Geophysical Survey Results at Kiziltepe

RNS Number : 6355Q

Ariana Resources PLC

22 February 2023

 

22 February 2023

AIM: AAU

GEOPHYSICAL SURVEY RESULTS AT KIZILTEPE

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 positive results from an IP/Resistivity geophysical survey conducted by the company at the Kiziltepe Project ("Kiziltepe" or "the Project").  Kiziltepe 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.

Highlights:

● Completion of a comprehensive geophysical survey programme across the Sindirgi Gold Corridor in late 2022.

● Positive results obtained from the Kiziltepe Induced Polarization (IP)/Resistivity survey confirm the presence of extensions to several mined vein systems.

● Confirmation of new near surface drill targets are defined at the far northwest extensions of Arzu North and Arzu South and towards the southeast of the mined vein systems.

● Targets defined in this survey are being integrated into a revision of our JORC Exploration Target, which will define priorities for future exploration and resource drilling.

Dr. Kerim Sener, Managing Director, commented:

"Several geophysical programmes were conducted at Kiziltepe and nearby prospects during the later part of 2022.  We are very pleased to report the results from the programme completed at Kiziltepe itself, which was designed to test near-mine zones of vein mineralisation.  It may become subject to future drill-testing, as we go about building on the potential for resource extensions.  We are pleased to note that several pronounced geophysical anomalies exist along strike of previously mapped and drilled veins, suggesting the potential for further discoveries, particularly in the southeast part of the prospect. This signals a new area to us which has not previously received much attention from drilling in the past.  Beyond the area covered in the survey outlined here, work was also undertaken at Kepez and at Kizilcukur, the results of which will become the subject of future announcements." 

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").

Details of the Geophysical Programme

The geophysical programme was undertaken over four prospects located within the Sindirgi Gold Corridor, a north-east trending mineralised zone extending from the Kiziltepe Project in the southwest to the Kizilcukur Project in the northeast. This work included IP/Resistivity surveys over the Kiziltepe mine area, Kepez Main, Kepez North and a UAV magnetic survey over Kizilcukur (Figure 1).

Figure 1: The Sindirgi Gold Corridor with defined prospects and areas currently covered by geophysical datasets.

The geophysical results reported in this update are from the Kiziltepe near mine and extensional zones (Figure 2) covering an area of 5.3 km².  The results from the other three surveys are currently being processed and analysed.

In late 2022, data was collected from 15 northeast-southwest oriented IP/Resistivity profiles, which were spaced 200m apart with a total length of 25.26km.  These lines were designed to cover the extensions of mineralised vein systems and were integrated with historic IP/Resistivity survey data collected during 2008 and 2010.  A pole-dipole array was used with a 30m electrode spacing, using a Canada GDD TxII-5000W transmitter and a France Iris Elrec Pro 10 receiver operating in the time domain.

The typical northwest-southeast trend of most mineralised vein systems at the Kiziltepe Project is well constrained and the historic IP/Resistivity surveys were designed to transect these in a perpendicular manner.  By utilising all available geophysical data, the recent survey has defined several additional near-surface and moderately deep targets between 150m to 200m across the wider area.  

Figure 2: Overview map showing historic geophysical IP/Resistivity survey lines of 2008 and 2010, and the completed programme in 2022 in relation to mapped veins. 

The results of the Kiziltepe IP/Resistivity survey show a series of generally northwest-southeast trending IP and resistivity anomalies, which probably represent additional mineralised quartz vein systems (Figure 3). 

Moderate to high resistivity anomalies are well defined across known vein systems whilst higher IP anomalies suggest the presence of alteration zones near surface and potential for sulphide mineralisation below the water table.  Due to the composition of the host rocks, these appear to have minimal influence on the IP/resistivity responses measured.  Several target areas have been defined and are numbered in Figure 3:  

1. At the northwest end of the project area, the resistivity anomaly is consistent over about 600m, suggesting a similar trend to the Banu vein.

2. The northwest extension of Arzu North vein is confirmed with both IP and resistivity anomalies, which are expected to be drill tested in 2023.

3. A new parallel zone of high resistivity defined immediately to the northeast of Arzu North.

4 & 5. The two strong resistivity trends supported by moderate IP anomalies to the northeast of Arzu North, which were partly defined in earlier surveys, are confirmed with the recent survey and will be used to generate new drill targets.

6. The survey also defined several potential structures at the southeast extensions of both the Arzu South and Fidan vein systems.

Further studies will be made to prioritise the defined exploration targets from the IP/Resistivity survey which will be integrated with the Kiziltepe geological model to design a new drilling programme.

Figure 3: Merged 3D resistivity model of the Kiziltepe vein system with the mapped and modelled veins in red and interpreted structures in blue.

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]
Dom Barretto / Shivantha Thambirajah/ Bessie Elliot	[e-mail]

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 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 307,000 ounces gold and 1.1 million 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. 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.

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 .

Glossary of Technical Terms:

"IP" Induced Polarization;

"km" Kilometres;

"m" Metres;

"UAV" Unmanned Aerial Vehicle;

Ends.

 

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