Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced the commencement of diamond drilling on the Magellan Project in Cyprus via its earn-in on Venus Minerals Ltd.
- Diamond drilling programme underway at the Kokkinoyia Sector of the Magellan Project.
- 1260 m of drilling planned at Kokkinoyia to further test the known mineralisation and to provide material for metallurgical testwork.
- Drilling to provide confidence in the resource estimate and specifically to better understand the distribution of gold and silver in the mineralised system.
- Drilling expected to continue in phases throughout the year, testing each of the Magellan Project sectors.
Dr Kerim Sener, Managing Director, commented: "We are very pleased to report the commencement of the first diamond drilling programme in Cyprus by Venus Minerals. This represents the culmination of approximately 3 years of work by the team at Venus and builds upon the earlier percussion drilling programme which tested certain geological concepts concerning the distribution of Volcanogenic Massive Sulfide deposits in the region.
"We are excited to be underway and look forward to providing further updates to the market as the campaign progresses and as we commence additional drilling programmes through the course of this year. Following the drilling of the Kokkinoyia Sector, we are expecting to move the rig to the Klirou and New Sha sectors of the Magellan Project. In addition to providing further understanding on the current resource estimate, we are expecting these programmes to provide sufficient mineralised material for metallurgical testwork, the results of which will be integrated in to the Magellan scoping study."
Summary of drilling programme
Diamond drilling commenced at the Kokkinoyia Sector of Venus Minerals' Magellan Project, located in the Mitsero region of the Republic of Cyprus. Kokkinoyia hosts a JORC 2012 inferred resource comprising 5.2 million t at an average copper grade of 0.69%, which represents a significant proportion of the global Magellan Project inferred resource of 9.5 million t at 0.65% copper. These resources are quoted gross with respect to the Venus Minerals Ltd earn-in.
The diamond drilling programme marks the next phase of the Venus's appraisal of the Magellan Project as a potential mining development. During the 1970s, the Kokkinoyia deposit produced approximately 465 500 t of ore at an average copper grade of 3.7%.
Eight holes are planned at Kokkinoyia for a total of 1260 m, and will be the first diamond holes to be drilled at this location. In addition to providing crucial information for both the geological model and the resource estimate, the programme is expected to confirm the abundance and distribution of gold and silver, which would significantly improve the economics of the deposit. Gold and silver were shown to be present in intermittent historical assays and a recent dump sampling programme. Drill core will also be utilised for metallurgical testwork.
Read the article online at: https://www.globalminingreview.com/exploration-development/18032021/ariana-resources-commences-drilling-in-cyprus/