Ariana progresses to near 10% shareholding in Venus Minerals
Aim-listed Ariana Resources has completed its initial earn-in on UK-based Venus Minerals, spending €920 000 for a 9.24% shareholding.
Venus Minerals has a copper and gold exploration portfolio of projects in Cyprus, in the UK.
Ariana has committed to funding a further €180 000 before October, which will secure it a 12% shareholding of Venus Minerals.
Ariana is working up to earn-in on 50% of the company for a total amount of €3-million.
“Our earn-in to Venus Minerals is continuing at pace and the work being conducted in Cyprus is yielding very encouraging results.
Ariana MD Dr Kerim Sener says Venus Minerals has firmed up confidence in the Magellan project, which contains a historic gross non-Joint Ore Reserves Committee-complaint, and therefore non-Aim-compliant, resource of about 10-million tonnes grading 0.6% copper, gold and zinc.
Additionally, he explains that Venus Minerals has made important discoveries elsewhere within its portfolio, including the identification of a previously unrecognised but outcropping zone of mineralisation at the Mariner project.
“This was made possible owing to the advent of new technologies, such as field portable X-ray fluorescence, enabling the identification of volcanogenic massive sulphide mineral systems by their specific location within the volcanic stratigraphy and the geochemical footprint of the mineralisation and alteration.
"We look forward to seeing Venus Minerals start with its maiden drilling programme in Cyprus on several of these projects once current restrictions on international travel are lifted."
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