Ariana Resources announces increase in Apliki MRE
Published by Jessica Casey,
Editor
Global Mining Review,
Ariana Resources plc, an AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced an updated mineral resource estimate (MRE) for the Apliki Copper Project, for which Venus Minerals Ltd has entered into a formal conditional 50:50 joint venture agreement with Hellenic Apliki Mines Ltd (HAM). Venus is focused on the exploration and development of copper and gold assets in Cyprus and is 50% owned by Ariana.
Highlights
- MRE updated to a global measured, indicated, and inferred resource of approximately 17 million t at a grade of 0.26 – 0.69% copper (Cu) (0.34% Cu average)* across Apliki, after further detailed assessment and modelling of historic data.
- Increase recorded by the addition of the Apliki Mine Pit Wall Resources for an additional 6.47 million t at 0.32% Cu, compared to the 2021 MRE.
- Apliki represents an already developed opencast with significant unmined resources available for modern extraction.
* MRE stated gross with respect to HAM. Venus is to acquire 50% of HAM and Ariana holds 50% of Venus.
Dr Kerim Sener, Managing Director, commented: “Within two years, through Venus, Ariana has achieved its objective of establishing a substantial copper resource base in Cyprus, which now comprises 34 million t with a grade range of circa 0.3 – 1.1% Cu. Even at the lower end of this grade range, and excluding the potential of by-product metals, such as gold, this represents substantial in-ground (risked) value.
“This updated MRE follows the original MRE on Apliki completed last December in which we had noted that there were areas of potential resource upside, particularly in the Apliki Mine area and its related stockpiles, and that further work by the Venus team would be undertaken in these areas in order to continue building the resource base.
“This updated MRE for Apliki comes at an opportune time, ahead of the proposed IPO of Venus on AIM. Venus will also soon implement further project optimisation work to advance the Apliki Mine development programme with Hellenic Apliki Mines.
“Although market conditions remain less favourable than we would like, and while we cannot influence the markets, we are nevertheless eager to continue developing the assets within the Venus portfolio to enhance the value of the company ahead of a listing. In the meantime, we are pleased to note that Venus has extended its option over Apliki to 31 December 2022.
“Venus is a British and Cypriot-owned company which represents one of the most exciting near-term European copper mining opportunities in play today, in a jurisdiction that has been prized for its high-quality copper for time immemorial.”
Read the article online at: https://www.globalminingreview.com/exploration-development/18082022/ariana-resources-announces-increase-in-apliki-mre/
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