Ariana Resources PLC (AIM:AAU) said gold was confirmed in all drill holes in the Kokkinoyia sector of the Magellan project in Cyprus, identifying the deposit as a copper-gold-zinc mineral system.
Three new mineralisation zones were identified, with significant results including: 18.9 metres at 0.86% copper, 1.54 grammes a tonne (g/t) gold and 0.55% zinc, including 3 metres at 4.40% copper, 6.24g/t gold and 0.82% zinc; 15.0 metres at 0.54% copper and 0.16 g/t gold; and 9.0m at 0.72% copper, 0.43g/t gold and 0.29% zinc.
“These final drilling results from the Kokkinoyia deposit reinforce our understanding that an updated mineral resource will include gold, in addition to copper (with zinc in places),” said managing director Dr. Kerim Sener. “Of particular note is the extension of moderate to high-grade mineralisation outside of the envelope which defines the current mineral resource.”
“Furthermore, while old underground mine development areas were encountered in most of the holes drilled in the programme, such areas were typically filled with material that carried appreciable grades of copper, gold and zinc.”
The project is 100% owned by Venus Minerals Ltd. Ariana can earn-in to 50% of Venus and has to date earned into an entitlement of 37.5%. It expects to increase this earn-in to 50% early in the fourth quarter of 2021.
"These results place Venus in a strong position to update its Mineral Resource Estimate and to consider further resource development work at this site,” said Sener.
“In addition, mineralised material derived from the programme will be used for metallurgical testwork as part of a broader study of the economic viability of the project. Venus is committed to the development of copper and gold deposits in Cyprus and is actively pursuing opportunities to fast-track production."
All nine drill holes completed under the 2021 drilling programme returned gold values ranging from 0.1g/t to 6.24g/t. The 2021 drilling programme was the first modern exploration work completed on the project since the late 1980s.
Magellan contains an inferred JORC-compliant resource of 9.5 million tonnes at 0.65% copper.