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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.135 | 4.78% | 2.96 | 2.75 | 2.90 | 2.825 | 2.825 | 2.825 | 564,824 | 16:35:19 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | 4.03M | 0.0035 | 8.06 | 32.33M |
From Apr 2022 to Apr 2024
TIDMAAU
RNS Number : 4043W
Ariana Resources PLC
18 August 2022
18 August 2022
AIM: AAU
MAJOR INCREASE IN APLIKI MINERAL RESOURCE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Apliki Copper Project, for which Venus Minerals Ltd. ("Venus") has entered into a formal conditional 50:50 Joint Venture agreement with Hellenic Apliki Mines Ltd. ("HAM"). Venus is focused on the exploration and development of copper and gold assets in Cyprus and is 50% owned by Ariana.
Highlights:
-- MRE updated to a global Measured, Indicated, and Inferred Resource of c. 17 Mt at a grade of 0.26% to 0.69% Cu (0.34% Cu average)* across Apliki, after further detailed assessment and modelling of historic data.
-- Increase recorded by the addition of the Apliki Mine Pit Wall Resources for an additional 6.47Mt @ 0.32% Cu, compared to the 2021 MRE.
-- Apliki represents an already developed open-pit with significant unmined resources available for modern extraction.
* MRE stated gross with respect to HAM. Venus is to acquire 50% of HAM and Ariana holds 50% of Venus.
Dr. Kerim Sener, Managing Director, commented:
" Within two years, through Venus, Ariana has achieved its objective of establishing a substantial copper resource base in Cyprus, which now comprises 34Mt with a grade range of circa 0.3 to 1.10% copper. Even at the lower end of this grade range, and excluding the potential of by-product metals, such as gold, this represents substantial in-ground (risked) value.
"This updated MRE follows the original MRE on Apliki completed last December in which we had noted that there were areas of potential resource upside, particularly in the Apliki Mine area and its related stockpiles, and that further work by the Venus team would be undertaken in these areas in order to continue building the resource base.
"This updated MRE for Apliki comes at an opportune time, ahead of the proposed IPO of Venus on AIM. Venus will also soon implement further project optimisation work to advance the Apliki Mine development programme with Hellenic Apliki Mines.
"Although market conditions remain less favourable than we would like, and while we cannot influence the markets, we are nevertheless eager to continue developing the assets within the Venus portfolio to enhance the value of the company ahead of a listing. In the meantime, we are pleased to note that Venus has extended its option over Apliki to 31 December 2022.
"Venus is a British and Cypriot-owned company which represents one of the most exciting near-term European copper mining opportunities in play today, in a jurisdiction that has been prized for its high-quality copper for time immemorial."
* Further information about Venus Minerals and its projects is available on the Company's website, www.venusminerals.co .
Introduction
Following the release of the Apliki MRE on 1 December 2021, the Venus and Ariana teams have continued to evaluate historic drilling data across Apliki. In particular, an area outlined previously as a zone of "significant interest" within the north-east wall of the historic Apliki Mine (Figure 1) has demonstrated sufficient drilling density and assay data to define a c. 55% overall increase in the MRE. The management team considered the data reviewed of sufficient quality to support resource classification up to Indicated. However, since this area is yet to be verified with new drilling, the resources outlined within this release have been reported as Inferred only across most zones, with Indicated and Inferred Resources defined for West Apliki.
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.pdf
Figure 1: Plan view of the Apliki Project, showing the 2021 due-diligence drill collar positions and historical collars. All Apliki MRE domains are highlighted in red apart from the Apliki Mine Pit Wall are shown in yellow. Areas with further potential, which require follow-up work are outlined in dashed purple.
Resource Estimation
The MRE is based on a detailed review of all available drill data acquired between 1968-2011, as well as three due-diligence drillholes drilled in 2021. These data comprise churn, rotary wet, rotary air and diamond drill holes for a total of 24,538m of drilling (all historic holes and the 2021 due-diligence drilling) and covers all major areas of Apliki (West Apliki, Apliki Mine, Apliki Mine Pit Wall and Apliki Stockpiles). The use of modern software with improved estimation methods and statistical analysis enables the calculation of a Resource Estimate with sufficient confidence to be classified as Indicated and Inferred. However, the drill hole spacing density for the project is generally appropriate to support a higher classification of resources in some areas, but this will require more confirmatory drilling to validate and further increase confidence in the historic data. JORC Table 1 for Apliki provides more detail on sampling techniques and data used in this estimation.
Estimation Methodology
Ariana completed the geological modelling of all mineralised zones at Apliki in Leapfrog Geo 6.0.5 (see JORC Table 1, Appendix 1). Five mineralisation domains were modelled from sectional interpretations and associated interpolation, representing the most current geological data and understanding. The MRE is separated into four main areas: 1) West Apliki, 2) Apliki Mine, 3) Apliki Mine Pit Wall and 4) Apliki Stockpiles (Figure 2).
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.pdf
Figure 2: 2021 MRE block model domains of all major Apliki mineralisation areas including the 2022 Apliki Mine - Pit Wall.
Interpolation and wireframe modelling of the mineralised zones in Leapfrog EDGE was completed using a 0.1% Cu modelling cut-off grade (CoG), for all domains. Higher-grade mineralisation was not sub-domained, as it was not deemed necessary to do so. All models created were based upon interval selections that referenced the copper grades, lithological descriptions and structural interpretation, where appropriate. Where continuity was not established between sections, the strike extrapolation was limited both manually (wireframes) and statistically (interpolations). The continuity of the various structures is reflected in the Mineral Resource classification.
A density of 2.4g/cm(3) was applied to in-situ mineralisation across the Project as a whole, however, a density of 2.0g/cm(3) was used for the stockpile material. Further work is required to more appropriately define density variations throughout the deposit. Previous studies completed by Ariana for other deposits in the area utilised sulphur assays as a proxy for sulphide distribution from which a density model could be created, although the historic data for Apliki only contain copper values, and mostly represent oxide mineralisation. Based on HCM's own internal work, they have defined 2.4g/cm(3) to be the average density of the remaining mineralisation encountered at Apliki.
Compositing was completed in Leapfrog EDGE using a 1m best-fit routine with a hard domain boundary. This composite length was increased to 3m for the estimation of all Apliki Mine Resources (Pit Floor and Pit Wall). General mineralisation trends and continuity were identified within Leapfrog Geo by use of trend planes and their associated attributes. Variography analysis was not completed but is recommended in future work to: 1) verify the current mineralisation orientations and trends, and 2) to identify potentially more accurate mineralisation trends.
A top-cut was not deemed necessary for the Apliki Mine as the high grades have been confirmed by historical production. Based on the reporting of twin hole studies completed by HCM and peak grades associated with the due-diligence drilling, a top-cut of 3% Cu was applied to all search passes within the West Apliki domains. This was primarily to minimise the extrapolation of high-grades within the block model as a result of historic holes (900 series drilling) overstating copper grades (which recorded up to 5.76% Cu), that could not be verified by either HCM or the due-diligence drilling. Such areas generally returned check results of 2-3% Cu for these higher-grade zones.
A non-rotated regular block model was established for West Apliki, Apliki Mine, Apliki Mine Pit Wall and the Apliki Stockpile 1 (Figure 3). Block sizes were determined by drill spacing within the dataset and wireframe geometry. The optimal block sizes used within the block-model were 10m x 10m x 3m (X, Y, Z). This is the same block size used by the HCM team in their internal estimations. Grades for the block models were estimated using Inverse Distance Weighted Squared ("IDWS"), adopting a multi-pass methodology.
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.pdf
Figure 3: Cross section with a wide (500m) swath to highlight all the 2021 MRE Apliki block models as illustrated.
Geochemical data for Apliki, with the exception of the three 2021 drill holes at West Apliki, only contain copper values. Therefore, only copper was estimated for the defined extents of the deposit. Multi-element data that does exist, suggests that other trace metals within the West Apliki area would not be economic.
Resource Classification
The MRE is classified in accordance with the JORC Code (2012) as Measured, Indicated and Inferred Resources (Table 1 & 2). The Apliki Mine and West Apliki deposits have sufficient subsurface geological and geochemical data for the resource to be classified with higher confidence as Measured or Indicated. However, such a classification is currently limited by the historic nature of the majority of the drilling database and these data cannot be audited, as no reference samples have been archived. Further validation will be required for an upgrade in classification, using twin-holes where necessary.
The MRE for the Project uses a reporting cut-off of 0.2% Cu for Apliki Mine, Apliki Mine Pit Wall and West Apliki, and demonstrates that there are reasonable prospects for eventual economic extraction (Table 1). A reporting cut-off of 0.15% Cu is used for Apliki Stockpiles. Confidence in the Resource Estimate is sufficient to allow the results to be used in further technical and economic studies. Additional confidence in the data obtained from historic drilling is required in order to advance further understanding of the Project.
Due-diligence drilling provides greater confidence across parts of the West Apliki deposit and in such areas the resources have been classified as Indicated. However, all remaining resources have been classified as Inferred until further drilling work is completed. As well as significant classification upgrades, there is potential for an increase in resource tonnage with further drilling.
The styles of mineralisation have been identified, the controls on mineralisation are sufficiently understood and measurements and sampling completed to a reasonable degree of confidence for the mineralisation present.
The Apliki Stockpiles have been surveyed by DGPS to calculate the potential tonnages available for processing. Trenching and drilling have been completed to use in grade estimations for Stockpile 1. Based on HCM's own optimisation evaluations and partial mining results of Stockpile 1, the captured/optimised component was classified as Probable Reserves. These numbers have been confirmed by Ariana's internal estimates. As a result of Ariana's ongoing data evaluations, the Stockpile 1 resources captured by HCM's optimisation studies have been re-classified by Ariana as Measured, as it is now deemed that HCM's optimisation input parameters are out-dated based on the current economic setting. The Stockpile 1 resources are reported at a lower cut-off grade than the in-situ resources due to their associated lower mining cost.
Table 1: Summary of 2022 Apliki Mineral Resource Estimate, in accordance with JORC 2012, based on 248 drill holes (24,538m) across the Apliki Sector (15 August 2022). Reporting is based on 0.2% Cu cut-off grade for in-situ domains, and 0.15% Cu for stockpile resources. Figures in the table may not sum precisely due to rounding. The re-classified Measured Resource (previously Probable Reserves) for Stockpile 1 is provided at a reporting cut-off of 0.15% Cu.
Hot Features
Premium
RESOURCES Classification Reporting Volume Density Mass Cu Cu
cut-off grade
---------------- --------------- ---------- ---------- ----------- ----- -------
(% Cu) (m(3)) (g/cm(3)) (t) (%) (t)
---------------- --------------- ---------- ---------- ----------- ----- -------
Apliki Stockpile 1 Measured 0.15 403,500 2.00 807,000 0.30 2,400
---------------------- ---------------- --------------- ---------- ---------- ----------- ----- -------
West Apliki Indicated 0.20 1,645,200 2.40 3,950,000 0.38 15,200
---------------------- ---------------- --------------- ---------- ---------- ----------- ----- -------
Inferred 0.20 1,512,300 2.40 3,630,000 0.29 10,500
--------------------------------------- --------------- ---------- ---------- ----------- ----- -------
Apliki Mine Inferred 0.20 347,400 2.40 830,000 0.69 5,800
---------------------- ---------------- --------------- ---------- ---------- ----------- ----- -------
Apliki Mine Pit Wall Inferred 0.20 2,697,600 2.40 6,470,000 0.32 20,700
---------------------- ---------------- --------------- ---------- ---------- ----------- ----- -------
Apliki Stockpile 1 Inferred 0.15 651,900 2.00 1,304,000 0.26 3,300
---------------------- ---------------- --------------- ---------- ---------- ----------- ----- -------
TOTAL All Categories 7,258,000 2.34 16,991,000 0.34 57,900
---------------------- ---------------- --------------- ---------- ---------- ----------- ----- -------
Table 2: Summary of 2022 Apliki Mineral Resource Estimate, in accordance with JORC 2012, reported on a net attributable basis to Ariana. See caption for Table 1 for other details concerning the reporting parameters.
RESOURCES Classification Reporting Volume Density Mass Cu Cu
---------------- ---------- ---------- ---------- ----- -------
cut-off
grade
---------------- ---------- ---------- ---------- ---------- ----- -------
(% Cu) (m(3)) (g/cm(3)) (t) (%) (t)
---------------- ---------- ---------- ---------- ---------- ----- -------
Apliki Stockpile
1 Measured 0.15 100,900 2 201,800 0.30 600
------------------ ---------------- ---------- ---------- ---------- ---------- ----- -------
West Apliki Indicated 0.20 411,300 2.4 987,500 0.38 3,800
------------------ ---------------- ---------- ---------- ---------- ---------- ----- -------
Inferred 0.20 378,100 2.4 907,500 0.29 2,600
----------------------------------- ---------- ---------- ---------- ---------- ----- -------
Apliki Mine Inferred 0.20 86,900 2.4 207,500 0.69 1,500
------------------ ---------------- ---------- ---------- ---------- ---------- ----- -------
Apliki Mine Pit
Wall Inferred 0.20 674,400 2.4 1,617,500 0.32 5,200
------------------ ---------------- ---------- ---------- ---------- ---------- ----- -------
Apliki Stockpile
1 Inferred 0.15 163,000 2 326,000 0.26 800
------------------ ---------------- ---------- ---------- ---------- ---------- ----- -------
TOTAL All Categories 1,814,500 2.34 4,247,800 0.34 14,500
------------------ ---------------- ---------- ---------- ---------- ---------- ----- -------
Exploration Target
An Exploration Target has been defined for stockpiled low-grade mineralised material not included in the resources outlined above and is referred to here as Stockpile 2. This stockpile requires further sampling to confirm and model accurately. This is reported gross with respect to HAM and Venus.
Exploration Target Volume Density Mass Cu Cu
------------------- ---------- ---------- ------------ -------------
(m(3)) (g/cm(3)) (Mt) (%) (t)
------------------- ---------- ---------- ------------ -------------
Apliki Stockpile 2 2.2 - 2.3 million 2.00 4.4 - 4.6 0.15 - 0.25 6,600-11,500
-------------------- ------------------- ---------- ---------- ------------ -------------
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080 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 John Prior / Hugh Rich / Atholl Tweedie Yellow Jersey PR Limited Tel: +44 (0) 7951 402 336 Henry Wilkinson / Dom Barretto arianaresources@yellowjerseypr.com
Editors' Note:
Qualified Person:
The MRE was prepared by Zack van Coller BSc (Hons), Special Projects Geologist, Ariana Resources plc. Mr. van Coller is a Competent Person as defined by the JORC Code, 2012 Edition. The estimate was reviewed internally by Ruth Bektas BSc (Hons) Cgeol EurGeol, Projects Analyst, Ariana Resources plc. Miss Bektas is a Competent Person as defined by the JORC Code, 2012 Edition. The results are reported in accordance with the JORC Code, under the direction of Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc, and a Competent Person as defined by the JORC Code. Mr. van Coller and Dr. Sener have reviewed the technical and scientific information in this press release relating to the MRE's and approve the use of the information contained herein.
The information in this announcement that relates to exploration results is based on information compiled by Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Dr. Sener consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at February 2022). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 222,000 ounces gold and 3.8 million ounces silver (as at February 2022). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.
The Tavsan Gold Mine is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7 million ounces silver (as at June 2020). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Turkey. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.
Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund is focused on investments in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Turkey and the UK.
Ariana owns 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition. WTR is being funded through a five-year Alliance Agreement with Newmont Corporation ( www.newmont.com ).
Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus") which is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Indicated and Inferred Resource of 17Mt @ 0.45% to 1.10% copper (excluding additional gold, silver and zinc), in addition to pursuing a separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic SX-EW processing plant and the 17Mt @ 0.26% to 0.69% Cu Apliki mine development project.
Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.
For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Cu" chemical symbol for copper;
"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;
"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 Weighted Squared" or "IDWS" a conventional mathematical method used to calculate the attributes of 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;
"Kriging" is a geostatistical approach to modelling which relies on the spatial correlation of the data to determine weighting values, rather than weighting nearby data points by some power of their inverted distance (e.g. IDWS). This is a more rigorous approach to modelling, as the spatial correlation between data points determines the estimated value at an unsampled point;
"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;
"MRE" Mineral Resource Estimate.
"Mt" million tonnes;
"Probable Ore Reserve" is the economically mineable part of an Indicated, and in some cases, Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proven Ore Reserve;
Ends.
JORC Code, 2012 Edition - Table 1
West Apliki (WA) and Apliki Mine (AM), Cyprus
(data as at Oct 2021, MRE first reported Nov 2021, updated Aug 2022)
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, * Drilling for 24,538 metres of drilling was used to
random chips, or specific specialised industry delineate areas of mineralisation.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These * Mineralised zones were defined on the basis of
examples should not be taken as limiting the broad sulphide percentage following visual inspection.
meaning of sampling.
* Percussion chips in mineralised zones were collected
* Include reference to measures taken to ensure sample at 1m intervals. Samples were split on the drill site
representivity and the appropriate calibration of any using a 2-tier riffle splitter to a sub-sample of
measurement tools or systems used. approximately 3-5kg. Samples were transferred to the
Mitsero processing plant, where they were sun- or
oven-dried before being sub-sampled to 250g, then
* Aspects of the determination of mineralisation that pulverised and then sent to the Nicosia Chemical
are Material to the Public Report. Laboratories, for wet chemical analysis for base
metals and sulphur.
* In cases where 'industry standard' work has been done
this would be relatively simple (eg 'reverse * Historical CMC sampling between 1930 to 1970s were
circulation drilling was used to obtain 1 m samples analysed at the Xeros processing plant laboratory. No
from which 3 kg was pulverised to produce a 30 g data is currently available of the historical methods
charge for fire assay'). In other cases more or procedures.
explanation may be required, such as where there is
coarse gold that has inherent sampling problems.
Unusual commodities or mineralisation types (eg * Percussion samples were typically split to form
submarine nodules) may warrant disclosure of detailed composite samples ranging from 1m to a maximum of
information. 10m. No drill core or chips sample archives exist.
* Drilling runs void of mineralisation were not a
priority and therefore not all drill holes/drill runs
have been sampled once mineralisation controls had
been established.
* Portable handheld XRF analysis has been used on all
modern diamond drilling for initial identification of
mineralised zones. PQ and HQ core is cut by diamond
saw. Quarter core was sent to ALS in Ireland for fire
assay for gold and ME-ICP analysis for other
elements. Remaining core is archived and/or used for
further geological studies.
============================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * In total 24,538m of drilling for 248 drill holes has
hammer, rotary air blast, auger, Bangka, sonic, etc) been completed across the Apliki Projects.
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 o Apliki Mine: 9,902.24m (100 holes), Min. 3m, Mx. 457m, Avg. 96m.
what method, etc). o West Apliki: 13,435.49m (96 holes), Min. 25m, Max. 355m, Avg. 140m.
o Apliki Stockpiles: 1,117m (49 holes), Min. 6m, Max. 58m, Avg. 22m.
* To date, there have only been 3 diamond drill holes
(for DD) completed on the Project.
* All other drilling to date on the project consists of
wireline, rotary open hole percussion and Schramm T64
drilling.
* All drilling to date on West Apliki was initiated
from 1968 and all completed by Venus Minerals (VMS),
Hellenic Copper Mines (HCM), Hellenic Mining Company
(mother company of HCM) (EME), Cyprus Mining
Corporation (CMC) (see table below).
Drill Meters Number Type Year Drilled Archived QA/QC
Series of by material procedures
holes
900 5,845.96 29 RC 1968 CMC No Not noted
--------- -------- ----- ------------- ---------- --------- ------------
WA 5,164.45 43 RC 1969 CMC No Not noted
--------- -------- ----- ------------- ---------- --------- ------------
600 323.08 2 RC 1970 CMC No Not noted
--------- -------- ----- ------------- ---------- --------- ------------
AW 2,102.00 22 RC 2000 HCM (1) No Not noted
2011 (AW21) EME (21)
--------- -------- ----- ------------- ---------- --------- ------------
QA/QC
insertion
rate of 15%
incl.
coarse,
pulp and
Half HQ field
VMD 383.80 3 DDH 2021 VMS core duplicates.
--------- -------- ----- ------------- ---------- --------- ------------
* Drilling of the EME holes was performed with the
Schramm T64 down-the-hole rig, HCM hole with
Ingersoll T4 whereas the CMC drilling was mainly
performed by rotary methods (Failing 1250) for the
first series (integer hole identifiers) and by
percussion methods (churn drilling) for the series of
holes prefixed WA.
Drill sample
recovery * Method of recording and assessing core and chip * Drill core recoveries for the diamond DD drilling (3
sample recoveries and results assessed. holes) averaged 90%. These were manually calculated
by measuring the total core recovery against the
drilling runs noted by the drilling company.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Recovery for historic holes (CMC data) exists in
archived hardcopy memoirs. These, to date, have not
* Whether a relationship exists between sample recovery been fully reviewed or digitised, and will be a
and grade and whether sample bias may have occurred prioroty for the Venus team in the near future.
due to preferential loss/gain of fine/coarse
material.
============================================================
Logging
* Whether core and chip samples have been geologically * All historic percussion drill holes were geologically
and geotechnically logged to a level of detail to logged in the field by use of rinsed chips returned
support appropriate Mineral Resource estimation, after every drilled meter. Logs were then drafted
mining studies and metallurgical studies. post laboratory analysis to produce detailed hardcopy
assay lithological logs.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. * VMS holes - logged in detail digitally; CMC holes -
logged in detail in hard-copy; HCM holes - logged
digitally; EME holes - no logging.
* The total length and percentage of the relevant
intersections logged.
* Logging intervals are based on lithologies.
* Logging is to a standard suitable to support a
Mineral Resource Estimate.
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, * For diamond drilling (3 holes): HQ size drill-core
and sample half or all core taken. samples were cut by a diamond saw into quarter core.
preparation Quarter core is sent for analysis in batches in line
with the Company's quality control procedures, whilst
* If non-core, whether riffled, tube sampled, rotary one quarter is held back for future metallurgical
split, etc and whether sampled wet or dry. analysis and the remaining half core is archived.
* For all sample types, the nature, quality and * For percussion drilling (145 holes): Samples were
appropriateness of the sample preparation technique. prepared on site using a riffle splitter to separate
half of the material. Samples were sun dried, crushed
to -12mm, split, dried in oven, pulverised to -300
* Quality control procedures adopted for all mesh before assay.
sub-sampling stages to maximise representivity of
samples.
* Drilling completed of the Apliki stockpiles were
completed using an open hole Churn drilling method.
* Measures taken to ensure that the sampling is Samples were analysed and handled using HCM's own
representative of the in situ material collected, internal procedures.
including for instance results for field
duplicate/second-half sampling.
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.pdf
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
============================================================
Quality
of assay * The nature, quality and appropriateness of the * HMC applied a random quality control (QC) programme
data and assaying and laboratory procedures used and whether during its historic drilling campaigns, whereby
laboratory the technique is considered partial or total. standards and blanks were entered into the sample
tests stream erratically and at random.
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining * No internal reporting of HMC's QA/QC sampling results
the analysis including instrument make and model, were available for review.
reading times, calibrations factors applied and their
derivation, etc.
* The samples collected by CMC were analysed through
the electrolysis method (gravimetric methods) at the
* Nature of quality control procedures adopted (eg company's laboratory in Xeros.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie
lack of bias) and precision have been established. * The samples collected by HCM and EME were analysed
through atomic absorption spectroscopy (AAS) method
at the company's laboratory in Skouriotissa.
* The diamond drill core was analysed at ALS Laboratory
Services in Ireland ("ALS Ireland") for gold using a
50g fire assay (Au-AA23) and ME-ICP41 for copper and
other elements.
Verification
of sampling * The verification of significant intersections by * Diamond drill core samples from Venus Minerals' 2021
and assaying either independent or alternative company personnel. due-diligence drilling was reviewed by CP. Mr. Zack
van Coller in November 2021. These holes were angled
holes designed specifically to test multiple
* The use of twinned holes. high-grade intercepts from historic holes at West
Apliki.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and * No representative samples or archived material exists
electronic) protocols. for the historic drill holes.
* Discuss any adjustment to assay data. * Logging procedures are sufficient to meet industry
standards. However, it was not possible to
comprehensively evaluate historic sampling
procedures.
* Prior to resource estimation, below detection limit
assay results are replaced with values of zero.
* Detailed hardcopy archives of all historic
(1920s-1970s) drilling data are stored at the
Skouriotissa Mine offices. Data collected post 1970's
are archived in digital Excel and Access databases at
the Skouriotissa Mine offices.
* Sampling (trenching and bulk sample) locations for
Stockpile 1 were visited in 2021 by Mr Zack van
Coller, and deemed sufficient to represent fair
testing of volumes and grades in line with existing
systematic drilling and partial mining.
============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Historical collar locations were recorded in local
points holes (collar and down-hole surveys), trenches, mine Cassini coordinate system, converted graphically to
workings and other locations used in Mineral Resource UTM European Datum 1950, Zone 36 North.
estimation.
* No down hole survey of any holes exists due to the
* Specification of the grid system used. vertical drilling of all holes.
* Quality and adequacy of topographic control. * The 2021 diamond drill holes were surveyed from
surface to end of hole using a DeviShot multi-shot
downhole survey tool. Readings were taken on 25m
intervals.
* EME and HCM collars have been surveyed by DGPS.
* Shuttle Radar Topography Mission (SRTM) digital
elevation data was used to constrain the MRE data at
surface.
Data spacing
and * Data spacing for reporting of Exploration Results. * The resource area was typically drilled on a regular
distribution pattern allowing for an average of 30m spacing
between collars.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * The West Apliki Project is currently split in to two
and Ore Reserve estimation procedure(s) and main related mineralisation areas: WA Main and WA
classifications applied. Small, but reported as a whole.
* Whether sample compositing has been applied. * The Apliki Mine Deposit is represented by two areas
of remaining in-situ mineralisation. 1) The Apliki
Mine Pit Floor and 2) the Apliki Mine Pit Wall.
* Samples were composited using hard boundaries to 1m
and 3m, respectively for West Apliki and Apliki Mine
prior to estimation using Leapfrog EDGE software.
* The current data spacing in association with
geological mapping is sufficient to establish
geological continuity and grade continuity.
============================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * The majority of drilling (245 holes) was completed as
in relation sampling of possible structures and the extent to vertical holes. The 3 diamond drill holes in 2021
to which this is known, considering the deposit type. were angled at c.50 degrees. The recent drilling
geological indicated that the WA body may not be as flat lying
structure as indicated by historic drilling, and may be
* If the relationship between the drilling orientation shallowly dipping instead. A structural trend plane
and the orientation of key mineralised structures is orientated to an azimuth of 068(o) with a 40-degree
considered to have introduced a sampling bias, this dip was used to re-model the WA geology.
should be assessed and reported if material.
Sample
security * The measures taken to ensure sample security. * Hellenic Mining Company Ltd. was responsible for
sample security between the late 1960s and early
1970s. The precise procedures are not fully known due
to loss of historic records.
* Samples were historically processed and analysed at
the Xeros Mine laboratory and at the Nicosia Chemical
Laboratories, which are no longer operational.
============================================================
Audits
or reviews * The results of any audits or reviews of sampling * Venus Minerals has implemented QA/QC programmes based
techniques and data. on international best practice for the 2021
due-diligence drilling.
* Audits of historic drill samples were not possible.
============= ============================================================ ===============================================================================================
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 Apliki License is owned 100% by Hellenic Copper
and land including agreements or material issues with third Mines Ltd.
tenure status parties such as joint ventures, partnerships,
overriding royalties, native title interests,
historical sites, wilderness or national park and * Within Cyprus, there is a 1% royalty to the
environmental settings. Government on copper sales once produced.
* The security of the tenure held at the time of http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.p
reporting along with any known impediments to df
obtaining a licence to operate in the area. * There are no known impediments to current operations.
Exploration
done by other * Acknowledgment and appraisal of exploration by other * 1912 Mining Engineer Charles Godfrey travelled to
parties parties. Cyprus after reading in ancient books that the island
was rich in copper and noticing promising ancient
Roman slag heaps in the area.
* 1916 Cyprus Mines Corporation (CMC) was established
by Seeley W. Mudd and Harvey Seeley Mudd. From 1916
to the early 1970's CMC was responsible for the
exploration and discovery of several significant VMS
copper deposits within Cyprus, including Apliki and
Apliki West. Drilling contractors and geologists were
sourced from the USA.
* Initial exploration at Apliki started in 1935 and the
presence of sulphide mineralisation was documented in
1937 (Bruce, 1947). Mining of the deposit started in
the 1960s by Cyprus Mines Corporation (CMC) using
opencut methods and ended following the events of
1974.
* Up to the cessation of mining in 1974, approximately
1,650,000 tons with 1.8% Cu and 36% S were mined
(Adamides, 1982). On the north side of the opencut a
small amount of low-grade disseminated ore still
remains, while the southern extensions merge into
altered ground and are mainly covered by waste dumps.
Geology
* Deposit type, geological setting and style of * The Apliki copper deposits are concentrations of
mineralisation. mainly low-grade cupriferous mineralisation developed
in the basal units of the Pillow Lava Series of the
Troodos ophiolite with a well-defined subvertical
N-NE fault playing a major role in controlling the
mineralisation. The highest grades are concentrated
on the hanging wall side of the structure, although
low-grade mineralisation locally persists into the
footwall side beyond the structure.
* Copper mineralisation at Apliki is associated with
Volcanic Massive Sulphide (VMS) deposition at or near
the palaeo-seafloor. ME-ICP multi-element analysis of
the 2021 DD drilling has revealed that Apliki does
not contain associated gold, zinc or lead like other
VMS related projects within Cyprus.
* The mineralogical characteristics of the ore have
been described in previous work (Adamides, 2001),
with secondary copper minerals (chalcocite, covellite,
delafossite, chrysocolla) at higher levels, and
occurrence of chalcopyrite at depth, also in
association with secondary minerals.
* The principal copper minerals are bornite, covellite
and chalcocite resulting from the breakdown of
chalcopyrite. In the upper levels this replacement is
almost total. Secondary copper minerals are also
observed coating pyrite.
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.p
df
Drill hole * No new exploration data is included in this report.
Information * A summary of all information material to the
understanding of the exploration results including a
tabulation of the following information for all
Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
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 * No aggregation has been applied beyond the standard
methods techniques, maximum and/or minimum grade truncations 1m sampling interval honouring lithological changes
(eg cutting of high grades) and cut-off grades are down to 20 cm.
usually Material and should be stated.
* No metal equivalent has been applied. Metals are
* Where aggregate intercepts incorporate short lengths reported per metal.
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
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 * All drill-holes within the Apliki Mine and West
mineralisation reporting of Exploration Results. Apliki deposit were advanced vertically.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * All intercepts are down-hole, true-width not known.
the drill hole angle is known, its nature should be
reported.
* Diamond drilling completed in 2021 was inclined to
approximately 50 degrees, and was designed to test
* If it is not known and only the down hole lengths are lateral continuity of mineralisation between multiple
reported, there should be a clear statement to this intercepts of the vertical historic drilling
effect (eg 'down hole length, true width not known').
Diagrams http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.pdf
* Appropriate maps and sections (with scales) and
tabulations of intercepts should be included for any Apliki Mine - Pit Wall Mineralisation
significant discovery being reported These should http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.pdf
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views. West Apliki and 2021 diamond drilling.
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022-8-17.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 reporting supporting this latest 2021 review.
practiced to avoid misleading reporting of
Exploration Results.
Other
substantive * Other exploration data, if meaningful and material, * Metallurgical test-work: rolling bottle test and
exploration should be reported including (but not limited to): column test for Apliki West and Apliki stock
data geological observations; geophysical survey results; completed.
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work
* The nature and scale of planned further work (eg * Additional work to be completed at Apliki can be
tests for lateral extensions or depth extensions or summarised as following:
large-scale step-out drilling).
o Twin more of the historical drill holes to validate
* Diagrams clearly highlighting the areas of possible the data, enabling an upgrade in resource
extensions, including the main geological classification due to increase in confidence.
interpretations and future drilling areas, provided o Surface mapping to confirm the interpretation of a
this information is not commercially sensitive. shallowly dipping ore body.
o Specific gravity studies to allow a more accurate
density to be attributed to the domains
at Apliki.
o Metallurgical test work for the potential
mineralisation beyond the east wall of the Apliki
Mine.
o Further evaluations/sampling of Stockpile 1 and
Stockpile 2.
=============== =============================================================== ========================================================================
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 * Modern laboratory data has been received in digital
corrupted by, for example, transcription or keying format and uploaded directly to the database.
errors, between its initial collection and its use
for Mineral Resource estimation purposes.
* The database is stored on a server as Excel
spreadsheets and imported to Geovia Surpac.
* Data validation procedures used.
* There are hardcopies of the CMC drilling and ChemLab
for EME and HCM drilling.
Site visits
* Comment on any site visits undertaken by the * The Competent Person for this project is Zack van
Competent Person and the outcome of those visits. Coller BSc, FGS. Mr. van Coller is Ariana Resource's
Special Projects Geologist and Competent Person as
defined by the JORC Code. Mr. van Coller last visited
* If no site visits have been undertaken indicate why the project in November 2021.
this is the case.
* The work has been reviewed by Ruth Bektas BSc CGeol
EurGeol, Ariana Resource's Project Analyst and
Competent Person as defined by the JORC Code.
Geological
interpretation * Confidence in (or conversely, the uncertainty of ) * Better correlations across the whole deposit were
the geological interpretation of the mineral deposit. established for all datasets when remodelling the
geology as a dipping/plunging body of mineralisation,
rather than flat lying (as previously modelled). A
* Nature of the data used and of any assumptions made. structural trend plane orientated to an azimuth of
068(o) with a 40-degree dip was used to re-model the
WA geology, which resulted in overall better grade
* The effect, if any, of alternative interpretations on correlations of various high- and low-grade
Mineral Resource estimation. intercepts across the deposit.
* The use of geology in guiding and controlling Mineral * Additional drilling and surface mapping is required
Resource estimation. to add more detail and confirm this model.
* The factors affecting continuity both of grade and * Interpretation was completed by Mr. Zack van Coller,
geology. creating 3D wireframe models according to logged
assayed mineralisation above a 0.10% Cu modelling
cut-off grade. Higher-grade mineralisation was not
sub-domained, as it was not deemed necessary to do
so.
* Three main mineralised zones have been defined, which
are related, but separated: Apliki Mine, West Apliki
and the Apliki Stockpiles.
* The stockpiles at Apliki Mine have been modelled and
estimated separately to the in-situ resources.
* Grade through West Main is generally homogeneous
(0.2%-1.0% Cu) with occasional narrow high-grade
zones containing 1-3% Cu.
* The Apliki Mine Pit Floor primarily consist of
high-grade (1-3% Cu) sulphide mineralisation and
contributes approximately 5% to the Apliki global
resource. The remaining 95% of the resource is
primarily oxide with secondary copper mineralisation,
as seen at Apliki Mine Pit Wall.
* All models created were based upon interval
selections that referenced the copper grades,
lithological descriptions and structural
interpretation, where appropriate. Where continuity
was not established between sections, the strike
extrapolation was limited both manually (wireframes)
and statistically (interpolations).
Dimensions
* The extent and variability of the Mineral Resource * The West Apliki mineralisation follows a NE trend,
expressed as length (along strike or otherwise), plan dipping approximately 40 degrees to the SE.
width, and depth below surface to the upper and lower
limits of the Mineral Resource.
* The mineralisation is partly present at the base of
the historic pit, but extends further along strike
below the surface.
* West Apliki contains the bulk volume of defined
mineralisation, extending to a vertical depth of
approximately 150m.
* West Apliki is approximately 180m by 375m, and 50m to
the east is WA which is approximately 190m by 85m.
* The main body of mineralisation is approximately
60-70m thick in true thickness.
* Apliki Mine Deposit is 160m by 90m by 100m deep, and
trends N-S.
* The remaining resources at Apliki Mine are those
occurring at the base of the historical pit, where
approximately 340,000 cubic meters of moderate (0.5%
Cu) to high grade (>1% Cu) mineralisation still
remains. Additionally, a significant amount (c.6.5Mt)
of oxide/secondary copper mineralisation still
remains in the north east wall of the open pit. The
approx. dimensions of this mineralisation is 300m x
250m into the pit wall, with a thickness of
approximately 60m.
* Apliki Mine stockpiles are 200m by 315m by 80m deep,
as surveyed by DGPS.
Estimation
and modelling * The nature and appropriateness of the estimation * Details of the estimation method, parameters and
techniques technique(s) applied and key assumptions, including results are contained in the related Apliki 2021 MRE
treatment of extreme grade values, domaining, Memorandum (Venus Minerals and Ariana Resources
interpolation parameters and maximum distance of Internal Report, 2021).
extrapolation from data points. If a computer
assisted estimation method was chosen include a
description of computer software and parameters used. * The Mineral Resources have been estimated into a
block model prepared in Leapfrog EDGE. The block
model comprises the following parameters:
* The availability of check estimates, previous
estimates and/or mine production records and whether
the Mineral Resource estimate takes appropriate http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022
account of such data. -8-17.pdf
* A set of copper grade-based wireframe models were
created in Leapfrog EDGE to select the samples used
* The assumptions made regarding recovery of in the estimation and to constrain the interpolation.
by-products.
* Grade estimates were based on 1m composited assay
* Estimation of deleterious elements or other non-grade data (3m composites for Apliki Mine). A hard domain
variables of economic significance (eg sulphur for boundary was applied.
acid mine drainage characterisation).
* Estimation was carried out using inverse distance
* In the case of block model interpolation, the block weighted squared (IDWS) at the parent block scale
size in relation to the average sample spacing and using a two (Apliki Mine) or three-pass (West Apliki)
the search employed. estimation using all available composites.
* Any assumptions behind modelling of selective mining * Estimation parameters are as follows:
units.
http://www.rns-pdf.londonstockexchange.com/rns/4043W_1-2022
* Any assumptions about correlation between variables. -8-17.pdf
* Description of how the geological interpretation was * The resource estimation technique is appropriate for
used to control the resource estimates. the style of mineralisation.
* Discussion of basis for using or not using grade * Only copper was estimated as the historical database
cutting or capping. does not contain data for other elements.
Multi-element data from 2021 drilling suggests that
there are not economic concentrations of other major
* The process of validation, the checking process used, metals.
the comparison of model data to drill hole data, and
use of reconciliation data if available.
* Top-cut requirements were assessed and a copper
top-cut of 3% was used for West Apliki. No top-cut
was used for Apliki Mine or the stockpiles.
* Block model validation was completed with visual
inspection on plan and section view.
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 * Reporting copper at specified cut-off grades were
parameters applied. based upon costs and recoveries established from the
company's internal records. A reporting cut-off grade
of 0.2% Cu was used for the final classified in-situ
resources. The Apliki Mine stockpiles and dumps were
reported at 0.15% Cu cut-off due to the lower mining
costs expected.
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 * The project was previously operated as two open-pits.
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
Metallurgical
factors or * The basis for assumptions or predictions regarding * The copper minerals present are conducive to acid
assumptions metallurgical amenability. It is always necessary as leaching and hydrometallurgical recovery processes as
part of the process of determining reasonable planned for the Apliki development. Heap leach is
prospects for eventual economic extraction to planned.
consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment
processes and parameters made when reporting Mineral * Several hundred thousand tonnes of the Apliki
Resources may not always be rigorous. Where this is stockpiles were treated at the Skouriotissa acid
the case, this should be reported with an explanation leach operation at Skouriotissa, proving amenable to
of the basis of the metallurgical assumptions made. the process.
* The Skouriotissa ore treated by the acid leach at
Skouriotissa is similar in many respects to the West
Apliki ore, providing considerable confidence in the
processing route.
* HCM operated the acid leach operation at Skouriotissa
for almost 25 years. HCM personnel have played a
leading role in developing the processing plan at
Apliki, and test work of Apliki ore was important in
the planning.
* The processing will utilise the relocated
Skouriotissa plant that was decommissioned in 2019.
HCM personnel are expected to play a leading role in
implementing the mining and processing operations at
Apliki.
Environmental
factors or * Assumptions made regarding possible waste and process * The Competent Person 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
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 * An assumed density of 2.4 g/cm(3) was applied to the
for the assumptions. If determined, the method used, block model for in-situ mineralisation.
whether wet or dry, the frequency of the measurements
,
the nature, size and representativeness of the * 2.0 g/cm(3) was assigned to the stockpile material.
samples.
* Further measurements are required to determine actual
* The bulk density for bulk material must have been densities more accurately.
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 (ie relative confidence in interpretation.
tonnage/grade estimations, reliability of input data, o The data distribution (based upon graphical analysis and
confidence in continuity of geology and metal values, average distance to informing composites).
quality, quantity and distribution of the data). o Grade continuity analysis.
o The quality of geological interpretation, cross-cutting
relationships geological modelling
* Whether the result appropriately reflects the and data weighting.
Competent Person's view of the deposit. * Categorical classification of the Apliki Mine and
West Apliki mineralisation has conservatively been
restricted to Indicated and Inferred resources only.
This is primarily because all historic drilling data
to date cannot be appropriately audited without
additional drilling being completed. With an increase
in confidence in the historical data, the
classification of the resource can readily be
upgraded to higher classifications as appropriate.
* Stockpile mineralisation classified by HCM as
Probable Reserves have been re-classified by Ariana
as Measured Resources, as the economic studies
supporting the Reserves is now deemed outdated for
the current economic setting. New optimisation
studies are currently underway. Mining data for
partial processing of Stockpile 1 is still valid and
provides significant support to the viability of the
stockpiled material.
Audits or
reviews * The results of any audits or reviews of Mineral * An internal peer review of the modelling, estimation
Resource estimates. and reporting were conducted for this study. 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 * Additional confidence in the data obtained from
discussion of the factors that could affect the historic drilling is required in order to advance
relative accuracy and confidence of the estimate. further understanding of the Project and this is
likely to be achieved following a further
confirmatory diamond drilling programme.
* 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.
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