Announcement Date: 2022-08-18
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Ariana Resources Plc
Project name: Apliki
Location: Cyprus
Commodities: Copper
Highlight: Updated Mineral Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: 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. 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.
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