TIDMAAU
RNS Number : 5148A
Ariana Resources PLC
22 January 2020
22 January 2020
AIM: AAU
HIGH-GRADE ZONES IDENTIFIED AT TAVSAN
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce the completion of its resource sampling programme for
the Tavsan Gold Project ("Tavsan" or "the Project") in Turkey.
Tavsan is part of the Red Rabbit Joint Venture with Proccea
Construction Co. and is 50% owned by Ariana through its
shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit")*.
Highlights:
-- 156 surface rock-saw channel lines were completed across
Tavsan, significant results including(#) :
o 18.2m @ 5.03g/t Au + 2.1g/t Ag
o 9.9m @ 6.08 g/t Au + 2.4g/t Ag
o 31.3m @ 1.85g/t Au + 0.9g/t Ag
-- Significant results supporting a potential conversion of the
JORC Exploration Target at Tavsan South to Inferred Resources,
include:
o 3.5m @ 9.28g/t Au + 30.5g/t Ag
o 4.5m @ 4.30g/t Au + 5.3g/t Ag
o 5.0m @ 1.72g/t Au + 5.3g/t Ag
-- Over 60 outcrop locations sampled which will be incorporated
in to the next resource estimation for Tavsan, scheduled for
completion during Q2 2020.
-- Follow-up infill resource drilling programme planned for the
next phase of project development.
Dr. Kerim Sener, Managing Director, commented:
"These results reflect extremely positively on the
resource-focused work we have been undertaking at Tavsan. They
demonstrate that the sampled areas of outcropping mineralised
jasperoid are typically higher grade than the overall resource.
Some of these results are exceptional, such as 18.2m @ 5.03 g/t Au,
suggesting that there is an opportunity to identify several rich
zones of structurally-controlled mineralisation within the orebody
as a whole, and that these higher-grade areas are likely to be
encountered from surface to a depth of 10-20m below surface. We
will be working on a revised mineral resource estimate for Tavsan
during Q2 2020 which will form part of our mine plan for the
Project, once final permits are received."
* All figures relating to Mineral Resources, including the
financial model, are quoted gross with respect to the Joint
Venture; Ariana holds 50% of the project through its JV
company.
# Results of channels are quoted based on a zero grade being
applied to some short interval gaps of up to 1.7m where samples
could not be collected due to lack of in-situ outcrop. There are
only 5 cases of this occurring in the intercepts recorded.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Rock-saw programme
During Q4 2019, the Ariana exploration team, working in
association with the Zenit JV, collected samples along 156 rock-saw
channels, totalling a combined length of 1,158 meters from key
outcrops across the Tavsan Project (Figure 1). Outcrops were
selected on the basis of detailed outcrop mapping of silicified
jasperoid, known historic workings, epithermal quartz veins and
existing drilling results. Samples were extracted on the basis that
each outcrop was sampled at least twice, and in multiple
directions, typically along the long and short axis directions
relative to the orientation of the outcrop.
Mineralisation at Tavsan largely occurs on two dominant
structural trends, with the majority of mineralisation located
along the gently dipping and undulating plane of a NE-SW trending
thrust-fault. The second, subsidiary trend for mineralisation is
controlled dominantly by a unit of neritic limestone and a series
of NW-SE linkage faults, trending at about 90 degrees to the
primary fault plane.
http://www.rns-pdf.londonstockexchange.com/rns/5148A_1-2020-1-21.pdf
Figure 1: Map of the Tavsan project area showing the location of
outcropping mineralised jasperoid (in red) and currently designed
open-pits (yellow outlines). Many of the exploration targets lie
along NW- and NE-trending axes associated with a thrust-fault and
its subsidiary structures. Significant results from the rock-saw
channel programme are shown in addition to key drilling intercepts
in the area identified in the South Zone.
The purpose of the programme was to provide a further increase
in the confidence of the resource classification, and to reduce
planned infill drilling meters for future resource development
work. The sampling included areas that are currently classified as
part of the JORC Exploration Target and Inferred Resource, with a
view to improving confidence in the resource estimate and an
improvement in the resource classification. A total of 751 samples
(including 118 QA/QC samples), averaging a length of 1.8 meters
were extracted during the sampling activities (Table 1). Of these
samples, 676 were sent to the Kiziltepe mine laboratory for gold
and silver fire assay only. A further 76 samples were sent to ALS
in Izmir for gold and silver fire assay and multi-element ICP
analysis.
Significant results (intercepts exceeding 1g/t Au) have returned
from 72 of the 156 channels, with best results including:
o TAV-CH010-19: 18.2m @ 5.03g/t Au + 2.1g/t Ag
o TAV-CH032-19: 9.9m @ 6.08 g/t Au + 2.4g/t Ag
o TAV-CH016-19: 31.3m @ 1.85g/t Au + 0.9g/t Ag
Some of the highest-grade results returned include:
o TAV-CH087-19: 3.4m @ 14.24g/t Au + 1.2g/t Ag
o TAV-CH072-19: 5.0m @ 9.59g/t Au + 3.5g/t Ag
o TAV-CH058-19: 3.5m @ 9.28g/t Au + 30.5g/t Ag
At Tavsan South, a JORC Exploration Target area which contains
63 historic workings and which occurs in association with
significant historic drilling intercepts (e.g., OR3: 9m @ 1.3g/t Au
+ 4.3g/t Ag and ODX53: 6m @ 3.37g/t Au + 3.7g/t Ag), returned
results including:
o TAV-CH058-19: 3.5m @ 9.28g/t Au + 30.5g/t Ag
o TAV-CH057-19: 4.5m @ 4.30g/t Au + 5.3g/t Ag
o TAV-CH051-19: 5m @ 1.72g/t Au + 5.3g/t Ag
The channel sampling results obtained from this programme, in
addition to supporting historic data, provides for the definition
of an Inferred resource at Tavsan South.
The Tavsan channel sampling programme has aided the definition
of grade across the mapped jasperoid outcrops within the immediate
area of the planned open-pits, in addition to refining the future
resource potential of Tavsan. The pending drill plan is now being
revised to incorporate the new surface data to reduce the number of
meters required for the next phase of drilling.
Table 1: Top 20 Tavsan rock-saw channel sampling intercept
results. 1m internal dilution and 0.5g/t cut-off applied. Results
of channels are quoted based on a zero grade being applied to some
short interval gaps of up to 1.7m where samples could not be
collected due to lack of in-situ outcrop. There are only 5 cases of
this occurring in the intercepts recorded.
Channel ID From (m) To (m) Length Gold Silver
(m) Grade Grade
(g/t) (g/t
)
TAV-CH010-19 0 18.2 18.2 5.03 2.12
--------- ------- ------- ------- -------
TAV-CH032-19 0 9.9 9.9 6.08 2.4
--------- ------- ------- ------- -------
TAV-CH016-19 0 31.3 31.3 1.83 0.94
--------- ------- ------- ------- -------
TAV-CH087-19 7.9 11.3 3.4 14.24 1.24
--------- ------- ------- ------- -------
TAV-CH072-19 0 5 5 9.59 3.5
--------- ------- ------- ------- -------
TAV-CH006-19 0 10 10 4.16 4.2
--------- ------- ------- ------- -------
TAV-CH009-19 0 20 20 1.87 1
--------- ------- ------- ------- -------
TAV-CH148-19 0 11.3 11.3 3.21 5.3
--------- ------- ------- ------- -------
TAV-CH070-19 0 6.4 6.4 5.67 1.11
--------- ------- ------- ------- -------
TAV-CH144-19 0 8.6 8.6 4.12 2.9
--------- ------- ------- ------- -------
TAV-CH088-19 0 12 12 2.86 4.67
--------- ------- ------- ------- -------
TAV-CH066-19 2 8.4 6.4 5.13 5.31
--------- ------- ------- ------- -------
TAV-CH021-19 0 10 10 3.27 8.8
--------- ------- ------- ------- -------
TAV-CH058-19 0 3.5 3.5 9.28 30.5
--------- ------- ------- ------- -------
TAV-CH018-19 0 9 9 3.5 1.67
--------- ------- ------- ------- -------
TAV-CH011-19 0 20.5 20.5 1.52 0.9
--------- ------- ------- ------- -------
TAV-CH071-19 8.5 16.5 8 3.73 0.5
--------- ------- ------- ------- -------
TAV-CH071-19 0 4.9 4.9 6.04 0.82
--------- ------- ------- ------- -------
TAV-CH033-19 0 18 18 1.64 3.78
--------- ------- ------- ------- -------
TAV-CH013-19 0 9 9 3.23 1.28
--------- ------- ------- ------- -------
Sampling and Assaying Procedures
The Tavsan rock-saw sampling programme was conducted using the
same sampling procedures used within Ariana's drilling programmes.
Jasperoid outcrops were historically mapped at 1:1,000 scale. More
recently (April 2019), selected outcrops were individually assed
for safe and effective sample extraction. Channels were typically
marked-up into 1m segments. A dual bladed, petrol powered rock-saw
was then used to cut two equally spaced grooves along the long and
short axis of each outcrop. Spacing between the two diamond blades
on the rock-saw was 25mm to replicate half HQ diamond drill core.
Individual samples were typically extracted as 1-2m composites,
with average composite lengths for the entire programme equalling
1.8m. All samples were organised into batches in line with Ariana's
quality control procedures. A total of 676 samples were submitted
(including 118 QA/QC samples), to the Kiziltepe Mine Laboratory for
fire assay gold-silver analysis. A further 76 samples were sent to
the ALS Laboratory in Izmir for fire assay and multi-element ICP
analysis.
All samples were assayed at the mine laboratory using a 30g fire
assay. Samples were analysed in line with normal operating
procedures for grade control analysis conducted for the Kiziltepe
open pit. The addition of blanks, standards and duplicates were
routinely included into the sample batches as part of Ariana's
sampling procedures in adherence to the 2012 JORC Code. Duplicate
samples were extracted by cutting an additional channel line within
5cm from the original samples. Quality control checks have
determined that blanks and standards passed and duplicate samples
showed good correlations. Laboratory sample preparation, assaying
procedures and chain of custody are appropriately controlled. The
Company maintains an archive of photographic records for all
channel locations for future reference.
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
Joe Burgess / 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 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
total of 1.6 million ounces of gold and other metals (as at
end-2017).
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 resource inventory at the Project and its
wider area is 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.
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:
"Ag" chemical symbol for silver;
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"m" Metres;
"oz" Troy ounces;
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
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