Ariana Resources PLC (AIM:AAU) reported an increase in estimated resources for the Apliki copper project in Cyprus.
Apliki contains a measured, indicated, and inferred resource of about 17 million tonnes (Mt) at copper grades of between 0.26% to 0.69%, according to the updated mineral resource estimate (MRE).
The addition of the Apliki mine pit wall increased the overall resource estimate by 6.47Mt at 0.32% copper, from a 2021 MRE.
AIM-listed Ariana has an effective 25% stake in the project. Ariana has a 50% stake in Venus Minerals Ltd which has agreed to set up a 50:50 joint venture with Hellenic Copper Mines Ltd. The joint venture, called Hellenic Apliki Mines, will develop and operate the project.
"This updated MRE for Apliki comes at an opportune time, ahead of the proposed IPO of Venus on AIM,” said Ariana’s managing director Dr. Kerim Sener. “Venus will also soon implement further project optimisation work to advance the Apliki mine development programme with Hellenic Apliki Mines.”
“Within two years, through Venus, Ariana has achieved its objective of establishing a substantial copper resource base in Cyprus, which now comprises 34Mt with a grade range of circa 0.3 to 1.10% copper. Even at the lower end of this grade range, and excluding the potential of by-product metals, such as gold, this represents substantial in-ground (risked) value.”