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Ariana Resources PLC - exploration firm with interests in Turkey - Raises resource estimate for Kokkinoyia sector of Magellan project in Cyprus, through new and historical mining data, giving a total indicated and inferred resource of 12.3 million tonnes at a price of 0.31% to 2.25% of copper and 0.27 to 0.57 grams per tonne of gold.
An exploration target has been established,for an additional 3 to 4 million tonnes for an extra 30,000 to 70,000 ounces of gold.
"This is an exceptional result and we are very proud of the Ariana and Venus teams having successfully completed the drilling programme and in pulling together this new resource estimate for Kokkinoyia. Not only has the overall tonnage increased by 240% but we have now successfully brought a significant part of the resources into the higher confidence Indicated category. In addition, as we had predicted, the Kokkinoyia deposit contains a substantial amount of gold, in association with copper and zinc," says Managing Director Kerim Sener.
Current stock price: 4.10 pence, down 2.6% on Friday
Year-to-date change: down 20%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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