Ariana Resources plc, an AIM-listed mineral exploration and development company with interests in gold mining operations in Europe, has announced recent drilling results obtained from the Kokkinoyia Sector of the Magellan Project which is 100% owned by Venus Minerals Ltd. 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 37.5%, with 50% expected to be achieved in early 4Q21.
- Gold confirmed in all 2021 Kokkinoyia Sector drill holes, identifying the deposit as a copper-gold-zinc mineral system.
- Three new mineralisation zones identified, with significant results including:
- 18.9 m at 0.86% copper (Cu), 1.54 g/t gold (Au) and 0.55% zinc (Zn), including 3 m at 4.40% Cu, 6.24 g/t Au and 0.82% Zn .
- 15 m at 0.54% Cu and 0.16 g/t Au.
- 9 m at 0.72% Cu, 0.43 g/t Au and 0.29% Zn, including 3 m at 1.44% Cu, 0.72 g/t Au and 0.38% Zn.
- Metallurgical analysis pending ahead of next phase of project development.
Dr Kerim Sener, Managing Director, commented: “These final drilling results from the Kokkinoyia deposit reinforce our understanding that an updated mineral resource will include gold, in addition to copper (with zinc in places). Of particular note is the extension of moderate to high-grade mineralisation outside of the envelope which defines the current mineral resource. Furthermore, while old underground mine development areas were encountered in most of the holes drilled in the programme, such areas were typically filled with material that carried appreciable grades of copper, gold and zinc.
“These results place Venus in a strong position to update its mineral resource estimate and to consider further resource development work at this site. In addition, mineralised material derived from the programme will be used for metallurgical testwork as part of a broader study of the economic viability of the project. Venus is committed to the development of copper and gold deposits in Cyprus and is actively pursuing opportunities to fast-track production.”
Read the article online at: https://www.globalminingreview.com/exploration-development/07102021/ariana-resources-announces-kokkinoyia-drilling-results/