Ariana reports positive drilling results from Venus earn-in

Europe-focussed mineral exploration and development company Ariana Resources announced recent drilling results from the Kokkinoyia sector of the Magellan project on Wednesday, which is wholly owned by Venus Minerals.

The AIM-traded firm said Venus was focussed on the exploration and development of copper and gold assets in Cyprus, with Ariana continuing its earn-in to 50% of Venus.

It was currently entitled to 37.5%, with 50% expected to be achieved early in the first quarter of 2021.

The company said gold was confirmed in all 2021 Kokkinoyia sector drill holes, identifying the deposit as a copper-gold-zinc mineral system.

Three new mineralisation zones had been identified, with significant results including 18.9 metres at 0.86% copper, 1.54 grams of gold per tonne and 0.55% zinc, including three metres at 4.40% copper, 6.24 grams of gold per tonne and 0.82% zinc.

It also highlighted 15 metres at 0.54% copper and 0.16 grams of gold per tonne, and nine metres at 0.72% copper, 0.43 grams of gold per tonne and 0.29% zinc, which included three metres at 1.44% copper, 0.72 grams of gold per tonne and 0.38% zinc.

Ariana said metallurgical analysis was pending ahead of the next phase of the project’s development.

“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 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.”

Dr Sener said the results placed Venus in a strong position to update its mineral resource estimate, and to consider further resource development work at the site.

“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.”

At 1047 BST, shares in Ariana Resources were up 3.33% at 4.34p.