Ariana Resources plc, the AIM-listed exploration and development company, announces its acquisition, through an earn-in agreement, of up to 50% of UK-registered Venus Minerals Ltd. Venus is focused on the exploration and development of copper and gold assets in Cyprus.
The acquisition develops Ariana’s strategy to create a portfolio of interests in the Eastern European region, and across the Company’s broad target area of the Tethyan Metallogenic Belt. Ariana also recognises the significance of copper as the most important technology-metal required for the global green-energy transition.
- Ariana to acquire up to 50% of Venus through an earn-in agreement, having already acquired rights to 6% on prior expenditure of 0.6M Euro and commitment of up to a further 2.4M Euro over the next three years.
- The Magellan Project contains a total historical resource of c. 9.5Mt @ 0.6% Cu (gross and not JORC 2012 compliant), where best copper-gold intercepts from drilling include:
- 53m @ 2.05% Cu, 64m @ 0.97% Cu, 85m @ 0.68% Cu at the Kokkinoyia site.
- 36m @ 2.58% Cu, 50m @ 1.65% Cu, 47m @ 1.63% Cu and 48m @ 1.15 g/t Au, 36m @ 0.60 g/t Au and 8m @ 1.72 g/t Au at the Klirou site.
- Open-pit optimisations and metallurgical data for the Magellan Project demonstrate potential for economic extraction; recoveries of up to 75% for copper and 79% for zinc demonstrated from samples.
- Resources are open in several directions and particularly down-plunge and show significant potential for the identification of gold-rich zones overlooked by previous exploration.
- Highly prospective exploration ground held under licence, containing a pipeline of prospects ranging from drill-ready targets to exciting new copper-in-soil discoveries.
- Venus has a long-standing in-country track record and relationships, plus an invaluable and exclusive database covering nearly all previous work across Cyprus.
Dr. Kerim Sener, Managing Director of Ariana Resources, commented:
“We are exceptionally pleased to expand our interests within the Tethyan Metallogenic Belt and to do so in the operationally-friendly jurisdiction of Cyprus represents the fulfilment of a well elucidated long-term diversification strategy of the Company. Cyprus holds a global reputation for high-quality copper deposits, which tend to occur in distinct clusters; many of which remain significantly underexplored. We are also pleased to be working alongside a first-rate in-country team, committed to the development of the Cypriot mining industry, including Dr. Nicos Adamides, Exploration Manager, who has over 40 years’ experience working on Cypriot copper exploration and production.
“Ariana is making full use of its regional exploration and development expertise. After two years of careful due diligence and relationship building in Cyprus, Ariana is committed to the successful development of Venus Minerals. We are also taking advantage of our geographic proximity to get maximum cost-time benefit from our existing team and infrastructure. In Venus, we now what we believe to be an exceptional investment opportunity which we look forward to supporting for the benefit of all stakeholders.”
Peter van der Borgh, Managing Director of Venus Minerals Ltd, commented:
“Venus Minerals is focused on the exploration and development of copper and gold on the island of Cyprus and, with Ariana’s input, we will be able to scale-up our activities significantly. Cyprus represents an environment in which exciting exploration opportunities were effectively frozen-in-time since the early 1970s. This creates a significant opportunity; one which our combined Cypriot and international team is fully capable of unlocking. To our unique advantage, Venus holds a proprietary exploration database containing records of nearly all prior exploration across the island. We have already put this to good effect in securing a range of stand-out projects in the most prospective regions of the island.”