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COMPLETION OF INITIAL EARN-IN ON VENUS MINERALS
COMPLETION OF INITIAL EARN-IN ON VENUS MINERALS.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 6946M\n Ariana Resources PLC\n 13 May 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13 May 2020\n \n \n AIM: AAU\n \n \n \n \n \n COMPLETION OF INITIAL EARN-IN ON VENUS MINERALS\n \n \n \n \n \n Ariana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, is pleased to announce the completion of its initial earn-in on Venus Minerals Ltd. (\"Venus\"), an exploration and development company focused on copper-gold projects in Cyprus, and registered in the United Kingdom. Ariana is currently earning in to 50% of Venus, as announced on 2 December 2019.\n \n \n \n \n \n Highlights: \n \n \n \n \n \n · \n Ariana has completed its first earn-in to Venus following the expenditure of c. €920,000 euros, resulting in an initial shareholding of 9.24%.\n \n \n \n \n \n · \n Venus Minerals (Cyprus) Ltd., which owns the assets, is now a 100% subsidiary of the UK entity, Venus, into which Ariana is making its investment.\n \n \n \n \n \n · \n Ariana is committed to funding a minimum of a further c. €180,000 before October 2020, at which time it will in total own c. 12% of Venus.\n \n \n \n \n \n · \n Earn-in to 50% will complete once a total of €3 million has been committed to Venus by Ariana, with a further €1.9 million required to be spent between October 2020 and October 2022. \n \n \n \n \n \n · \n New licence applications for the New Sha Deposit have now been submitted, which include the following shallow drill intercepts: \n 9m @ 1.82% Cu and 9m @ 1.81% Cu, with associated gold results up to 8m @ 2.2 g/t Au. \n \n \n \n \n \n · \n Exploration results to date across the Venus portfolio are highly encouraging, including the discovery of a new zone of outcropping mineralisation at the Mariner Project.\n \n \n \n \n \n \n \n \n Dr. Kerim Sener, Managing Director, commented:\n \n \n \n \n \n \n \"Our earn-in to Venus Minerals is continuing at pace and the work being conducted in Cyprus is yielding very encouraging results. In addition to firming up confidence in the advanced Magellan Project, which contains a historic gross non-JORC and therefore non-AIM-compliant resource of c. 10Mt @ 0.6% Cu \n \n \n ±\n \n...