Ariana Resources PLC (AIM:AAU) unveiled a new resource estimate for the Apliki copper project in Cyprus.
A JORC-compliant resource estimate was updated internally using due-diligence and historical drilling data to give a total indicated and inferred resource of about 11 million tonnes (Mt) at copper grades of 0.25 to 0.69% across the project.
The revised total includes an indicated resource of about 4.1Mt at 0.39% copper from the West Apliki area, while the inferred resource contains estimates from West Apliki, the Apliki mine and stockpiles.
Ariana owns 50% of Venus Minerals Ltd, which is in discussions with leading Cypriot mining company Hellenic Copper Mines regarding a 50:50 joint agreement to develop Apliki.
"This MRE (Mineral Resource Estimate) represents an important part of the ongoing due diligence of the Apliki copper project in Cyprus by Venus Minerals,” said Ariana managing director Dr. Kerim Sener.
"Following the positive results of the due diligence drilling, which was announced in early November, we have now integrated these new data with the historical drilling to produce a more robust and independently assessed resource.
“Beyond the resource areas identified here, there are clearly areas of potential resource upside, particularly in the Apliki mine area and specifically its related stockpiles. Further work by the Venus team will be undertaken in these areas in order to continue building on the resources and reserves.”
Venus has engaged consultants to assess the condition and capacity of a processing plant which is on standby for re-installation at the Apliki site.
“Based on an initial review it is clear that some additional processing upside exists, which will complement any growth in the resource base," said Sener.