19th Oct 2016 09:01
LONDON (Alliance News) - Ariana Resources PLC on Wednesday said it has received further results from the phase one drilling programme that was completed last month at the Kiziltepe project in Turkey, part of its Red Rabbit gold joint venture with Proccea Construction Co.
Ariana will own 50% of Kiziltepe once construction is completed before the end of 2016, and the latest drill results cover the south-east end of the Arzu South vein, Ariana said.
Seven holes were completed following 675 metres of reverse circulation drilling to test the southern end of the Arzu South vein and to target the southern extents of the recently discovered Arzu South Parallel vein trend.
The best intercepts delivered from Arzu South were 5.0 metres at 6.9 grammes of gold and 138.5 grammes of silver per tonne of ore, 7.0 metres at 4.0 grammes gold and 23.9 grammes silver per tonne, and 2.0 metres at 4.1 grammes gold and 35.4 grammes silver.
From the parallel vein, intercepts included 1.0 metre at 3.7 grammes gold and 9.7 grammes silver per tonne, 1.0 metre at 1.7 grammes gold and 85.1 grammes silver, and 1.0 metre at 0.5 grammes gold and 30.5 grammes silver.
"Although the drilling at the southern end of Arzu South comprised only seven holes, we are especially encouraged to have determined the continuity of high-grade and near-surface mineralisation at the very end of the Arzu South vein. The current in-pit resource does not encompass this mineralisation, suggesting that the pit will capture additional ounces which have the potential to form part of the final reserves," said Managing Director Kerim Sener.
"In addition, this drilling has confirmed the continuity of the ASP vein trend right through to the southern end of Arzu South. It appears that the southern end of the ASP trend disperses in to wider zones of sub-economic stockwork mineralisation than at the northern end of Arzu South," said Sener.
"Despite this, new work at the far southern end of Arzu South, demonstrates that the main vein structure jogs to the east and continues for perhaps a further 200 metres - this section of the vein system, referred to as Arzu Far South, remains completely untested by drilling and will now form part of the Phase Two programme," he added.
Ariana shares were trading down 0.3% to 1.67 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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