We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.125 | -5.15% | 2.30 | 2.20 | 2.40 | 2.425 | 2.25 | 2.425 | 2,541,339 | 10:38:38 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 4.03M | 0.0035 | 6.43 | 25.79M |
From Apr 2019 to Apr 2024
TIDMAAU
RNS Number : 6556P
Ariana Resources PLC
11 June 2020
11 June 2020
AIM: AAU
50% INCREASE IN TAVSAN RESOURCE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe , is pleased to announce a Joint Ore Reserves Committee ("JORC") Resource update for the Tavsan Project ("Tavsan" or "the Project") in Turkey. Tavsan is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").
Highlights:
-- Global resource increased by 50% over the 2018 resource estimate to 4.49 Mt at 1.76 g/t Au and 5.00 g/t Ag for 253,000 oz Au and 723,000 oz Ag (all categories)*.
-- Resource Estimate further de-risked with 77% of the resource now in Measured and Indicated JORC categories.
-- Additional JORC Exploration Target of up to a further 9 Mt at 1.00-1.30 g/t Au, updated to reflect the latest estimation.
-- The JV has completed a Pre-Feasibility Study for Tasvan and an Environmental Impact Assessment ("EIA") is being finalised.
-- Discussions with potential lenders are expected to commence imminently in order for the JV to secure funding for the development of the project.
Dr. Kerim Sener, Managing Director, commented:
"We are extremely pleased with this latest resource update for the Tavsan Project. In conjunction with this work, the Zenit team has continued to make significant progress on the Feasibility Study and associated supporting work on the environmental and social impacts. Mine design and associated capital cost estimations are currently being finalised.
"In addition, we expect to proceed with land acquisitions over the coming months and look forward to commencing discussions with potential lenders to fund the development of the Tavsan Mine. Under ordinary circumstances we expected that Tavsan would have achieved first production by late 2021, although due to the difficulties imposed by COVID-19, we are now expecting some delays to this timeline. In the meantime, however, all capital requirements for the development of Tavsan are being funded from Kiziltepe cashflow."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
* All Mineral Resource figures in the announcement are quoted gross with respect to the Red Rabbit Joint Venture, of which 50% is owned by Ariana.
Resource Estimate
Following the completion of a rock-saw channel sampling programme for a total of 1,169 metres during the summer of 2019, the geological teams at Ariana and Zenit in conjunction with consultants Coffey, A Tetra Tech Company, undertook a new Mineral Resource Estimate for Tavsan. The recent rock-saw channel sampling coupled with all previous drilling were used for the estimation.
The new Tavsan JORC 2012 compliant Mineral Resource estimate is based on 84 diamond, 87 RC drill holes and 156 rock-saw channels, representing a total of 7,048 m of sampling. Ariana completed the wireframe geological modelling of the mineralisation zones in Leapfrog (see JORC Table 1, below). Several mineralised zones were modelled from the sectional interpretations and represent the most current geological data and understanding.
The updated Mineral Resource estimate is based on an improved understanding of the spatial continuity between samples collected from drill holes, utilising a revised geological model and appropriate application of geostatistical methods. JORC Table 1 provides more detail on sampling techniques and data used in this estimation. This estimate supersedes the earlier published Mineral Resource estimate for Tavsan, which was announced 9 April 2018.
Geological Summary
Gold mineralisation at Tavsan is epithermal in style, with associated silver and antimony, broadly located along the thrust contact between Jurassic massively bedded limestone and an overlying Cretaceous multi-lithic ophiolite sequence. In addition, a karstic network within the limestone and fractures within the ophiolitic rocks may have acted as secondary conduits for the development of some jasperoidised-silicified (jasperoid) rocks, several tens of metres, below and above the thrust fault contact, respectively.
The mineralised jasperoid plane developed along the thrust contact is irregular on a ten metre-scale but broadly follows the gentle topography on a hundred metre-scale and is largely exposed at surface (Figure 1). In the vicinity of a NE-SW trending fault zone, the thrust is steeper than the topographic gradient, resulting in a more steeply dipping zone of mineralisation. The greatest thickness of gold-bearing jasperoid is observed in the vicinity of the NE-SW fault zone. However, gold concentration appears to have a dominant NW-SE control within the jasperoid as a whole, suggesting potential for steeply dipping conduit structures cross-cutting the limestone units in the footwall.
http://www.rns-pdf.londonstockexchange.com/rns/6556P_1-2020-6-11.pdf
Figure 1: Map of the Tavsan Project, showing the main resource areas (in red) with pits designed as part of the 2016 Scoping Study (outlined in yellow). Substantial areas exist outside of the planned pits which have not been sufficiently drill tested yet show potential for resource extensions (in pale yellow). These areas form part of the JORC Exploration Target.
Estimation Methodology
Ariana completed the wireframe modelling of the ore zones in Leapfrog using a 0.5 g/t Au modelling cut-off grade (CoG). Wireframe models of the jasperoid were developed by linking sectional interpretations. The models were created based upon interval selections that referenced the gold grades, lithological descriptions and structural interpretation. Where continuity was not established between sections, the strike extrapolation was limited. The continuity of the various structures is reflected in the Mineral Resource classification.
Specific gravity was determined based on seven analyses for the Tavsan deposit. Drill core samples show a density of 2.55 g/cm(3) for limestone and 2.59 g/cm (3) for jasperoid. The previous estimate in 2018 modelled the density, but this resource estimate update has assumed an average density of 2.57 g/cm(3) for simplicity and because the variability of the density is not significant for the purposes of estimation. The volumes and tonnages, assuming a density of 2.57 g/cm(3) are provided in Table 1.
Compositing was completed in Datamine using a 1 m best fit routine, applying hard domain boundaries, which forced all samples to be included in one of the composites by adjusting the composite length, while keeping it as close as possible to the selected interval of 1 m. Decile analysis of the composited data indicates that the data set did not have undue bias at higher-grades and therefore no top cut was applied.
Variography was attempted for the entire data set as a single population, but no suitable variograms could be established, probably due to the variation in geometry of the satellite areas. However, good variogram model fit was achieved for the Main Zone where good directionality and range was observed. The Satellite zones have much lower sample numbers, resulting in poorer model fits. Consequently, the Main Zone variogram model was applied to all zones on the basis that, although spatially separate, the zones are all genetically linked.
A non-rotated block model was established using block sizes determined to be optimal for the dataset and wireframe geometry of 10 x 20 x 5 m. Standardised sub-cell splitting to the minimum block size of 5 x 10 x 1 m was employed to enable subsequent pit optimisation and mine design. Sub-cells received parent cell grades during estimation and grades were estimated using Ordinary Kriging, adopting a multi-pass methodology.
Resource Classification
The Mineral Resource is classified according to the guidelines presented within the 2012 JORC code (JORC Table 1), providing Measured, Indicated and Inferred resources. Approximately 21% of the global resource is classified as Measured and 55% classified as Indicated. The style of mineralisation has been identified, the controls on mineralisation are well understood and measurements and sampling completed to a reasonable degree of confidence for the mineralisation present. It is considered reasonable to expect that some of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration; however, due to the uncertainty of Inferred Mineral Resources it should not be assumed that such upgrading will always occur. It is also reasonable to expect that portions of the Indicated Mineral Resources could be upgraded to Measured Mineral Resources with some additional infill data.
The 2018 resource estimate applied a cut-off of 0.7 g/t Au. This estimate was carried out at 0.7 g/t Au for comparison with previous estimates and to demonstrate that the deposit has reasonable prospects for eventual economic extraction. Confidence in the estimate of the Mineral Resources is sufficient to allow the results of the application of technical and economic parameters to be used for detailed planning in a Feasibility Study. Additional geotechnical drilling to support the Feasibility Study and Environmental Impact Assessment (EIA) has also been completed. In addition to supporting the Feasibility Study, this new Mineral Resource will assist the targeting of future exploratory and resource drilling in order to expand the resource further, particularly in areas comprising the Exploration Target.
Table 1: Summary 2020 Tavsan JORC 2012 compliant Mineral Resource Estimate, based on 171 drill holes and 156 rock-saw channels (dated 8 June 2020). Reporting is based on a 0.7 g/t Au cut-off grade. Figures in the table may not sum precisely due to rounding. 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. Gold equivalent is the sum of the gold ounces and the gold equivalent ounces of silver based on a historical price ratio of 60:1.
Hot Features
Premium
Tavsan Tonnes Au (g/t) Ag (g/t) Au (koz) Ag (koz) Au equiv.
(1000's) (oz) attrib.
====================== ========== ========== ========== ========== ========== ==============
Measured 611 2.77 4.84 54 95 28
========== ========== ========== ========== ========== ==============
Indicated 2,556 1.70 5.19 140 427 74
========== ========== ========== ========== ========== ==============
Measured + Indicated 3,167 1.91 5.12 194 522 101
========== ========== ========== ========== ========== ==============
Inferred 1,322 1.39 4.72 59 201 31
====================== ========== ========== ========== ========== ========== ==============
Notes: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. Ariana and Coffey are not aware of any material barrier to eventual economic extraction. Numbers may not correctly sum due to rounding. An inconsequential part of the North Zone is located outside of the current operating licences.
Exploration Target
The mineralised jasperoid units at Tavsan are extensive and have been mapped in detail. There are large areas of prospective mineralisation that have been mapped, and in some cases sampled either by drilling or surface methods, which have not been included in the Resource statement, as the data supporting these areas is not considered sufficient. However, these mineralised areas do represent exploration potential for the project.
Assuming a mean thickness of 5 m, derived from the thoroughly interpreted mineralised areas, an additional tonnage in the range of approximately 7 to 9 Mt at a density of 2.57 g/cm(3) is possible for the Exploration Target, which have been updated with this resource estimation. It is expected that the grade would range between 1.0 and 1.3 g/t Au across the remaining mineralised areas.
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
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
James Stearns / Atholl Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
Editors' Note
The information in this report that relates to Mineral Resources is based on information compiled by Ms. Ruth Bektas of Coffey Geotechnics Ltd, A Tetra Tech Company, who is a Chartered Fellow of the Geological Society of London (CGeol FGS). Ms. Bektas has appropriate 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). Ms. Bektas consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
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 operating in Europe. It has interests in gold production in Turkey and copper-gold assets in Cyprus. The Company is developing a portfolio of prospective licences in Turkey, which contain a depleted total of 1.5 million ounces of gold and other metals (as at April 2020).
The Red Rabbit Project is comprised of the Company's flagship assets, the Kiziltepe and Tavsan gold projects, and is part of a 50:50 Joint Venture with Proccea Construction Co. Both assets are located in western Turkey, which hosts some of the largest operating gold mines in the country and remains highly prospective for new porphyry and epithermal deposits. The Kiziltepe Sector of the Red Rabbit Project is fully permitted and is currently in production. The total depleted resource inventory at the Project and its wider area is c. 500,000 ounces of gold equivalent (as at April 2020). At Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on production is payable to Franco-Nevada Corporation. At Tavsan an NSR royalty of up to 2% on future production is payable to Sandstorm Gold.
The 100% owned Salinbas Gold Project is located in north-eastern Turkey and has a total resource inventory of c. 1 million ounces of gold equivalent. The project comprises three notable licence areas: Salinbas, Ardala and Hizarliyayla, all of which are located within a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor" contains several significant gold-copper projects including the 4Moz Hot Maden project, which lies 16km to the south of Salinbas and 7km south of Hizarliyayla. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation on the Salinbas Gold Project.
Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus"). Venus is focused on the exploration and development of copper-gold assets in Cyprus.
Panmure Gordon (UK) Limited are broker 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 Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques * Nature and quality of sampling (e.g. cut channels, * Geological mapping at 1:1,000 scale in conjunction
random chips, or specific specialised industry with trenching (7,244 metres [m]), channel rock-saw
standard measurement tools appropriate to the sampling (1,158 m), high resolution pXRF soil
minerals under investigation, such as down hole gamma sampling (8,265 samples) and drilling (5,873.60 m)
sondes, or handheld XRF instruments, etc.). These was used to delineate areas of mineralisation.
examples should not be taken as limiting the broad
meaning of sampling.
* Mineralisation occurrences observed consist of
jasperoidisation of limestone and intense
* Include reference to measures taken to ensure sample silicification of an ophiolite sequence.
representivity and the appropriate calibration of any
measurement tools or systems used.
* All drilling to date on the project consists of a
combination of Diamond Drilling (DD) and Reverse
* Aspects of the determination of mineralisation that Circulation Drilling (RC). All sampling was conducted
are Material to the Public Report. in accordance with industry standard techniques.
* In cases where 'industry standard' work has been done * Diamond core was cut in half to provide half core
this would be relatively simple (e.g. 'reverse samples in lithologically appropriate intervals,
circulation drilling was used to obtain 1 m samples ranging from 0.5 m to 3 m in length, with additional
from which 3 kg was pulverised to produce a 30 g sampling extending before and after mineralisation.
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems. * RC chips in mineralised zones were collected at 1 m
Unusual commodities or mineralisation types (e.g. intervals. Sample chips were collected into polyweave
submarine nodules) may warrant disclosure of detailed plastic sacks from a cyclone to ensure maximum
information. recovery. Samples were pulverised to 85%, 75 microns,
and a sub-sample was sent to ALS Chemex in Vancouver,
British Columbia for fire assay, using a 30 gram
aliquot.
* For duplicate sample analysis, half core samples were
cut into two quarter core samples, one as the primary
sample and the other for duplicate analysis.
============================================================
* Diamond core void of mineralisation was not a
priority for the company and therefore not all core
has been sampled once mineralisation controls were
established.
* Rock-saw channel sampling was completed in early 2020
over 60 various outcrops of mapped mineralised
jasperoid to support the resource. A petrol powered
dual bladed diamond saw was used to cut 35 millimetre
(mm) thick channels to represent halved HQ core.
* Historic drilling and sampling procedures (pre-2000)
were not available, but work undertaken was completed
by reputable exploration companies. This data amounts
to 28% of the drilling database to date. In 2005
Ariana Resources successfully completed check
assaying of 42 coarse reject material samples to test
historical drilling to provide additional confidence
to historical Quality Assurance and Quality Control
(QA/QC) procedures .
============= ============================================================ ====================================================================
Drilling
techniques * Drill type (e.g. core, reverse circulation, open-hole * In total 5,873.60 m of drilling across 171 drill
hammer, rotary air blast, auger, Bangka, sonic, etc.) holes has been completed across the Tavsan deposit.
and details (e.g. core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by * Diamond drillholes comprise a combination of PQ and
what method, etc.). HQ diameter (standard tube). Drilling on the project
can be summarised as follows:
o 2006, March to July - 87 RC (13.3 centimetre
[cm]) holes.
o 2004, November to December - 15 PQ DD.
o 2004, April to June - 21 PQ (85 mm) DD.
o 1997 - 15 RC/DD holes.
o 1988 - 33 diamond holes.
* All historic holes were drilled by Ranger (1988),
Teck Cominco (1997) and, Pusula Madencilik (Odessey's
100% Turkish subsidiary) and their various
contractors prior to Zenit Madencilik San. ve. Tic.
A. .'s acquisition.
Drill sample
recovery * Method of recording and assessing core and chip * No recovery was calculated for RC drilling conducted
sample recoveries and results assessed. at Tavsan.
* Measures taken to maximise sample recovery and ensure * Select drill holes were examined for core recovery at
representative nature of the samples. the site, which was deemed to be satisfactory.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
============================================================
Logging
* Whether core and chip samples have been geologically * Core was logged geologically by company geologists
and geotechnically logged to a level of detail to using a company standard logging protocol.
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
* Logging intervals are based on lithologies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc.) photography. * The core was photographed before logging to provide a
record of all DD core.
* The total length and percentage of the relevant
intersections logged. * Logging is to a standard suitable to support a
Mineral Resource Estimate.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Core samples were cut using an electric circular
and sample half or all core taken. diamond saw with water supply for dust suppression.
preparation
* If non-core, whether riffled, tube sampled, rotary * Sampling was taken across all mineralised zones and
split, etc. and whether sampled wet or dry. extended into un-mineralised rock.
* For all sample types, the nature, quality and * Some core samples with no mineralisation were not
appropriateness of the sample preparation technique. sampled once mineralisation controls were
established.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of * RC samples were taken at regular 1 m intervals, from
samples. the top of the hole to the bottom, however not all
samples that were taken were sent for assay.
* Measures taken to ensure that the sampling is
representative of the in situ material collected, * All samples were submitted to ALS Global (Izmir) for
including for instance results for field duplicate/ sample preparation and analysis, where crushing,
second-half sampling. milling, homogenisation and sample splitting was
completed in accordance with company standards.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
============================================================
* A quality control (QC) programme was instituted at
the beginning of the drill programmes, which
consisted of inserting a field duplicate and
uncertified/certified reference material samples into
the sample stream. No field blanks were inserted.
* All suitable measures were taken to ensure sample
representivity.
Quality
of assay * The nature, quality and appropriateness of the * Standard and duplicate samples for QA/QC were taken
data and assaying and laboratory procedures used and whether by ALS Izmir and performance was noted as good.
laboratory the technique is considered partial or total.
tests
* Reporting of ALS's internal QA/QC samples have found
* For geophysical tools, spectrometers, handheld XRF the results to fall within the 95% confidence
instruments, etc., the parameters used in determining interval assigned to them, as per the lab's internal
the analysis including instrument make and model, monitoring standards.
reading times, calibrations factors applied and their
derivation, etc.
* Uncertified standards were typically inserted (1:16
to 1:20 samples), during Odyssey's drilling
* Nature of quality control procedures adopted (e.g. campaigns. These were determined to not be reliable
standards, blanks, duplicates, external laboratory enough to measure accuracy at the laboratory.
checks) and whether acceptable levels of accuracy
(i.e. lack of bias) and precision have been
established. * Odyssey's own QA/QC programme has significant
shortcomings, but the lab performance is adequate to
support a mineral resource estimation.
Verification
of sampling * The verification of significant intersections by * Significant intercepts were inspected by Mr. Joe
and assaying either independent or alternative company personnel. Hirst (Tetra Tech Competent Person) during the site
inspection in 2018.
* The use of twinned holes.
* Logging and sampling procedures are to recognised
international standards.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols. * 10% of the data has been independently verified.
* Discuss any adjustment to assay data. * Data input has been completed in accordance with
company procedures, which have been reviewed by Tetra
Tech.
* Prior to resource estimation, below detection limit
assay results have been replaced with values of zero.
* Data verification was also independently completed in
2006 by Mr. Antoine Yassa of P & E Mining Consultants
Inc.
o Six samples from three archived DD holes
taken.
o Six samples from three archived RC holes
taken.
o DD samples were taken from half core intervals.
* Results were deemed satisfactory and demonstrated
that the grade of gold is very similar in most
instances, to what was originally reported by
Odyssey.
http://www.rns-pdf.londonstockexchange.com/rns/6556P_1-2020
-6-11.pdf
============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * All collar locations are reported in UTM (European
points holes (collar and down-hole surveys), trenches, mine Datum 1950 Zone 35N) with their locations recorded
workings and other locations used in Mineral Resource using a handheld GPS. UTM ED1950 Grid 35N.
estimation.
* Down hole surveys were not completed at Tavsan as
* Specification of the grid system used. holes were typically drilled vertically. However,
Drill holes were surveyed, where possible, by open
hole methods at 20 m intervals from surface, during a
* Quality and adequacy of topographic control. project review in 2015; using a Flexit down hole
multi-shot survey device.
* A topographic survey was completed for the Resource
area using a dGPS system. Five metre and 25 m
contours were generated from ortho-rectified
WorldView satellite imagery.
Data spacing
and * Data spacing for reporting of Exploration Results. * The Resource area has been drilled as access allows,
distribution resulting in an irregular data spacing, typically
between 25 m and 100 m between collars.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Samples were composited to 1 m prior to estimation.
and Ore Reserve estimation procedure(s) and
classifications applied.
* The current data spacing is sufficient to establish
geological continuity and grade continuity has been
* Whether sample compositing has been applied. established and tested by semi-variograms and
post-estimation assessment, as such the Resource has
been classified accordingly in the Measured,
Indicated and Inferred categories depending on the
local confidence of estimate.
============================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * The mineralisation is primarily outcropping at
in relation sampling of possible structures and the extent to surface and has been drilled primarily vertically,
to which this is known, considering the deposit type. with full intersections. Some inclined holes have
geological been drilled between -80 and -40 degrees of dip,
structure primarily stepped off from the mineralisation to
* If the relationship between the drilling orientation delineate the edges of the mineralisation at depth.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material. * No sampling bias is observed from the orientation of
drilling with regards to the mineralised structures.
============= ============================================================ ====================================================================
* True thickness with respect to apparent thickness is
well understood as most intersections are normal to
the mineralisation.
Sample
security * The measures taken to ensure sample security. * Samples are stored in a secure location (Balikoy
Depot). Full chain of custody documentation is used
when transferring the samples to the laboratory and
has been overseen by the responsible company
geologist.
* The measures taken to ensure sample security for
samples used for analysis and QA/QC include the
following:
o Chain of Custody is demonstrated by both
Company and ALS Global or Zenit Lab in the
delivery and receipt of sample materials.
o Upon receipt of samples, ALS Global delivers
by email to the Company's designated QC Manager,
confirmation that each batch of samples has
arrived, with its tamper-proof seal intact,
at the allocated sample preparation facility.
o 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 or
reviews * The results of any audits or reviews of sampling * Tetra Tech has reviewed the protocols and procedures
techniques and data. adopted and finds the various aspects sufficient to
support mineral resource estimation.
* Tetra Tech has completed an independent analysis of
the QA/QC data completed by Odyssey, and whilst there
are shortcomings the ALS lab QA/QC programme was
robust. The data is deemed appropriate for resource
estimation.
============= ============================================================ ====================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement * Type, reference name/ number, location and ownership * The Tavsan Property consists of four operating
and land including agreements or material issues with third licenses owned by Zenit Madencilik San. ve. Tic. A. .
tenure status parties such as joint ventures, partnerships, under a 50:50 Joint Venture between Proccea
overriding royalties, native title interests, Construction Co. and Ariana Resources plc, via its
historical sites, wilderness or national park and Turkish subsidiary Galata Madencilik San. ve. Tic.
environmental settings. Ltd.
* The security of the tenure held at the time of o Örencik license no: 12743, due date
reporting along with any known impediments to of 11.06.2029.
obtaining a licence to operate in the area. o Kavaklı license no: 59770, due date
of 11.06.2029.
o Da ardı license no: 70484, due date
of 10.01.2030.
o Evciler license no: 72400, due date of 26.01.2025.
* In 2008, Ariana acquired the Project for US$500,000
in cash and 3 million shares in the Company at 5
pence per share from Odyssey Resources Limited and a
retained royalty of up to 2% on future gold
production payable to Teck Resources Limited. This
royalty has since been transferred to Sandstorm Gold
Ltd.
* There are no known impediments to current operations.
=======================================================================
Exploration A summary of exploration activities at Tavsan:
done by * Acknowledgment and appraisal of exploration by * 1980s - Initially discovered by Australian company
other parties Ranger.
* 1988 - Ranger drilled 34 RC holes totalling 1960.5 m
in the primary mineralisation zone. Ranger completed
no further work since.
* 1995 - The MTA (Turkish government exploration
agency) sampled the primary ore zone.
* 1996 - Cominco acquired the property and conducted
several systematic surface sampling programmes
yielding an average grade 2.3 grams per tonne Gold
(g/t Au) at surface.
=============== ======================================================================= =======================================================================
* 1997 - Cominco initiated a 341 m DD programme for 8
holes. 265 samples were sent for Inductively Coupled
Plasma (ICP) and fire assay using a 30-gram aliquot.
A RC programme totalling 543 m for 7 holes was run
concurrently with the DD programme. 362 RC chip
samples were analysed for gold using fire assay on a
30-gram aliquot.
* 2003 - Pusula Madencilik, Odyssey's 100% owned
subsidiary company in Turkey acquired the Tavsan
property from Cominco.
* 2004 - Between April and June Odyssey completed the
first of a 3-phase drilling programme. Phase 1
totalled 1067.7 m and consisted of 20 diamond drill
holes (OD1 - OD20).
* In 2004 between November and December Odyssey
completed Phase 2 of their drilling campaign. Phase 2
consisted of 15 DD holes (OD21 - OD35), totalling 350
m.
* 2005 - Odyssey undertook a surface sampling programme
on 11 surface-exposed gold mineralised jasperoid
zones.
* 2006 - From March to July Odyssey completed their
3(rd) phase of drilling with the addition of 87 RC
holes (ODX36-ODx131) totalling 1,611 m.
* 2008 - Ariana Resources acquired the Tavsan project.
=============== ======================================================================= =======================================================================
Geology
* Deposit type, geological setting and style of * The property is located in the Izmir-Ankara suture
mineralisation. zone in north-western Anatolia. The formations
present span from Jurassic to Tertiary and typically
comprise metamorphosed sedimentary sequences,
displaying intense compressional tectonic features.
* The Property includes an upper thrust plate of Late
Cretaceous ophiolitic rocks (Dagardi Melange),
jasperoid gold-bearing silicification along the
thrust surface and a footwall of Jurassic Budagan
Formation massive, a massive micritic limestone.
=============== ======================================================================= =======================================================================
* Mineralisation of the contact zone was observed to
consist of jasperoidisation of limestone and intense
silicification of the ophiolite sequence.
=============== ======================================================================= =======================================================================
Drill hole
Information * A summary of all information material to the * No new exploration data is included in this report.
understanding of the exploration results including a It has all been previously reported in press
tabulation of the following information for all releases. The exploration note below provides an
Material drill holes: update to the resources.
o easting and northing of the drill hole collar * The purpose of the 2019 to 2020 rock-saw channel
o elevation or RL (Reduced Level - elevation sampling programme was to provide a further increase
above sea level in metres) of the drill hole in the confidence of the resource classification, and
collar to reduce planned infill drilling metres for future
o dip and azimuth of the hole resource development work. The sampling included
o down hole length and interception depth areas that are currently classified as part of the
o hole length. JORC Exploration Target and Inferred Resource, with a
* If the exclusion of this information is justified on view to improving confidence in the resource estimate
the basis that the information is not Material and and an improvement in the resource classification. A
this exclusion does not detract from the total of 751 samples (including 118 QA/QC samples),
understanding of the report, the Competent Person averaging a length of 1.8 m were extracted during the
should clearly explain why this is the case. sampling activities. Of these samples, 676 were sent
to the Kiziltepe mine laboratory for gold and silver
fire assay only. A further 76 samples were sent to
ALS in Izmir for gold and silver fire assay and
multi-element ICP analysis.
* Significant results (intercepts exceeding 1 g/t Au)
have returned from 72 of the 156 channels, with best
results including:
o TAV-CH010-19: 18.2 m @ 5.03 g/t Au + 2.1
g/t Ag.
o TAV-CH032-19: 9.9 m @ 6.08 g/t Au + 2.4 g/t
Ag.
o TAV-CH016-19: 31.3 m @ 1.85 g/t Au + 0.9
g/t Ag.
=============== ======================================================================= =======================================================================
* At Tavsan South, a JORC Exploration Target area which
contains 63 historic workings and which occurs in
association with significant historic drilling
intercepts (e.g., OR3: 9 m @ 1.3 g/t Au + 4.3 g/t Ag
and ODX53: 6 m @ 3.37 g/t Au + 3.7 g/t Ag), returned
results including:
o TAV-CH058-19: 3.5 m @ 9.28 g/t Au + 30.5
g/t Ag.
o TAV-CH057-19: 4.5 m @ 4.30 g/t Au + 5.3 g/t
Ag.
o TAV-CH051-19: 5 m @ 1.72 g/t Au + 5.3 g/t
Ag.
* The channel sampling results obtained from this
programme, in addition to supporting historic data,
provides for the definition of an Inferred resource
at Tavsan South.
=============== ======================================================================= =======================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * Metal equivalents not used in this estimate.
methods techniques, maximum and/ or minimum grade truncations
(e.g. cutting of high grades) and cut-off grades are
usually Material and should be stated. * No aggregation has been applied beyond the standard 1
m sampling interval honouring lithological changes
down to 20 cm.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation * No metal equivalent has been applied. Metals are
should be stated and some typical examples of such reported per metal.
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
=============== ======================================================================= =======================================================================
Relationship
between * These relationships are particularly important in the * The majority of the drillholes were advanced
mineralisation reporting of Exploration Results. vertically. Some holes were advanced at between -80
widths and and -40 degrees from horizontal to intersect dipping
intercept structures, or to delineate at depth. The mineralised
lengths * If the geometry of the mineralisation with respect to formations are commonly flat lying. As such, the true
the drill hole angle is known, its nature should be width is generally represented by the intersection
reported. length. However, recorded intercept widths should not
be regarded as true widths.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this * Three-dimensional wireframe models have been
effect (e.g. 'down hole length, true width not generated for sample selection to constrain the
known'). resource estimate. This process eliminates any bias
imparted by oblique intercepts.
=============== ======================================================================= =======================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Tavsan Overview - January 2020
tabulations of intercepts should be included for any
significant discovery being reported. These should
include, but not be limited to a plan view of drill o
hole collar locations and appropriate sectional http://www.rns-pdf.londonstockexchange.com/rns/6556P_1-2020-6-
views. 11.pdf
=============== ======================================================================= =======================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * Full balanced reporting of exploration results has
Results is not practicable, representative reporting been undertaken and is disclosed within the technical
of both low and high grades and/ or widths should be report and press releases.
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * In 2017 Ariana completed an extensive high-resolution
exploration should be reported including (but not limited to): (25 m by 25 m) portable X-ray Fluorescence (pXRF)
data geological observations; geophysical survey results; soil survey. This work was completed in order to
geochemical survey results; bulk samples - size and better define and characterise targets for a second
method of treatment; metallurgical test results; bulk phase of resource-development and to improve
density, groundwater, geotechnical and rock confidence in targeting for further resource
characteristics; potential deleterious or drilling.
contaminating substances.
* Sixteen target areas were highlighted by the 8,265
soil samples collected, covering an area of
approximately 5 square kilometres (km(2) ).
http://www.rns-pdf.londonstockexchange.com/rns/6556P_1-2020
-6-11.pdf
Further
work * The nature and scale of planned further work (e.g. * Following a summary of all work completed at Tavsan
tests for lateral extensions or depth extensions or to date, a total of 16 notable targets exist that
large-scale step-out drilling). require additional follow-up exploration and infill
drilling.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided http://www.rns-pdf.londonstockexchange.com/rns/6556P_1-2020
this information is not commercially sensitive. -6-11.pdf
=============== ======================================================================= =======================================================================
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
--
-- Grade estimates were based on 1 m composited assay data. -- The interpolation of the element concentration was undertaken using Ordinary Kriging. -- The resource estimation techniques are appropriate for the style of mineralisation.
-- Only Au and silver (Ag) were estimated, no potentially deleterious elements or compounds were estimated. Grade estimation was limited to the mineralisation wireframes.
-- Density was applied as 2.57 grams per cubic centimetre (g/cm(3) ) across all blocks.
-- Top cut requirements were assessed but deemed unnecessary.
-- Block model validation was completed with visual inspection on plan and section.
Criteria JORC Code explanation Commentary
Database
integrity * Measures taken to ensure that data has not been * The Tavsan resource data is stored in a MS Access
corrupted by, for example, transcription or keying database and is managed using MS Access and Excel
errors, between its initial collection and its use software.
for Mineral Resource estimation purposes.
* Data was logged onto field sheets which were then
* Data validation procedures used. 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 drill holes on section and by subjecting
drill hole data to data auditing processes in
specialised mining software (e.g. checks for sample
overlaps etc.).
* Archived reports have been provided to evaluate
potential errors and liability of historical data.
============================================================
Site visits
* Comment on any site visits undertaken by the * The Competent Person for this project is Ruth Bektas
Competent Person and the outcome of those visits. BSc, FGS and Chartered Geologist (CGeol). Ms Bektas
is a Resource Geologist and Competent Person as
defined by the JORC code. Ms Bektas last visited the
* If no site visits have been undertaken indicate why project in June 2018 and has verified aspects of the
this is the case. data collection and handling for the project.
Geological
interpretation * Confidence in (or conversely, the uncertainty of) the * Geological interpretation used a combination of
geological interpretation of the mineral deposit. surface mapping data, geophysics and geological and
geochemical boundaries from the drill holes across
the Tavsan deposit.
* Nature of the data used and of any assumptions made.
* Interpretation was completed by Ariana geologists
* The effect, if any, of alternative interpretations on creating 3D wireframe models according to geology and
Mineral Resource estimation. mineralisation above a 0.5 g/t Au cut-off.
* The use of geology in guiding and controlling Mineral * Geological Domains were interpreted for the deposit
Resource estimation. according to geology, grade and geotechnical
structures. Six main mineralised lodes have been
identified.
* The factors affecting continuity both of grade and
geology.
* The mineralisation is well understood, typically to a
single identifiable unit, and geologically
constrained.
* Grade continuity analysis within the interpreted
mineralised zones has been robust.
* The confidence in geological interpretation is
appropriately reflected in the classification of the
Resources.
============================================================
Dimensions
* The extent and variability of the Mineral Resource * The mineralisation follows a SW-NE trend where
expressed as length (along strike or otherwise), plan outcrop occurs along the jasperoid unit contact. The
width, and depth below surface to the upper and lower mineralisation is generally present at surface. The
limits of the Mineral Resource. mineralised zone is approximately 3.6 km wide across
the SW-NE trend, and covers an area of approximately
7.70 km(2) .
* The mineralisation has an approximate true thickness
of 6.7 m, ranging between 1 m and 30 m thick.
=============== ============================================================ ==================================================================
Estimation
and modelling * Details of the estimation method, parameters and
techniques results are in the related Tavsan 2020 MRE Memorandum
(Tetra Tech 2020).
* The estimate was compared to previous estimates.
* The Mineral Resources have been estimated into a
block model prepared in Datamine Studio RM. The block
model comprises the following parameters:
o Parent cell dimension of 10 m x 20 m x 5 m (x,
y, z).
o Sub-cell dimension of 5 m x 10 m x 1 m (x, y,
z).
============================================================
* The nature and appropriateness of the estimation -- A set of geological and gold grade based wireframe
technique(s) applied and key assumptions, including models were provided and prepared in Datamine
treatment of extreme grade values, domaining, to select the samples used in the estimation and
interpolation parameters and maximum distance of to constrain the interpolation.
extrapolation from data points. If a computer
assisted estimation method was chosen include a
description of computer software and parameters used.
* The availability of check estimates, previous
estimates and/ or mine production records and whether
the Mineral Resource estimate takes appropriate
account of such data.
* The assumptions made regarding recovery of
by-products.
* Estimation of deleterious elements or other non-grade
variables of economic significance (e.g. sulphur for
acid mine drainage characterisation).
* In the case of block model interpolation, the block
size in relation to the average sample spacing and
the search employed.
* Any assumptions behind modelling of selective mining
units.
* Any assumptions about correlation between variables.
* Description of how the geological interpretation was
used to control the resource estimates.
* Discussion of basis for using or not using grade
cutting or capping.
* The process of validation, the checking process used,
the comparison of model data to drill hole data, and
use of reconciliation data if available.
============================================================
Moisture
* Whether the tonnages are estimated on a dry basis or * Tonnage is estimated on a dry basis in accordance
with natural moisture, and the method of with the specific gravity determination.
determination of the moisture content.
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * Au cut-off grades were applied based upon costs and
parameters applied. recoveries established from the company's records. A
cut-off grade of 0.7 g/t Au was used for the final
classified resource.
* The estimation was repeated with cut-off grades of
0.5 and 1.0 g/t Au to allow direct comparison with
previous work.
============================================================
Mining factors
or assumptions * Assumptions made regarding possible mining methods, * No mining factors (i.e. dilution, ore loss,
minimum mining dimensions and internal (or, if recoverable resources at selective mining block size)
applicable, external) mining dilution. It is always have been applied.
necessary as part of the process of determining
reasonable prospects for eventual economic extraction
to consider potential mining methods, but the * It is assumed that the deposit will be an open pit
assumptions made regarding mining methods and heap leach operation. The width of operating benches
parameters when estimating Mineral Resources may not were considered to vary between 8 m to 55 m with
always be rigorous. Where this is the case, this respect to the change in the thickness and
should be reported with an explanation of the basis orientation of the ore zone while the bench heights
of the mining assumptions made. were 5 metres.
Metallurgical
factors or * The basis for assumptions or predictions regarding * Basic metallurgical assumptions were made with
assumptions metallurgical amenability. It is always necessary as regards to expected processing methods, recoveries
part of the process of determining reasonable from test work and expected throughputs.
prospects for eventual economic extraction to
consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment * In April 2005, 42 samples of coarse reject material
processes and parameters made when reporting Mineral from drill core and 47 pulp samples (mostly from the
Resources may not always be rigorous. Where this is same drill core samples as the coarse rejects) were
the case, this should be reported with an explanation sent to ALS Chemex in Vancouver, Canada for cyanide
of the basis of the metallurgical assumptions made. soluble testing. The purpose of this test was to
substantiate Cominco's 1997 cyanide soluble tests
attesting to the fact that cyanide leach is an
appropriate beneficiation method for extraction of
gold.
* Results of the tests indicated that the average gold
recovery after one hour for the coarse reject
material was 55.6%, and for the pulp samples was
91.6%, which indicate that cyanide remains a
potentially viable method for the recovery of gold at
Tavsan.
* In 2019, a series of metallurgical test works were
conducted at the Laboratory of the Zenit
Kızıltepe Gold Mine to obtain and optimise
the basic parameters for leaching such as sodium
cyanide (NaCN) consumption, particle size, flux
(application) rate, agglomeration, and lime
consumption rates. Bottle roll and mixing in two
litres flask tests showed higher recoveries hence
increasing the exposed surface area of the ore with
the solution.
o The optimum recovery conditions, which resulted
76% Au recovery in column tests were:
* Particle size: P100:12.5 mm.
* Flux rate: 10-12 litres per hour per square metre
(L/hr/m(2) ).
* Sodium Cyanide: 1.3 - 1.5 kg/ton dry ore.
* Lime: 2 kg/ton dry ore.
* Leach cycle: 45 - 60 days.
============================================================
Environmental
factors or * Assumptions made regarding possible waste and process * The qualified person (QP) is not aware of any known
assumptions residue disposal options. It is always necessary as environmental or permitting issues on the project.
part of the process of determining reasonable
prospects for eventual economic extraction to
consider the potential environmental impacts of the * At the time of reporting, Zenit has been carrying out
mining and processing operation. While at this stage a comprehensive Environmental Impact Assessment.
the determination of potential environmental impacts, Under this; a Flora and Fauna study has been
particularly for a greenfields project, may not completed and reported by Balıkesir University.
always be well advanced, the status of early Acid Rock Drainage and Hydrogeological studies are
consideration of these potential environmental still under way.
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made.
Bulk density
* Whether assumed or determined. If assumed, the basis * A density of 2.57 g/cm(3) was applied to all blocks
for the assumptions. If determined, the method used, in the estimation. This was calculated from the
whether wet or dry, the frequency of the measurements average density measurements taken from core of
, limestone (2.55 g/cm(3) ) and jasperoid (2.59 g/cm(3)
the nature, size and representativeness of the ).
samples.
* The bulk density for bulk material must have been
measured by methods that adequately account for void
spaces (vugs, porosity, etc.), moisture and
differences between rock and alteration zones within
the deposit.
* Discuss assumptions for bulk density estimates used
in the evaluation process of the different materials.
============================================================
Classification
* The basis for the classification of the Mineral * The resource classification at the project considers
Resources into varying confidence categories. the following criteria:
* Whether appropriate account has been taken of all o Confidence in the sampling data and geological
relevant factors (i.e. relative confidence in interpretation.
tonnage/ grade estimations, reliability of input data o The data distribution (based upon graphical
, analysis and average distance to informing composites).
confidence in continuity of geology and metal values, o Grade continuity analysis.
quality, quantity and distribution of the data). * The model was classified according to Joint Ore
Reserves Committee of the Australasian Institute of
Mining and Metallurgy (JORC) guidelines (JORC, 2012
* Whether the result appropriately reflects the Edition).
Competent Person's view of the deposit.
* The classification appropriately reflects the status
of the resource development.
Audits or
reviews * The results of any audits or reviews of Mineral * An internal peer review was conducted for this study.
Resource estimates. No external reviews or audits have been completed.
============================================================
Discussion
of relative * Where appropriate a statement of the relative * The resource estimate is deemed appropriately
accuracy/ accuracy and confidence level in the Mineral Resource accurate globally, based upon the informing data. The
confidence estimate using an approach or procedure deemed accuracy and global/ local basis of the resource
appropriate by the Competent Person. For example, the estimate is suitably accounted for in the resource
application of statistical or geostatistical classification.
procedures to quantify the relative accuracy of the
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative * The composition of the mineralisation, and the grade
discussion of the factors that could affect the of the block model accurately reflects bulk samples
relative accuracy and confidence of the estimate. taken at the property for test work.
* The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available.
=============== ============================================================ ==================================================================
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 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;
--Ends--
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
DRLUAONRRKUNARR
(END) Dow Jones Newswires
June 11, 2020 02:49 ET (06:49 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
