Ariana Resources PLC SALINBAS GOLD PROJECT UPDATE (8423P)
October 15 2019 - 1:00AM
UK Regulatory
TIDMAAU
RNS Number : 8423P
Ariana Resources PLC
15 October 2019
15 October 2019
AIM: AAU
SALINBAS GOLD PROJECT UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the
exploration and development company with gold mining operations in
Turkey, is pleased to announce that it has been granted a renewal
of an operational licence at the Salinbas Gold Project ("Salinbas"
or "the Project"). Salinbas is located in the Hot Gold Corridor and
is 100% owned by Ariana through its shareholding in Greater
Pontides Exploration B.V. ("GPE").
Highlights:
-- Ardala operational licence renewed for 5 years (expiring
3(rd) June 2024) by the General Directorate of Mining and Petroleum
Affairs ("MAPEG").
-- Ardala operating permit increased in area substantially,
covering the known extents of the Salinbas, Salinbas North and
Ardala mineralisation.
-- All three licences (Ardala, Salinbas and Hizarliyayla)
comprising the Salinbas Project are now secured as operational
licences, with further renewals permissible.
-- Resource drilling programmes on the licences are expected to recommence from Q2 2020.
-- Environmental baseline and scoping studies underway.
Dr. Kerim Sener, Managing Director, commented:
"The renewal of this key licence for the Salinbas Project is a
major milestone for the Company. The Ardala licence contains a
large part of the existing Salinbas gold-silver JORC Resource and
the entirety of the Resource established for the Ardala
copper-gold-molybdenum porphyry. We are also particularly pleased
that MAPEG has accepted our application for a significant increase
in area of our operating permit, which now provides us with the
right to undertake mining activities across the entire mineralised
area within the licence.
As a result of these recent positive project developments for
the Project, the Company is committing to the immediate
commencement of an environmental baseline study and associated
scoping work required in advance of an Environmental Impact
Assessment. We are also going to undertake further drill planning
so that the Company will be in a position to undertake dedicated
resource drilling of this Project from Q2 2020."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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
Atholl Tweedie / James Stearns
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Dom Barretto / Harriet Jackson arianaresources@yellowjerseypr.com
/ Henry 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 exploration and development company with mining
operations focused on epithermal gold-silver and porphyry
copper-gold deposits in Turkey, the largest gold producing country
in Europe. The Company is developing a portfolio of prospective
licences originally selected on the basis of its in-house
geological and remote-sensing database, which now contain a total
of 1.6 million ounces of gold and other metals (as at end-2017).
Ariana's objective is to cost-effectively add value to its projects
through focused exploration and to develop its operations,
primarily through well-financed joint ventures.
The Company's flagship assets are its Kiziltepe and Tavsan gold
projects which form the Red Rabbit Gold Project. Both contain a
series of prospects, within two prolific mineralised districts in
the Western Anatolian Volcanic and Extensional (WAVE) Province in
western Turkey. This Province hosts the largest operating gold
mines in Turkey and remains highly prospective for new porphyry and
epithermal deposits. These core projects, which are separated by a
distance of 75km, form part of a 50:50 Joint Venture with Proccea
Construction Co. The Kiziltepe Sector of the Red Rabbit Project is
fully-permitted and is currently in production. The total resource
inventory at the Red Rabbit Project and wider project area stands
at c. 605,000 ounces of gold equivalent (as at end-2017). 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.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold
Project, comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million
ounces of gold equivalent. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
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:
"JORC" the Joint Ore Reserves Committee
Ends.
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END
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