WORK PROGRAMMES ON TURKISH PROJECTS

RNS Number : 8749F

Ariana Resources PLC

10 November 2022

 

10 November 2022

AIM: AAU

WORK PROGRAMMES ON TURKISH PROJECTS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to provide an update on its advanced Turkish projects which are 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").  

Highlights:

· Gold production at Kiziltepe continues to perform in line with guidance, while the ongoing drilling programme has now completed over 11,000m of diamond drilling which has continued to test extensions of various vein systems.

· Geophysical programmes involving electrical and magnetic methods underway across Kiziltepe, Kepez and Kizilcukur, to aid future drill targeting.

· Construction of a second gold mine at Tavsan is progressing as planned, with earthworks well advanced and site infrastructure works underway.

· Soil geochemical programme underway across the Tavsan project licences, following the detailed geological mapping programme completed over the summer.

· Following the identification of further targets during the mapping programme, drilling for up to 4,600m has just commenced to identify potential resource extensions.

· Drilling at the Salinbas Project remains underway with over 6,300m drilled, and a second drill-rig is due to commence work on-site within the current week as part of a substantially extended programme.

· Geological mapping and soil sampling underway at the Hizarliyayla Prospect (part of the Salinbas Project) in preparation for a future drilling programme.

Dr. Kerim Sener, Managing Director, commented:

"We are highly encouraged by the simultaneous and substantial progress being made across all advanced Turkish projects in which we hold an interest through Zenit.  Following the restructuring of our Turkish operations, Zenit has since completed over 36,000m of drilling across the projects in the past two years alone, which significantly represents over 40% of the total drilling completed in Turkey by Ariana to date.  Drilling is currently expected to be maintained across all of our advanced projects through 2023, supported by site specific teams established by Zenit.

Meanwhile, under the supervision of our geophysicist, an Induced Polarisation/Resistivity survey is being completed across the Kiziltepe project area.  A drone magnetic survey has also commenced over the Kizilcukur Project.  These survey results will be utilised to improve drill targeting for potential extensions of mineralisation during future programmes.  These are the first new geophysical programmes conducted by the Company on our Turkish projects since 2014. 

During the summer, our exploration team completed a programme of geological mapping and sampling across the Tavsan Project in support of the work being conducted by Zenit to continue building on the resource while construction remains underway.  More recently our team has mobilised to the Salinbas Project to commence geological mapping and soil geochemistry across the Hizarliyayla Prospect.  We conclude that this prospect displays signs of high-level alteration and mineralisation which may be related to the same hydrothermal system which gave rise to the >4Moz Hot Maden deposit, located just 7km to the south. 

We look forward to providing updates on these exploration programmes in Turkey in the months ahead, including resource estimation at Tavsan and drilling results.  We are also aiming to provide updates on the progress of our various investee companies prior to the end of this year."

Contacts:

Ariana Resources plc	Tel: [phone]
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited	Tel: [phone]
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited	Tel: [phone]
John Prior / Hugh Rich / Atholl Tweedie
Yellow Jersey PR Limited	Tel: [phone]
Dominic Barretto / Henry Wilkinson / Laurie Gellhorn	[e-mail]

Editors' Note:

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 February 2022). 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 222,000 ounces gold and 3.8 million ounces silver (as at February 2022). 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 Mine 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). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Turkey. 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 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 five-year Alliance Agreement with Newmont Corporation ( www.newmont.com ).

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 Indicated and Inferred Resource of 17Mt @ 0.45% to 1.10% copper (excluding additional gold, silver and zinc), in addition to pursuing a separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic SX-EW processing plant and the 17Mt @ 0.26% to 0.69% Cu Apliki mine development project. 

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 .

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