Ariana Resources plc (AIM: AAU)
An AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce a general update on its projects across all areas of current activity.
Highlights included the Tavsan project development being transitioned into the construction stage, and a revised Mineral Resource Estimate and Feasibility Study is underway.
| Ariana Resources | AIM: AAU |
| Stage | Production, development, exploration |
| Metals | Gold, copper |
| Market cap | £38 million @ 3.28p |
| Location | Turkey, Cyprus, kosovo |
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Ariana Resources – Kizilcukur 1 drilling team
23 June 2022
Ariana Resources announce a general projetcs update
Ariana Resources plc (AIM: AAU) (“Ariana” or the “Company”), an AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce a general update on its projects across all areas of current activity.
Highlights:
· Tavsan project development is being transitioned into the construction stage, and a revised Mineral Resource Estimate and Feasibility Study is underway.
· Simultaneous diamond drilling programmes underway at Kiziltepe, for up to c. 14,000m, and at Salinbas, for an extended programme which will involve several drilling rigs.
· Western Tethyan Resources undertaking fieldwork across its licences in Kosovo and evaluating several other projects in south-eastern Europe in conjunction with Newmont.
· Venus’ exploration and development work in Cyprus is ongoing and preparations for its IPO are continuing.
· Asgard Metals Fund investee companies are currently undertaking various geochemical and geophysical exploration programmes and drilling, with the aim of identifying new mineral resources.
· New office facilities have been opened in Ankara, from which the Company’s core geoscientific team will operate globally.
Dr. Kerim Sener, Managing Director, commented:
“Significant progress is being made across the Company’s projects and interests in south-eastern Europe and further afield. Most notably, we are advancing into the construction stage of the Tavsan Project and associated development activities are being ramped up. Tavsan will become the second mine developed by Ariana through its interests in Zenit Madencilik in Turkey.
“New and extended exploration and resource drilling programmes are continuing at both Kiziltepe and Salinbas and Kiziltepe remains on track to deliver its production target of c. 25,000oz gold for the year. The Company is also advancing a strategy to secure 100% owned exploration projects in eastern Turkey following the work of the Project Leopard team. While Ariana continues to diversify its investments and operations, providing a derisked investment for prospective shareholders, we believe that eastern Turkey offers suitably attractive opportunities that complement our exisiting in-country activities.
“Following the strategic investment of US$2.5 million by Newmont Corporation in Ariana, our 75% owned subsidiary, Western Tethyan Resources, is progressing its exploration programmes in Kosovo and evaluating a number of other projects in the wider region. Having access to the Newmont exploration databases across the region has provided us with enhanced targeting capabilities. The grant of our first exploration licences marks a major milestone in this region and we look forward to the grant of several other licences during 2022.
“Venus Minerals, in which we hold a 50% interest, progresses towards its IPO and Admission to the AIM Market. Current volatility in global capital markets has proven challenging, however, the very compelling Venus business case presents at least 10 years copper production commencing ~12 to 15 months following its IPO. As such, we continue to support Venus so that it can complete its IPO at the earliest opportunity.
“Our interests in Panther Metals, Pallas Resources and Annamite Resources, held through our 100% owned Asgard Metals Fund, are being advanced across multiple new exploration programmes in 2022 involving geochemical and geophysical programmes, drilling and mineral resource estimation. The Ariana team is fully integrated in the design and interpretation of the work programmes of our investee companies. We are expecting to make further investments via Asgard during the current year to further broaden the portfolio across the Eastern Hemisphere.
“Lastly, the Company is proud to have opened the doors of its own office premises in Ankara. This has been established as our Head Office, for our core administrative and generative geoscientific teams. The facility will house our Geotek BoxScan unit, which is currently located in Sindirgi, and will include an in-house sample preparation and geochemical laboratory to support our regional exploration programmes.”
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To read the full news release, please click HERE
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