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(Sharecast News) - Europe-focussed exploration and development company Ariana Resources announced recent drilling results from the Kokkinoyia Sector of the Magellan Project, wholly-owned by Venus Minerals.
The AIM-traded firm said Venus was focused on the exploration and development of copper and gold assets in Cyprus, with Ariana continuing its earn-in to 50% of Venus, currently being entitled to 26%.
The AIM-traded firm said gold was confirmed to be a "significant" component of the Kokkinoyia deposit, with an average grade of the mineralised zone returning 128.77 metres at 0.5% copper and 0.55 grams of gold per tonne.
Significant drilling intercepts from the first hole, VMD001, included 11 metres at 1.11% copper at 1.05 grams of gold per tonne, including underground development back-fill with two metres at 2.05% copper and 2.50 grams of gold per tonne.
It also highlighted 5.87 metres at 0.53% copper and 4.55 grams of gold per tonne, including underground development back-fill with 1.37 metres at 0.41% copper at 12.75 grams of gold per tonne, as well as 12 metres at 0.99% copper and 0.29 grams of gold per tonne.
Eight remaining holes were pending assay results, which Ariana said would be released in the coming weeks.
"These excellent results confirm our expectations that the Kokkinoyia deposit represents a copper-gold volcanogenic massive sulphide system," said managing director Dr Kerim Sener.
"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."
Dr Sener said that was 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."
At 1110 BST, shares in Ariana Resources were up 4.8% at 5.19p.
2 Sep 2022 13:35
IN BRIEF: Ariana Resources provides GBP500,000 loan for Apliki project
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