Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced additional resources estimated in accordance with the JORC 2012 Code for 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 currently earning in to 50% of Venus.
- New Sha Sector JORC mineral resource estimate of 1 million t at 0.8% copper (Cu) and 0.3% zinc (Zn) (inferred), including a higher-grade zone of 0.5 million t at 1.13% Cu and 0.3% Zn (inferred); potential for additional resources to be defined due to lack of modern exploration within the immediate area.
- Significant potential for gold and silver rich zones to be defined within the resource at the New Sha Sector, with a JORC exploration target of 0.5 million t to 1.5 million t for 6500 oz to 41 000 oz gold (Au) at an average grade of 0.4 g/t Au to 0.85 g/t Au.
- Revised JORC mineral resource estimate (stated gross) of 9.5 million t at 0.65% Cu (inferred), with additional potential for gold, silver and zinc-rich zones (up to 0.6% Zn) across the Klirou, Kokkinoyia and New Sha sectors of the Magellan Project.
- New exploration drill-hole planning currently underway to test several target areas within the prospective area.
Dr Kerim Sener, Managing Director of Ariana Resources, commented: "The completion of this updated mineral resource estimate for the Magellan Project represents another important step forward for Venus Minerals. A combined resource of 9.5 million t at 0.65% Cu with significant additional potential for precious metals and zinc is very much closing in on our initial target of >10 million t at 0.6% Cu, 0.6% Zn, 0.5 g/t Au and 6 g/t silver (Ag) for the project. Additional exploration and resource drilling in the vicinity of these resource areas is likely to yield further growth of the Magellan resource, and drill planning is being undertaken accordingly.
"Outside of these resource areas, the Venus exploration team have been focused on delivering an initial percussion drilling programme on several new exploration targets identified across its portfolio. These targets have been developed based on a revised geological model and related geological concepts, the results of which will be integrated in to the drill planning for the Magellan area. We look forward to providing further updates on this exploration in due course."
Read the article online at: https://www.globalminingreview.com/exploration-development/08122020/ariana-announces-increase-in-jorc-resources-at-magellan-project/