confidence for the mineralisation present.

Table 1: Summary of 2021 Apliki MRE, in accordance with JORC 2012, based on 248 drill holes (24,538m) across the Apliki Sector (29 October 2021). Reporting is based on 0.2% Cu cut-off grade for in-situ domains, and 0.15% Cu for stockpile resources. Figures in the table may not sum precisely due to rounding.

 
     RESOURCES        Classification      Reporting        Volume     Density       Mass      Cu      Cu 
                                         cut-off grade 
                     ----------------  ---------------  ----------  ----------  ----------  -----  ------- 
                                            (% Cu)        (m(3))     (g/cm(3))      (t)      (%)     (t) 
                     ----------------  ---------------  ----------  ----------  ----------  -----  ------- 
 West Apliki          Indicated              0.20        1,688,100     2.40      4,051,400   0.39   15,630 
-------------------  ----------------  ---------------  ----------  ----------  ----------  -----  ------- 
  Inferred                                   0.20        1,479,900     2.40      3,551,800   0.29   10,300 
 ------------------------------------  ---------------  ----------  ----------  ----------  -----  ------- 
 Apliki Mine          Inferred               0.20         339,300      2.40       814,300    0.69   5,600 
-------------------  ----------------  ---------------  ----------  ----------  ----------  -----  ------- 
 Apliki Stockpiles    Inferred               0.15         722,100      2.40      1,733,000   0.25   4,380 
-------------------  ----------------  ---------------  ----------  ----------  ----------  -----  ------- 
 

The Apliki stockpiles have been surveyed by DGPS to calculate the potential tonnages available for processing. Trenching and drilling have been completed to use in grade estimations for the stockpiles. HCM have classified these stockpiles as reserves and the numbers have been confirmed by Venus's internal estimates (Table 2). These reserves are reported at a lower cut-off grade than the in-situ resources due to their lower associated mining costs.

Table 2: Probable Reserves for stockpiles at Apliki Mine with reporting cut-off of 0.15% Cu. These Reserves are not included in the Resources stated in Table 1. Figures in the table may not sum precisely due to rounding.

 
      RESERVES        Reporting   Volume     Density     Mass      Cu     Cu 
                       cut-off 
                        grade 
                     ----------  --------  ----------  --------  -----  ------ 
                        % Cu      (m(3))    (g/cm(3))     (t)     (%)     (t) 
                     ----------  --------  ----------  --------  -----  ------ 
 Apliki Stockpiles      0.15      332,700     2.40      800,000   0.34   2,500 
-------------------  ----------  --------  ----------  --------  -----  ------ 
 

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) 20 3004 
                                            9512 
 Dominic Barretto / Henry Wilkinson        arianaresources@yellowjerseypr.com 
  / Matthew McHale 
 

Editors' Note:

The MRE was prepared by Zack van Coller BSc (Hons), Special Projects Geologist, Ariana Resources plc. Mr. van Coller is a Competent Person as defined by the JORC Code, 2012 Edition. The estimate was reviewed internally by Ruth Bektas BSc (Hons) CGeol EurGeol, Projects Analyst, Ariana Resources plc. Miss Bektas is a Competent Person as defined by the JORC Code, 2012 Edition. The results are reported in accordance with the JORC Code, under the direction of Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc, and a Competent Person as defined by the JORC Code. Mr. van Coller and Dr. Sener have reviewed the technical and scientific information in this press release relating to the Mineral Resource estimates and approve the use of the information contained herein.

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 July 2020). 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 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 joint venture 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 owns 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:

" Cu " chemical symbol for copper ;

"JORC" the Joint Ore Reserves Committee;

"m" Metres;

"MRE" Mineral Resource Estimate

Ends.

JORC Code, 2012 Edition - Table 1

West Apliki (WA) and Apliki Mine (AM), Cyprus

(data as at Oct 2021, MRE reported Nov 2021)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 Criteria       JORC Code explanation                                         Commentary 
 Sampling 
  techniques     *    Nature and quality of sampling (eg cut channels,               *    Drilling for 24,538 meters of drilling was used to 
                      random chips, or specific specialised industry                      delineate areas of mineralisation. 
                      standard measurement tools appropriate to the 
                      minerals under investigation, such as down hole gamma 
                      sondes, or handheld XRF instruments, etc). These               *    Mineralised zones were defined on the basis of 
                      examples should not be taken as limiting the broad                  sulphide percentage following visual inspection. 
                      meaning of sampling. 
 
                                                                                     *    Percussion chips in mineralised zones were collected 
                 *    Include reference to measures taken to ensure sample                at 1m intervals. Samples were split on the drill site 
                      representivity and the appropriate calibration of any               using a 2-tier riffle splitter to a sub-sample of 
                      measurement tools or systems used.                                  approximately 3-5kg. Samples were transferred to the 
                                                                                          Mitsero processing plant, where they were sun- or 
                                                                                          oven-dried before being sub-sampled to 250g, then 
                 *    Aspects of the determination of mineralisation that                 pulverised and then sent to the Nicosia Chemical 
                      are Material to the Public Report.                                  Laboratories, for wet chemical analysis for base 
                                                                                          metals and sulphur. 
 
                 *    In cases where 'industry standard' work has been done 
                      this would be relatively simple (eg 'reverse                   *    Historical CMC sampling between 1930 to 1970s were 
                      circulation drilling was used to obtain 1 m samples                 analysed at the Xeros processing plant laboratory. No 
                      from which 3 kg was pulverised to produce a 30 g                    data is currently available of the historical methods 
                      charge for fire assay'). In other cases more                        or procedures. 
                      explanation may be required, such as where there is 
                      coarse gold that has inherent sampling problems. 
                      Unusual commodities or mineralisation types (eg                *    Percussion samples were typically split to form 
                      submarine nodules) may warrant disclosure of detailed               composite samples ranging from 1m to a maximum of 
                      information.                                                        10m.No drill core or chips sample archives exist. 
 
 
                                                                                     *    Drilling runs void of mineralisation was not a 
                                                                                          priority for the company and therefore not all drill 
                                                                                          holes/drill runs have been sampled once 
                                                                                          mineralisation controls were established. 
 
 
                                                                                     *    Portable handheld XRF analysis has been used on all 
                                                                                          modern diamond drilling for initial identification of 
                                                                                          mineralised zones. PQ and HQ core is cut by diamond 
                                                                                          saw. Quarter core was sent to ALS in Ireland for fire 
                                                                                          assay for gold and ME-ICP analysis for other 
                                                                                          elements. Remaining core is archived and/or used for 
                                                                                          further geological studies. 
 Drilling 
  techniques      *    Drill type (eg core, reverse circulation, open-hole           *    In total 24,538m of drilling for 248 drill holes has 
                       hammer, rotary air blast, auger, Bangka, sonic, etc)               been completed across the Apliki Projects. 
                       and details (eg core diameter, triple or standard 
                       tube, depth of diamond tails, face-sampling bit or 
                       other type, whether core is oriented and if so, by           o Apliki Mine: 9,902.24m (100 holes), Min. 3m, Mx. 457m, Avg. 96m. 
                       what method, etc).                                           o West Apliki: 13,435.49m (96 holes), Min. 25m, Max. 355m, Avg. 140m. 
                                                                                    o Apliki Stockpiles: 1,117m (49 holes), Min. 6m, Max. 58m, Avg. 22m. 
                                                                                     *    To date, there have only been 3 diamond drill holes 
                                                                                          (for DD) completed on the Project. 
 
 
                                                                                     *    All other drilling to date on the project consists of 
                                                                                          wireline, rotary open hole percussion and Schramm T64 
                                                                                          drilling. 
 
 
                                                                                     *    All drilling to date on West Apliki was initiated 
                                                                                          from 1968 and all completed by Venus Minerals (VMS), 
                                                                                          Hellenic Copper Mines (HCM), Hellenic Mining Company 
                                                                                          (mother company of HCM) (EME), Cyprus Mining 
                                                                                          Corporation (CMC) (see table below). 
 
                                                                                      Drill     Meters    Number    Type       Year        Drilled    Archived      QA/QC 
                                                                                      Series                of                                by      material   procedures 
                                                                                                           holes 
                                                                                     900       5,845.96     29       RC        1968          CMC         No      Not noted 
                                                                                              ---------  --------  -----  -------------  ----------  ---------  ------------ 
                                                                                     WA        5,164.45     43       RC        1969          CMC         No      Not noted 
                                                                                              ---------  --------  -----  -------------  ----------  ---------  ------------ 
                                                                                     600         323.08      2       RC        1970          CMC         No      Not noted 
                                                                                              ---------  --------  -----  -------------  ----------  ---------  ------------ 
                                                                                     AW        2,102.00     22       RC        2000        HCM (1)       No      Not noted 
                                                                                                                            2011 (AW21)    EME (21) 
                                                                                              ---------  --------  -----  -------------  ----------  ---------  ------------ 
                                                                                                                                                                 QA/QC 
                                                                                                                                                                 insertion 
                                                                                                                                                                 rate of 15% 
                                                                                                                                                                 incl. 
                                                                                                                                                                 coarse, 
                                                                                                                                                                 pulp and 
                                                                                                                                                      Half HQ    field 
                                                                                     VMD         383.80      3      DDH        2021          VMS        core     duplicates. 
                                                                                              ---------  --------  -----  -------------  ----------  ---------  ------------ 
 
                                                                                     *    Drilling of the EME holes was performed with the 
                                                                                          Schramm T64 down-the-hole rig, HCM hole with 
                                                                                          Ingersoll T4 whereas the CMC drilling was mainly 
                                                                                          performed by rotary methods (Failing 1250) for the 
                                                                                          first series (integer hole identifiers) and by 
                                                                                          percussion methods (churn drilling) for the series of 
                                                                                          holes prefixed WA. 
 Drill sample 
  recovery       *    Method of recording and assessing core and chip                *    Drill core recoveries for the diamond DD drilling (3 
                      sample recoveries and results assessed.                             holes) averaged 90%. These were manually calculated 
                                                                                          by measuring the total core recovery against the 
                                                                                          drilling runs noted by the drilling company. 
                 *    Measures taken to maximise sample recovery and ensure 
                      representative nature of the samples. 
                                                                                     *    Recovery for historic holes (CMC data) exists in 
                                                                                          archived hardcopy memoirs. These, to date, have not 
                 *    Whether a relationship exists between sample recovery               been fully reviewed or digitised, and will be a 
                      and grade and whether sample bias may have occurred                 priority for the Venus team in the near future. 
                      due to preferential loss/gain of fine/coarse 
                      material. 
 Logging 
                  *    Whether core and chip samples have been geologically          *    All historic percussion drill holes were geologically 
                       and geotechnically logged to a level of detail to                  logged in the field by use of rinsed chips returned 
                       support appropriate Mineral Resource estimation,                   after every drilled metre. Logs were then drafted 
                       mining studies and metallurgical studies.                          post laboratory analysis to produce detailed hardcopy 
                                                                                          assay lithological logs. 
 
                  *    Whether logging is qualitative or quantitative in 
                       nature. Core (or costean, channel, etc) photography.          *    VMS holes - logged in detail digitally; CMC holes - 
                                                                                          logged in detail in hard-copy; HCM holes - logged 
                                                                                          digitally; EME holes - no logging. 
                  *    The total length and percentage of the relevant 
                       intersections logged. 
                                                                                     *    Logging intervals are based on lithologies. 
 
 
                                                                                     *    Logging is to a standard suitable to support a 
                                                                                          Mineral Resource Estimate. 
 Sub-sampling 
  techniques      *    If core, whether cut or sawn and whether quarter,                   *    For diamond drilling (3 holes): HQ size drill-core 
  and sample           half or all core taken.                                                  samples were cut by a diamond saw into quarter core. 
  preparation                                                                                   Quarter core is sent for analysis in batches in line 
                                                                                                with the Company's quality control procedures, whilst 
                  *    If non-core, whether riffled, tube sampled, rotary                       one quarter is held back for future metallurgical 
                       split, etc and whether sampled wet or dry.                               analysis and the remaining half core is archived. 
 
 
                  *    For all sample types, the nature, quality and                       *    For percussion drilling (145 holes): Samples were 
                       appropriateness of the sample preparation technique.                     prepared on site using a riffle splitter to separate 
                                                                                                half of the material. Samples were sun dried, crushed 
                                                                                                to -12mm, split, dried in oven, pulverised to -300 
                  *    Quality control procedures adopted for all                               mesh before assay. 
                       sub-sampling stages to maximise representivity of 
                       samples. 
                                                                                           *    Drilling completed on the Apliki stockpiles used an 
                                                                                                open hole Churn drilling method. Samples were 
                  *    Measures taken to ensure that the sampling is                            analysed and handled using HCM's own internal 
                       representative of the in situ material collected,                        procedures. 
                       including for instance results for field 
                       duplicate/second-half sampling. 
 
 
                  *    Whether sample sizes are appropriate to the grain 
                       size of the material being sampled. 
 Quality 
  of assay       *    The nature, quality and appropriateness of the                 *    HMC applied a random quality control (QC) programme 
  data and            assaying and laboratory procedures used and whether                 during its historic drilling campaigns, whereby 
  laboratory          the technique is considered partial or total.                       standards and blanks were entered into the sample 
  tests                                                                                   stream erratically and at random. 
 
                 *    For geophysical tools, spectrometers, handheld XRF 
                      instruments, etc, the parameters used in determining           *    No internal reporting of HMC's QA/QC sampling results 
                      the analysis including instrument make and model,                   were available for review. 
                      reading times, calibrations factors applied and their 
                      derivation, etc. 
                                                                                     *    The samples collected by CMC were analysed through 
                                                                                          the electrolysis method (gravimetric methods) at the 
                 *    Nature of quality control procedures adopted (eg                    company's laboratory in Xeros. 
                      standards, blanks, duplicates, external laboratory 
                      checks) and whether acceptable levels of accuracy (ie 
                      lack of bias) and precision have been established.             *    The samples collected by HCM and EME were analysed 
                                                                                          through atomic absorption spectroscopy (AAS) method 
                                                                                          at the company's laboratory in Skouriotissa. 
 
 
                                                                                     *    The diamond drill core was analysed at ALS Laboratory 
                                                                                          Services in Ireland ("ALS Ireland") for gold using a 
                                                                                          50g fire assay (Au-AA23) and ME-ICP41 for copper and 
                                                                                          other elements. 
 Verification 
 of sampling     *    The verification of significant intersections by               *    Diamond drill core samples from Venus Minerals' 2021 
 and assaying         either independent or alternative company personnel.                due diligence drilling was reviewed by CP. Mr. Zack 
                                                                                          van Coller in November 2021. These holes were angled 
                                                                                          holes designed specifically to test multiple 
                 *    The use of twinned holes.                                           high-grade intercepts from historic holes at West 
                                                                                          Apliki. 
 
                 *    Documentation of primary data, data entry procedures, 
                      data verification, data storage (physical and                  *    No representative samples or archived material exists 
                      electronic) protocols.                                              for the historic drill holes. 
 
 
                 *    Discuss any adjustment to assay data.                          *    Logging procedures are sufficient to meet industry 
                                                                                          standards. However, it was not possible to 
                                                                                          comprehensively evaluate historic sampling 
                                                                                          procedures. 
 
 
                                                                                     *    Prior to resource estimation, below detection limit 
                                                                                          assay results are replaced with values of zero. 
 
 
                                                                                     *    Detailed hardcopy archives of all historic 
                                                                                          (1920s-1970s) drilling data are stored at the 
                                                                                          Skouriotissa Mine offices. Data collected post 1970's 
                                                                                          are archived in digital Excel and Access databases at 
                                                                                          the Skouriotissa Mine offices. 
 Location 
  of data        *    Accuracy and quality of surveys used to locate drill           *    Historical collar locations were recorded in local 
  points              holes (collar and down-hole surveys), trenches, mine                Cassini coordinate system, converted graphically to 
                      workings and other locations used in Mineral Resource               UTM European Datum 1950, Zone 36 North. 
                      estimation. 
 
                                                                                     *    No down hole survey of any holes exists due to the 
                 *    Specification of the grid system used.                              vertical drilling of all holes. 
 
 
                 *    Quality and adequacy of topographic control.                   *    The 2021 diamond drill holes were surveyed from 
                                                                                          surface to end of hole using a DeviShot multi-shot 
                                                                                          downhole survey tool. Readings were taken on 25m 
                                                                                          intervals. 
 
 
                                                                                     *    EME and HCM collars have been surveyed by DGPS. 
 
 
                                                                                     *    Shuttle Radar Topography Mission (SRTM) digital 
                                                                                          elevation data was used to constrain the MRE data at 
                                                                                          surface. 
 Data spacing 
 and             *    Data spacing for reporting of Exploration Results.             *    The resource area was typically drilled on a regular 
 distribution                                                                             pattern allowing for an average of 30m spacing 
                                                                                          between collars. 
                 *    Whether the data spacing and distribution is 
                      sufficient to establish the degree of geological and 
                      grade continuity appropriate for the Mineral Resource          *    The West Apliki Project is currently split in to two 
                      and Ore Reserve estimation procedure(s) and                         main related mineralisation areas: WA Main and WA 
                      classifications applied.                                            Small, but reported as a whole. 
 
 
                 *    Whether sample compositing has been applied.                   *    The Apliki Mine Deposit is only the material 
                                                                                          remaining below the historic pit floor. 
 
 
                                                                                     *    Samples were composited using hard boundaries to 1m 
                                                                                          and 3m, respectively for West Apliki and Apliki Mine 
                                                                                          prior to estimation using Leapfrog EDGE software. 
 
 
                                                                                     *    The current data spacing in association with 
                                                                                          geological mapping is sufficient to establish 
                                                                                          geological continuity and grade continuity. 
 Orientation 
 of data         *    Whether the orientation of sampling achieves unbiased          *    The majority of drilling (245 holes) was completed as 
 in relation          sampling of possible structures and the extent to                   vertical holes. The 3 diamond drill holes in 2021 
 to                   which this is known, considering the deposit type.                  were angled at c.50 degrees. The recent drilling 
 geological                                                                               indicated that the WA body may not be as flat lying 
 structure                                                                                as indicated by historic drilling, and may be 
                 *    If the relationship between the drilling orientation                shallowly dipping instead. A structural trend plane 
                      and the orientation of key mineralised structures is                orientated to an azimuth of 068(o) with a 40-degree 
                      considered to have introduced a sampling bias, this                 dip was used to re-model the WA geology. 
                      should be assessed and reported if material. 
 Sample 
  security        *    The measures taken to ensure sample security.                 *    Hellenic Mining Company Ltd. was responsible for 
                                                                                          sample security between the late 1960s and early 
                                                                                          1970s. The precise procedures are not fully known due 
                                                                                          to loss of historic records. 
 
 
                                                                                     *    Samples were historically processed and analysed at 
                                                                                          the Xeros Mine laboratory and at the Nicosia Chemical 
                                                                                          Laboratories, which are no longer operational. 
 Audits 
  or reviews      *    The results of any audits or reviews of sampling              *    Venus Minerals has implemented QA/QC programmes based 
                       techniques and data.                                               on international best practice for the 2021 Due 
                                                                                          Diligence drilling. 
 
 
                                                                                     *    Audits of historic drill samples were not possible. 
=============  ============================================================  =============================================================================================== 
 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 
 Criteria         JORC Code explanation                                            Commentary 
 Mineral 
 tenement           *    Type, reference name/number, location and ownership              *    The Apliki License is owned 100% by Hellenic Copper 
 and land                including agreements or material issues with third                    Mines Ltd. 
 tenure status           parties such as joint ventures, partnerships, 
                         overriding royalties, native title interests, 
                         historical sites, wilderness or national park and                *    Within Cyprus, there is a 1% royalty to the 
                         environmental settings.                                               Government on copper sales once produced. 
 
 
                    *    The security of the tenure held at the time of 
                         reporting along with any known impediments to                    *    There are no known impediments to current operations. 
                         obtaining a licence to operate in the area. 
 Exploration 
  done by other     *    Acknowledgment and appraisal of exploration by other             *    1912 Mining Engineer Charles Godfrey travelled to 
  parties                parties.                                                              Cyprus after reading in ancient books that the island 
                                                                                               was rich in copper and noticing promising ancient 
                                                                                               Roman slag heaps in the area. 
 
 
                                                                                          *    1916 Cyprus Mines Corporation (CMC) was established 
                                                                                               by Seeley W. Mudd and Harvey Seeley Mudd. From 1916 
                                                                                               to the early 1970's CMC was responsible for the 
                                                                                               exploration and discovery of several significant VMS 
                                                                                               copper deposits within Cyprus, including Apliki and 
                                                                                               Apliki West. Drilling contractors and geologists were 
                                                                                               sourced from the USA. 
 
 
                                                                                          *    Initial exploration at Apliki started in 1935 and the 
                                                                                               presence of sulphide mineralization was documented in 
                                                                                               1937 (Bruce, 1947). Mining of the deposit started in 
                                                                                               the 1960s by Cyprus Mines Corporation (CMC) using 
                                                                                               opencut methods and ended in 1974 following the 
                                                                                               events of 1974. 
 
 
                                                                                          *    Up to the cessation of mining in 1974, approximately 
                                                                                               1,650,000 tons with 1.8% Cu and 36% S were mined 
                                                                                               (Adamides, 1982). On the north side of the opencut a 
                                                                                               small amount of low-grade disseminated ore still 
                                                                                               remains, while the southern extensions merge into 
                                                                                               altered ground and are mainly covered by waste rock 
                                                                                               dumps. 
 Geology 
                    *    Deposit type, geological setting and style of                    *    The Apliki copper deposits are concentrations of 
                         mineralisation.                                                       mainly low-grade cupriferous mineralisation developed 
                                                                                               in the basal units of the Pillow Lava Series of the 
                                                                                               Troodos ophiolite with a well-defined subvertical 
                                                                                               N-NE fault playing a major role in controlling the 
                                                                                               mineralisation. The highest grades are concentrated 
                                                                                               on the hanging wall side of the structure, although 
                                                                                               low-grade mineralisation locally persists into the 
                                                                                               footwall side beyond the structure. 
 
 
                                                                                          *    Copper mineralisation at Apliki is associated with 
                                                                                               Volcanic Massive Sulphide (VMS) deposition at or near 
                                                                                               the palaeo-seafloor. ME-ICP multi-element analysis of 
                                                                                               the 2021 DD drilling has revealed that Apliki does 
                                                                                               not contain associated gold, zinc or lead like other 
                                                                                               VMS related projects within Cyprus. 
 
 
                                                                                          *    The mineralogical characteristics of the ore have 
                                                                                               been described in previous work (Adamides, 2001), 
                                                                                               with secondary copper minerals (chalcocite, covellite, 
                                                                                               delafossite, chrysocolla) at higher levels, and 
                                                                                               occurrence of chalcopyrite at depth, also in 
                                                                                               association with secondary minerals. 
 
 
                                                                                          *    The principal copper minerals are bornite, covellite 
                                                                                               and chalcocite resulting from the breakdown of 
                                                                                               chalcopyrite. In the upper levels this replacement is 
                                                                                               almost total. Secondary copper minerals are also 
                                                                                               observed coating pyrite. 
 Drill hole                                                                        *    No new exploration data is included in this report. 
  Information          *    A summary of all information material to the 
                            understanding of the exploration results including a 
                            tabulation of the following information for all 
                            Material drill holes: 
 
 
                      o easting and northing 
                      of the drill hole 
                      collar 
                      o elevation or RL 
                      (Reduced Level - elevation 
                      above sea level in 
                      metres) of the drill 
                      hole collar 
                      o dip and azimuth 
                      of the hole 
                      o down hole length 
                      and interception depth 
                      o hole length. 
                       *    If the exclusion of this information is justified on 
                            the basis that the information is not Material and 
                            this exclusion does not detract from the 
                            understanding of the report, the Competent Person 
                            should clearly explain why this is the case. 
 Data 
 aggregation        *    In reporting Exploration Results, weighting averaging            *    No aggregation has been applied beyond the standard 
 methods                 techniques, maximum and/or minimum grade truncations                  1m sampling interval honouring lithological changes 
                         (eg cutting of high grades) and cut-off grades are                    down to 20 cm. 
                         usually Material and should be stated. 
 
                                                                                          *    No metal equivalent has been applied. Metals are 
                    *    Where aggregate intercepts incorporate short lengths                  reported per metal. 
                         of high grade results and longer lengths of low grade 
                         results, the procedure used for such aggregation 
                         should be stated and some typical examples of such 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated. 
 Relationship 
 between            *    These relationships are particularly important in the            *    All drill-holes within the Apliki Mine and West 
 mineralisation          reporting of Exploration Results.                                     Apliki deposit were advanced vertically. 
 widths and 
 intercept 
 lengths            *    If the geometry of the mineralisation with respect to            *    All intercepts are down-hole, true-width not known. 
                         the drill hole angle is known, its nature should be 
                         reported. 
                                                                                          *    Diamond drilling completed in 2021 was inclined to 
                                                                                               approximately 50 degrees, and was designed to test 
                    *    If it is not known and only the down hole lengths are                 lateral continuity of mineralisation between multiple 
                         reported, there should be a clear statement to this                   intercepts of the vertical historic drilling 
                         effect (eg 'down hole length, true width not known'). 
 Diagrams                                                                           Geological cross-section through the West Apliki Area. 
                    *    Appropriate maps and sections (with scales) and 
                         tabulations of intercepts should be included for any 
                         significant discovery being reported These should 
                         include, but not be limited to a plan view of drill 
                         hole collar locations and appropriate sectional 
                         views. 
 Balanced 
  reporting         *    Where comprehensive reporting of all Exploration                 *    Full balanced reporting of exploration results has 
                         Results is not practicable, representative reporting                  been undertaken and is disclosed within the technical 
                         of both low and high grades and/or widths should be                   reporting supporting this latest 2021 review. 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
 Other 
 substantive        *    Other exploration data, if meaningful and material,              *    Metallurgical test-work: rolling bottle test and 
 exploration             should be reported including (but not limited to):                    column test for Apliki West and Apliki stock 
 data                    geological observations; geophysical survey results;                  completed. 
                         geochemical survey results; bulk samples - size and 
                         method of treatment; metallurgical test results; bulk 
                         density, groundwater, geotechnical and rock 
                         characteristics; potential deleterious or 
                         contaminating substances. 
 Further work 
                    *    The nature and scale of planned further work (eg                            *    Additional work to be completed at Apliki can be 
                         tests for lateral extensions or depth extensions or                              summarised as following: 
                         large-scale step-out drilling). 
 
                                                                                                    o Twin more of the historical drill holes to validate 
                    *    Diagrams clearly highlighting the areas of possible                        the data, 
                         extensions, including the main geological                                  enabling an upgrade in resource classification due to 
                         interpretations and future drilling areas, provided                        increase in 
                         this information is not commercially sensitive.                            confidence. 
                                                                                                    o Surface mapping to confirm the interpretation of a 
                                                                                                    shallowly dipping 
                                                                                                    ore body. 
                                                                                                    o Specific gravity studies to allow a more accurate 
                                                                                                    density to be 
                                                                                                    attributed to the domains at Apliki. 
                                                                                                    o Metallurgical test work for the potential 
                                                                                                    mineralisation beyond 
                                                                                                    the east wall of the Apliki Mine. 
===============  ===============================================================  ======================================================================== 
 

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

 
 Criteria         JORC Code explanation                                         Commentary 
 Database 
 integrity          *    Measures taken to ensure that data has not been               *    Modern laboratory data has been received in digital 
                         corrupted by, for example, transcription or keying                 format and uploaded directly to the database. 
                         errors, between its initial collection and its use 
                         for Mineral Resource estimation purposes. 
                                                                                       *    The database is stored on a server as Excel 
                                                                                            spreadsheets and imported to Geovia Surpac. 
                    *    Data validation procedures used. 
 
                                                                                       *    There are hardcopies of the CMC drilling and ChemLab 
                                                                                            for EME and HCM drilling. 
 Site visits 
                    *    Comment on any site visits undertaken by the                 *    The Competent Person for this project is Zack van 
                         Competent Person and the outcome of those visits.                 Coller BSc, FGS. Mr. van Coller is Ariana Resources' 
                                                                                           Special Projects Geologist and Competent Person as 
                                                                                           defined by the JORC Code. Mr. van Coller last visited 
                    *    If no site visits have been undertaken indicate why               the project in November 2021. 
                         this is the case. 
 
                                                                                      *    The work has been reviewed by Ruth Bektas BSc CGeol 
                                                                                           EurGeol, Ariana Resource's Project Analyst and 
                                                                                           Competent Person as defined by the JORC Code. 
 Geological 
 interpretation    *    Confidence in (or conversely, the uncertainty of )            *    Better correlations across the whole deposit were 
                        the geological interpretation of the mineral deposit.              established for all datasets when remodelling the 
                                                                                           geology as a dipping/plunging body of mineralisation, 
                                                                                           rather than flat lying (as previously modelled). A 
                   *    Nature of the data used and of any assumptions made.               structural trend plane orientated to an azimuth of 
                                                                                           068(o) with a 40-degree dip was used to re-model the 
                                                                                           WA geology, which resulted in overall better grade 
                   *    The effect, if any, of alternative interpretations on              correlations of various high- and low-grade 
                        Mineral Resource estimation.                                       intercepts across the deposit. 
 
 
                   *    The use of geology in guiding and controlling Mineral         *    Additional drilling and surface mapping is required 
                        Resource estimation.                                               to add more detail and confirm this model. 
 
 
                   *    The factors affecting continuity both of grade and            *    Interpretation was completed by Mr. Zack van Coller, 
                        geology.                                                           creating 3D wireframe models according to logged 
                                                                                           assayed mineralisation above a 0.10% Cu modelling 
                                                                                           cut-off grade. Higher-grade mineralisation was not 
                                                                                           sub-domained, as it was not deemed necessary to do 
                                                                                           so. 
 
 
                                                                                      *    Three main mineralised zones have been defined, which 
                                                                                           are related, but separated: Apliki Mine, West Apliki 
                                                                                           and the Apliki Stockpiles. 
 
 
                                                                                      *    The stockpiles at Apliki Mine have been modelled and 
                                                                                           estimated separately to the in-situ resources. 
 
 
                                                                                      *    Grade through West Main is generally homogeneous 
                                                                                           (0.2%-1.0% Cu) with occasional narrow high-grade 
                                                                                           zones containing 1-3% Cu. 
 
 
                                                                                      *    All models created were based upon interval 
                                                                                           selections that referenced the copper grades, 
                                                                                           lithological descriptions and structural 
                                                                                           interpretation, where appropriate. Where continuity 
                                                                                           was not established between sections, the strike 
                                                                                           extrapolation was limited both manually (wireframes) 
                                                                                           and statistically (interpolations). 
 Dimensions 
                   *    The extent and variability of the Mineral Resource            *    The West Apliki mineralisation follows a NE trend, 
                        expressed as length (along strike or otherwise), plan              dipping approximately 40 degrees to the SE. 
                        width, and depth below surface to the upper and lower 
                        limits of the Mineral Resource. 
                                                                                      *    The mineralisation is partly present at the base of 
                                                                                           the historic pit, but extends further along strike 
                                                                                           below the surface. 
 
 
                                                                                      *    West Apliki contains the bulk volume of defined 
                                                                                           mineralisation, extending to a vertical depth of 
                                                                                           approximately 150m. 
 
 
                                                                                      *    West Apliki is approximately 180m by 375m, and 50m to 
                                                                                           the east is WA which is approximately 190m by 85m. 
 
 
                                                                                      *    The main body of mineralisation is approximately 
                                                                                           60-70m thick in true thickness. 
 
 
                                                                                      *    Apliki Mine Deposit is 160m by 90m by 100m deep, and 
                                                                                           trends N-S. 
 
 
                                                                                      *    The remaining resources at Apliki Mine of immediate 
                                                                                           interest are those occurring as the base of the 
                                                                                           historical pit, where approximately 340,000 cubic 
                                                                                           meters of moderate (0.5% Cu) to high grade (>1% Cu) 
                                                                                           mineralisation still remain. Additionally, there is 
                                                                                           further potential to expand the Apliki Mine resource 
                                                                                           to the north and east of the open pit walls, however, 
                                                                                           further work is required to determine the full extent 
                                                                                           and nature of the remaining resources here, a 
                                                                                           significant priority for future Venus exploration. 
 
 
                                                                                      *    Apliki Mine stockpiles are 200m by 315m by 80m deep, 
                                                                                           as surveyed by DGPS. 
 Estimation 
  and modelling    *    The nature and appropriateness of the estimation                *    Details of the estimation method, parameters and 
  techniques            technique(s) applied and key assumptions, including                results are contained in the related Apliki 2021 MRE 
                        treatment of extreme grade values, domaining,                         Memorandum (Venus Minerals and Ariana Resources 
                        interpolation parameters and maximum distance of                                  Internal Report, 2021). 
                        extrapolation from data points. If a computer 
                        assisted estimation method was chosen include a 
                        description of computer software and parameters used.           *    The Mineral Resources have been estimated into a 
                                                                                             block model prepared in Leapfrog EDGE. The block 
                                                                                                 model comprises the following parameters: 
                   *    The availability of check estimates, previous 
                        estimates and/or mine production records and whether 
                        the Mineral Resource estimate takes appropriate 
                        account of such data.                                           *    A set of copper grade-based wireframe models were 
                                                                                            created in Leapfrog EDGE to select the samples used 
                                                                                           in the estimation and to constrain the interpolation. 
                   *    The assumptions made regarding recovery of 
                        by-products. 
                                                                                        *    Grade estimates were based on 1m composited assay 
                                                                                            data (3m composites for Apliki Mine). A hard domain 
                   *    Estimation of deleterious elements or other non-grade                              boundary was applied. 
                        variables of economic significance (eg sulphur for 
                        acid mine drainage characterisation). 
                                                                                        *    Estimation was carried out using inverse distance 
                                                                                             weighted squared (ID2) at the parent block scale 
                   *    In the case of block model interpolation, the block                using a two (Apliki Mine) or three-pass (West Apliki) 
                        size in relation to the average sample spacing and                      estimation using all available composites. 
                        the search employed. 
 
                                                                                              *    Estimation parameters are as follows: 
                   *    Any assumptions behind modelling of selective mining 
                        units. 
 
 
                   *    Any assumptions about correlation between variables. 
                                                                                      *    The resource estimation technique is appropriate for 
                                                                                                       the style of mineralisation. 
                   *    Description of how the geological interpretation was 
                        used to control the resource estimates. 
                                                                                      *    Only copper was estimated as the historical database 
                                                                                                 does not contain data for other elements. 
                   *    Discussion of basis for using or not using grade                    Multi-element data from 2021 drilling suggests that 
                        cutting or capping.                                                there are not economic concentrations of other major 
                                                                                                                  metals. 
 
                   *    The process of validation, the checking process used, 
                        the comparison of model data to drill hole data, and             *    Top-cut requirements were assessed and a copper 
                        use of reconciliation data if available.                            top-cut of 3% was used for West Apliki. No top-cut 
                                                                                                was used for Apliki Mine or the stockpiles. 
 
 
                                                                                        *    Block model validation was completed with visual 
                                                                                                   inspection on plan and section view. 
 Moisture 
                    *    Whether the tonnages are estimated on a dry basis or         *    Tonnage is estimated on a dry basis in accordance 
                         with natural moisture, and the method of                          with the specific gravity determination. 
                         determination of the moisture content. 
 Cut-off 
 parameters         *    The basis of the adopted cut-off grade(s) or quality         *    Reporting copper at specified cut-off grades were 
                         parameters applied.                                               based upon costs and recoveries established from the 
                                                                                           company's internal records. A reporting cut-off grade 
                                                                                           of 0.2% Cu was used for the final classified in-situ 
                                                                                           resources. The Apliki Mine stockpiles were reported 
                                                                                           at 0.15% Cu cut-off due to the lower mining costs 
                                                                                           expected. 
 Mining factors 
 or assumptions    *    Assumptions made regarding possible mining methods,           *    No mining factors (i.e. dilution, ore loss, 
                        minimum mining dimensions and internal (or, if                     recoverable resources at selective mining block size) 
                        applicable, external) mining dilution. It is always                have been applied. 
                        necessary as part of the process of determining 
                        reasonable prospects for eventual economic extraction 
                        to consider potential mining methods, but the                 *    The project was previously operated as two open-pits. 
                        assumptions made regarding mining methods and 
                        parameters when estimating Mineral Resources may not 
                        always be rigorous. Where this is the case, this 
                        should be reported with an explanation of the basis 
                        of the mining assumptions made. 
 Metallurgical 
 factors or        *    The basis for assumptions or predictions regarding            *    The copper minerals present are conducive to acid 
 assumptions            metallurgical amenability. It is always necessary as               leaching and hydrometallurgical recovery processes as 
                        part of the process of determining reasonable                      planned for the Apliki development. Heap-leach is 
                        prospects for eventual economic extraction to                      planned. 
                        consider potential metallurgical methods, but the 
                        assumptions regarding metallurgical treatment 
                        processes and parameters made when reporting Mineral          *    Several hundred thousand tonnes of the Apliki 
                        Resources may not always be rigorous. Where this is                stockpiles were treated at the Skouriotissa acid 
                        the case, this should be reported with an explanation              leach operation at Skouriotissa, proving amenable to 
                        of the basis of the metallurgical assumptions made.                the process. 
 
 
                                                                                      *    The Skouriotissa ore treated by the acid leach at 
                                                                                           Skouriotissa is similar in many respects to the West 
                                                                                           Apliki ore, providing considerable confidence in the 
                                                                                           processing route. 
 
 
                                                                                      *    HCM operated the acid leach operation at Skouriotissa 
                                                                                           for almost 25 years. HCM personnel have played a 
                                                                                           leading role in developing the processing plan at 
                                                                                           Apliki, and test work of Apliki ore was important in 
                                                                                           the planning. 
 
 
                                                                                      *    The processing will utilise the relocated 
                                                                                           Skouriotissa plant that was decommissioned in 2019. 
                                                                                           HCM personnel are expected to play a leading role in 
                                                                                           implementing the mining and processing operations at 
                                                                                           Apliki. 
 Environmental 
 factors or        *    Assumptions made regarding possible waste and process          *    The Competent Person is not aware of any known 
 assumptions            residue disposal options. It is always necessary as                 environmental or permitting issues on the project. 
                        part of the process of determining reasonable 
                        prospects for eventual economic extraction to 
                        consider the potential environmental impacts of the 
                        mining and processing operation. While at this stage 
                        the determination of potential environmental impacts, 
                        particularly for a greenfields project, may not 
                        always be well advanced, the status of early 
                        consideration of these potential environmental 
                        impacts should be reported. Where these aspects have 
                        not been considered this should be reported with an 
                        explanation of the environmental assumptions made. 
 Bulk density 
                   *    Whether assumed or determined. If assumed, the basis          *    An assumed density of 2.4 g/cm(3) was applied to the 
                        for the assumptions. If determined, the method used,               block model. 
                        whether wet or dry, the frequency of the measurements 
                  , 
                        the nature, size and representativeness of the                *    Further measurements are required to determine actual 
                        samples.                                                           densities more accurately. 
 
 
                   *    The bulk density for bulk material must have been 
                        measured by methods that adequately account for void 
                        spaces (vugs, porosity, etc), moisture and 
                        differences between rock and alteration zones within 
                        the deposit. 
 
 
                   *    Discuss assumptions for bulk density estimates used 
                        in the evaluation process of the different materials. 
 Classification 
                   *    The basis for the classification of the Mineral               *    The resource classification at the project considers 
                        Resources into varying confidence categories.                      the following criteria: 
 
 
                   *    Whether appropriate account has been taken of all            o Confidence in the sampling data and geological 
                        relevant factors (ie relative confidence in                  interpretation. 
                        tonnage/grade estimations, reliability of input data,        o The data distribution (based upon graphical analysis and 
                        confidence in continuity of geology and metal values,        average distance to informing composites). 
                        quality, quantity and distribution of the data).             o Grade continuity analysis. 
                                                                                     o The quality of geological interpretation, cross-cutting 
                                                                                     relationships geological modelling 
                   *    Whether the result appropriately reflects the                and data weighting. 
                        Competent Person's view of the deposit.                       *    Categorical classification of the Apliki Mine and 
                                                                                           West Apliki mineralisation has conservatively been 
                                                                                           restricted to Indicated and Inferred resources only. 
                                                                                           This is primarily because all historic drilling data 
                                                                                           to date cannot be appropriately audited without 
                                                                                           additional drilling being completed. With an increase 
                                                                                           in confidence in the historical data, the 
                                                                                           classification of the resource can readily be 
                                                                                           upgraded to higher classifications as appropriate. 
 Audits or 
 reviews            *    The results of any audits or reviews of Mineral               *    An internal peer review of the modelling, estimation 
                         Resource estimates.                                                and reporting were conducted for this study. No 
                                                                                            external reviews or audits have been completed. 
 Discussion of 
 relative          *    Where appropriate a statement of the relative                 *    The resource estimate is deemed appropriately 
 accuracy/              accuracy and confidence level in the Mineral Resource              accurate globally, based upon the informing data. The 
 confidence             estimate using an approach or procedure deemed                     accuracy and global/local basis of the resource 
                        appropriate by the Competent Person. For example, the              estimate is suitably accounted for in the resource 
                        application of statistical or geostatistical                       classification. 
                        procedures to quantify the relative accuracy of the 
                        resource within stated confidence limits, or, if such 
                        an approach is not deemed appropriate, a qualitative          *    Additional confidence in the data obtained from 
                        discussion of the factors that could affect the                    historic drilling is required in order to advance 
                        relative accuracy and confidence of the estimate.                  further understanding of the Project and this is 
                                                                                           likely to be achieved following a further 
                                                                                           confirmatory diamond drilling programme. 
                   *    The statement should specify whether it relates to 
                        global or local estimates, and, if local, state the 
                        relevant tonnages, which should be relevant to 
                        technical and economic evaluation. Documentation 
                        should include assumptions made and the procedures 
                        used. 
 
 
                   *    These statements of relative accuracy and confidence 
                        of the estimate should be compared with production 
                        data, where available. 
===============  ============================================================  ================================================================= 
 

NOTE: Sections 4 and 5 are not relevant to this work as no reserves are being estimated and there is no estimation or reporting of diamonds or other gemstones in this project.

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