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YEAR-END UPDATE ON ASGARD INVESTMENTS

21 Dec 2022 07:00

RNS Number : 3829K
Ariana Resources PLC
21 December 2022
 

21 December 2022

AIM: AAU

YEAR-END UPDATE ON ASGARD INVESTMENTS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to provide an update on the 100% owned Asgard Metals Fund ("Asgard") and its associated investments.

Highlights:

· Panther Metals Limited (3.2% held): Definition of a major laterite nickel resource at the Coglia Project of 70.6Mt at 0.7% nickel and 460ppm cobalt (JORC Inferred) near Laverton, Western Australia, in proximity to the Glencore-owned Murrin-Murrin nickel operation (announced on 27 June 2022). 

Potential to increase resource substantially at Coglia, with a further 34 to 62Mt located within a JORC Exploration Target.

Exploration of several gold projects underway in the Laverton region and in the Pine Creek Orogen of the Northern Territory; initial drilling results are highly encouraging particularly bonanza intercepts at Burtville East including 15m at 53.94g/t gold from 27m (announced on 14 July 2022).

· Pallas Resources Limited (6.0% held): Completion of maiden field programme involving geochemistry and geophysics over five exploration licences (934km2) in Kazakhstan; encouraging results for gold and/or copper observed across all areas and at Sarybastau and Ulkensur in particular.

Newly acquired exploration licences include Satpaev (90km2) and Southeast Bay (490km2) which lie within the Chu-Sarysu basin, the third largest sediment-hosted copper basin globally.

Preliminary strategic alliance and joint venture agreement signed with a major multinational base metal producer, and a separate term sheet received from a second major.

· Annamite Resources Holdings Pte. Ltd. (5.8% held): Identification of a significant porphyry Cu-Au system at the Sokdee Project in Laos; initial drilling includes intercepts of 60m @ 0.22g/t Au, 0.41% Cu and 88ppm Mo from 24m and 3m @ 9.2g/t Au, 0.51% Cu and 49g/t Ag from 64m at Namthom.

Significant geochemical anomalism and geophysical anomalies suggest the continuity of mineralisation for 1km x 1km at Namthom and 1.6km x 0.4km further to the north at Mouk which represents a major new target area.

Annamite presently undertaking a new fundraise in order to advance exploration across its projects through 2023.

Dr. Kerim Sener, Managing Director, commented:

"2022 represents the first full year since our launch of the Asgard Metals investment strategy. To date we have made three significant investments at a total cost of A$637,000 in a variety of exploration projects in three different jurisdictions, Australia, Kazakhstan and Laos. Each of these investments were made into private companies holding quality discovery-stage exploration opportunities, one of which has since listed on a major stock-exchange; Panther Metals Limited (ASX: PNT). Within about six months of listing, Panther Metals announced a maiden JORC Resource on its Coglia nickel-cobalt project and has identified the opportunity to grow this project to substantial scale.

"We now look forward to seeing our other investments take shape, as they are advanced towards their own possible IPOs. In Kazakhstan, Pallas Resources has secured over 1,500km2 of highly prospective ground for orogenic gold, porphyry and sediment-hosted copper in a region known for world-class deposits. Preliminary exploration on this ground has yielded several encouraging results through the year and Pallas is now poised for further exploration success. Likewise, in Laos, Annamite Resources has identified in drilling a large porphyry copper-gold-molybdenum system, which shows some areas containing very high gold and silver grades.

"We continue to identify other high-quality exploration opportunities based on clever exploration targeting methodologies or those in which new exploration concepts are worthy of testing. We are on the hunt for world-class discoveries and we look forward to working with our investee companies and their local teams to bring these about."

Contacts:

 

Ariana Resources plc

Tel: +44 (0) 20 3476 2080

Michael de Villiers, Chairman

Kerim Sener, Managing Director

Beaumont Cornish Limited

Tel: +44 (0) 20 7628 3396

Roland Cornish / Felicity Geidt

Panmure Gordon (UK) Limited

Tel: +44 (0) 20 7886 2500

John Prior / Hugh Rich / Atholl Tweedie

Yellow Jersey PR Limited

Tel: +44 (0) 20 3004 9512

Dominic Barretto / Henry Wilkinson

arianaresources@yellowjerseypr.com

 

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), in addition to pursuing an option on a 50:50 JV with Hellenic Apliki Mines, which owns the Hellenic SX-EW processing plant and the 17Mt @ 0.26% to 0.69% Cu Apliki mine development project. 

 

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.

 

Ends.

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