Ariana Resources PLC (AIM:AAU) said it was looking for world-class discoveries as it provided a review of its wholly owned Asgard Metals Fund covering the first full year since it was launched.
“To date we have made three significant investments at a total cost of A$637,000 (£350,000) in a variety of exploration projects in three different jurisdictions, Australia, Kazakhstan and Laos,” said Ariana managing director Dr Kerim Sener.
“Each of these investments were made into private companies holding quality discovery-stage exploration opportunities, one of which has since listed on a major stock-exchange; Panther Metals Limited.
“Within about six months of listing, Panther Metals announced a maiden JORC resource on its Coglia nickel-cobalt project and has identified the opportunity to grow this project to substantial scale.”
The fund has a 3.2% stake in Australia-listed Panther Metals.
"We now look forward to seeing our other investments take shape, as they are advanced towards their own possible IPOs,” said Sener.
The fund has a 6.0% stake in Pallas Resources Ltd, which has secured more than 1,500km2 of highly prospective ground for orogenic gold, porphyry and sediment-hosted copper in a region known for world-class deposits in Kazakhstan.
While in Laos, Annamite Resources Holdings Pte. Ltd has identified a large porphyry copper-gold-molybdenum system with some areas containing very high gold and silver grades.
The fund holds 5.8% of Annamite Resources.
"We continue to identify other high-quality exploration opportunities based on clever exploration targeting methodologies or those in which new exploration concepts are worthy of testing,” said Sener. “We are on the hunt for world-class discoveries.”