Cyrus Copper Project Holds Estimated 8.5Mt at 0.63%
Ariana Resources plc (AIM:AAU) has announced a maiden JORC 2012 Mineral Resource Estimate for the Magellan Copper Project in Cyprus.
Magellan is 100% owned and operated by Venus Minerals Ltd, in which Ariana currently holds 12% on its way to is earning a 50% interest.
The initial JORC Mineral Resource Estimate stands at 8.5Mt @ 0.63% Cu(Inferred), with additional potential for gold, silver and zinc-rich zones (up to 0.6 % Zn) across the Klirou and Kokkinoyia Sectors.
The project also has JORC Exploration Target of 2.7 to 8.4Mt within a grade range of 0.5 g/t Au to 0.8 g/t Au, for 42,000 oz to 216,000 oz of gold and 3.3 g/t Ag to 8.2 g/t Ag, for 297,000 oz to 2,218,000 oz of silver.
Ariana Managing Director Dr Kerim Sener said a new exploration drilling programme of up to 3,000m to test several target areas within the greenfield exploration portfolio is due to commence imminently.
Resources at the Klirou and Kokkinoyia Sectors remain open in several directions and particularly down-plunge, beyond 250-350m in depth.
“The completion of this maiden JORC 2012-compliant Mineral Resource Estimate for the Magellan Project represents a major advancement for Venus Minerals and is the latest resource to be announced in over a decade in Cyprus,” Dr Sener said.
“As Venus’ flagship project, we are exceptionally pleased that this initial resource catapults Venus to the forefront of copper-gold exploration on the island.
“A combined resource of 8.5Mt @ 0.63% Cu with significant additional potential for precious-metals and zinc is an excellent foundation upon which Venus can continue to build its business.
“In particular, the substantial opportunities for identifying gold- and silver-rich zones within and around these deposits, as summarised by the JORC Exploration Target, will be an integral part of Venus’s forward strategy. Accordingly, an initial Management Target of >10Mt @ 0.6% Cu, 0.6% Zn, 0.5 g/t Au and 6 g/t Ag has been set for the Project.
“Beyond these resource development areas, Venus has the rights to 105km2 of highly prospective tenure across the island. A percussion drilling programme focused on several new exploration targets across this portfolio is due to commence imminently.
“Meanwhile planning for a diamond drilling programme on the Magellan Project resource area is underway following the completion of this Mineral Resource Estimate.
“Ariana remains excited by the progress of the Venus exploration team who have remained active and deployed in Cyprus despite the recent difficulties associated with travel. We would like to congratulate the team on its first resource estimate, which is already demonstrating scalability, and look forward to seeing the results of their latest exploration efforts. “Accordingly we intend to continue supporting Venus financially and progressing our earn-in to 50% within the next two years.”