TIDMAAU
RNS Number : 1359V
Ariana Resources PLC
30 November 2023
30 November 2023
AIM: AAU
SIGNIFICANT DRILLING RESULTS AT SALINBAS
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 a further set of
results from the ongoing drilling programme at Salinbas. The
project is operated via 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. Results from Ardala and
Hizarliyayla will be announced separately when assay results are
received.
Highlights:
-- Successful completion of resource drilling within the upper Salinbas area.
-- Completion of 5,928.8 metres, for 61 diamond holes since January 2023.
-- 2,006 samples for 1,744.5 metres of drill core still pending
for assay analysis at the Kiziltepe Mine Laboratory (incl. QA/QC
samples).
-- Key intercepts from the latest batch of results include:
-- SALH093: 7.2m @ 9.37g/t Au + 19.6g/t Ag - from 86.2 metres
including 1.4m @ 35.02g/t Au + 69.8g/t Ag - from 88.7 metres
-- SALH092: 6.5m @ 3.69g/t Au + 4.4g/t Ag - from 108.1 metres
-- SALH102: 11.05m @ 1.56g/t Au + 11.8g/t Ag - from 85.35 metres
Dr. Kerim Sener, Managing Director, commented:
"This is yet another great set of results from the Salinbas
Project. Importantly, wide zones of high-to-moderate grade
mineralisation are defined in a number of areas. Over 37,000 metres
of drilling has now been undertaken in the wider Salinbas Project
area, inclusive of Salinbas and Ardala, but also including the
recent discovery area of Hizarliyayla to the south.
"Almost 40% of this drilling has been undertaken in the past two
years alone, following the injection of US$8million into the
project by Ozaltin Holding A.S. in 2021. The substantial
acceleration of the project since then has now yielded the longest
mineralised intercept ever recorded on the project at Ardala, the
discovery of a potentially significant intermediate-sulphidation
system at Hizarliyayla, and successful in-fill drilling results
from the Salinbas deposit itself. These results collectively attest
to the very high prospectivity of the region and continue to
demonstrate that we remain at a very early stage in the overall
development of this project area. We are confident that the broader
Salinbas Project area represents the opportunity to build on the
existing 1.5 million-ounce gold resource through further
exploration and drilling.
"We are currently expecting to continue drilling at Salinbas
over the winter, but this work will be weather dependent, and snow
has already fallen earlier than expected in the region. In the
meantime, we are awaiting receipt of additional data from several
holes that were drilled in the area between Salinbas and
Ardala.
"We are currently modelling the available results and will
integrate these with our current understanding of the mineral
system to aid future drill targeting and resource development work.
In addition, we have recently initiated a deep induced polarization
(IP)/Resistivity geophysical survey at Hizarliyayla, to better
resolve potential drilling targets at depth. We expect to announce
some of the initial results from this survey and the drilling
undertaken there in recent times within the coming months. "
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").
Salinbas Drilling Programme
The following drilling update comprises the latest information
from the Salinbas Project, not including Ardala and Hizarliyayla.
The ongoing programme has remained active since late 2021, with the
occasional break for bad weather and inaccessibility issues. The
previous results for drilling undertaken largely during 2022 were
announced on 25 January 2023. Results from H1 2023 were announced
on 19 June 2023. This release aims to provide an update on drilling
activities conducted on the project between June and October
2023.
The Salinbas P roject, comprising the mineralisation encountered
at Salinbas and Ardala, is located in north-eastern Turkey within
the multi-million-ounce Artvin Goldfield. Drilling was focused in
the Ardala area and on the zone between Ardala and Salinbas (AS
Zone) since November 2021 (Figure 1), with the focus shifting to
the Salinbas area for 2023, following the receipt of the necessary
forestry permits. Across the project (including Ardala) a total of
13,921.7 metres has been drilled to date for 101 HQ diamond drill
holes, with the top of the hole drilled in PQ due to a thick
colluvium layer . Within this total, 5,928.8 metres for 61 holes
were drilled at Salinbas.
Two drill rigs have been operating simultaneously across
Salinbas-Ardala and one at Hizarliyayla, with the focus shifting to
the Salinbas area more recently. The average depth of drilling at
Salinbas has been approximately 90 metres, with a minimum depth of
20 metres and a maximum depth of 205 metres. The majority of
drilling completed to date at Salinbas has been drilled vertically,
with 8 holes angled at between 45 and 70 degrees.
Figure 1: Map showing the completed (green) and planned (blue)
drillhole collar positions for the Salinbas Project. The AS Zone
corresponds broadly to the eastern half of the area outlined in
yellow which sits within the Ardala licence, closest to the Ardala
Porphyry Complex.
The ongoing drilling programme at Salinbas has two primary
objectives: Continue exploration step-out drilling and complete the
first phase of resource infill drilling. Each of these objectives
was discussed in further detail in the announcement of 19 June
2023. The focus of this release is to primarily discuss the
progress of resource infill drilling completed within the Salinbas
area.
Since January 2023, the Zenit team has completed 5,928.8 metres
of resource infill drilling within the Salinbas area, for 61 new
diamond holes. These drilling results add significant confidence to
the existing resources, and allowing sufficient resolution to
potentially upgrade the Resource Classification in areas which are
currently classified as Inferred resources ( Figure 2 ). Early
results of this drilling (SALH076 - SALH090) were initially
announced on 19 June 2023, and include:
-- SALH087: 12.8m @ 1.34g/t Au + 3.3g/t Ag - from surface
-- SALH077: 10.7m @ 1.19g/t Au + 16.5g/t Ag - from 82 metres
-- SALH090: 3.5m @ 1.28g/t Au + 160.6g/t Ag - from 63.8 metres
The new results include the following 5 best intercepts, with
the full list provided in Table 1:
-- SALH093: 7.2m @ 9.37g/t Au + 19.6g/t Ag - from 86.2 metres
including 1.4m @ 35.02g/t Au + 69.8g/t Ag - from 88.7 metres
-- SALH092: 6.5m @ 3.69g/t Au + 4.4g/t Ag - from 108.1 metres
-- SALH102: 11.05m @ 1.56g/t Au + 11.8g/t Ag - from 85.35 metres
-- SALH099A: 13.2m @ 0.97g/t Au + 12.9g/t Ag - from 115.6 metres
-- SALH100: 5.45M @ 2.18g/t Au + 38.0g/t Ag - from 52.95 metres
An additional 2,005 samples for 1,744.5 metres of drill core
from Salinbas are pending submission to the Kiziltepe Mine
Laboratory for analysis.
Figure 2: Key intercepts shown on SW-NE cross section (looking
NW) through the Salinbas area with mineralisation outlines shown in
red. The 2023 drilling is identified by green collars.
All historic drilling, up to and inclusive of 2019 has defined
the current JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as announced on 30 July 2020) split between
the high-grade Salinbas deposit and the lower-grade, high-tonnage
Ardala Porphyry Complex. To date, 37,193.8 metres of drilling has
been completed across 240 holes at Salinbas and Ardala.
Table 1: Significant gold and silver only intercepts calculated
for all 2023 drilling to date, using a 0.5g/t Au minimum cut-off
and allowing for up to one metre internal dilution. Intercepts
calculated using KML data and supported by external laboratory
results. Results shaded grey were previously announced on 19 June
2023.
Hole From To (m) Length (m) Au (g/t) Ag (g/t)
ID (m)
------ ------- ----------- --------- ---------
SALH076 97.3 104.3 7.0 2.55 20.5
----------- ------ ------- ----------- --------- ---------
including 98.3 99.3 1.0 7.72 7.6
----------- ------ ------- ----------- --------- ---------
SALH077 82.0 92.7 10.7 1.19 16.5
----------- ------ ------- ----------- --------- ---------
SALH082 0 3.1 3.1 1.12 3.2
----------- ------ ------- ----------- --------- ---------
SALH087 0 12.8 12.8 1.34 3.3
----------- ------ ------- ----------- --------- ---------
SALH088 0 2.0 2.0 1.52 5.3
----------- ------ ------- ----------- --------- ---------
SALH089 87 87.35 0.35 9.23 19.3
----------- ------ ------- ----------- --------- ---------
SALH090 56.2 60.1 3.9 0.58 25.4
----------- ------ ------- ----------- --------- ---------
63.8 67.3 3.5 1.28 160.6
----------- ------ ------- ----------- --------- ---------
SALH092 108.1 114.6 6.5 3.69 4.4
----------- ------ ------- ----------- --------- ---------
including 109.1 110.7 1.6 7.13 5.3
----------- ------ ------- ----------- --------- ---------
SALH093 86.2 98.8 7.2 9.37 19.6
----------- ------ ------- ----------- --------- ---------
including 88.7 90.1 1.4 35.02 69.8
----------- ------ ------- ----------- --------- ---------
SALH095 0 2.4 2.4 0.62 1.4
----------- ------ ------- ----------- --------- ---------
92.2 95.8 3.6 0.57 13.6
----------- ------ ------- ----------- --------- ---------
SALH099 121.9 123.2 1.3 1.14 11.1
----------- ------ ------- ----------- --------- ---------
SALH099A 96.5 97.4 0.9 0.51 3.6
----------- ------ ------- ----------- --------- ---------
115.6 128.8 13.2 0.97 12.9
----------- ------ ------- ----------- --------- ---------
SALH100 52.95 58.4 5.45 2.18 38.0
----------- ------ ------- ----------- --------- ---------
SALH101 73.8 77.3 3.5 1.68 33.8
----------- ------ ------- ----------- --------- ---------
SALH102 85.35 96.4 11.05 1.56 11.8
----------- ------ ------- ----------- --------- ---------
SALH104 105.8 111.1 5.3 1.03 3.2
----------- ------ ------- ----------- --------- ---------
SALH105 62.0 64.7 2.7 1.37 15.4
----------- ------ ------- ----------- --------- ---------
77.1 78.9 1.8 1.32 75.4
----------- ------ ------- ----------- --------- ---------
SALH106 104.6 110.5 5.9 0.78 3.6
----------- ------ ------- ----------- --------- ---------
114.5 115.4 0.9 0.53 0.8
----------- ------ ------- ----------- --------- ---------
SALH107 84.4 89.7 5.3 1.92 14.7
----------- ------ ------- ----------- --------- ---------
SALH108 41.4 42.4 1.0 3.55 73.2
----------- ------ ------- ----------- --------- ---------
45.5 48.5 3.0 1.72 62.7
----------- ------ ------- ----------- --------- ---------
Samples extracted from the Salinbas Project have been sent
periodically in batches to the Kiziltepe Mine Laboratory ("KML")
for analysis. This has resulted in temporary delays and backlogs of
pending samples for the Salinbas Project as a whole. The
requirement to introduce the Salinbas samples slowly was undertaken
to mitigate high sample flow from other higher priority projects
and to allow for sufficient calibration and testing of new
instruments introduced to the mine laboratory through an expansion
completed during 2021. The day-to-day operational samples from the
Kiziltepe Mine, as well as the significant ongoing flow of samples
from the development work underway at the Tavsan Project has also
taken priority over the Salinbas analyses.
Litho-geochemical Review
Project wide geological studies continue within the scope of the
current drilling programme in the Ardala and Salinbas areas. A
geochemical review was carried out with the recent results from the
core samples obtained from drilling. Geological units in the region
were defined as litho-geochemical facies by using various machine
learning algorithms such as PCA, SOM and clustering to cover every
element in the geochemical analyses of the samples. Following the
application of these algorithmic routines, nine litho-geochemical
units were identified in the region and different zones of
mineralisation were defined ( Figure 3 ). As a result of further
detailed studies in the mineralisation zones, element-based
sub-zones of mineralisation were determined.
Figure 3: Simplified results of litho-geochemical study shown on
SW-NE cross section (looking NW) through the Salinbas Project with
potential mineralisation shown in red on drill strings, and
previously modelled mineralisation shown in pink.
Sampling and Assaying Procedures
All diamond drill core is currently being processed at the
Ardanuc depo facility in Artvin and analysed at the Kiziltepe Mine
Laboratory ("KML"). Results are assessed systematically and are
grouped according to individual mineralised zones at the Salinbas
Project.
HQ-size drill-core samples from the drilling programme at
Salinbas and Ardala were cut in half by a diamond saw and sent for
analysis in batches in line with the Company's quality control
procedures. Core recovery for all drilling conducted at Salinbas
during this campaign was 82%.
To date, a total of 2,098 sample results for 2,290.9m of sampled
drill core have been returned from the KML (plus 530 QA/QC
samples). So far, 7% of all analysed samples have also been
analysed by ALS Global in Izmir as an external laboratory check as
part of the QA/QC procedures used for the project, with a 10% check
rate to be achieved by the end of the drilling programme. Results
are pending for a further 2,006 samples (including 424 QA/QC
samples).
QA/QC sample insertion rates vary depending on the batch size
accepted by the laboratory. Ariana sampling protocol requires the
insertion of 4 QA/QC samples per batch including 1 blank, 1 CRM, 1
field duplicate and 1 pulp duplicate to assess the accuracy and
precision of all stages of the sampling and analysis. During the
2021-2023 drilling, Zenit QA/QC protocol required 1 blank, 1 CRM, 1
field duplicate, 1 pulp duplicate and over 10% samples analysed at
an external laboratory. The Zenit QA/QC protocol is under review by
both Ariana and Zenit teams following the laboratory upgrade.
The KML has undergone an extensive expansion to meet the
significant demands for sample assaying, from both the mining and
exploration teams. This expansion is complete with the onsite
laboratory, now housing seven furnaces, two ICP-OES instruments,
two Atomic Absorption spectrometers (AAS), three drying ovens,
three crushers and three pulverisers. The laboratory upgrades have
allowed for a doubling of sampling throughput (70 samples per day
to 135). The two major upgrades for 2021 included the addition of
1) a multi-element ICP-OES (Perkin Elmer Avio 550) analyser, and 2)
an Elementrac CS-I sulphur-carbon analyser. The ICP-OES provides
the team with a full suite of elements on selected samples (as
opposed to just gold and silver).
However, new operating procedures are currently being internally
reviewed and calibrations of the new instruments are being
assessed. As part of this, the laboratory team are sending in
excess of 10% of their crushed rejects from selected drill core
samples to ALS Global in Izmir for check assays, with c.7% of the
Salinbas samples also analysed at ALS. Zenit's internal QA/QC data
and sample duplicates have been reviewed and are considered
approved for Ariana's reporting purposes. In addition, since
October 2022 KML has been accredited by the Turkish Accreditation
Agency (TÜRKAK) with "TS EN ISO/IEC 17025:2017 General Requirements
for the Competence of Experimental and Calibration Laboratory".
All samples were assayed for gold using a 30g fire assay.
Multi-element ICP was used for copper, lead, molybdenum, and zinc
analyses. Reviews of the assay results have determined that all
Quality Control and Quality Assurance samples (blanks, standards,
and duplicates) passed the required quality control checks
established by the Company, with duplicate samples showing
excellent correlation. Laboratory sample preparation, assaying
procedures and chain of custody are appropriately controlled. Zenit
maintains an archive of half-core samples and a photographic record
of all cores for future reference.
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 that relates to Exploration Results is based
upon information compiled by Mr Zack van Coller BSc (Hons), Special
Projects Geologist, Ariana Resources plc. Mr van Coller has
sufficient experience which is relevant to the style of
mineralisation and type of deposits under consideration and to the
activity which he is undertaking 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). Mr van Coller has over 10 years of relevant
experience in the Technical Assessments of Mineral Properties. Mr
van Coller consents to the inclusion in the report of the matters
based on his information in the form and context in which it
appears.
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 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 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, UK and Zimbabwe.
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 Mining Corporation (
www.newmont.com ) and is separately earning-in to up to 85% of the
Slivova Gold Project.
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:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"KML" Kiziltepe Mine Laboratory;
"m" Metres;
"oz" Ounces;
"PCA" Principal Component Analysis;
"ppm" parts per million;
"SOM" Self-organised Maps.
Ends.
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