TIDMAAU
RNS Number : 8820G
Ariana Resources PLC
24 July 2023
24 July 2023
AIM: AAU
KIZILCUKUR DRILLING AND NEW GEOPHYSICAL TARGETS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to announce positive results from
an airborne magnetic survey and the commencement of drilling at the
Kizilcukur Project ("Kizilcukur" or "the Project") of the Kiziltepe
Sector. Kizilcukur is part of Zenit Madencilik San. ve Tic. A.S.
("Zenit"), in partnership with Proccea Construction Co. and Ozaltin
Holding A.S. and is 23.5% owned by Ariana.
Highlights:
-- Resource infill and extension drilling programme has
commenced, following the receipt of new forestry permits.
-- An automated multi-sensor core scanner (BoxScan) was used to
obtain digital logging data on the historical Kizilcukur drill core
to assist in the building of a revised 3D model.
-- An airborne magnetic survey has better defined the
controlling structures of the Kizilcukur vein system.
-- New potential gold mineralisation zones have been identified
along strike of the known veins.
To read a pdf version of the release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/8820G_1-2023-7-23.pdf
Dr. Kerim Sener, Managing Director, commented:
"Following the completion of the data processing and analysis of
our recent airborne magnetic survey, the receipt of forestry
permits over several target areas, and the detailed multi-sensor
scanning of about 2,500m of historical drill core, we are
commencing a new resource drilling campaign at the Kizilcukur
Project. Up to 3,000m of drilling has been planned and the
programme will be managed jointly by the Ariana and Zenit teams.
The programme will progress in an iterative manner, with each drill
hole informing the final planning of each subsequent hole. This is
to ensure optimal targeting and capital efficiency.
Ultimately, we expect to define a high-grade Reserve at this
satellite project capable of being mined by open-pit methods and
then trucked to the Kiziltepe processing plant. The current global
Mineral Resource Estimate across Measured, Indicated and Inferred
categories is c. 21,100 oz gold (Au) and 0.62 Moz silver (Ag)
contained metal across three main veins at an overall average grade
of about 2.6 g/t Au and 75 g/t Ag. The new drilling programme has
been designed to provide further confidence to the Resource prior
to conversion to a Reserve, in addition to testing certain vein
extensions. "
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").
Drilling Programme
The last phase of drilling completed at Kizilcukur (see
announcement of 6 June 2019), led to a substantial upgrade in
resource classification of the Zeki Main Vein, with additional
improvements to the Mineral Resource. However, additional drilling
is required to provide the confidence required to complete a
conversion of the Resource to Reserve, in addition to further
testing along known mineralised structures, both at depth and along
strike.
Since the completion of the 2019 drilling and an Unmanned Aerial
Vehicle ("UAV") geophysics programme, the team have prepared a
definitive drilling programme to convert the Resource largely into
the Measured category. This pending programme consists of up to
3,000m of drilling across 48 locations (Figure 1).
The Ariana and Zenit exploration teams have recently initiated
the drilling programme (Figure 2). Further exploration drilling,
primarily expanding on the results of the UAV geophysics, and
anomalous surface sampling of vein outcrop extensions to the
south-east of the Zeki, Ziya and Zafer proposed pits may be
investigated through future exploration-focused drilling
campaigns.
Figure 1: The 2023 planned diamond drilling programme. Planned
collars are highlighted in yellow. The current extents of the 2020
MRE mineralisation domain is shaded in red.
Figure 2: The drill rig on site for the 2023 Kizilcukur drilling
programme, now commencing.
Drill-core Scanning
An automated multi-sensor core scanner (BoxScan) was used to
obtain data on geochemistry, mineralogy, magnetic susceptibility,
core topography and high-resolution RGB colour imagery of the
Kizilcukur drill core across 30 holes from the 2007, 2018 and 2019
drill programmes, totalling over 2,530m (712 core trays).
Single-element and multi-element analysis methods were applied to
the new data to aid machine learning by training the system on the
known lithologies. The alteration and mineralisation zones were
also defined for use in improving the 3D geological model.
Geophysical Programme
This geophysical programme update comprises the last in a series
of updates following an extensive data review of several new
geophysical surveys across the Kiziltepe Sector. The recent
geophysical programmes were undertaken over four prospects located
within the Sindirgi Gold Corridor, a north-east trending
mineralised zone extending from the Kiziltepe Mine in the southwest
to the Kizilcukur Project in the northeast. This work included
Induced Polarisation ("IP") / Resistivity surveys over the
Kiziltepe mine area, Kepez Main, Kepez North and an Unmanned Aerial
Vehicle ("UAV") magnetic survey over Kizilcukur (Figure 3).
Figure 3: The Sindirgi Gold Corridor with defined prospects and
areas currently covered by geophysical datasets.
Previous announcements have discussed the geophysics completed
at the Kiziltepe mine site (see announcement of 22 February 2023),
and at the Kepez Main and Kepez North areas (see announcement of 13
March 2023). The geophysical results reported in this update are
the results from an UAV magnetic survey conducted over Kizilcukur
(Figure 3) covering a total area of 4.5 km(2).
Data was collected from 24 north-south oriented profiles
parallel to historic IP/Resistivity survey lines at Kizilcukur. The
lines were spaced 100m apart with 3 east-west control lines for a
total length of 50km. A UAV with attached Geometrics MagArrow was
used for the survey. This was paired with a Geometrics G-852RBS
magnetometer as a base station. The average flight altitude was 40m
above the topographic profile. The quality of the data was assured
in line with the pre-set daily quality control procedures. All data
generated by the subcontractor was reprocessed in-house to
eliminate noise and to better define geological structures within
the survey area (Figure 4).
Figure 4: Overview map showing the UAV magnetic survey data
results and the extent of the known gold-bearing quartz veins. The
map shows the first vertical derivative of the reduced-to-pole
magnetic data. The relationship between the mapped and drill-tested
quartz veins and distinct NW- to NNW-trending magnetic anomaly
boundaries is clear. In addition, lithological boundaries and major
regional faults are also identified.
The Kizilcukur mineralisation and its geology is well understood
by the Company following previous testing by various phases of
drilling. The latest resource estimate (see announcement of 11 May
2020) was completed following the completion of a diamond drilling
programme during the winter of 2018-19, for a total of 745.8
meters. This magnetic survey aimed to identify potential extensions
of mineralisation and to better define the geological and
structural controls of mineralisation.
The results obtained from the UAV geophysical survey have
confirmed several historic geological studies; primarily the
confirmation of known lithological boundaries, regional faults and
the trend of gold-bearing quartz veins. To the southeast of the
Kizilcukur prospect, a portion of a major regional
northeast-southwest fault, characterising the eastern limit of the
Sindirgi Gold Corridor, is also well defined from the newly
acquired geophysics. This is likely to represent a major
controlling fault for the Kizilcukur vein system.
Furthermore, the trend of magnetic anomalies within the
Kizilcukur area not only confirms the extent of known
mineralisation but also shows the potential for strike extensions
in a NW to NNW orientation in the immediate vicinity of the areas
previously drilled.
Project Summary
The Kizilcukur Project consists of one operational licence
located in Balikesir Province in Western Turkey. The property lies
22km to the northeast (straight line) and 70km by road from the
Kiziltepe Mine. The Kizilcukur Project is one of the 3 satellite
projects which have been sold to Zenit (see announcement of 2
December 2020).
The Project covers an area containing a series of sub-parallel
quartz veins hosted by ophiolitic (dominantly basaltic) units that
trend northwest and extend for about two kilometres. The veins
exhibit classic low-sulfidation epithermal textures and attain a
maximum true width of 8m. The Zeki Vein extends over a strike
length of 820m. Composite rock-chip sampling of 80m strike along
this quartz vein returned encouraging assay results of 6m at 3.3g/t
gold, 2m at 9.6g/t gold and 1m at 7.2g/t gold prior to drill
testing. The peak rock-chip assay result in this area was 152g/t
gold and 1,320g/t silver, suggesting the potential for substantial
near-surface enrichment.
The global Mineral Resource Estimate is c. 21,100 oz gold (Au)
and 0.62 Moz silver (Ag) contained metal on three main veins (see
announcement of 11 May 2020). 85% of the tonnage is in Measured and
Indicated (M+I) categories: 218,317 t @ 2.72 g/t Au and 77.04 g/t
Ag. 46% of the M+I tonnage is located within the higher-grade Zeki
Main Vein, with a grade of 3.62 g/t Au and 82.54 g/t Ag, upon which
trial mining operations have previously been undertaken.
Trial mining was completed within the central part of the Zeki
Pit in 2017. This pit is the largest and highest grade of the three
pits defined following Whittle optimisation of the Kizilcukur
resource in 2016. The General Directorate of Mining Affairs
approved blasting operations on the licence as part of the Mining
Permit (see announcement of 18 November 2015).
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited (Nominated Tel: +44 (0) 20 7628 3396
Adviser)
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
John Prior / Hugh Rich / Atholl
Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George
Krokos Tel: +44 (0) 7983 521 488
Yellow Jersey PR Limited (Financial
PR)
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
Editors' Note:
The information in this announcement that relates to exploration
results is based on information compiled by Dr. Kerim Sener BSc
(Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr.
Sener is a Fellow of The Geological Society of London and a Member
of The Institute of Materials, Minerals and Mining and has
sufficient experience relevant to the styles of mineralisation and
type of deposit under consideration and to the activity that has
been undertaken to qualify as a Competent Person as defined by the
2012 edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
and under the AIM Rules - Note for Mining and Oil & Gas
Companies. Dr. Sener consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a partnership with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at February 2022).
The partnership comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 222,000 ounces gold and 3.8 million ounces silver (as at
February 2022). The mine has been in pro table production since
2017 and is expected to produce at a rate of c.20,000 ounces of
gold per annum to at least the mid-2020s. A Net Smelter Return
("NSR") royalty of 2.5% on production is being paid to
Franco-Nevada Corporation.
The Tavsan Gold Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million ounces silver (as at November 2022). Following
the approval of its Environmental Impact Assessment and associated
permitting, Tavsan is being developed as the second gold mining
operation in Turkey and is currently in construction. A NSR royalty
of up to 2% on future production is payable to Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Turkey and
contains a JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as at July 2020). It is located within the
multi-million ounce Artvin Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant gold- copper projects
including the 4 million ounce Hot Maden project, which lies 16km to
the south of Salinbas. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Ariana owns 100% of Australia-registered Asgard Metals Fund
("Asgard"), as part of the Company's proprietary Project Catalyst
Strategy. The Fund is focused on investments in high-value
potential, discovery-stage mineral exploration companies located
across the Eastern Hemisphere and within easy reach of Ariana's
operational hubs in Australia, Turkey and the UK.
Ariana owns 75% of UK-registered Western Tethyan Resources Ltd
("WTR"), which operates across south-eastern Europe and is based in
Pristina, Republic of Kosovo. The company is targeting its
exploration on major copper-gold deposits across the
porphyry-epithermal transition. WTR is being funded through a
ve-year Alliance Agreement with Newmont Corporation
(www.newmont.com) and is separately earning-in to 85% of the
Slivova Gold Project which contains Measured, Indicated and
Inferred Resource of 176,000 oz gold and 646,000 oz silver (as at
July 2023).
Ariana owns 58% of UK-registered Venus Minerals Ltd ("Venus")
which is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Indicated and
Inferred Resource of 17Mt @ 0.45% to 1.10% copper (excluding
additional gold, silver and zinc.
Panmure Gordon (UK) Limited and WH Ireland Limited are brokers
to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
For further information on Ariana, you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Au" gold;
"Ag" silver;
"g/t" grams per tonne;
"IP" Induced Polarisation;
"km" Kilometres;
"m" Metres;
"UAV" Unmanned Aerial Vehicle;
Ends.
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