TIDMAAU
RNS Number : 8790P
Ariana Resources PLC
15 June 2020
15 June 2020
AIM: AAU
IVRINDI LICENCE AND METALLUGICAL UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe , is
pleased to announce the renewal of its operating licence on the
Ivrindi Gold Project ("Ivrindi" or "the Project"). Ivrindi is 100%
held by the Company outside of the Red Rabbit Joint Venture in
Western Turkey, via its wholly-owned subsidiary, Galata Madencilik
San. ve Tic. Ltd.
Highlights:
-- Operational licence extended for 10 years for the Ivrindi
Project, expiring on 03 June 2030, with the possibility for
extension.
-- 45 hectare mining permit for gold secured on the same terms.
-- Land access and initial forestry permits in place for
development, with new permit applications in process.
-- Metallurgical testwork yields an average gold recovery of 88.5%.
-- Approximately 16,000 tonnes of gold mineralised material are
stockpiled, with future potential to truck to the Kiziltepe
plant.
Dr. Kerim Sener, Managing Director, commented:
"Exploration and development activities at our Ivrindi Project
were slowed down last year while we went through the process of
renewing of our operating licence, which we have now secured
successfully for a further 10 years. Prior to this, the Company had
demonstrated significant upside and had indicated our objective to
mine and truck material from Ivrindi to the Kiziltepe processing
plant. Accordingly, metallurgical testwork for Ivrindi was
completed last year, along with additional trial mining. We
currently maintain a stockpile of ore at Ivrindi which is expected
to be trucked to Kiziltepe for trial processing in the future.
Meanwhile a 1,500m Reverse Circulation drilling programme is
planned to test the full strike-length of the mineralised structure
at Ivrindi once new forestry permits are secured and we look
forward to updating the market on this in due course. "
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Metallurgical Testwork
Three samples of clay altered andesite from Ivrindi were used
for metallurgical testwork, at grades of 4.30, 3.50 and 0.47 g/t
Au. These samples were pulverised to -75 micron and then subjected
to similar leach conditions as utilised within the Kiziltepe
processing plant. An NaCN concentration of 1,000 mg/lt was used for
this testwork rather than a 2,200 mg/lt concentration currently
used in the Kiziltepe processing plant. Gold recoveries were high
and varied between 85.1% and 91.4%, with the lower recoveries
associated with lower grade ore. Maximum recovery of gold was
achieved for the samples after 72 hours.
Trial Mining
Trial mining was conducted on the project area in recent years
as specified in statutory submissions to the Turkish Government and
in accordance with project reporting requirements. To date,
approximately 16,000 tonnes of mineralised material was extracted
from the trial mining area at an average grade of 1.2 g/t Au.
Consideration is being given to trucking some of this material for
processing at the Kiziltepe mine site in the future.
Details of the Ivrindi Project
The Ivrindi Project consists of one operational licence located
in Balikesir Province in Western Turkey (coordinates: 545830 mE;
4380450 mN). The property lies 70km to the northwest (straight
line) and 100km by road from the Kiziltepe sector of the Company's
Red Rabbit Project.
At Ivrindi, mineralisation occurs at the Kinik prospect, which
occurs within a 450m long zone of mineralised alteration within
Miocene age andesitic volcanic rocks. Mineralisation extends from
surface to 70m vertical depth and is developed in part along the
normal faulted contact with Permo-Triassic age limestones. The gold
mineralisation is most well developed in several intensely clay
altered zones associated with haematite and limonite, in which
quartz vein formation is virtually absent.
A JORC 2012 compliant Mineral Resource estimate for the Ivrindi
Project stands at 207,000 tonnes at 1.65 g/t gold (for 11,000 oz
gold) in the Inferred category and demonstrates potential for
further growth with additional drilling. The Mineral Resource is
defined by 14 holes on 9 cross-sections, with section spacing
ranging from 35-90m. The resource comprises five discrete zones,
which are east-west oriented and steeply north-dipping. The
management resource target for future exploration at Ivrindi is
currently 500,000 tonnes at c. 2 g/t gold.
Trial mining commenced within the central part of the resource
area during 2018. Further trial mining will be conducted in the
2020/21 period. The project is expected to be within economic
trucking distance from the Kiziltepe operation and is accessible
via asphalt road, which includes lengthy sections of dual
carriageway. Consequently, any potentially open-pittable resources
identified at Ivrindi are expected to be trucked efficiently to the
plant site at Kiziltepe.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407
3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628
3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
James Stearns / Atholl Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
Editors' Note
The information in this announcement that relates to exploration
results is based on information compiled by Dr. Kerim Sener BSc
(Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr.
Sener is a Fellow of The Geological Society of London and a Member
of The Institute of Materials, Minerals and Mining and has
sufficient experience relevant to the styles of mineralisation and
type of deposit under consideration and to the activity that has
been undertaken to qualify as a Competent Person as defined by the
2012 edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
and under the AIM Rules - Note for Mining and Oil & Gas
Companies. Dr. Sener consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company operating in Europe. It has interests in gold production in
Turkey and copper-gold assets in Cyprus. The Company is developing
a portfolio of prospective licences in Turkey, which contain a
depleted total of 1.5 million ounces of gold and other metals (as
at April 2020).
The Red Rabbit Project is comprised of the Company's flagship
assets, the Kiziltepe and Tavsan gold projects, and is part of a
50:50 Joint Venture with Proccea Construction Co. Both assets are
located in western Turkey, which hosts some of the largest
operating gold mines in the country and remains highly prospective
for new porphyry and epithermal deposits. The Kiziltepe Sector of
the Red Rabbit Project is fully permitted and is currently in
production. The total gross depleted resource inventory at the
Project and its wider area is c. 500,000 ounces of gold equivalent
(as at April 2020). At Kiziltepe a Net Smelter Return ("NSR")
royalty of up to 2.5% on production is payable to Franco-Nevada
Corporation. At Tavsan an NSR royalty of up to 2% on future
production is payable to Sandstorm Gold.
The 100% owned Salinbas Gold Project is located in north-eastern
Turkey and has a total resource inventory of c. 1 million ounces of
gold equivalent. The project comprises three notable licence areas:
Salinbas, Ardala and Hizarliyayla, all of which are located within
a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor"
contains several significant gold-copper projects including the
4Moz Hot Maden project, which lies 16km to the south of Salinbas
and 7km south of Hizarliyayla. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation on the Salinbas
Gold Project.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus"). Venus is focused on the exploration and development
of copper-gold assets in Cyprus.
Panmure Gordon (UK) Limited are broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Au" the chemical symbol for gold;
"g/t" grams per tonne;
"Inferred resource" a part of a mineral resource for which
tonnage, grade and mineral content can be estimated with a low
level of confidence. It is inferred from geological evidence and
has assumed, but not verified, geological and/or grade continuity.
It is based on information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that may be limited or of uncertain quality and
reliability;
"JORC" the Joint Ore Reserves Committee;
"JORC 2012" is the current edition of the JORC Code, which was
published in 2012. After a transition period, the 2012 Edition came
into mandatory operation in Australasia from 1 December 2013;
"m" Metres;
"oz" Ounces;
"t" Tonnes;
--Ends--
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAKKAFANEEFA
(END) Dow Jones Newswires
June 15, 2020 02:00 ET (06:00 GMT)
Ariana Resources (LSE:AAU)
Historical Stock Chart
From Apr 2024 to May 2024
Ariana Resources (LSE:AAU)
Historical Stock Chart
From May 2023 to May 2024