Ariana Resources PLC (LON:AAU) said drilling results confirmed gold to be a significant component of the Kokkinoyia deposit within the Magellan project in Cyprus.
The average grade of the mineralised zone returned 128.77 metres at 0.5% copper and 0.55 grammes a tonne (g/t) gold, based on results from the first hole. Eight remaining holes are pending assay results, which will be released within the coming weeks.
"These excellent results confirm our expectations that the Kokkinoyia deposit represents a copper-gold volcanogenic massive sulphide system,” said managing director Dr. Kerim Sener. “The average grade across the whole length of the mineralised zone in this first hole demonstrates economically significant levels of copper and gold accumulation.
“Furthermore, where underground development was intercepted, substantial grades of both copper and gold were identified, suggesting that much of the back-fill used was also significantly mineralised.
“This is also reflected in the grades encountered in the mine waste dumps at surface. Further drilling results from Kokkinoyia are expected to be received in the coming weeks and will be integrated into a revised JORC resource estimate when appropriate,” he said.
The Magellan project is owned by Venus Minerals Ltd. Ariana is earning-in to 50% of UK-registered Venus and has to date earned into an entitlement to 26%.
“We are looking forward to accelerating our earn-in on Venus,” said Sener.