Asgard Metals Fund
Asgard Metals Pty. Ltd. is a wholly-owned Australian subsidiary of Ariana, now operating as the Asgard Metals Fund (“Asgard”). The company was established initially to focus on technology-commodity opportunities globally, and was successful in identifying several early-stage lithium exploration projects in Western Australia and the Northern Territory. These projects were vended to two ASX-listed companies in 2015 and 2016 for a combination of cash and shares, which established the financial basis of its future business. With A$2 million now available in cash, the remit of the company is being broadened to encompass other project investment opportunities.
It is expected that Asgard will make “Project Catalytic” investments in selected listed companies with interests in high-quality early-stage exploration project opportunities, with a particular focus on LSE and ASX listed companies. Asgard is specifically focused on the discovery stage of mineral exploration projects, where the full capabilities of the Ariana in-house exploration team can be brought to bear.
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Asgard remains well-funded and on the look-out for other exciting opportunities in the technology-metals space globally, that could be developed in conjunction with experienced partners. It is currently actively reviewing projects in the vicinity of Turkey where its parent, Ariana Resources, can leverage its existing and proven operational capabilities.
Venus Minerals Ltd (“Venus”) is a UK registered, Cyprus-domiciled company holding a significant exploration and development portfolio in Cyprus. Ariana is earning-in to 50% of Venus and has to date earned into an entitlement to 37.5%. An advanced copper-gold-zinc project, Magellan, contains an Inferred JORC Resource of 9.5Mt @ 0.65% copper (2020), which has potential for less well constrained zinc at 0.6% and unquantified gold and silver, providing the company with an exceptional foundation on which to build its resource base. Scoping and pit-optimisation studies for the projects have been completed and are under review towards the preparation of a combined Preliminary Economic Assessment. The company recognises the potential to confirm and grow these resources through further drilling and a new drilling programme of over 2,700 m has been completed on the Magellan Project in 2021. Venus also holds a substantial exploration portfolio outside of the main project areas. This contains several immediate drill targets, which have been established following a rigorous data review and new surface exploration. It is the intention of Venus to develop a significant new mining operation in Cyprus.
in Venus Minerals
Ariana acquired , through an earn-in agreement, up to 50% of UK-registered Venus Minerals Ltd in Q4 2019.
Western Tethyan Resources
Western Tethyan Resources
Western Tethyan Resources Ltd is a UK registered, Kosovo-domiciled company holding exploration licence applications in Kosovo through its wholly-owned subsidiary Kosovo Mineral Resources LLC (“KMR”). The company is currently 75% owned by Ariana with the remaining 25% owned by a highly qualified board. The company is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting major copper-gold deposits across the porphyry-epithermal transition. Countries in which project opportunities are being assessed include Bosnia and Herzegovina, Bulgaria, Kosovo, North Macedonia and Serbia. It is the intention of the company to progress to drill testing its projects within the shortest possible timeframe.
There are three license applications (Terpeza, Hertica and Cecelia) covering 151km2, that have been submitted and are under final review by the mining agency in Kosovo (ICMM). The licence applications are located about 25km to the north-east of the capital of Kosovo, Pristina.