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Ariana Resources PLC
26 November 2024
 

 

Ariana Resources PLC NEW

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26 November 2024

AIM: AAU

NEW DISCOVERIES AT THE DOKWE PROJECT

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to provide an update on new exploration being undertaken across the 100% held Dokwe Gold Project in Zimbabwe, focusing on areas for which resources have not yet been defined. Several opportunities have been identified to date.

Highlights:

·    Soil sampling and pXRF analysis at Dokwe South have led to the discovery of a quartz vein breccia.

·    A preliminary rock-chip sampling programme of 22 samples returned seven samples showing >10.0g/t silver, peaking at 35.2g/t silver.

·    A new regional pXRF soil sampling programme is underway which will ultimately cover the whole claims area.

·    Regional exploration and resource infill drilling is in the final stages of planning; all prospects at the Dokwe Project are within 7km of where the Dokwe processing plant is expected to be located.

 

Dr. Kerim Sener, Managing Director, commented:

"Our recent exploration work across the Dokwe Project is already yielding positive results which is continuing to build on the exploration upside of this opportunity. Work undertaken near Dokwe North and Central has identified the potential for resource blue sky and the broader prospectivity of the project area has increased following the exploration results outlined here. We look forward to updating the market as we develop our work at the Dokwe Project."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

Background

 

In recent months, the geology team have been assessing the prospectivity of the wider Dokwe Project in areas previously less explored and away from the two gold deposits defined to date. The prospective Archaean rocks at the Dokwe Project were buried, deformed, metamorphosed, and mineralised, before being uplifted and partially eroded to form a basin into which the post-Permian Karoo sedimentary and volcanic rocks were deposited. The Karoo aged rocks and the later Kalahari sediments form a cover layer over the Archaean rocks, ranging in thickness from zero to a few metres at Dokwe South, gradually thickening northwards to be about 40 metres at Dokwe North (Figure 1).

 

Considering the successful recognition of arsenic and copper in the soils, Ariana has commenced a regional pXRF programme, which ultimately will provide total coverage for a range of pathfinder elements across the entire claims area (42km2). Furthermore, soil samples have been collected along two orientation lines over the known deposits, which are to be analysed by detectORETM at the Dokwe site laboratory, to evaluate the potential for this technique to detect subtle gold and silver anomalies in the cover rocks. Of particular interest is a copper anomaly that was followed up by Ariana during a reconnaissance pXRF soils programme at Dokwe South.

 

 

Figure 1: Map and schematic cross-section highlighting the nature of Karoo cover across the Dokwe Project.

 

Maboe Prospect: Dokwe South

 

The Maboe Prospect is situated 7km south of Dokwe North, in an area of broad gold, copper and silver anomalism delineated during the original Dokwe soil sampling programmes in the early 2000s (Figure 3). Ariana has recently followed up on these original results with pXRF soil sampling, which has confirmed a significant coincident copper anomaly. The spatial association of the gold and copper anomalism in soils is interpreted to reflect a proximal source, located along a subtle change in topography on the southern flank of the anomalies.

 

Further field investigations have identified a quartz vein breccia along a subtle east-west ridge that is intermittent over a strike length of approximately 600m. The initial interpretation of the host rock is that it is a strongly brecciated and silicified felsic volcanic rock. Fine to medium-grained disseminated sulphides are observed and interpreted to have been introduced during silicification.

 

Twenty-two rock chip samples were collected over a strike length of 300m, and analysed for gold, silver and copper. Assay results have been received, and whilst the gold values are low, several of the samples contain significant amounts of silver with seven samples returning >10.0g/t silver, and the highest returning 35.2g/t silver. It should be noted that the in-country laboratory used is not yet accredited for silver assays, and some uncertainty is to be expected with the silver results. External lab checks will be completed in due course.

 

A map of land with red lines Description automatically generated

 

Figure 2: Gold in soil contour (1.2ppb Au) that led to the discovery of the Dokwe North and Central gold deposits.

 

A map of soil erosion Description automatically generated

Figure 3: Gold anomaly map defined from historic soil sampling, with pXRF soil sample points shown. Rockchip sample locations shown over the outcropping quartz vein breccia at the Maboe Prospect.

 

 

Figure 4: pXRF copper anomalies in soil over the Maboe Prospect area.

 

 

Figure 5: Rock chip samples from the Maboe Prospect, Dokwe South, displaying silver in ppm.

 

 

Figure 6: Maboe Prospect; Top left, looking west along the sub-cropping quartz vein breccia; Top right, a boulder of quartz vein breccia; Bottom, hand specimens of breccia (l) and siliceous host rock (r).

 

Siduli Pan

 

To the northeast of the Maboe Prospect, a second broad zone of gold anomalism is identified from the soil sampling programmes at Siduli Pan. This area has seen some follow-up exploration, including very limited drilling, and presents a significant target area for further drill testing, where the cover is predicted to be less than 20m thick.

 

The Siduli Pan Prospect is highlighted by a significant gold soil anomaly that was delineated in the original soil sampling programmes (Figure 2). The thickness of cover in the area ranges from 11 to 18m. Two geophysical programmes with sparse follow-up drilling were conducted in the area in 2003/4, and 2018/19.

 

The first geophysical programme comprised ten N-S-orientated IP lines, which identified several chargeability and resistivity highs and lows. Two drill holes, DSD1 and DSD2 were drilled to test two of these (Figure 6). DSD2 intercepted a narrow (5cm) quartz vein with significant chalcopyrite which returned an intercept of 81.1g/t Au over 0.5m from 243m down-hole depth. Given that the Dokwe North and Central deposits extend from such depths to surface, this area represents an exploration target worthy of further investigation.

 

 

Figure 7: Plan view (top) and north-south section through the Siduli Pan target area as initially defined by conventional soil analyses. Drill targeting was undertaken following an IP geophysics study. Chargeability anomalies were targeted by historic drilling.

 

The second geophysical programme extended 500m westwards from the first. This was followed by six drill holes, five to approximately 100m depth, and the sixth to 300m depth. Although no economic gold values were recorded, the drilling confirmed the presence of felsic tuff and andesite in the area, which are important host rocks for mineralisation at Dokwe North.

 

The broad soil anomaly, deep intercept and prospective rock types indicate Siduli Pan is another significant exploration target in the Dokwe Claims Area, as Ariana widens its exploration focus in the search for additional mineralisation to complement the Dokwe North and Dokwe Central deposits which are progressing towards development and production.

 

Summary

 

Reconnaissance exploration work across the Dokwe Project is at an early stage, yet positive results are already being achieved. The Maboe prospect has been identified and shown to be anomalous in silver. PortablePPB has been developing the analytical method to extend its capability to include ppb-level silver analysis, presenting an opportunity for the anomalous silver in this area to be investigated further using the on-site detectORETM laboratory in the future. A regional soil sampling programme has commenced, with samples to be analysed by a mix of conventional analytical methods, pXRF, and the detectORETM technique. This will ultimately provide full cover over the Dokwe claims area for a range of pathfinder elements and focused low-level gold and silver detection.

 

Sampling and Assaying Procedures

 

All samples are processed at the ISO-credited Antech Laboratory in Zimbabwe. As part of Ariana's normal operational procedures, samples were sent for analysis in batches in line with the Company's quality control protocols. In this phase of sampling, a total of 28 samples (including 5 QA/QC samples) were submitted to the Antech Laboratory.

 

All samples were assayed for gold using a 50g fire assay, with copper and silver results provided by AAS (Atomic Absorption Spectrometry). Reviews of the gold assay results have determined that all Quality Control and Quality Assurance samples (blanks, standards and duplicates) passed the quality control checks established by the company. Laboratory sample preparation, assaying procedures and chain of custody are appropriately controlled.

 

Antech Laboratory is not yet accredited for silver assays, and therefore some uncertainty is to be expected with the silver results. External lab checks will be completed in due course.

 

Contacts:

 

Ariana Resources plc

Tel: +44 (0) 20 7407 3616

Michael de Villiers, Chairman


Kerim Sener, Managing Director


Beaumont Cornish Limited (Nominated Adviser)

Tel: +44 (0) 20 7628 3396

Roland Cornish / Felicity Geidt


Panmure Liberum (Joint Broker)

Tel: +44 (0) 20 7886 2500

Kieron Hodgson / Atholl Tweedie / Rauf Munir


Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell / George Krokos

Yellow Jersey PR Limited (Financial PR)

Tel: +44 (0) 203 829 5000

 

Tel: +44 (0) 7983 521 488

Dom Barretto / Shivantha Thambirajah /
Bessie Elliot

arianaresources@yellowjerseypr.com

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

Editors' Note:

 

The information in this announcement that relates to exploration results is based on information compiled by Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Dr. Sener consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include a major gold development project in Zimbabwe, gold production in Türkiye and copper-gold exploration and development projects in Cyprus and Kosovo.

 

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is made up of the Dokwe North and Dokwe Central gold deposits which are located in the Tsholotsho District near the city of Bulawayo. The deposits have a combined JORC Measured, Indicated and Inferred Resource of over 1.83 million ounces of gold (as at June 2024) and the project represents the largest undeveloped gold project in Zimbabwe.

 

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Türkiye which contains a depleted total of c. 2.2 million ounces gold equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

 

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold and 3.3 million ounces silver (as at March 2024). The mine has been in profitable production since 2017 and has been producing at an average rate of c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

 

The Tavsan Gold Mine is located in western Türkiye and contains a JORC Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1 million ounces silver (as at March 2024). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Türkiye and is currently in construction. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

 

The Salinbas Gold Project is located in north-eastern Türkiye and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold- copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

 

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition. WTR is being funded through a five-year Alliance Agreement with Newmont Mining Corporation (www.newmont.com) and is separately earning-in to up to 85% of the Slivova Gold Project.

 

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused on the exploration and development of copper-gold projects in Cyprus, some of which are in application, containing a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver and zinc).

 

Ariana owns several investments in listed and private companies via its Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also provides technical input into the various investee company exploration programmes. Investments have been made in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Türkiye, UK and Zimbabwe. Its most advanced interest is through a 2% holding of Panther Metals Limited (ASX: PNT).

 

Panmure Liberum Limited and Zeus Capital Limited are brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

 

For further information on Ariana, you are invited to visit the Company's website at www.arianaresources.com.

 

Glossary of Technical Terms:

 

"Au" chemical symbol for gold;

 

"DD" Due Diligence;

 

"g/t" grams per tonne;

 

"JORC" Joint Ore Reserves Committee;

 

"k" thousand

 

"km" Kilometres;

 

"m" Metres;

 

"M" million

 

"oz" Troy ounces;

 

"t" tonnes;

 

Ends.

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