Ariana Resources plc, an AIM-listed mineral exploration and development company with interests in gold mining operations in Europe, has announced a mineral resource estimate (MRE) for the Apliki Project for which Venus Minerals Ltd has entered into a heads of terms for a 50:50 joint venture (JV) agreement with Hellenic Copper Mines Ltd (HCM). Venus is focused on the exploration and development of copper and gold as-sets in Cyprus and is 50% owned by Ariana.
- JORC 2012 MRE updated internally by Ariana and Venus using due-diligence and historical drilling data.
- Total indicated and inferred resource of 11 million t at a grade of 0.25 – 0.69% copper (Cu) across the Apliki Project.
- Inclusive of 800 000t at 0.34% Cu of probable reserves in the Apliki Stockpiles as defined by HCM and verified by Venus.
- Processing plant currently undergoing due diligence and pre-installation checks.
- Joint UK and Cypriot partnership designed to unlock the value of such copper mining opportunities in Cyprus.
Dr Kerim Sener, Managing Director, commented: “This MRE represents an important part of the ongoing due diligence of the Apliki Copper Project in Cyprus by Venus Minerals.
“Following the positive results of the due diligence drilling, which was announced in early November, we have now integrated these new data with the historical drilling to produce a more robust and independently assessed resource.
“Apliki represents a significant European opportunity for the production of high-purity cathode copper using a tried-and-tested hydrometallurgical processing route with a low environmental impact. Beyond the re-source areas identified here, there are clearly areas of potential resource upside, particularly in the Apliki Mine area and specifically its related stockpiles. Further work by the Venus team will be undertaken in these areas in order to continue building on the resources and reserves.
“In addition, Venus has engaged consultants to assess the condition and capacity of the processing plant which is on standby for re-installation at the Apliki site. Based on an initial review it is clear that some additional processing upside exists, which will complement any growth in the resource base.”
Read the article online at: https://www.globalminingreview.com/exploration-development/08122021/ariana-resources-announces-revised-apliki-project-mre/