Ariana Resources plc, an AIM-listed mineral exploration and development company with interests in gold mining operations in Europe, has announced that further to recent drilling results at the Kokkinoyia Sector of the Magellan Project, several important revisions have been made to the geological model. The project is 100% owned by Venus Minerals Ltd. Venus is focused on the exploration and development of copper and gold assets in Cyprus and Ariana will be completing its earn-in to 50% of Venus by the end of October 2021.
- Detailed evaluation of recent drilling data identifies a potentially economically significant metal zonation within the Kokkinoyia deposit.
- Significant gold intercepts include:
- 51.8 m at 0.96 g/t gold (Au), 0.51% copper (Cu), 0.28% zinc (Zn) and 8.21% sulfur (S).
- 13 m at 2.21 g/t Au, 1.22% Cu, 0.78% Zn and 5.99% S.
- 42.2 m at 0.55 g/t Au, 0.09% Cu, 0.27% Zn and 5.14% S.
- Significant zinc intercepts include:
- 47 m at 0.36% Zn, 0.28 g/t Au, 0.20% Cu and 2.6% S.
- 25 m at 0.47% Zn, 1.16 g/t Au, 0.67% Cu and 3.6% S.
- 5.9 m at 1.60% Zn, 4.55 g/t Au, 0.53% Cu and 9.4% S.
- Deposit comprises a gold and zinc dominated upper portion, followed by a copper and gold-rich zone and a largely separate low-grade gold zone at further depth.
Dr Kerim Sener, Managing Director, commented: “The Kokkinoyia Sector has proven to be a significantly more exciting deposit than initially thought. The presence of gold throughout the system is notable, and its closer association with zinc in the upper parts of the system suggests that the eventual economics of the Kokkinoyia mining opportunity will be influenced significantly for the better. Intercepts of over 40 – 50m carrying 0.5 – 1 g/t Au, with associated copper and zinc, dramatically change the definition of potentially economic zones across the deposit. This will also have a marked positive impact on the mineral resource which is currently defined only for copper at 5.2 million t at 0.69% Cu. In addition, further upside exists within the Kokkinoyia East area, which has not yet been drill tested by Venus.
“Further work will now need to be undertaken on the metallurgy of these zones of mineralisation to determine the optimal route for economic extraction of copper, gold and zinc, in particular the potential to recover the metals via hydrometallurgical processing routes. Venus is currently engaging with metallurgical consultants to define a programme of testwork which will lead towards a processing plan.”
Read the article online at: https://www.globalminingreview.com/exploration-development/27102021/ariana-resources-announces-geological-model-revisions/