REG - Ariana Resources PLC - Western Tethyan Resources Limited Update

Ariana ResourcesAnnouncement

31/07/2024 07:00

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RNS Number : 4509Y  Ariana Resources PLC  31 July 2024

 

 

 

31 July 2024

AIM: AAU

WESTERN TETHYAN RESOURCES LIMITED UPDATE

NEW COPPER-GOLD-MOLYBDENUM PORPHYRY SYSTEM CONFIRMED

HIGH-GRADE ROCK CHIPS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with gold project interests in Africa and
Europe, is pleased to announce an exploration update from Western Tethyan
Resources Limited ("WTR") concerning the identification of a porphyry mineral
system at the Hertica Project, in Kosovo, changes in the scale of the Slivova
Gold Project ("Slivova") and the results of target generation work in the
region. Ariana holds 76% of WTR.

Highlights:

•     1,390 metres of diamond drilling has been completed at the Hertica
Project and has identified a new porphyry-style copper-gold-molybdenum
alteration system.

 

•     A detailed targeting across the Cecelia-Popova-Lluzhan licence
package has defined potential for porphyry and epithermal mineralisation with
assayed float samples including:

 

o  19.55g/t Au + 684g/t Ag

o  12.75g/t Au + 28.4g/t Ag

o  12.35g/t Au + 22.9g/t Ag

 

·    2,000 metres of exploration trenching is now underway at Slivova to
test the significantly anomalous Dzemajl target identified from soil sampling.

 

·    An environmental and social baseline study is also well underway at
Slivova.

 

·    Over 1,000 Bulk Leach Extractable Gold ("BLEG") samples have been
collected across Kosovo, with several significant mineralised districts now
defined; further exploration planning underway for systematic testing of
top-tier targets.

To read a pdf version of the announcement, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/4509Y_1-2024-7-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4509Y_1-2024-7-30.pdf)

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").

Dr. Kerim Sener, Managing Director, commented:

"This is a great set of exploration results from WTR. A new
copper-gold-molybdenum porphyry system was confirmed at the Hertica Project in
Kosovo, with further drilling earmarked to further test the target area.

"We have also recognised an opportunity to identify another porphyry system in
the Cecelia-Popova-Lluzhan licence package. A clear target area has been
defined across multiple datasets, and extremely anomalous rock chips
containing >10g/t gold and up to hundreds of g/t of silver have been
discovered in the vicinity from float samples. We intend to work up this
target further in the coming months. We are very excited about the next round
of exploration across these projects and indeed in the wider region,
particularly in the follow-up of the BLEG stream-sediment programme across
Kosovo."

Mentor Demi, Managing Director of WTR, added:

"We are pleased with the results of the inaugural drilling program at the
Hertica project in Kosovo. Two deep drill holes totalling 1,390 metres have
confirmed the presence of a porphyry system at Hertica. We are now preparing
for follow-up drilling aimed at exploring the system. The follow-up programme
will target areas of coincident high chargeability, magnetic and geochemical
anomalies.

"Our field crew are conducting grassroots exploration efforts across our
licences in Kosovo and into North Macedonia. The BLEG and reconnaissance teams
have identified multiple promising areas and targets, and we are currently
preparing new licence applications in Kosovo and our first applications in
North Macedonia.

"Furthermore, we are advancing our earn-in at the Slivova Gold project in
Kosovo. Environmental and social baseline studies are well underway, and
exploration has commenced on ten new targets outside the main resource area.
This is aimed at confirming the mineral potential of a magmatic-hydrothermal
model of mineralisation across a much wider aerial extent and with the
ultimate aim to identify additional gold resources. The current program
includes infill soil sampling, a new trenching initiative, and preparations
for a drilling campaign scheduled to commence later this year.

"We look forward to providing further updates on our progress soon."

Hertica Drilling Update

In October 2023, WTR initiated a maiden drilling campaign on its Hertica
Project in conjunction with Newmont Mining. The drilling programme aimed to
target an area of highly altered volcanic rocks exposed at surface,
corresponding with anomalous gold, copper and molybdenum in soil and rock-chip
samples (AIM: 18 October 2023
(https://www.londonstockexchange.com/news-article/AAU/western-tethyan-diamond-drilling-commences/16171106)
). An Induced Polarisation ("IP") study was completed to guide the drill holes
at depth. From this, two significant chargeability anomalies were identified
beneath the surface geochemical "hot spots" at Hertica (Figures 1 and 2).
These are supported by peripheral resistivity anomalies, which potentially map
silicified calcareous sediments and schists, highly favourable for Carbonate
Replacement Deposits and skarns.

A further supporting ground magnetic survey over the immediate Hertica area
outlined several zones of magnetic highs, and areas of low to no magnetic
response which could coincide with areas of oxidation and destruction of
magnetic minerals. To date, the WTR team has completed 1,390 metres of diamond
drilling for two holes. The deepest hole was drilled to 748.8 metres and ended
in highly altered sulphide-bearing porphyritic intrusive rock.

Portable TerraSpec clay alteration analysis of the drill core has identified
extensive signatures for high-temperature clays such as kaolinite,
particularly in drill hole HERDD001, consistent with a porphyry or
high-sulphidation epithermal system. The last approximately 20 metres of
HERDD001 were particularly intensely altered to the point where the core
became very friable. Weak to moderate potassic alteration was identified in
several core trays in HERDD001 at a depth of approximately 550 metres (Figure
3).

Assay results have identified multiple anomalous zones in gold, copper and
molybdenum. Of significant interest is the assay data in hole HERDD001 which
showed a clear and progressive increase in gold and copper values as the hole
advanced (Figure 4), peaking towards the end of the hole. Drilling was
terminated in both holes early, (HERDD001 at 641.30m, and HERDD002 at 748.8 m)
due to technical difficulties encountered at depth. Deeper drilling beyond
1,000 metres is required to appropriately follow up on the discoveries of
HERDD001 and HERDD002. A follow-up hole (HERDD003 for 1,500m) has been planned
for the next phase of drilling to further test the chargeability anomaly
coincident with high-magnetic and geochemical anomalies.

Figure 1: Plan view of the Hertica IP chargeability anomaly with drill hole
locations. HERDD003 is a planned follow-up hole.

Figure 2: NE-SW section view through the Hertica IP chargeability target,
showing drill holes HERDD001 (641.30m) and HERDD002 (748.8m). Note the
increase in the pXRF Cu values at the end of both holes. Assayed copper values
show identical trends with a progressive increase of copper towards the end of
hole, and peaking at 240ppm Cu.

Figure 3: A) Towards the end of hole HERDD001, bleached, broken, and intensely
altered porphyritic andesite is observed. B) weak-to-moderate potassic altered
drill core in HERDD001 at approximately 550m. C) Porphyritic andesite with
moderate alteration with kaolinite in HERDD002 at approximately 740m.

Gold intercepts are generally sporadic and more dominant in hole HERDD002,
where gold peaks at 0.11g/t over 39 metres from 428 metres. Several other
notable intercepts spanning more than 20m are listed in Table 1. Gold in hole
HERDD001 is limited to a single intercept spanning 6m @ 0.11g/t Au from 514m.

Copper, though generally very weakly anomalous, shows a very prominent and
gradual increase in anomalism with peak levels at around 300-600ppm (Figure
4). Overall, the gold and copper values, and alteration seen in the Hertica
drilling results display promising indicators to suggest that the holes are
likely only testing the upper parts of a larger mineral system. Further work
and deeper drilling are needed to locate the core of more significant
mineralisation. The style of mineralisation is confirmed by alteration
patterns and associated anomalous copper, gold and molybdenum grades
encountered across significant zones in the exploratory holes. The gradual
increase in concentration of all metals, as well as "higher temperature"
mineral assemblages with depth, vector towards the potential for higher grades
at increasing depths.

Further drilling is also planned to test a separate high resistivity anomaly
on the west and southwestern side of the Hertica licence, indicating potential
for a possible Terpeza-style gossan-mineralisation, i.e. carbonate
replacement-skarn type prospect (Figure 4). Planned exploration to date is
currently being funded through the WTR "Newmont Alliance" fund*.

 

*The term "Newmont Alliance" signifies the US$2.5 million funding provided by
Newmont Corporation, as outlined in the agreements between WTR, Newmont
Ventures Limited and Ariana Resources Plc in the press release dated March 24,
2022. Newmont Ventures Limited holds the right to designate the project in
terms of the agreement referred to above.

 

 

Figure 4: (Top) An interpretative SSW-NNE cross-section through the Hertcia
drilling (as shown in Figure 1), showing peripheral potential based on surface
geochemistry indications. HERDD003 is a currently pending planned hole to test
deeper into the system. (Bottom) Downhole graphs of gold and copper in
HERDD001 and HERDD002.

Table 1: Summary of signficant gold intercepts from all drilling currently
completed at Hertica. The intercepts are reported at a 0.1g/t Au cut-off with
up to 10m internal dilution.

 Hole ID    From (m)  To (m)  Interval (m)  Gold g/t
 HERDD001   514       520     6             0.11
 HERDD002   208       227     19            0.09
 HERDD002   250       275     25            0.11
 HERDD002   286       292     6             0.12
 HERDD002   342       350     8             0.15
 HERDD002   428       467     39            0.11
 including  449       455     6             0.22
 including  451       452     1             0.62
 HERDD002   676       716     40            0.11

Table 2: Drill hole collar locations using European Datum 1950 Zone 34N.

 Hole ID   Easting  Northing  Elevation  Final Depth  Status
 HERDD001  526571   4747862   906        641.3        Complete
 HERDD002  525374   4747181   955        748.8        Complete
 HERDD003  525560   4748136   868        1500         Plan

Exploration Activities at Cecelia-Popova-Lluzhan

From 2021 to 2023, the WTR exploration team has been exceptionally active in
Kosovo. Much of the exploration efforts have been focused on developing a
package of three licences called the Cecelia-Popova-Lluzhan Project, which
captures a highly anomalous region 10km east of the Stan Terg Mine (Pb-Zn-Ag
skarn). The licences were identified from historic stream-sediment sampling,
encompassing an area of approximately 239km(2). The first phase of work
completed in these licences included the collection of 1,323 soil samples
(collected on a full licence scale 200m x 500m grid. Figure 6a shows portable
X-Ray Fluorescence ("pXRF") analysis, 739 rock-chip samples, and a detailed
evaluation of regional airborne geophysics. During February 2024, the Ariana
team visited Kosovo to review all WTR's targets and related datasets.

From WTR's initial work, nine highly anomalous targets were identified (Figure
5):

1.   Cecelia Licence:

a)   Studime target (Au-Ag-Mo)

b)   Sllakovc zone (Pb-Zn)

c)   Barileva zone (Au)

d)   Samadrexh-Cecelia zone

e)   Dumnice zone

 

2.   Popova Licence:

a)   Bajgore zone (Pb-Zn-Ag)

b)   Kovaqice (Au-Sb-Hg)

c)   Popova (Pb-Zn)

 

3.   Lluzhan Licence:

a)   Lluzhan-Llapashtice, Sallabaj (high pathfinder element anomalies)

 

Furthermore, detailed mapping and the evaluation of the airborne geophysical
data detected three major controlling geology structures:

 

a)   Cecelia-Studime intrusive;

b)   Popova-Bajgore ultrabasic structure;

c)   Lluzhan-Sallabaj-Llapashtice liswaenite structure

Targets within the Popova and Lluzhan licences generally represent high-level
epithermal mineralisation in terms of surface geochemistry. This has been
deduced from anomalous levels of key epithermal "vector" elements such as As,
Hg, Pb and Zn +/- minor Sb and Ag. These anomalous elements are noted in
regular "hotspots" along two 15-20km long zones; marking the Popova-Bajgore
ultrabasic structure, and the Lluzhan-Sallabaj-Llapashtice liswaenite
structure. No significant gold results have been reported at surface.
Colloform banded vein outcrops with highly silicified chalcedonic saturation
and brecciation textures filled with disseminated pyrite are typical features
noted in the field.

Figure 5: The general location of the Cecelia-Popova-Lluzhan project licences
within Kosovo. The licence boundaries overlay the geology (left), with the
regional Total Magnetic Intensity geophysics (right). Major anomalous target
areas have been outlined and labelled.

To the immediate southwest of the Popova and Lluzhan licences is the Cecelia
licence. This licence contains the Studime prospect, which currently
represents the most important exploration target within the cluster of
licences and is arguably WTR's most significant exploration opportunity in
conjunction with its Hertica Project.

Studime consists of a moderate to low-lying forested area (500-800m elevation)
with rolling hills and a few localised steep-cut river valleys. Capping the
hills and blanketing the majority of the Cecelia licence area is a sequence of
tertiary sedimentary conglomerates and volcanoclastic rocks. On the flanks of
the surrounding Studime hilltops, silicified volcanoclastic conglomerate
"float" samples were discovered, returning with assayed gold grades up to
19.55g/t Au + 684g/t Ag (Sample CR-695). Similar samples have returned with
12.75g/t Au + 28.4g/t Ag (Sample CR-803) and 12.35g/t Au + 22.9g/t Ag (Sample
CR-742).

Soil pXRF results have identified unusually high levels of potassium in soil
approximately 2km west of Studime, which may indicate hydrothermal alteration
from a large intrusion complex buried beneath the blanketing volcanoclastic
and conglomerate units. This is further supported by the regional geophysics
and in multiple sub-datasets within, such as the Analytical Signal and Total
Radiation Lineation examples presented in Figure 6a and 6c.

In summary, the Cecelia-Popova-Lluzhan project is a highly prospective and
large region with several excellent targets, all requiring further surface and
subsurface exploration work. Studime and the immediate area to the west are
geologically compelling and likely host a buried intrusive complex, which may
relate to the highly anomalous gold float samples found in the area.
Currently, WTR is working with a group of geophysicists to delineate a survey
area for ground magnetics, which should then help identifying testable drill
targets.

Figure 6: a) An overview of the Cecelia-Popova-Lluzhan licence area showing
the pXRF soil survey points, soil sample results (Au) and assay rock-chip
samples (Au), b) A zoomed in view of the Studime prospect showing a coherent
and highly elevated potassium anomaly, c) A zoomed in view of Studime showing
the Total Radiation lineation anomaly and d) A zoomed in view of Studime
outlining the potential buried intrusive complex seen in the Analytical Signal
of airborne geophysics.

Slivova Exploration and Development Updates

At Slivova, recent activities have been focused on Environmental, Social and
Governance evaluations ("ESG") in the lead-up to progressing the project to a
Feasibility Study. A Kosovo-based company (ESG Vanguard Group), has now been
appointed to conduct an environmental and social baseline study. To date, two
seasons worth of data (winter and spring) have been collected and reviewed.
Furthermore, a social study covering communities located within the immediate
area of the Project has been initiated.

A drilling programme is currently being developed with the aim of testing the
prospects around the main resource area as well as infilling some of the
previously defined JORC Indicated and Inferred Resources. The drill programme
design benefits from our updated understanding of the magmatic-hydrothermal
mineralisation at Slivova, re-interpretation of existing drillcore, additional
sampling and assaying, and additional regional prospective work (trenching and
sampling) to test important peripheral targets such as Brus, Valjevishte and
Dzemajl (Figure 7).

Parallel to the exploration and infill drilling, WTR is planning to complete
several geotechnical and hydrogeology holes in the main resource area in
support of the upcoming Feasibility Study. The company continues to earn 51%
of the project. The next phase of earn-in will take the company to 75% upon
pre-agreed exploration spending towards a revised Mineral Resource Estimate
and Environmental Impact Statement, and then to 85% on delivery of a
Feasibility Study and satisfaction of certain other conditions.

Figure 7: The Slivova Project area encompassing the Valjevishte, Dzemajl and
Brus targets.

As of early July, the Company has initiated a 2,000-metre trenching programme
supported by earlier infill soil sampling. This work was primarily completed
over the Dzemajl target to better understand the geology and provide further
support for planned drilling (Figure 8). WTR is conducting first-pass chemical
analyses using a handheld XRF.

 

Figure 8: Infill soil sampling and trenching completed over the Dzemajl target
to support pending drill plans.

 

Regional Exploration - Bulk Leach Extractable Gold Sampling

 

Since late 2022, the WTR team has undertaken a significant regional Bulk Leach
Extractable Gold sampling programme. To date, the team has completed the
programme and collected a total of 1,096 samples from various stream systems
across Kosovo.

 

Samples have been collected and processed under the supervision of a
specialist Newmont team. Results from this work have identified several
large-scale gold-rich (+ base metals) catchments (>2,000km(2) with
anomalies over 10ppb gold). The Company is currently systematically
investigating the highest priority targets further.

 

Further to this work, the WTR team have initiated several licence applications
in Kosovo. The company has also signed Non-Disclosure Agreements with several
companies on various projects and is currently reviewing their databases.

 

Sampling and Assaying Procedures

 

All diamond drill core is processed at the WTR core shed and analysed at the
ALS Laboratory in Bor, Serbia. HQ-size drill-core samples from the drilling
programme at Hertica were cut in half by a diamond saw and sent for analysis
in batches in line with the Company's quality control procedures. For the 2024
drilling programme, a total of 1,558 samples (including 121 QA/QC samples)
were submitted to the ALS Laboratory in Bor, Serbia. Core recovery for all
drilling conducted during this campaign was 95%, for a total of 550
measurements. All samples were assayed for gold using a 30 g fire assay
(Au-AA25 and ME-MS61). Quality control checks have determined that all blanks
and all standards passed and duplicate samples showed good correlations.
Laboratory sample preparation, assaying procedures and chain of custody are
appropriately controlled. The Company maintains an archive of half-core
samples and a photographic record of all cores for future reference.

 

Contacts:

 

 Ariana Resources plc                           Tel: +44 (0) 20 7407 3616
 Michael de Villiers, Chairman
 Kerim Sener, Managing Director
 Beaumont Cornish Limited (Nominated Adviser)   Tel: +44 (0) 20 7628 3396
 Roland Cornish / Felicity Geidt
 Panmure Liberum (Joint Broker)                 Tel: +44 (0) 20 7886 2500
 Kieron Hodgson / Atholl Tweedie / Rauf Munir
 Zeus Capital Limited (Joint Broker)            Tel: +44 (0) 203 829 5000

 Harry Ansell / Katy Mitchell / George Krokos

 Yellow Jersey PR Limited (Financial PR)        Tel: +44 (0) 7983 521 488
 Dom Barretto / Shivantha Thambirajah /         arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)

Bessie Elliot

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Editors' Note:

 

Mentor Demi, EurGeol (License 1253), who is a CRIRSCO Competent Person and
EurGeol Qualified Expert, has reviewed and approved the technical disclosure
contained in this news release.

 

The information that relates to Exploration Results is based upon information
compiled by Mr. Zack van Coller BSc (Hons), Targeting Group Leader, Ariana
Resources plc. Mr. van Coller is a Fellow of The Geological Society of London,
and has sufficient experience which is relevant to the style of mineralisation
and type of deposits under consideration and to the activity which he is
undertaking 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). Mr. van Coller has over 10 years of
relevant experience in the Technical Assessments of Mineral Properties. Mr.
van Coller consents to the inclusion in the report of the matters based on his
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.

 

Editors' Note:

 

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 a major gold development project in Zimbabwe,
gold production in Türkiye and copper-gold exploration and development
projects in Cyprus and Kosovo.

 

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is
made up of the Dokwe North and Dokwe Central gold deposits which are located
in the Tsholotsho District near the city of Bulawayo. The deposits have a
combined JORC Measured, Indicated and Inferred Resource of over 1.83 million
ounces of gold (as at June 2024) and the project represents the largest
undeveloped gold project in Zimbabwe.

 

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
Türkiye which contains a depleted total of c. 2.2 million ounces gold
equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint
venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

 

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a
depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold
and 3.3 million ounces silver (as at March 2024). The mine has been in
profitable production since 2017 and has been producing at an average rate of
c.22,000 ounces of gold per annum. 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 Türkiye and contains a JORC
Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1
million ounces silver (as at March 2024). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Türkiye and is currently in
construction. A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.

 

The Salinbas Gold Project is located in north-eastern Türkiye 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 76% 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 Mining Corporation
(www.newmont.com) and is separately earning-in to up to 85% of the Slivova
Gold Project.

 

Ariana owns 61% of UK-registered Venus Minerals PLC ("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 16.6Mt @
0.45% to 0.80% copper (excluding additional gold, silver and zinc.

 

Ariana owns several investments in listed and private companies via its
Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also provides
technical input into the various investee company exploration programmes.
Investments have been made 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, Türkiye, UK and Zimbabwe.
Its most advanced interest is through a 5.5% holding of Panther Metals Limited
(ASX: PNT).

 

Panmure Liberum Limited and Zeus Capital Limited are brokers to the Company
and Beaumont Cornish Limited is the Company's Nominated Adviser.

 

For further information on Ariana, you are invited to visit the Company's
website at www.arianaresources.com.

 

Glossary of Technical Terms:

 

"Au" chemical symbol for gold;

 

"Cu" chemical symbol for copper;

 

"ICP-MS" inductively coupled plasma mass spectrometry;

 

"IP" induced polarisation electrical geophysical technique;

 

"m" metres;

 

"Mo" chemical symbol for molybdenum;

 

"nT" unit of magnetic flux density representing a billionth of a Tesla;

 

"ppm" parts per million;

 

"pXRF" portable X-ray fluorescence;

 

Ends.

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