23.08.2022
Ariana Resources, an exploration and development company with gold mining interests in Europe and listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange (LSE), announced an updated Mineral Resource Estimate (MRE) earlier this month for the Apliki Copper project in Cyprus.
The mining project at Apiliki includes a formal 50-50 conditional joint venture agreement between Venus Minerals Ltd and Hellenic Apliki Mines Ltd.
Venus Minerals explores and develops copper and gold assets in Cyprus and is 50% owned by Ariana Resources. In addition, Venus Minerals will acquire 50% of Hellenic Apliki Mines.
According to the report, the MRE has been updated to a global measured, indicated and inferred resource of approximately 17 megatons at a grade of 0.26% to 0.69% of Aplicki’s copper production (average 0.34%), after further disaggregation . o Estimation and modeling of historical data.
The increase was recorded following the addition of Aplica quarry resources by an additional 6.47 megatons at a copper production of 0.32% over initial estimates for 2021.
“Within two years, with the help of Venus, Ariana has achieved its goal of creating a substantial copper resource base in Cyprus, which currently includes 34 megatons with a copper grade of 0.3 to 1.10%,” said Ariana Resources Managing Director Kerim Shener. .
“Even at the bottom of this grade range, and without taking into account the potential of secondary metals such as gold, this represents a significant value in the ground (at risk),” he added.
In addition, Sener explained that this updated MRE follows the original Apliki MRE completed last December, in which the company noted that there were areas of potential resource growth, especially around the Apliki mine and associated reserves.
The company said at the time that the Venus team would continue to work in these areas to continue building up its resource base.
In addition, the managing director of Ariana Resources said that the updated MRE for Apliki came at a good time for the company, just ahead of Venus Minerals’ proposed Initial Public Offering (IPO) on the Alternative Investment Market (AIM).
Venus will also soon undertake further project optimization work to advance the Apliki Mine development program in conjunction with Hellenic Apliki Mines.
“While market conditions remain less favorable than we would like and while we are unable to influence the markets, we are nonetheless committed to continuing to develop the assets in the Venus portfolio to enhance pre-listing value, but in the meantime, we are pleased to note that Venus has extended its choice of Apliki until December 31, 2022,” said Schener.
“Venus is a British and Cypriot owned company that represents one of the most exciting short-term copper mining opportunities in Europe operating today, in a jurisdiction that has been valued for high quality copper since time immemorial,” he concluded.
