Ariana Resources (AAU)

Sector:

Mining

Index:

FTSE AIM All-Share

 2.25p
   
  • Change Today:
      0.000p
  • 52 Week High: 3.10
  • 52 Week Low: 1.63
  • Currency: UK Pounds
  • Shares Issued: 1,146.36m
  • Volume: 548,397
  • Market Cap: £25.79m
  • RiskGrade: 232

Ariana upbeat on drilling results from Venus in Cyprus

By Josh White

Date: Wednesday 07 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Europe-focussed exploration and development company Ariana Resources announced recent drilling results from the Kokkinoyia Sector of the Magellan Project, wholly-owned by Venus Minerals.
The AIM-traded firm said Venus was focused on the exploration and development of copper and gold assets in Cyprus, with Ariana continuing its earn-in to 50% of Venus, currently being entitled to 26%.

The AIM-traded firm said gold was confirmed to be a "significant" component of the Kokkinoyia deposit, with an average grade of the mineralised zone returning 128.77 metres at 0.5% copper and 0.55 grams of gold per tonne.

Significant drilling intercepts from the first hole, VMD001, included 11 metres at 1.11% copper at 1.05 grams of gold per tonne, including underground development back-fill with two metres at 2.05% copper and 2.50 grams of gold per tonne.

It also highlighted 5.87 metres at 0.53% copper and 4.55 grams of gold per tonne, including underground development back-fill with 1.37 metres at 0.41% copper at 12.75 grams of gold per tonne, as well as 12 metres at 0.99% copper and 0.29 grams of gold per tonne.

Eight remaining holes were pending assay results, which Ariana said would be released in the coming weeks.

"These excellent results confirm our expectations that the Kokkinoyia deposit represents a copper-gold volcanogenic massive sulphide system," said managing director Dr Kerim Sener.

"The average grade across the whole length of the mineralised zone in this first hole demonstrates economically significant levels of copper and gold accumulation.

"Furthermore, where underground development was intercepted, substantial grades of both copper and gold were identified, suggesting that much of the back-fill used was also significantly mineralised."

Dr Sener said that was also reflected in the grades encountered in the mine waste dumps at surface.

"Further drilling results from Kokkinoyia are expected to be received in the coming weeks, and will be integrated into a revised JORC resource estimate when appropriate.

"The progress being made by the Venus team in Cyprus has been substantial over the past year and these results vindicate our strategy to diversify our regional interests in Europe.

"We are looking forward to accelerating our earn-in on Venus accordingly."

At 1110 BST, shares in Ariana Resources were up 4.8% at 5.19p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

AAU Market Data

Currency UK Pounds
Share Price 2.25p
Change Today 0.000p
% Change 0.00 %
52 Week High 3.10
52 Week Low 1.63
Volume 548,397
Shares Issued 1,146.36m
Market Cap £25.79m
RiskGrade 232

AAU Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
56.90% above the market average56.90% above the market average56.90% above the market average56.90% above the market average56.90% above the market average
41.98% below the sector average41.98% below the sector average41.98% below the sector average41.98% below the sector average41.98% below the sector average
Price Trend
54.17% below the market average54.17% below the market average54.17% below the market average54.17% below the market average54.17% below the market average
10.49% above the sector average10.49% above the sector average10.49% above the sector average10.49% above the sector average10.49% above the sector average
Income Not Available
Growth
66.95% below the market average66.95% below the market average66.95% below the market average66.95% below the market average66.95% below the market average
53.12% below the sector average53.12% below the sector average53.12% below the sector average53.12% below the sector average53.12% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

AAU Dividends

  Latest Previous
  Special Special
Ex-Div 18-Aug-22 03-Mar-22
Paid 03-Oct-22 25-Mar-22
Amount 0.17p 0.17p

Trades for 28-Mar-2024

Time Volume / Share Price
16:20 26 @ 2.33p
16:15 64 @ 2.33p
15:40 20,000 @ 2.40p
15:33 30,000 @ 2.28p
15:12 44,118 @ 2.16p

AAU Key Personnel

Chair Michael de Villiers

Top of Page