Ariana upbeat on recent drilling at Apliki

The AIM-traded firm completed its earn-in to 50% of Venus Minerals, which was in discussions with leading Cypriot mining company Hellenic Copper Mines for a 50-50 joint venture agreement for the development of Apliki.

Venus was focussed on the exploration and development of copper and gold assets in Cyprus.

Ariana said “robust” copper results were confirmed in all due diligence drilling undertaken at Apliki, with significant results including 44.5 metres at 0.77% copper from 51.5 metres, including eight metres at 1.40% copper, and 28 metres at 0.86% copper from 16 metres, including six metres at 1.59% copper.

Abundant bornite, chalcocite and covellite were observed, confirming the ore would be amenable to hydrometallurgical copper recovery.

The company said it had completed its earn-in to 50% of Venus, making Venus 50% UK-owned and 50% Cyprus-owned through Semarang Enterprises, with the UK and Cyprus joint ownership planned as a long-term strategic partnership.

“These drilling results confirm Venus' expectations of the Apliki Copper Project in Cyprus,” said Ariana’s managing director, Kerim Sener.

“The results have yielded several high-grade copper intercepts within an overall envelope comprising mineralisation which appears to be represented by dominantly oxidised material containing secondary sulphides.

“This bodes well for the proposed hydrometallurgical recovery of copper from the Apliki area utilising the same processing plant which was previously located at the nearby Skouriotissa operation.”

Dr Sener said the company was “excited” by the latest developments in Cyprus, and the trajectory of Venus towards becoming the only copper producer on the island in the near term.

“In addition, recent exploration results are continuing to provide confidence in the development of a long-life mining opportunity utilising the very latest technologies for the efficient extraction of high-purity copper via electrowinning.

“Through our 50% interest in Venus, we are keen to be participants in the copper industry of Cyprus, which has a proud legacy spanning as far back as the Bronze Age, representing the earliest records of metal mining by human civilisation.

“Venus is well-positioned as a first mover in the resurgence of Cyprus' renowned mining industry and we look forward to providing further updates with regards to its intended joint venture agreement with Hellenic Copper Mines in due course.”

At 1459 GMT, shares in Ariana Resources were up 1.08% at 4.7p.