Ariana Resources plc, an AIM-listed mineral exploration and development company with interests in gold mining operations in Europe, has announced the results of a review of the mineral resource estimate (MRE) for the Kokkinoyia Sector of the Magellan Project. The project is 100% owned by Venus Minerals Ltd, which is focused on the exploration and development of copper and gold assets in Cyprus and is 50% owned by Ariana.
- JORC 2012 MRE updated internally by Ariana and Venus using new and historical drilling data.
- Total indicated and inferred resource of approximately 12.3 million t at a grade of 0.31 – 2.25% copper (Cu) and 0.27 – 0.57 g/t gold (Au) across multiple zones of mineralisation at Kokkinoyia.
- Gold mineralisation occurs across several distinct zones, along with zinc and silver in places.
- Exploration target for gold established for an additional tonnage of 3 – 4 million t at a grade of 0.3 – 0.4 g/t Au, for an additional 30 000 – 70 000 oz Au.
- Joint UK and Cypriot partnership advancing copper mining opportunities in Cyprus.
Dr Kerim Sener, Managing Director, commented: “This is an exceptional result and we are very proud of the Ariana and Venus teams having successfully completed the drilling programme and in pulling together this new resource estimate for Kokkinoyia. Not only has the overall tonnage increased by 240%, but we have now successfully brought a significant part of the resources into the higher confidence indicated category.
“In addition, as we had predicted, the Kokkinoyia deposit contains a substantial amount of gold, in association with copper and zinc. The fact that the deposit contains a substantial tonnage of mineralised material across several domains beyond what was already understood from the historical work bodes well for future exploration and resource drilling. We are already well on track with not only meeting but also exceeding our management target for the project and any additional work at this site is likely to yield further upside.
“Venus will now be looking into the potential to integrate a part of the Kokkinoyia Sector with the planned Apliki Copper Mine development project as a means to fast-tracking this deposit into production.”
Read the article online at: https://www.globalminingreview.com/exploration-development/09122021/ariana-resources-announces-jorc-increase-at-kokkinoyia/