RNS15 Oct 2020 08:10
MAIDEN JORC RESOURCE AT MAGELLAN PROJECT, CYPRUS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce a maiden JORC 2012 Mineral Resource Estimate for the Magellan Project ("Magellan" or "the Project"), which is 100% owned and operated by Venus Minerals Ltd ("Venus")*. Venus is focused on the exploration and development of copper and gold assets in Cyprus. Ariana is earning in to 50% of Venus (currently c. 12%).
Highlights:
· JORC Mineral Resource Estimate (stated gross) of 8.5Mt @ 0.63% Cu# (Inferred), with additional potential for gold, silver and zinc-rich zones (up to 0.6 % Zn) across the Klirou and Kokkinoyia Sectors.
· JORC Exploration Target of 2.7 to 8.4Mt within a grade range of 0.5 g/t Au to 0.8 g/t Au, for 42,000 oz to 216,000 oz of gold and 3.3 g/t Ag to 8.2 g/t Ag, for 297,000 oz to 2,218,000 oz of silver.
· Resources at the Klirou and Kokkinoyia Sectors are open in several directions and particularly down-plunge, beyond 250-350m in depth.
· New exploration drilling programme of up to 3,000m to test several target areas within the greenfield exploration portfolio, due to commence imminently.