We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ariana Resources Plc | LSE:AAU | London | Ordinary Share | GB00B085SD50 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.825 | 2.75 | 2.90 | 2.825 | 2.825 | 2.825 | 14,112 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 4.03M | 0.0035 | 8.06 | 32.33M |
From Apr 2019 to Apr 2024
TIDMAAU
RNS Number : 9730D
Ariana Resources PLC
03 May 2017
3 May 2017
AIM: AAU
MAJOR INCREASE IN KIZILTEPE RESOURCE
Ariana Resources plc ("Ariana" or "the Company"), is pleased to announce an increase and update of its JORC compliant Mineral Resource estimate for the Kiziltepe Project following its recent drilling programme in Turkey. Kiziltepe is a producing gold-silver mine that is part of the Red Rabbit Joint Venture with Proccea Construction Co. and is 50% owned by Ariana.
Highlights:
-- Increase in global Mineral Resource estimate to a total of c. 257,500 oz Au and 4.87Moz Ag contained metal on four main veins and several subsidiary veins (c. 338,500 oz Au equivalent).*
-- Substantial increase in tonnage to c. 3.8Mt following the inclusion of all subsidiary veins drill tested to date, which do not currently form part of the mine plan.
-- Resource increase supports a substantially extended mine life at Kiziltepe based on current throughput rates, indicating significant flexibility to develop additional satellite open pits beyond those currently designed.
-- JORC Exploration Target of up to a further c. 1.25Mt @ 1.8 g/t Au and 31 g/t Ag established for vein extensions across Kiziltepe that have not yet been drill tested.
-- Total resource within the Red Rabbit Project Area and surrounding projects now stands at 605,000 oz gold equivalent.
Dr. Kerim Sener, Managing Director, commented:
"Completion of our drilling programmes late last year confirmed for the first time that the Arzu vein system extends for a further 650m beneath cover rocks, which separate the Arzu South and North pits. Following this work, the Company commenced revisions to its resource estimate for Kiziltepe to include the results of these recent drilling programmes. These revisions also encompass several subsidiary veins at Kiziltepe outside of the four main veins to be mined as part of our current mine plan.
We are very pleased with this latest resource update, which has added approximately 100,000 oz gold equivalent to our resource base, in addition to establishing a new JORC Exploration Target of a further c. 90,000 oz gold equivalent. At a c. 60% exploration target and resource to reserve conversion rate, which has historically held for this project, such increases in the resource could provide up to 12 years of mine life at current throughput rates.
Now that Kiziltepe is in production and is one month in to the ramp-up phase of its development, we are very pleased to report that operations are proceeding well. We will be reporting our gold and silver production and additional operational details on a quarterly basis, commencing from the end of June 2017."
* All Mineral Resource figures in the announcement are quoted gross with respect to the Red Rabbit Joint Venture. Ariana owns 50% of the JV and 51% of the profit share. Gold equivalent is the sum of the gold ounces and the gold equivalent ounces of silver based on a price ratio of 60:1.
Resource Estimate
Following the completion of two phases of Reverse Circulation ("RC") drilling programme during the second half of 2016 for a total of 6,748m, the joint venture geological team at Zenit Madencilik San. ve Tic. A.S. in conjunction with geological consultants Odessa Resources Pty. Ltd. undertook a new resource estimate for Kiziltepe. The recent RC drilling coupled with certain historical drilling completed largely since 2009 on several subsidiary veins at Kiziltepe were used for the estimation.
The new Kiziltepe JORC 2012 compliant Mineral Resource estimate has been defined by 295 drill holes and 125 rock-saw channels on 355 cross-sections with typically 10m section spacing (see JORC Table 1 below). Wireframes were constructed using sectional polylines defined by a cut-off of 0.5 g/t gold. Several lodes were created from the sectional interpretations, which are orientated NW and WNW and typically dip steeply at up to 85 degrees towards the northeast (Figure 1) comprising four main areas, Arzu South, Arzu North, Banu and Derya. The top-cuts of 15 g/t Au and 200 g/t Ag used in earlier estimations were abandoned for the purposes of the current estimate, as grade-control sampling from the Arzu South pit has shown that the high grades determined from drilling affect a substantially larger volume than the drill-hole intercepts. In the 2016 resource estimate, modelled grades between 10820N and 10830N (mine grid) to 370RL averaged 1.5 g/t Au. Actual mining grades in the same volume returned an average of 11 g/t Au. On this basis it is considered that the application of a grade top cut is not required in the resource estimation. A variable bulk density ranging between 2.50 and 2.65 g/cm(3) was assigned to the appropriate solids and used for the resource estimation. Grade interpolation was by the Inverse Distance Squared ("ID2") method.
The previous estimate, completed in 2016 by Odessa, identified a JORC 2012 compliant Mineral Resource of 2,436,315 tonnes at 2.49 g/t gold and 40.3 g/t silver on four main veins and excluding all subsidiary veins, based on drilling completed until the end of 2015. The addition of 58 RC holes undertaken for infill and extension drilling at Kiziltepe completed during 2016, in addition to corresponding modifications of the geological model and the modelling of all subsidiary veins, has increased the global Mineral Resource to 3,813,340 tonnes at 2.10 g/t gold + 39.7 g/t silver. Further drilling, modelling and economic assessments will be required on these subsidiary veins to determine their potential to be included as Ore Reserves. Whittle pit optimisation completed on the previous resource estimate (Figure 2) determined the potential to increase the size of the Definitive Feasibility Study ("DFS") level open pits and to extend mine life to a total of 10 years.
A JORC Exploration Target in accordance with the 2012 JORC code has been established for various subsidiary veins and vein extensions of drill-tested veins based on geological mapping and three-dimensional modelling (Table 2). Grade estimations were provided by along-strike extrapolation of average grades from drilled sections of the same vein systems. Most of these exploration targets occur on veins that remain largely outcropping (apart from one target in the Arzu Central area) and are therefore important areas to test during the life time of the mine at Kiziltepe. There may be potential in the future to define further open-pittable resources on some of these vein systems which would further enhance the life of mine.
Table 1: Summary 2017 Kiziltepe JORC 2012 compliant Mineral Resource estimate, based on 148 diamond, 138 RC and 9 RAB drill holes. This estimate includes several subsidiary veins, which have been drill-tested to varying degrees. Gold equivalent is the sum of the gold ounces and the gold equivalent ounces of silver based on a price ratio of 60:1. Reporting is based on a 0.5 g/t Au cut off. All figures are quoted gross with respect to the Red Rabbit Joint Venture. Figures in the table may not sum due to rounding. Mineralised veins in the Kepez area are excluded from this table. These figures are quoted gross with respect to the Red Rabbit Joint Venture, with the gold equivalent ounces (far right column) reporting the net attributable resources to the Company.
Hot Features
Premium
Au equiv.
Tonnes Grade Grade Gold Silver Au equiv. (oz)
(t) Au (g/t) Ag (g/t) (oz) (oz) (oz) attrib.
-------------- ----------- ---------- ---------- --------- ----------- ----------
Main Vein
Zones
-------------- ----------------------------------------------------------------------- ----------
Measured 922,192 3.34 53.1 99,028 1,575,259 125,282 62,641
-------------- ----------- ---------- ---------- --------- ----------- ---------- ----------
Indicated 1,342,055 1.89 38.8 81,550 1,673,281 109,438 54,719
-------------- ----------- ---------- ---------- --------- ----------- ---------- ----------
Measured
& Indicated 2,264,247 2.48 44.6 180,537 3,248,211 234,674 117,337
-------------- ----------- ---------- ---------- --------- ----------- ---------- ----------
Inferred 1,292,054 1.53 32.4 63,557 1,346,742 86,003 43,002
-------------- ----------- ---------- ---------- --------- ----------- ---------- ----------
Subsidiary
Veins
-------------- ----------------------------------------------------------------------- ----------
Inferred 257,039 1.52 32.8 12,561 271,058 17,079 8,540
-------------- ----------- ---------- ---------- --------- ----------- ---------- ----------
GLOBAL 3,813,340 2.10 39.7 257,463 4,866,059 338,564 169,282
-------------- ----------- ---------- ---------- --------- ----------- ---------- ----------
Table 2: JORC Exploration Targets established for several additional vein systems and vein extensions based on geological modelling and grade estimations provided by along-strike extrapolation of average grades from drilled sections of the same vein systems. Figures in the table may not sum due to rounding. Exploration Target range varies from lowest individual target tonnage and grade through to the total aggregate target tonnage and grade. These figures are quoted gross with respect to the Red Rabbit Joint Venture.
Exploration Tonnes Grade Grade Au (oz) Ag (oz) Target Au (g/t) Ag (g/t) ----------------- ----------- ---------- ---------- -------- ---------- Arzu Central 244,000 1.8 34 14,000 263,000 ----------------- ----------- ---------- ---------- -------- ---------- Arzu North-Far North 134,000 1.4 33 6,000 140,000 ----------------- ----------- ---------- ---------- -------- ---------- Arzu South Parallel 233,000 1.2 29 9,000 218,000 ----------------- ----------- ---------- ---------- -------- ---------- Ceylan-AFN 190,000 1.4 25 9,000 150,000 ----------------- ----------- ---------- ---------- -------- ---------- Fidan-Gamze 98,000 1.8 28 6,000 88,000 ----------------- ----------- ---------- ---------- -------- ---------- Gamze Extension 273,000 2.7 41 24,000 356,000 ----------------- ----------- ---------- ---------- -------- ---------- Ipek Extension 81,000 1.8 8 5,000 20,000 ----------------- ----------- ---------- ---------- -------- ---------- TOTAL 1,253,000 1.8 31 73,000 1,235,000 ----------------- ----------- ---------- ---------- -------- ----------
See link below to Figure 1: showing three-dimensional model of the Kiziltepe vein system (in yellow) looking down and to the north, showing the modelled ore zones and current drilling. The Exploration Target areas are shown in grey.
http://www.rns-pdf.londonstockexchange.com/rns/9730D_-2017-5-2.pdf
See link below to Figure 2: showing three-dimensional model of the four main veins on Kiziltepe comprising the current resource estimate, showing 2016 Whittle optimised base case pit shells (in red), the designed pits from the DFS (in light blue) and the vein model (in yellow). The cap rock sequence is shown in semi-transparent grey colour, to demonstrate the nature of the cover lying above Arzu Central.
http://www.rns-pdf.londonstockexchange.com/rns/9730D_1-2017-5-2.pdf
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20
7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20
7628 3396
Roland Cornish / Felicity
Geidt
Beaufort Securities Limited Tel: +44 (0) 20
7382 8300
Jon Belliss
Panmure Gordon (UK) Limited Tel: +44 (0) 20
7886 2500
Adam James / Tom Salvesen
Editor's Notes
Competent Person:
The information in this report that relates to Mineral Resources is based on information compiled by Mr. Alfred Gillman of Odessa Resources Pty. Ltd., who is a fellow of the Australasian Institute of Mining and Metallurgy. Mr. Gillman is a consultant to Ariana Resources plc and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the subject matter of the report to qualify as Competent Person and defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code). Mr. Gillman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Dr Kerim Sener, BSc (Hons), MSc, PhD, is the Managing Director of Ariana Resources plc. A graduate of the University of Southampton in Geology, he also holds a Master's degree from the Royal School of Mines (Imperial College, London) in Mineral Exploration and a doctorate from the University of Western Australia. He is a Fellow of The Geological Society of London and has worked in geological research and mineral consultancy in Africa, Australia and Europe. He has read and approved the technical disclosure in this regulatory announcement.
About Ariana Resources:
Ariana is an exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey. The Company is developing a portfolio of prospective licences originally selected on the basis of its in-house geological and remote-sensing database.
The Company's flagship assets are its Kiziltepe and Tavsan gold projects which form the Red Rabbit Gold Project. Both contain a series of prospects, within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey. This Province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits. These core projects, which are separated by a distance of 75km, form part of a 50:50 Joint Venture with Proccea Construction Co. The Kiziltepe Sector of the Red Rabbit Project is fully-permitted and is currently in production. The total resource inventory at the Red Rabbit Project and wider project area stands at c. 605,000 ounces of gold equivalent. At Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on future production is payable to Franco-Nevada Corporation. At Tavsan an NSR royalty of up to 2% on future production is payable to Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold Project, comprising the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects. The total resource inventory of the Salinbas project area is c. 1 million ounces of gold equivalent. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.
Beaufort Securities Limited and Panmure Gordon (UK) Limited are joint 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.
JORC Table 1
Ariana Resources Kiziltepe Project
The table below is a description of the assessment and reporting criteria used in the Kiziltepe Project Mineral estimation that reflects those presented in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012). The Mineral Resource statement was prepared for the Kiziltepe Project.
Criteria Explanation
------------------ -----------------------------------------------------------------------------
Sampling techniques and Data
-------------------------------------------------------------------------------------------------
Sampling
techniques * Reverse circulation (RC) chips were collected at 1m
intervals and in some cases over 0.5m intervals over
the mineralised zone. The chips were collected into
plastic sample bags from a cyclone to ensure maximum
recovery. The samples were split using a standard
riffle-splitter to around 0.25 to 0.5 kg per sample
and sent to an ISO-accredited laboratory in Romania
for Au and Ag analysis by fire assay and latterly to
a similar laboratory in Izmir.
* Full core was split using a rock saw and half-core
samples were taken at variable intervals. Core
recovery was recorded into the database.
------------------ -----------------------------------------------------------------------------
Drilling
techniques * Percussion
* Reverse Circulation (130mm diameter)
* Diamond coring - NQ diameter
------------------ -----------------------------------------------------------------------------
Drill
sample * Core recoveries were monitored and were generally
recovery good (>95%).
* RC recoveries were routinely monitored.
------------------ -----------------------------------------------------------------------------
Logging
* All RC and core holes were logged lithologically
using a coded logging system for rock type, grain
size, colour, alteration and any other relevant
observations.
* Mineralised zones were identified from the geological
logging as well as handheld XRF.
------------------ -----------------------------------------------------------------------------
Subsampling
techniques * Samples from diamond drilling were collected as sawn
and sample half-core or in some cases full-core.
preparation
* A combination of cyclone and riffle splitter to
produce 0.25-0.5 kg subsamples of RC chips was used.
Wet intervals were sub-sampled with scoop or spear.
Samples were oven-dried at the laboratory if
necessary.
------------------ -----------------------------------------------------------------------------
Quality
of assay * QC procedures employed in all recent drill programs
data and included the insertion of certified reference
laboratory standards (1:22), blank samples (1:22), pulp and
tests crush duplicates (2:22) to monitor the accuracy and
precision of laboratory data.
* The overall quality of QAQC is considered adequate to
ensure the validity of the data used for resource
estimation purposes.
------------------ -----------------------------------------------------------------------------
Verification
of sampling * Samples collected by Ariana were submitted to ALS
and assaying Global preparation facilities in Izmir and analysis
in Romania, Canada or Australia (ISO 9001
accredited).
------------------ -----------------------------------------------------------------------------
Location
of data * All collar positions were located initially by
points hand-held GPS and later surveyed by a professional
surveyor using DGPS equipment.
* Downhole deviation surveys were not routinely carried
out in holes of less than 100m depth. Deeper holes
were surveyed using a standard electromagnetic
deviation tool.
------------------ -----------------------------------------------------------------------------
Data spacing
and distribution * At Kiziltepe drill section spacing is typically 10 to
12.5m with several holes often being collared from a
single site.
* 295 drill holes and 125 rock-saw channels on 355
cross-sections were used to model the vein systems.
------------------ -----------------------------------------------------------------------------
Orientation
of data * The dip of the mineralisation for most of the deposit
in relation is 75-85(o) towards the northeast.
to geological
structure
* Local grade continuity follows the dip of the
mineralisation for the entire deposit. All drilling
is angled, thus intersecting the mineralisation
obliquely.
* No biases are expected from the drilling direction.
------------------ -----------------------------------------------------------------------------
Sample
security * Samples are stored at a secure company facility
(Sindirgi Depot) in a clean area free of any
contamination. During an active drilling programme,
samples are delivered to the laboratory once a week
by Aras Cargo, Sindirgi.
* Chain of custody is demonstrated by both the company
and ALS Global in the delivery and receipt of sample
materials. Upon receipt of samples, ALS Global
delivers by email to the company's designated QC
Manager, con rmation that each batch of 22 samples
has arrived, with its tamper-proof seal intact, at
the Izmir sample preparation facility.
* Any damage to or loss of samples within each batch
(e.g. total loss, spillage or obvious contamination),
must also be reported to the company in the form of a
list of samples affected and detailing the nature of
the problem(s).
------------------ -----------------------------------------------------------------------------
Audits
and reviews * Ariana has implemented QA/QC programs covering all
of sampling aspects of sample location and collection that meets
and assaying or exceeds the currently accepted industry standards.
Ariana implemented a QA/QC programme based on
international best practice during the initial
exploration work and subsequent drilling programmes.
The company has continued to review and re ne the
QA/QC programme as these exploration campaigns have
progressed.
------------------ -----------------------------------------------------------------------------
Estimation and reporting of Kiziltepe Mineral Resources
-------------------------------------------------------------------------------------------------
Database
integrity * The Kiziltepe resource data is stored in a MS Access
database and is managed using MS Access and Excel
software.
* Data was logged onto field sheets which were then
entered into the data system by data capture
technicians.
* Data was validated on entry into the database, or on
upload from the earlier MS Access databases, by a
variety of means including the enforcement of coding
standards, constraints and triggers. These are
features built into the data model that ensure data
meets essential standards of validity and
consistency.
* Laboratory data has been received in digital format
and uploaded directly to the database.
* Original data sheets and files have been retained and
are used to validate the contents of the database
against the original logging.
* Zenit Madencilik and Independent consultants Odessa
Resources Pty Ltd performed a visual validation by
reviewing drillholes on section and by subjecting
drillhole data to data auditing processes in
specialised mining software (e.g. checks for sample
overlaps etc.).
-------------------- ---------------------------------------------------------------------------
Site visits
* Zenit Madencilik staff are permanently on site.
* Two site visits have been undertaken by Odessa
Resources Pty Ltd.
* Ariana staff have visited the site on numerous
occasions in order to observe drilling and sampling
operations in order to ensure proper QAQC and
sampling protocols are maintained.
-------------------- ---------------------------------------------------------------------------
Geological
interpretation * Veins the Kiziltepe prospect, comprise WNW-NNW
trending, sub-parallel, low-sulphidation style veins
and related stockworks are hosted by dacite and
dacitic pyroclastic units.
* At Arzu North and Banu the veins appear to bifurcate.
* Interpretations of geological surfaces derived from
3D modelling of drillhole lithological data.
-------------------- ---------------------------------------------------------------------------
Dimensions Arzu South
* In plan orientation, the deposit is approximately 700
metres long and 2-10m metres wide.
* One primary lode trending 320 degrees and 150m
northerly-trending southern section separated from
main lode by interpreted fault
* Lodes vary from 2-10m in thickness with main lode
averaging 5m thickness
* Mineralisation has vertical extents ranging between
385 and 220mRL.
Arzu North
* The deposit is approximately 560 metres long and
comprises several steeply-dipping parallel and partly
overlapping 310 degree trending lodes.
* Mineralisation has vertical extents ranging between
405 and 220mRL.
Derya
* The deposit is approximately 400 metres long and
comprises several steep north-dipping sub-parallel
and partly overlapping, 290 degree trending lodes.
* Mineralisation has vertical extents ranging between
400 and 240 mRL (average 90m down dip distance)
Arzu Central
* The deposit is approximately 500 metres long and
comprises several vertical 305 degree trending lodes.
* Mineralisation has vertical extents ranging between
410 and 300mRL.
Banu
* The deposit extends over a strike length of 500
metres and comprises a single sub-vertical 330 degree
trending lode. The lode is disrupted by possible
fault/shear zone that breaks up the lode into several
sub-parallel segments.
* Mineralisation has vertical extents ranging between
395 and 265mRL.
Other Veins
* Fidan 500 m and Arzu South Parallel 400 m.
* Gamze, Ceylan, Aybor, Vein 9, Arzu Far South, Arzu
Far North, Derya West each 100 metres in length.
* Vertical lodes with a general 320 degree trend.
* Mineralisation has vertical extents ranging between
400 and 200mRL.
-------------------- ---------------------------------------------------------------------------
Estimation
and modelling * Drillhole sample data was constrained within:
techniques
* Kiziltepe: manually constructed wireframes defined by
nominal 0.5g/t Au cut off.
* Several
* Sample data was composited to a 1 metre downhole
length using a wireframe-intersection compositing
method. Residual samples (those composite intervals
for which there was less than 50% of the composite
length) were not considered biased and hence were
included in the estimate.
* An analysis of the grade distribution characteristics
of the domain composites for each deposit was
undertaken. In each case one of the following was
identified: noticeable high grade inflection points
on log-probability graphs and/or significant gaps on
disintegration plots.
* Top cuts were not applied.
* Isotropic search ellipses and ranges were used.
* The block models were constructed using a 5mE by 5mN
by 5mRL parent block size.
* Estimation was carried out using inverse distance
squared (ID2) at the parent block scale using a three
estimation pass using all available composite.
* A percentage model was used to report precisely the
volume of material within each block.
-------------------- ---------------------------------------------------------------------------
Moisture * Tonnes have been estimated on a dry basis.
-------------------- ---------------------------------------------------------------------------
Cut-off
parameters * Indicated and Inferred Resources have been reported
above a 0.5 g/t Au cut-off grade.
-------------------- ---------------------------------------------------------------------------
Mining
factors * No mining factors (i.e. dilution, ore loss,
or assumptions recoverable resources at selective mining block size)
have been applied.
-------------------- ---------------------------------------------------------------------------
Metallurgical
factors * No metallurgical assumptions have been built into the
or assumptions resources. However, metallurgical test work concludes
that recoveries of up to 87% and 64% for gold and
silver respectively can be achieved (Tetra Tech DFS).
-------------------- ---------------------------------------------------------------------------
Environmental
factors * Statutory forestry permits have been approved by the
or assumptions Prime Ministry and issued by the Department of
Forestry for the Kiziltepe Sector of the Red Rabbit
Project.
-------------------- ---------------------------------------------------------------------------
Bulk density
* Bulk density data was sourced from the Tetra Tech
(2013) model.
* Assigned bulk density of has been applied according
to the following table:
Vein SG
-------------- -----
Arzu South 2.50
-------------- -----
Arzu North 2.65
-------------- -----
Arzu Central 2.50
-------------- -----
Banu 2.55
-------------- -----
Derya 2.55
-------------- -----
Other veins 2.55
-------------- -----
-------------------- ---------------------------------------------------------------------------
Classification
criteria * Mineral Resources have been classified on the basis
of confidence in geological and grade continuity
using the drilling density, geological model and
modelled grade continuity.
* Measured Mineral Resources have been defined by a
search radius of 5m
* Indicated Mineral Resources have been defined by a
search radius of 5-25m
* Inferred Mineral Resources have been defined by a
search radius of 25-50m
-------------------- ---------------------------------------------------------------------------
Block
Model * For each deposit, the ID2 model was validated against
verification the input drillhole composites for each domain by
visual comparisons carried out against the composited
drillhole samples for each domain against the
modelled block grade.
-------------------- ---------------------------------------------------------------------------
Audits
or reviews * The estimated grades were validated against average
Au and Ag grade statistics for each lode.
-------------------- ---------------------------------------------------------------------------
Discussion
of relative * Odessa Resources Pty Ltd place a relative accuracy of
accuracy/ +/- 20% (and 90 % confidence level) in the Mineral
confidence Resource estimate at the global level for the
Indicated Resources based on the estimation technique
and data quality and distribution. Inferred Resources
would have a lower level of confidence outside of
this range.
-------------------- ---------------------------------------------------------------------------
Glossary of Technical Terms:
"Ag" the chemical symbol for silver;
"Au" the chemical symbol for gold;
"cut-off grade" The lowest grade, or quality, of mineralised material that qualifies as economically mineable and available in a given deposit. May be defined on the basis of economic evaluation, or on physical or chemical attributes that define an acceptable product specification;
"g/t" grams per tonne;
"Indicated resource" a part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed;
"Inferred resource" a part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and has assumed, but not verified, geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability;
"Inverse Distance Squared" a conventional mathematical method used to calculate mineral resources. Near sample points provide a greater weighting than samples further away for any given resource block;
"JORC" the Joint Ore Reserves Committee;
"JORC 2004" is the previous edition of the JORC Code, which was published in 2004. It has been superseded by JORC 2012;
"JORC 2012" is the current edition of the JORC Code, which was published in 2012. After a transition period, the 2012 Edition came into mandatory operation in Australasia from 1 December 2013;
"m" Metres;
"Measured resource" a part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes. The locations are spaced closely enough to confirm geological and grade continuity.
"oz" Ounces;
"t" Tonnes;
"Whittle" computer software that uses the Lerch-Grossman algorithm, which is a 3-D algorithm that can be applied to the optimisation of open-pit mine designs. The purpose of optimisation is to produce the most cost effective and most profitable open-pit design from a resource block model.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLBIGDUGSGBGRD
(END) Dow Jones Newswires
May 03, 2017 02:00 ET (06:00 GMT)
1 Year Ariana Resources Chart |
1 Month Ariana Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
