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(AAU) Ariana Resources Share Chat

Discussion in 'General Share Chat (AAU)' started by Inspiration, Jan 27, 2016.

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  2. Groucho

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    18 March 2021

    AIM: AAU


    DRILLING UNDERWAY IN CYPRUS


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the commencement of diamond drilling on the Magellan Project ("the Project") in Cyprus via its earn-in on Venus Minerals Ltd ("Venus").

    Highlights:

    · Diamond drilling programme underway at the Kokkinoyia Sector of the Magellan Project.

    · 1,260m of drilling planned at Kokkinoyia to further test the known mineralisation and to provide material for metallurgical testwork.

    · Drilling to provide confidence in the Resource Estimate and specifically to better understand the distribution of gold and silver in the mineralised system.

    · Drilling expected to continue in phases throughout the year, testing each of the Magellan Project sectors.


    Dr. Kerim Sener, Managing Director, commented:

    "We are very pleased to report the commencement of the first diamond drilling programme in Cyprus by Venus Minerals. This represents the culmination of approximately three years of work by the team at Venus and builds upon the earlier percussion drilling programme which tested certain geological concepts concerning the distribution of Volcanogenic Massive Sulphide deposits in the region.

    "We are excited to be underway and look forward to providing further updates to the market as the campaign progresses and as we commence additional drilling programmes through the course of this year. Following the drilling of the Kokkinoyia Sector, we are expecting to move the rig to the Klirou and New Sha sectors of the Magellan Project. In addition to providing further understanding on the current Resource Estimate, we are expecting these programmes to provide sufficient mineralised material for metallurgical testwork, the results of which will be integrated in to the Magellan Scoping Study."

    This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.


    http://www.rns-pdf.londonstockexchange.com/rns/6196S_1-2021-3-17.pdf
    Figure 1: Diamond drilling underway at the Kokkinoyia Sector. Drilling is currently focused in the vicinity of a small historical open pit and targeting extensions of mineralisation previously encountered in historical underground workings.


    Summary of Drilling Programme

    Diamond drilling commenced at the Kokkinoyia Sector of Venus Minerals' Magellan Project, located in the Mitsero region of the Republic of Cyprus. Kokkinoyia hosts a JORC 2012 inferred Resource comprising 5.2Mt at an average copper grade of 0.69%, which represents a significant proportion of the global Magellan Project Inferred Resource of 9.5Mt @ 0.65% copper. These Resources are quoted gross with respect to the Venus Minerals Ltd earn-in.

    The diamond drilling programme marks the next phase of the Venus's appraisal of the Magellan Project as a potential mining development. During the 1970s, the Kokkinoyia deposit produced approximately 465,500t of ore at an average copper grade of 3.7%.

    Eight holes are planned at Kokkinoyia for a total of 1,260 metres, and will be the first diamond holes to be drilled at this location. In addition to providing crucial information for both the geological model and the Resource Estimate, the programme is expected to confirm the abundance and distribution of gold and silver, which would significantly improve the economics of the deposit. Gold and silver were shown to be present in intermittent historical assays and a recent dump sampling programme. Drill core will also be utilised for metallurgical testwork.
     
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  12. Groucho

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    18 May 2021

    AIM: AAU


    BANU VEIN DRILLING RESULTS


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce recent resource drilling results obtained from the Banu area of the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture ("JV") with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.

    Highlights:

    · Drilling programme testing the south-eastern half of the Banu vein system over 200m of strike to depths of c. 100m below surface.


    · New significant intercepts within the vein system include:

    o 4.1m @ 3.58g/t Au + 78.9g/t Ag

    o 7.0m @ 2.01g/t Au + 70.6g/t Ag

    o 2.6m @ 5.08g/t Au + 102.5g/t Ag


    · Zone of higher-grade mineralisation confirmed at the south-eastern end of the vein system.

    · Potential remains to expand the open-pittable strike continuity of the vein system from 300m to c. 700m, and in drilling certain other vein systems in the vicinity.


    Dr. Kerim Sener, Managing Director, commented:

    "These results confirm the presence of higher-grade mineralisation towards the south-eastern end of the Banu vein and improve confidence in the mineral resource and reserve estimation. The results also demonstrate the continuity of the vein system to at least 100m below surface over more than 200m of strike. The higher-grade zone at Banu, like those on Arzu South, appears to plunge moderately towards the south-east. This finding, in particular, highlights the opportunity to identify other plunging shoots containing high-grade mineralisation elsewhere along strike. As with other vein systems at Kiziltepe, additional drilling has proven the potential to add to the resource base, which could lead to further increases to the life of mine."

    This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.


    Drilling Programme

    Since late December 2020, the Ariana and Zenit exploration teams have been working continuously on the most significant drilling programme to date at Kiziltepe. The programme aims to significantly expand on the open-pittable and potential underground resources, in addition to systematically testing several significant exploration targets within the Kiziltepe area. To date, over 8,600 meters of diamond drilling has successfully been completed for 63 holes. This announcement is the second in a series of updates following the release of further assay results from the Kiziltepe mine laboratory. On the 29 April 2021, Ariana released the first update of this programme, which focused on results from the Arzu North area. This release focuses on the Banu area of the Kiziltepe Mine.

    In January 2017 (see announcement dated 30 January 2017), a 125m strike extension to Banu was announced based on drilling results completed during late 2016. These results highlighted the significance of the Banu area, which to date remains one of the least explored vein systems at Kiziltepe. The current 2021 drilling at Banu focuses on increasing the confidence of the resource within the 125m strike extension, in addition to providing infill between historic surface rock-saw channel samples, to further increase data density in the main resource area and to enable an update of the resources to higher confidence JORC categories.


    Drilling Results

    The latest drilling completed at Banu comprises eleven diamond drill holes for a total of 790.6m. Assays returned several robust results which provide significant additional data for a further resource update, which will be completed when all results have returned for the wider Kiziltepe area. Banu remains one of the most consistently mineralised veins at Kiziltepe both along strike and at depth, with new results including:

    · KTP-D38-21 (98.9m-103m) 4.1m @ 3.58g/t Au + 78.9g/t Ag

    · KTP-D26-21 (42.9-49.9m) 7m @ 2.01g/t Au + 70.6g/t Ag

    · KTP-D28-21 (20.5-23.1m) 2.6m @ 5.08g/t Au + 102.5g/t Ag


    Hole KTP-D38-21 represents the second deepest hole drilled into the Banu structure to date, testing a vertical depth of 90m. The deepest hole at Banu (KTP-RC32-07, 7m @ 1.4 g/t Au + 57.7g/t Ag), intercepts the Banu vein at a vertical depth of 105m. These holes are separated by approximately 200m and both holes demonstrate that the mineralisation remains well developed to these depths and maintains the potential for high grades.


    Table 1: Intercepts calculated for all 2021 drilling (11 holes) at Banu vein, using a 0.5 g/t Au minimum cut-off and allowing for up to 3m internal dilution.
    Screenshot_20210518-071531_Vox Markets.jpg
    http://www.rns-pdf.londonstockexchange.com/rns/8990Y_1-2021-5-17.pdf

    Figure 1: Plan of the Banu area, showing the 2020 optimisation pit outline in red and the main Banu vein identified from drilling (in pink). Mineralisation remains open at depth and to the northwest in particular.

    http://www.rns-pdf.londonstockexchange.com/rns/8990Y_1-2021-5-17.pdf

    Figure 2: Long-section through the 2020 Banu optimisation pit showing the latest drilling intercepts (in red) in to the Banu vein structure. The 2021 drilling results will provide new data for a revised optimisation study due to be complete in the coming months.


    Pit Optimisation

    To date, the Banu vein has been tested by drilling to a strike length of 540m and to a vertical depth of 105m. The mineralisation remains open at depth and along strike to the northwest. Drilling completed in 2016 defined the south-eastern limit of the Banu vein system, where the host structure eventually narrows (0.2 - 0.5 metres) and shows lower grades (<1g/t Au). The average thickness of the Banu vein throughout is c. 2 metres with localised blows of up to 5 metres in thickness.

    Optimisation work completed between 2017 and 2020 identifies the potential for a c. 300m long x 60m wide and 40m deep open-pit at Banu. The latest drilling provides sufficient additional data to: 1) add confidence to allow a deeper open-pit to be considered, capturing a larger proportion of the current resource, 2) reduces the reliance of historic surface rock-saw channel sampling on the resource estimation, allowing a more robust optimisation study to be completed, and 3) potentially increase the overall resource by expanding the data into more sparsely explored areas of the vein.


    Future Exploration

    The Banu and surrounding area will continue to remain a focus for future exploration at Kiziltepe. To date, only 25% (840 meters) of known veins in the Banu area have been sufficiently tested for resource definition. The remaining 75% (2,500m) of less tested veins (primarily the Fidan-Gamze and Vein 7 structures), will remain the subject to future drilling plans, subject to approval and expansion of new exploration permits.

    http://www.rns-pdf.londonstockexchange.com/rns/8990Y_1-2021-5-17.pdf

    Figure 3: Three-dimensional model of the Kiziltepe vein system, with Banu shown towards the bottom of the frame. The Vein 7 area lies adjacent to Banu and is highlighted.


    Sampling and Assaying Procedures

    All diamond drill core is currently being processed at the Kiziltepe mine site and analysed at the Zenit mine laboratory. Results are being assessed systematically and are being grouped according to individual vein systems at the Kiziltepe Sector.

    HQ size drill-core samples from the drilling programme at the Kiziltepe deposit were cut in half by a diamond saw and sent for analysis in batches in line with the Company's quality control procedures. For all the Banu drilling, a total of 625 samples (including 98 QA/QC samples) were submitted to the Kiziltepe Mine Laboratory. Core recovery for all drilling conducted at Banu during this campaign was 94%, for a total of 292 measurements.

    All samples were assayed for gold using a 30g fire assay. Quality control checks have determined that all blanks and all standards passed and duplicate samples showed excellent correlations. Laboratory sample preparation, assaying procedures and chain of custody are appropriately controlled. The Company maintains an archive of half core samples and a photographic record of all cores for future reference.
     
  13. Groucho

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    25 May 2021

    AIM: AAU


    UPDATE ON CAPITAL REDUCTION PROCEEDINGS


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to provide an update concerning the proposed reduction of share capital via a cancellation of the Company's share premium account, the cancellation of the deferred shares, and the authority for the Company to buy back shares, as detailed in the circular to shareholders (the "Circular") on 08 February 2021.

    The Company continues to work with its legal advisors and is advancing court proceedings as planned. The Company has been notified that court dates have now been fixed for early and late June and will provide an update to the market, including detail of the Company's future dividend policy, in early July.

    Dr. Kerim Sener, Managing Director, commented:

    "With court dates now set for June, we look forward to providing the market with an update on this process and the Company's future dividend policy as soon as we are able, which I expect will be in early July.

    "We remain confident that the proceedings will complete as intended and will notify the market of any significant developments as and when they occur."
     
  14. Groucho

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    29 June 2021

    AIM: AAU


    COMPLETION OF CAPITAL REDUCTION PROCEEDINGS


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to provide an update concerning the proposed reduction of share capital via a cancellation of the Company's share premium account, the cancellation of the deferred shares, and the authority for the Company to buy back shares, as detailed in the circular to shareholders (the "Circular") on 08 February 2021.

    The Company confirms that the second court hearing has completed as expected, and that the court has confirmed the Company's capital reduction. The Company will shortly be completing the required submission to Companies House documenting the reduction in its share capital accordingly and this will complete the capital reduction process.

    A further update on the Company's dividend policy will be provided during July.

    Dr. Kerim Sener, Managing Director, commented:

    "We are pleased to announce that the second and final court hearing in relation to the Company's capital reduction has now completed in line with the Board's expectations. Following the court's approval, and the submission to Companies House, this process will be concluded.

    "The Company will provide a further update on the Company's dividend policy during July."
     
  15. Groucho

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    7 July 2021

    AIM: AAU

    GOLD CONFIRMED AT KOKKINOYIA SECTOR, CYPRUS

    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce recent drilling results obtained from the Kokkinoyia Sector of the Magellan Project ("the Project") which is 100% owned by Venus Minerals Ltd ("Venus")*. Venus is focused on the exploration and development of copper and gold assets in Cyprus. Ariana is continuing its earn-in to 50% of Venus and is currently entitled to 26%.

    Highlights:

    · Gold confirmed to be a significant component of the Kokkinoyia deposit, with an average grade of the mineralised zone returning 128.77m @ 0.5% Cu + 0.55g/t Au.

    · Significant drilling intercepts from the first hole (VMD001) at Kokkinoyia include:

    o 11m @ 1.11% Cu + 1.05g/t Au, including underground development back-fill with 2m @ 2.05% Cu + 2.50g/t Au.

    o 5.87m @ 0.53% Cu + 4.55g/t Au, including underground development back-fill with 1.37m @ 0.41% Cu + 12.75g/t Au.
    o 12m @ 0.99% Cu + 0.29g/t Au.

    · Eight remaining holes are pending assay results, which will be released within the coming weeks.

    Dr. Kerim Sener, Managing Director, commented:

    "These excellent results confirm our expectations that the Kokkinoyia deposit represents a copper-gold volcanogenic massive sulphide system. The average grade across the whole length of the mineralised zone in this first hole demonstrates economically significant levels of copper and gold accumulation. Furthermore, where underground development was intercepted, substantial grades of both copper and gold were identified, suggesting that much of the back-fill used was also significantly mineralised. This is also reflected in the grades encountered in the mine waste dumps at surface. Further drilling results from Kokkinoyia are expected to be received in the coming weeks and will be integrated into a revised JORC Resource Estimate when appropriate.

    "The progress being made by the Venus team in Cyprus has been substantial over the past year and these results vindicate our strategy to diversify our regional interests in Europe. We are looking forward to accelerating our earn-in on Venus accordingly."

    * Further information about Venus Minerals and its projects is available on the Company's website, www.venusminerals.co.

    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").

    Drilling Programme

    Following the end of a three-month drilling programme at Kokkinoyia in early June (comprising over 1,500 metres of drilling), the team and equipment were mobilised to Klirou where the team are now actively drilling. The primary aim of the drilling programme was to add confidence to key historic intercepts on the western side of Kokkinoyia (Kokkinoyia West) and to identify potential for gold mineralisation below surface, as indicated by the results of grab sampling from mine waste dumps. The drilling has also generated material for future metallurgical test work.

    Kokkinoyia

    Drilling at Kokkinoyia consisted of nine inclined diamond drill holes totalling 1,578.8 metres with an average depth of 169m (minimum depth: 140.60m, maximum depth: 202.50m). A combination of PQ and HQ diamond drilling was used to test the eastern and western flanks of the historic Kokkinoyia open pit, where the holes aimed to test residual mineralisation beneath and around existing workings (Figure 1). The drilling results for the first diamond drill hole at Kokkinoyia (VMD001) are provided in Table 1.

    Key intercepts from VMD001 include (in order of depth):

    · 48.23m-54.10m: 5.87m @ 0.53% Cu + 4.55g/t Au

    o with 48.23m-49.60m: 1.37m @ 0.41% Cu + 12.75g/t Au in underground development back-fill

    · 85m-96m: 11m @ 1.11% Cu + 1.05g/t Au

    o with 85m-87m: 2m @ 2.05% Cu + 2.50g/t Au in underground development back-fill

    · 144m-156m: 12m @ 0.99% Cu + 0.29g/t Au

    · 165m-176m: 11m @ 0.61% Cu + 0.14g/t Au

    The results of this first hole will assist with the confirmation of the Kokkinoyia JORC Resource Estimate (c.5Mt @ 0.7% Cu for 36,000t Cu (JORC Inferred), see announcement dated 15 October 2020). A further eight Kokkinoyia drill holes are still pending for assaying at ALS Laboratory Services in Ireland ("ALS Ireland").

    Historically, all drill holes at Kokkinoyia were drilled vertically. VMD001 is the first inclined hole in to the deposit and was designed to test and link mineralisation between several historic holes. The other pending Venus holes were also mostly inclined, sufficiently testing all of the Kokkinoyia West area of the existing resource. VMD001 intercepted two areas of underground development, which were back-filled with material showing significantly elevated copper and gold grades of up to 2.05% Cu and separately 12.75g/t Au. The average grade of 'mineralised' core from start (48.23m) to end (177m) with some minor internal dilution (5.75m total) returned 128.77m @ 0.5% Cu + 0.55g/t Au. This is a robust result which has more than adequately tested the current block model. Furthermore, from approximately 120m to 177m, a new extended zone of mineralisation is noted (Figure 2). Historic drilling in the surrounding area appears to have never been sampled to these depths. Any additional results which support this observation may lead to further growth of the Kokkinoyia resource at depth.

    Gold assay results at Kokkinoyia were historically non-existent to minimal (<1% of the database), and therefore, the occurrence of gold has never been an economic focus for the mining of the deposit. However, the Kokkinoyia deposit is continuing to demonstrate the potential for significant gold, as initially identified from grab sampling of waste rock dumps by the Venus team in 2018.Overall, the results for this first drill hole have increased confidence in the historic drilling, and if the remaining holes prove to yield similar results, there will likely be an overall increase in confidence in the future Kokkinoyia JORC Mineral Resource Estimate, with the inclusion of a significant gold component.

    http://www.rns-pdf.londonstockexchange.com/rns/3402E_1-2021-7-6.pdf

    Figure 1: Plan view of the Kokkinoyia area, showing all recent drill collar positions and the projection of the orebody to surface.

    http://www.rns-pdf.londonstockexchange.com/rns/3402E_1-2021-7-6.pdf

    Figure 2: Cross section of VMD001 showing the extents of mineralised core, underground development and the outline of the existing block model.

    Ariana Resources PLC - GOLD CONFIRMED AT KOKKINOYIA SECTOR, CYPRUS #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/69f2bc34-dcd4-44a9-9d53-48c95bdf8f73 #voxmarkets
     
  16. Groucho

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    20 July 2021

    AIM: AAU


    ANNOUNCEMENT OF PLANNED SPECIAL DIVIDEND


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, is pleased to announce the following update on its Special Dividend, following the completion of the partial divestment of its interests in Turkey and a court order cancelling the Company's share premium account and deferred shares. The Company is planning to pay a Special Dividend in three tranches, subject to the completion of the capital reduction process, which is being finalised in July 2021.


    Highlights:

    · Court approved statement of capital has been recorded at Companies House.

    · First tranche of the Special Dividend of 0.35 pence per ordinary share is intended to be declared as an interim dividend and paid during Q3 2021.

    · Second tranche of the Special Dividend of 0.175 pence per ordinary share is intended to be declared as a second interim dividend and paid six months thereafter.

    · Final tranche of the Special Dividend of 0.175 pence per ordinary share will be proposed for approval at the 2021 Annual General meeting.

    · Special Dividend will represent an aggregate payment of 0.7 pence per ordinary share.

    · Further announcements will be made in respect of the record and payment dates for each of the above tranches, with additional details.

    Dr. Kerim Sener, Managing Director, commented:

    "Today is a momentous occasion in Ariana's history, and we are exceptionally pleased to be able to announce the details of the Company's dividend distribution plan. This is a testament to the success of Ariana's exploration, development and production strategy which has brought us to a position that very few AIM-listed resources companies find themselves in; with a producing asset and able to provide a return to our loyal shareholders. In line with our growth strategy going forward, we also hope to distribute future dividends arising from ongoing profits generated by our existing operations and those arising out of future undertakings."
     
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    http://www.rns-pdf.londonstockexchange.com/rns/8943F_1-2021-7-20.pdf

    21 July 2021

    AIM: AAU

    SIGNIFICANT RESOURCE UPDATE: KEPEZ NORTH

    c. 100% increase over previous resource estimate

    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, is pleased to announce a drilling and resource update for the Kepez North ("Kepez" or "the Project") area of the Kiziltepe Sector. Kepez North is part of the Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture ("JV") with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.

    Highlights:

    · Resource contains c. 36,400 ounces of gold and 329,400 ounces of silver.

    · 97% increase in contained gold ounces over previous resource estimate (2020) and a 310% increase over the Feasibility Study Resource (2013).

    · Significant positive increase in average grade to 7.14g/t Au + 64.65g/t Ag.

    · Substantially improved classification of the Resource to approximately 86% Measured and 14% Indicated.

    · New pit optimisation study now complete and area is being advanced through further permitting.


    Dr. Kerim Sener, Managing Director, commented:

    "This is a great outcome from the recent drilling undertaken in the Kepez area. We remain highly encouraged by this area as a potential source of very high-grade mineralisation, which can complement the mill-feed of the Kiziltepe processing plant, which is located only 14km away by road. Based on the significant increase in the resource at Kepez and the potential for identifying further extensions of this high-grade mineralisation down plunge, the JV has taken the decision to bring the drill rig back to this area to complete further drilling. This work, in addition to further mining studies and associated permitting is being expedited in order to bring this area forward in the mining schedule. Importantly, the geometry of the mineralisation lends itself well to near complete resource extraction."

    * All Mineral Resource figures in the announcement are quoted gross with respect to the Red Rabbit Joint Venture. Ariana owns 23.5% of the JV.
     
  18. Groucho

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    27 July 2021

    AIM: AAU


    2021 PRODUCTION UPDATE


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, is pleased to announce its half-year 2021 production update for its joint venture Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S.

    Highlights:

    · Gold production guidance for 2021 from Kiziltepe is maintained at c. 19,000 ounces of gold*; production during H1 2021 was 7,941 ounces of gold, c. 19% above forecast for the period.

    · Average monthly mine production during H1 2021 was approximately 34,000 tonnes of ore and a stockpile of over 285,000 tonnes has been established, representing about 10 months of enhanced production capacity.

    · Open-pit mining is continuing primarily at the Arzu North pit, with mining occurring concurrently at the Derya pit; 206,450 tonnes of ore have been mined from both pits to the end of June 2021.

    · Process plant expansion to an operating capacity of a nominal 400,000 tonnes of ore per annum is already partially operational and nearing completion; ore throughput during 2021 is expected to be c. 325,000 tonnes, which represents a 115% increase over the feasibility plan.

    · Plant expansion plan was funded through a capital loan of US$6.6 million (inclusive of interest) to Zenit through Turkiye Garanti Bankasi A.S., of which 33% has already been repaid, with eight equal quarterly payments remaining.


    Dr. Kerim Sener, Managing Director, commented:

    "The past six months have again provided production at Kiziltepe which exceeds forecasts, largely as a result of the higher-than-expected average grade that has been maintained through the processing plant. We are now looking forward to seeing the effect of the processing plant expansion, which is nearing completion, with process plant throughput already increasing during July. Once full-automation of the new system is established, around mid-August, we are expecting process throughput to increase to a nominal 400,000 tonnes of ore per annum, enabling us to maintain our guidance of circa 19,000 ounces of gold production for the year.

    "The JV finances are in great shape, with repayments continuing against its working capital loan from Turkiye Finans Katilim Bankasi A.S., which is now over 90% complete, with a final repayment of US$0.8 million to be made in October 2021. Meanwhile the new loan facility from Turkiye Garanti Bankasi A.S., which provided the capital required for the plant expansion, is a third repaid."

    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").

    * Silver production guidance is not provided, as silver is treated as a by-product credit. All figures are stated gross to the Project unless otherwise stated.


    Summary of Project

    The Kiziltepe gold-silver mine is expected to deliver an average of approximately 20,000 oz gold equivalent per annum over eight years of initial mine life, for a total of up to 160,000 oz gold equivalent based on current resources. The operating company, Zenit Madencilik San. ve Tic. A.S., is a JV between Ariana (23.5%), Proccea (23.5%) and Ozaltin (53%). Management control of the JV lies with Proccea. Commercial production was initiated at Kiziltepe during July 2017 and has continued without interruption to the present, with production consistently being delivered above plan.

    The latest resource estimate for Kiziltepe was based on recent drilling and geological interpretation in April 2020. Detailed technical and economic assessments are underway on several satellite vein systems which are not currently in the mining plan, in anticipation of these being developed in future years. The Kiziltepe operation is currently targeting an increase in mine life and an enhanced processing rate of 400,000 tonnes of ore per annum, with operations currently expected to conclude during 2025. The joint venture is confident that an increase in mine life can be achieved following the success of recent exploration and assuming the conversion of existing resources to reserves.
     
  19. Groucho

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    11 August 2021

    AIM: AAU


    ARZU CENTRAL DRILLING RESULTS


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, is pleased to announce recent resource drilling results obtained from the Arzu Central area of the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture ("JV") with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.

    Highlights:

    · New significant intercepts within the Arzu Central area include:
    o 10.8m @ 2.00g/t Au + 32.8g/t Ag
    o 8.5m @ 2.16g/t Au + 57.2g/t Ag
    o 2.0m @ 8.37g/t Au + 50.0g/t Ag

    · Confirmation of high-grade continuity to depth for the extensions to Arzu North and Derya into the Arzu Central area.

    · New geological modelling currently underway to define an updated Mineral Resource Estimate and Exploration Target in compliance with JORC (2012).


    Dr. Kerim Sener, Managing Director, commented:

    "The latest drilling results from Kiziltepe demonstrate unequivocally that the Arzu and Derya vein systems are interlinked without interruption through the Arzu Central area, which is largely obscured beneath cover rocks. We have long suspected that the vein system at Kiziltepe was not limited to the areas being mined and these results confirm that the Arzu structure itself is at least 2.5km long, with only about 50% of that strike length having been mined so far. Likewise, the Derya structure clearly represents a splay off the main NW trend of the Arzu structure, which interestingly appears to carry typically higher grades than Arzu North.

    "What is immediately apparent from our latest understanding is that there is an area of not fully quantified resource potential in the area encompassing Arzu North, Derya and the Ceylan veins. We have named this important resource development area 'The Parallelogram' and this will become the focus of further resource development work, including further drilling, in the coming months. We will be working on a revised resource estimate for Kiziltepe accordingly."

    Ariana Resources PLC - ARZU CENTRAL DRILLING RESULTS #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/7c67baa8-582d-4bc1-8b76-3f545a31ac19 #voxmarkets
     
  20. Groucho

    Groucho Member

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    17 August 2021

    AIM: AAU


    ARZU SOUTH DRILLING RESULTS


    Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, is pleased to announce recent and substantial resource drilling results obtained from the Arzu South area of the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture ("JV") with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.

    Highlights:

    · New significant intercepts within the Arzu South area include:

    o 13.9m @ 1.67g/t Au + 17.5g/t Ag
    o 8.2m @ 2.49g/t Au + 43.5g/t Ag
    o 5.0m @ 2.70g/t Au + 27.6g/t Ag

    · Full Kiziltepe Mineral Resource Estimation update study based on the drilling completed up to the end of June 2021 now underway.

    · Remaining Arzu South resource to be assessed for extraction via an expanded open-pit along strike and to greater depth.


    Dr. Kerim Sener, Managing Director, commented:

    "These drilling results have confirmed the opportunity to expand the open-pit at Arzu South, particularly at the NW end and also at further depth. Some of the deeper drilling undertaken at Arzu South this year aimed to provide further definition to some higher-grade mineralised shoots, though the continuity to depth of these is now considered less likely. We are, however, very encouraged to see the opportunities for pit expansion and to bring Arzu South back into operation. Being the highest-grade vein system overall at Kiziltepe, this is an important development. Further work, including engineering, will be undertaken following the completion of an updated Mineral Resource Estimate. Encouragingly, we have both identified and confirmed the presence of additional narrow but potentially higher-grade veins in both the hanging wall and footwall of the main Arzu South vein, which furthers the opportunity to build an enhanced resource.

    "After having received additional permits at Kiziltepe, the JV has determined to further extend its drilling programme. The drill rig is currently completing an expanded programme of drilling at Kepez, following which it will be returned to Kiziltepe to continue drilling at Arzu North and Derya, within the newly named 'Parallelogram' target area."

    Ariana Resources PLC - ARZU SOUTH DRILLING RESULTS #AAU @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/e1ceafee-ea42-4599-bda2-cc29fdf1e388
     

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