We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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% | 2.425 | 2.20 | 2.70 | 0.00 | 07:42:19 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 4.03M | 0.0035 | 6.91 | 27.74M |
From Apr 2019 to Apr 2024
TIDMAAU
RNS Number : 3647M
Ariana Resources PLC
11 May 2020
11 May 2020
AIM: AAU
KIZILCUKUR JORC RESOURCE UPDATE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce an update of its JORC compliant Mineral Resource Estimate for the Kizilcukur Project ("Kizilcukur" or "the Project"). Kizilcukur is 100% owned by Ariana through its subsidiary Galata Madencilik San. ve Tic. Ltd. in Turkey.
Highlights:
-- Global Mineral Resource Estimate is revised to c. 21,100 oz gold (Au) and 0.62 Moz silver (Ag) contained metal on three main veins.
-- Significant improvement in resource category and grade, with 85% of the tonnage in Measured and Indicated (M+I) categories: 218,317 t @ 2.72 g/t Au and 77.04 g/t Ag.
-- 46% of the M+I tonnage is located within the higher-grade Zeki Main Vein, with a grade of 3.62 g/t Au and 82.54 g/t Ag, upon which trial mining operations have commenced.
-- Company is considering options to develop this satellite deposit as a source of ore for the Kiziltepe processing plant.
Dr. Kerim Sener, Managing Director, commented:
"This is a significant improvement over the previous resource estimate, which integrates the latest drilling data and geological modelling. Most of the resource now sits within the lower risk Measured and Indicated categories, in comparison to the previous estimate which contained only Indicated and Inferred Resources. This is largely the result of the in-fill diamond drilling that was completed on the higher-grade Zeki Vein in early 2019.
"While the initial plans for the Project comprise development across up to three shallow open pits, there is further exploration potential which has been defined in deeper drilling on the Zeki Vein and along strike of the other veins. However, further work would need to be completed before this potential is better understood. No further drilling is planned on the Project until full-scale mining operations are able to be established.
"In the meantime, we intend to continue with trial mining at the site and to commence an initial bulk processing trial at the Kiziltepe processing plant when operational conditions permit."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Resource Estimate
Following the completion of a diamond drilling programme during the winter of 2018-19, for a total of 745.8 meters, the geological teams at Ariana in conjunction with consultants Coffey, a Tetra Tech Company, undertook a new resource estimate for Kizilcukur. The recent diamond drilling coupled with all previous drilling and channel sampling results on the veins at Kizilcukur were used for the estimation (Figure 1).
The new Kizilcukur JORC 2012 compliant Mineral Resource estimate is based on 30 diamond, 26 Reverse Circulation ("RC") and 26 rock-saw channels, representing a total of 4,229.35 m of sampling. Ariana completed the wireframe geological modelling of the mineralisation zones in Leapfrog (see JORC Table 1). Several vein zones were modelled from the sectional interpretations, which are orientated NW and typically dip steeply at up to 85 degrees towards the southwest (Figure 1) comprising three main areas, Zeki, Ziya and Zafer.
Wireframes were constructed using sectional polylines defined by a cut-off of 1.0 g/t gold for vein material. Wireframes were snapped to silver intercepts if gold results were not available in the section in order to maintain continuity in the mineralisation wireframe. No top-cut for gold or silver was used prior to sample compositing. Density was set at 2.55 g/cm(3) .
http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020-5-10.pdf
Figure 1: Three-dimensional model of the Kizilcukur vein system looking due north, showing the modelled ore zones within Whittle optimised pit-shells (based on the 2016 resource) and current drilling. Historical drill hole collars are shown as white dots, while the 2019 in-fill drilling is shown with blue dots.
Tetra Tech completed a block model interpolation and reported the Mineral Resource Estimate using Datamine Studio RM using the wireframes, and using refined search and estimate parameters following a review of input parameters by both Ariana and Tetra Tech (Table 1). Dynamic anisotropy was used in Datamine during the estimation of grades into the block model as this better represents the grade distribution along the vein by considering the varying orientation of the vein along its strike. A minimum of 2 and maximum of 50 samples were used for the estimation. The Inverse Distance Squared (ID2) method was selected as the most suitable method of interpolation in this deposit. The estimate for each vein zone was completed separately. The Mineral Resource Estimate was reported using a lower reporting cut-off of 1 g/t gold.
Table 1: Summary 2020 Kizilcukur JORC 2012 compliant Mineral Resource estimate, based on 56 drill holes and 26 rock-saw channels (dated 9 May 2020). Reporting is based on a 1 g/t Au cut off. Figures in the table may not sum due to rounding.
Hot Features
Premium
Density (g/cm(3) ) Tonnes Ag (oz)
Kizilcukur (t) Au (g/t) Ag (g/t) Au (oz)
====================== =================== ======== ========= ========= ======== ========
Measured 2.55 130,511 2.79 84.11 11,716 352,939
=================== ======== ========= ========= ======== ========
Indicated 2.55 87,805 2.60 69.01 7,342 194,826
---------------------- ------------------- -------- --------- --------- -------- --------
Measured + Indicated 2.55 218,317 2.72 78.04 19,058 547,765
---------------------- ------------------- -------- --------- --------- -------- --------
Inferred 2.55 37,344 1.75 57.31 2,098 68,813
---------------------- ------------------- -------- --------- --------- -------- --------
Global Total 2.55 255,660 2.57 75.01 21,156 616,578
====================== =================== ======== ========= ========= ======== ========
Project Summary
The Kizilcukur Project consists of one operational licence located in the Balikesir Province in Western Turkey (coordinates: 626150 mE; 4360440 mN). The property lies 22km to the northeast (straight line) and 70km by road from the Kiziltepe Sector of the Company's Red Rabbit Project. A royalty is payable to Dogu Akdeniz Mineralleri San. ve Tic. Ltd. of 2% Net Smelter Return on commercial production from the Project. Ariana has the option to sell the project to Zenit Madencilik San. ve Tic. A.S. (the operating company for the Kiziltepe Mine) at three times the exploration cost.
The Project covers an area containing a series of sub-parallel quartz veins hosted by ophiolitic units that trend northwest and extend for about two kilometres. The veins exhibit classic low-sulphidation epithermal features and attains a maximum true width of 8m. The Zeki Vein extends over a strike length of 820m. Composite rock-chip sampling of 80m strike along this quartz vein returned encouraging assay results of 6m at 3.3 g/t gold, 2m at 9.6g/t gold and 1m at 7.2 g/t gold prior to drill-testing. The peak rock-chip assay result in this area was 152 g/t gold and 1,320 g/t silver.
Trial mining commenced within the central part of the Zeki Pit during 2017. This pit is the largest and highest grade of the three pits defined following Whittle optimisation of the Kizilcukur resource in 2016. The General Directorate of Mining Affairs approved blasting operations on the licence as part of the Mining Permit (as announced on 18 November 2015). Further trial mining is planned for 2020.
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:
Competent Persons:
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 .
Ends.
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 (eg cut channels, * Reverse circulation (RC) sampling: Samples were
random chips, or specific specialised industry collected at 1 m intervals and split using a
standard measurement tools appropriate to the two-stage riffle splitter, running each sample
minerals under investigation, such as down hole gamma through twice.
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad
meaning of sampling. * Diamond Drilling: Full core was split using a rock
saw and half-core samples were taken at variable
intervals ranging from 0.43 m to 1 m. Core recovery
* Include reference to measures taken to ensure sample was recorded into the database.
representivity and the appropriate calibration of any
measurement tools or systems used.
* Aspects of the determination of mineralisation that
are Material to the Public Report.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Pre-2015 drilling was undertaken by HQ diameter
hammer, rotary air blast, auger, Bangka, sonic, etc) diamond drilling (1792 m).
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by * 2015 drilling was undertaken by RC drilling (1598 m).
what method, etc).
* 2018-19 drilling was undertaken by NQ diameter
diamond drilling (746 m).
Drill sample
recovery * Method of recording and assessing core and chip * Recoveries were monitored and recorded into the
sample recoveries and results assessed. sampling database.
* Measures taken to maximise sample recovery and ensure * Overall core recovery for diamond drilling in
representative nature of the samples. 2018-2019 is >75%. The figure is low due to
recoveries falling below 10% where historic workings
and cavities were intercepted. Holes without old
* Whether a relationship exists between sample recovery workings had recoveries of up to 95%.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material. * Overall recovery for RC drilling is >90% and >85% for
mineralised zones. Recoveries fall below 10% where
historic workings and cavities were intercepted.
Logging
* Whether core and chip samples have been geologically * All diamond core holes were logged lithologically
and geotechnically logged to a level of detail to using a coded logging system for rock type, grain
support appropriate Mineral Resource estimation, size, colour, alteration and any other relevant
mining studies and metallurgical studies. observations.
* Whether logging is qualitative or quantitative in * Mineralised zones were identified from observation of
nature. Core (or costean, channel, etc) photography. mineralogy, lithological characteristics. Portable
XRF analysis was conducted post drilling, to provide
supporting geochemical data for non-sampled regions.
* The total length and percentage of the relevant Areas identified as geochemically anomalous by pXRF
intersections logged. were further sampled. The pXRF was calibrated with
the calibration disks on a regular basis.
* Logging of RC samples was carried out on washed
samples with geological characteristics recorded to a
database.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * Samples from diamond drill core were collected from
and sample half or all core taken. sawn halves of identified zones of interest.
preparation
* If non-core, whether riffled, tube sampled, rotary * RC sampling: Samples were collected at 1 m intervals
split, etc and whether sampled wet or dry. and split using a two-stage riffle splitter, running
each sample through the splitter twice.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. * Splitting and sample prep conducted on samples at the
laboratory:
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020
samples. -5-10.pdf
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
Quality
of assay * The nature, quality and appropriateness of the * QC procedures for 2015 drilling included the
data and assaying and laboratory procedures used and whether insertion of certified reference standards, blank
laboratory the technique is considered partial or total. samples, duplicates and umpire laboratory check
tests samples to monitor the accuracy and precision of
laboratory data. The protocol followed included the
* For geophysical tools, spectrometers, handheld XRF insertion of one standard, one blank and two
instruments, etc, the parameters used in determining duplicates; each batch corresponding to 22 drilling
the analysis including instrument make and model, samples. The overall quality of QA/QC meets or
reading times, calibrations factors applied and their exceeds the currently accepted industry standards, to
derivation, etc. ensure the validity of the data used for resource
estimation purposes.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established.
Verification
of sampling * The verification of significant intersections by * All samples were submitted to the internationally
and assaying either independent or alternative company personnel. accredited laboratory of ALS Global in Turkey (ISO
9001:2008 accredited).
* The use of twinned holes.
* At the resource definition stage three staged
duplicates; one field, one crush and one pulp, are
* Documentation of primary data, data entry procedures, inserted into each 22 sample batch.
data verification, data storage (physical and
electronic) protocols.
* Discuss any adjustment to assay data.
Location
of data * Accuracy and quality of surveys used to locate drill * All collar positions were located initially by
points holes (collar and down-hole surveys), trenches, mine hand-held GPS and later surveyed by a professional
workings and other locations used in Mineral Resource surveyor using DGPS equipment. Downhole deviation
estimation. surveys were routinely carried out in all holes,
using a down-hole Gyro on 4 m intervals. The Gyro
data was then later calibrated with Flex-it survey
* Specification of the grid system used. tool data and corrected to ED50 UTM 35N.
* Quality and adequacy of topographic control.
Data spacing
and * Data spacing for reporting of Exploration Results. * Due to the steep terrain, drill spacing is largely
distribution dependent on accessible sites. In many instances more
than one hole was drilled from a single site with
* Whether the data spacing and distribution is drill hole separation achieved by using diverging
sufficient to establish the degree of geological and downhole trajectories.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied.
* Whether sample compositing has been applied.
Orientation
of data * Whether the orientation of sampling achieves unbiased * The dip of the vein mineralisation for most of the
in relation sampling of possible structures and the extent to deposit is steeply dipping to subvertical, striking
to which this is known, considering the deposit type. 310(o) NW. Local grade continuity follows the dip of
geological the mineralisation for the entire deposit. Drill hole
structure trajectories were angled in order to intersect the
* If the relationship between the drilling orientation mineralisation.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material. * No biases are expected from the drilling direction.
Sample
security * The measures taken to ensure sample security. * The measures taken to ensure sample security for
samples used for analysis and QA/QC include the
following:
1. Chain of Custody is demonstrated by both
Company and ALS Global in the delivery and
receipt of sample materials.
2. Upon receipt of samples, ALS Global delivers
by email to the Company's designated Quality
Control Manager, confirmation that each batch
of samples has arrived, with its tamper-proof
seal intact, at the allocated sample preparation
facility.
3. 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 * Reviews on sampling and assaying results were
techniques and data. conducted for all data internally.
============= ============================================================ ===================================================================
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 Kizilcukur Project consists of one operational
and land including agreements or material issues with third license (No. 200700970) 100% owned by Ariana
tenure status parties such as joint ventures, partnerships, Resources through its Turkish subsidiary Galata
overriding royalties, native title interests, Madencilik San. Ve. Tic. Ltd.
historical sites, wilderness or national park and
environmental settings.
* It is located in the Balikesir Province in Western
Turkey (coordinates: 626150 mE; 4360440 mN).
* The security of the tenure held at the time of
reporting along with any known impediments to
obtaining a licence to operate in the area. * A royalty of 2% Net Smelter Return on commercial
production from the Project is payable to Dogu
Akdeniz Mineralleri San. Ve Tic. Ltd.
* There are no known impediments to the current
operations.
Exploration
done by * Acknowledgment and appraisal of exploration by other * Pre-2007, Eurogold identified the occurrence of gold
other parties parties. and silver at Kizilcukur through various stream
sediment sampling programmes.
* Kefi Minerals Plc acquired the project in 2007.
* In 2007, systematic rock and channel sampling was
undertaken by Kefi for 485 samples.
* In 2008, Kefi completed 1,185.2 m of diamond drilling
for 8 holes. During this time Kefi also contracted
external polished block and other petrological
analyses.
* In 2009, Kefi completed an initial soil sampling
programme for 452 samples.
* In 2011, Kizilcukur was acquired by Ariana Resources.
Geology
* Deposit type, geological setting and style of * The Project covers an area containing a series of
mineralisation. sub-parallel quartz veins hosted by ophiolitic units
that trend northwest and extend for about two
kilometres. The veins exhibit classic
low-sulphidation epithermal features and attain a
maximum true width of 8 m. The Zeki vein extends over
a strike length of 820 m.
Drill hole
Information * A summary of all information material to the * Diamond drilling for a total of 745.8 m (for 13
understanding of the exploration results including a holes) was completed during Q1 2019 at the Kizilcukur
tabulation of the following information for all Project. All drilling was conducted within the limits
Material drill holes: of the previously optimised Zeki open pit. The
primary objective of the programme was to: 1) provide
in-fill drilling data for the Zeki vein at a depth of
o easting and northing of the drill hole collar approximately 25 m along the strike limit of the
o elevation or RL (Reduced Level - elevation planned Zeki open pit and; 2) identify the potential
above sea level in metres) of the drill hole for high grade shoots in areas not previously tested
collar by drilling.
o dip and azimuth of the hole
o down hole length and interception depth
o hole length. http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020
* If the exclusion of this information is justified on -5-10.pdf
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
Data
aggregation * In reporting Exploration Results, weighting averaging * Significant down-hole intercepts calculated for the
methods techniques, maximum and/or minimum grade truncations Kizilcukur drilling programme, using a 0.5 g/t Au
(eg cutting of high grades) and cut-off grades are minimum cut-off and allowing for 0.5 m internal
usually Material and should be stated. dilution. Arranged in order of significance from high
to low. Au equivalent (g/t) is calculated based on a
gold-silver price ratio of 70:1.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020-5-
should be stated and some typical examples of such 10.pdf
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 * Down hole length, true width not known.
mineralisation reporting of Exploration Results.
widths and
intercept * See Table above.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
Diagrams
* Appropriate maps and sections (with scales) and * http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2
tabulations of intercepts should be included for any 020-5-10.pdf
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
Balanced
reporting * Where comprehensive reporting of all Exploration * Intercepts depths stated in the drill hole
Results is not practicable, representative reporting information but not stated in the data aggregation
of both low and high grades and/or widths should be methods section are lower grade intersections. Widths
practiced to avoid misleading reporting of of intercepts are stated.
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * In 2011, Ariana completed an Induced Polarisation
exploration should be reported including (but not limited to): (IP) study to aid geological modelling and identify
data geological observations; geophysical survey results; the resistive and chargeable properties of the
geochemical survey results; bulk samples - size and Kizilcukur vein system.
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020-5
contaminating substances. -10.pdf
* In 2012, detailed 1:500 scale mapping of outcropping
epithermal veins was conducted.
* In 2013, larger scale geological mapping (1:5,000)
was conducted over the main project area, with the
assistance of pXRF analysis for rock typing.
* In 2018, a detailed soil pXRF survey was completed
for 562 samples.
http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020-5
-10.pdf
Further
work * The nature and scale of planned further work (eg * To date, historic and recent exploration activities
tests for lateral extensions or depth extensions or have identified approximately 2.3 km of anomalous
large-scale step-out drilling). outcropping epithermal veins within the Kizilcukur
license. Presently, only 35% (0.8 km) of the exposed
vein system have been drill-tested due to outcrop
* Diagrams clearly highlighting the areas of possible accessibility and infrastructure. Drill testing the
extensions, including the main geological remaining 65% of the known vein system may be
interpretations and future drilling areas, provided undertaken in the future.
this information is not commercially sensitive.
* Ariana also have longer term plans to explore (using
airborne geophysics), for potential shallow seated
intrusive porphyries, which are likely sources for
the Kizilcukur mineralisation and other associated
mineralisation within the nearby district.
=============== =============================================================== ===============================================================
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity * Measures taken to ensure that data has not been * The Kizilcukur resource data is stored in a MS Access
corrupted by, for example, transcription or keying Datashed database and is managed using MS Access and
errors, between its initial collection and its use Excel software.
for Mineral Resource estimation purposes.
* Data was logged onto field sheets which were then
* Data validation procedures used. entered into the data system directly by geologists
working on the Project.
* 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.
* 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.
* Independent consultants Coffey Geotechnics Ltd, a
Tetra Tech company performed a visual validation by
reviewing drill holes on section in Datamine Studio
RM mining software.
Site visits
* Comment on any site visits undertaken by the * Ariana staff have visited the site on numerous
Competent Person and the outcome of those visits. occasions, and supervised all 2015 and 2018-2019
drilling, sampling and other operations at all times
in order to introduce appropriate logging, sampling
* If no site visits have been undertaken indicate why and drilling protocols.
this is the case.
* Ruth Bektas BSc, CGeol, FGS of Coffey Geotechnics
Limited, A Tetra Tech Company (Tetra Tech) is acting
as the CP for this study and has been on site during
active drilling and exploration programmes. The site
will be re-visited at a later date if further work is
required.
Geological
interpretation * Confidence in (or conversely, the uncertainty of ) * Sub-vertically-dipping vein-hosted mineralisation.
the geological interpretation of the mineral deposit.
* Interpretations by Ariana of geological surfaces
* Nature of the data used and of any assumptions made. derived from 3D modelling of drill hole lithological
data.
* The effect, if any, of alternative interpretations on
Mineral Resource estimation. * The Project covers an area containing a series of
sub-parallel quartz veins hosted by ophiolitic units
that trend northwest and extend for about two
* The use of geology in guiding and controlling Mineral kilometres. The veins exhibit classic
Resource estimation. low-sulphidation epithermal features and attains a
maximum true width of 8 m. The Zeki Vein extends over
a strike length of 820 m.
* The factors affecting continuity both of grade and
geology.
Dimensions
* The extent and variability of the Mineral Resource * In plan orientation, the deposit comprises four main
expressed as length (along strike or otherwise), plan lodes ranging in strike length from 140 m to 350 m
width, and depth below surface to the upper and lower over an overall strike length of 900 m.
limits of the Mineral Resource.
* One primary lode with minor footwall lodes and
hanging-wall lodes in the northwest and isolated lode
towards the east.
* Lodes typically vary from 2 to 6.5 m in thickness
with main lode averaging 2.5 m thickness.
* Mineralisation has vertical extents of approximately
100 m.
Estimation
and modelling * The nature and appropriateness of the estimation * Drill hole sample data was constrained within:
techniques technique(s) applied and key assumptions, including Semi-manually constructed orebody wireframes defined
treatment of extreme grade values, domaining, by nominal 1 g/t Au cut off. Several
interpolation parameters and maximum distance of
extrapolation from data points. If a computer
assisted estimation method was chosen include a * Sample data was composited to a 1 m downhole length
description of computer software and parameters used. using a 0.2 g/t Au cut-off and maximum 1 m internal
waste.
* The availability of check estimates, previous
estimates and/or mine production records and whether * An analysis of the grade distribution characteristics
the Mineral Resource estimate takes appropriate of the domain composites for each deposit was
account of such data. undertaken. Following analysis of the data it was
decided that a top cut was not required. Both gold
and silver were modelled.
* The assumptions made regarding recovery of
by-products.
* A block model was constructed using a 10 m E by 15 m
N by 5 m RL parent block size.
* Estimation of deleterious elements or other non-grade
variables of economic significance (eg sulphur for
acid mine drainage characterisation). * Estimation was carried out using inverse distance
squared (ID(2) ) at the parent block scale. Three
estimation passes were undertaken using specific
* In the case of block model interpolation, the block composite data for each separate domain/lode.
size in relation to the average sample spacing and
the search employed.
* A percentage model was used to report precisely the
volume of material within each block. Material from
* Any assumptions behind modelling of selective mining historical underground mining has not been subtracted
units. as the extent of these is not clear. Surface trial
mining material has been depleted from the resource
as updated topography was used.
* Any assumptions about correlation between variables.
* Search parameters were as in the table below.
* Description of how the geological interpretation was
used to control the resource estimates. Vein Pass Max Medium Min Dip Dip Pitch Min Max Dh
Azimuth Samples Samples limiter
Zeki
* Discussion of basis for using or not using grade Main 1 30 15 7.5 80 220 50 2 50 4
cutting or capping. ----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zeki
Main 2 60 30 15 80 220 50 2 50 4
* The process of validation, the checking process used, ----- ---- ------- ---- ---- -------- ------ -------- -------- --------
the comparison of model data to drill hole data, and Zeki
use of reconciliation data if available. Main 3 120 60 30 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zeki 2 1 30 15 7.5 80 220 50 2 50 4
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zeki 2 2 60 30 15 80 220 50 2 50 4
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zeki 2 3 120 60 30 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zafer 1 30 15 7.5 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zafer 2 60 30 15 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Zafer 3 120 60 30 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Ziya 1 30 15 7.5 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Ziya 2 60 30 15 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
Ziya 3 120 60 30 80 220 50 2 50 no
----- ---- ------- ---- ---- -------- ------ -------- -------- --------
--
Moisture * Tonnes have been estimated on a dry basis.
* Whether the tonnages are estimated on a dry basis or
with natural moisture, and the method of
determination of the moisture content.
Cut-off
parameters * The basis of the adopted cut-off grade(s) or quality * Measured, Indicated and Inferred Resources have been
parameters applied. reported above a 1.0 g/t Au cut-off grade, i.e.,
economical cut-off. This is the same cut-off applied
in previous estimates.
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 operation with ore material trucked to the nearby
parameters when estimating Mineral Resources may not Kiziltepe Mine carbon-in-leach plant for gold and
always be rigorous. Where this is the case, this silver extraction.
should be reported with an explanation of the basis
of the mining assumptions made.
Metallurgical
factors * The basis for assumptions or predictions regarding * No metallurgical assumptions have been built into the
or assumptions metallurgical amenability. It is always necessary as resources because there is no intent at this point in
part of the process of determining reasonable time to convert the Mineral Resource into a Mineral
prospects for eventual economic extraction to Reserve.
consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral * Initial metallurgical test work has been carried out
Resources may not always be rigorous. Where this is at the Laboratory at the Kiziltepe Mine, with gold
the case, this should be reported with an explanation recoveries of 82 to 91%.
of the basis of the metallurgical assumptions made.
Environmen-tal
factors * Assumptions made regarding possible waste and process * The CP is not aware of any known environmental or
or assumptions residue disposal options. It is always necessary as permitting issues on the projects, however, the
part of the process of determining reasonable estimate of Mineral Resources may be materially
prospects for eventual economic extraction to affected should such related issues arise.
consider the potential environmental impacts of the
mining and processing operation. While at this stage
the determination of potential environmental impacts,
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
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 bulk density of 2.55 g/cm(3) has been applied,
for the assumptions. If determined, the method used, based on calculations on drill core density
whether wet or dry, the frequency of the measurements measurements.
,
the nature, size and representativeness of the
samples. * Further work is recommended for more accurate density
measurements, with densities of up to 2.7 g/cm(3)
possible based on experience with several other
* The bulk density for bulk material must have been vein-hosted deposits in the area.
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 * Mineral Resources have been classified on the basis
Resources into varying confidence categories. of confidence in geological and grade continuity
using the drilling density, geological model and
modelled grade continuity.
* Whether appropriate account has been taken of all
relevant factors (ie relative confidence in
tonnage/grade estimations, reliability of input data, * Measured Mineral Resources have been defined by a 30
confidence in continuity of geology and metal values, x 15 x 7.5 m search ellipse.
quality, quantity and distribution of the data).
* Indicated Mineral Resources have been defined by a 60
* Whether the result appropriately reflects the x 30 x 15 m search ellipse.
Competent Person's view of the deposit.
* Inferred Mineral Resources have been defined in areas
beyond the indicated search ellipse to the limits of
the resource wireframes.
http://www.rns-pdf.londonstockexchange.com/rns/3647M_1-2020-5-10.pdf
Audits or
reviews * The results of any audits or reviews of Mineral * The ID(2) model was validated against the input drill
Resource estimates. hole composites for each domain by visual comparisons
carried out against the composited drill hole samples
for each domain against the modelled block grade.
* A comparison was made between the analytical volumes
of the resource wireframes and the volumes reported
through volumetric functions. The difference was less
than 0.001%. Thus, a high level of confidence is
appropriate for the model reports. The estimated
grades were validated against average Au and Ag grade
statistics for each lode.
Discussion
of relative * Where appropriate a statement of the relative * The Mineral Resource estimate at the global level for
accuracy/ accuracy and confidence level in the Mineral Resource the Measured and Indicated Resources based on the
confidence estimate using an approach or procedure deemed estimation technique and data quality and
appropriate by the Competent Person. For example, the distribution is considered to be adequate for the
application of statistical or geostatistical classification. Inferred Resources have a lower level
procedures to quantify the relative accuracy of the of confidence outside of this range.
resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the
relative accuracy and confidence of the estimate.
* 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.
=============== ============================================================ ============================================================================================
NOTE: Sections 4 and 5 are not relevant to this work as no reserves are being estimated and there is no estimation or reporting of diamonds or other gemstones in this project.
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
UPDURRBRRUUVAAR
(END) Dow Jones Newswires
May 11, 2020 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
