Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced recent due diligence drilling results obtained from the Apliki Project. Ariana has completed its earn-in to 50% of Venus Minerals Ltd, which is in discussions with leading Cypriot mining company Hellenic Copper Mines for a 50:50 JV agreement for the development of Apliki. Venus is focused on the exploration and development of copper and gold assets in Cyprus.
Highlights
- Robust copper results confirmed in all due diligence drilling undertaken at the Apliki Project.
- Significant results include:
- 44.5 m at 0.77% copper (Cu) from 51.5 m, including 8 m at 1.40% Cu.
- 28 m at 0.86% Cu from 16 m including 6 m at 1.59% Cu.
- Abundant bornite, chalcocite and covellite observed, confirming the ore will be amenable to hydrometallurgical copper recovery.
- Ariana has completed its earn-in to 50% of Venus Minerals, making Venus 50% UK owned and 50% Cypriot owned (Semarang Enterprises Limited); the UK and Cypriot joint ownership is planned as a long-term strategic partnership.
Dr Kerim Sener, Managing Director, commented: “These drilling results confirm Venus' expectations of the Apliki Copper Project in Cyprus. The results have yielded several high-grade copper intercepts within an overall envelope comprising mineralisation which appears to be represented by dominantly oxidised material containing secondary sulphides. This bodes well for the proposed hydrometallurgical recovery of copper from the Apliki area utilising the same processing plant which was previously located at the nearby Skouriotissa operation.
“We are excited by the latest developments in Cyprus and the trajectory of Venus towards becoming the only copper producer on the island in the near term. In addition, recent exploration results are continuing to provide confidence in the development of a long-life mining opportunity utilising the very latest technologies for the efficient extraction of high-purity copper via electrowinning.
“Through our 50% interest in Venus, we are keen to be participants in the copper industry of Cyprus, which has a proud legacy spanning as far back as the Bronze Age, representing the earliest records of metal mining by human civilisation. Venus is well positioned as a first mover in the resurgence of Cyprus' renowned mining industry and we look forward to providing further updates with regards to its intended joint venture agreement with Hellenic Copper Mines in due course.”