18th Nov 2019 13:20
(Alliance News) - Ariana Resources PLC on Monday said recent drilling results confirm significant mineralisation at the Arzu North vein system in the Kiziltepe gold mine in Turkey.
Kiziltepe is part of the company's Red Rabbit joint venture with Proccea Construction Co and is 50% owned by Ariana through its shareholding in Zenit Madencilik San ve Tic AS.
The exploration company, which is focused on gold mining operations in Turkey, said significant mineralisation has been confirmed by drill results at far northwest end of of Arzu North vein system, which sits outside of the current resource and has the potential to extend further by several hundred metres.
During the summer of 2019, Ariana completed a drilling programme over the Arzu South, Derya and Arzu North vein systems within the Kiziltepe sector of the Red Rabbit project area. An earlier phase of the 2019 drilling programme focused on Arzu North and was concluded in December 2018.
A total of 3,162 meters of drilling for 25 holes was completed during the latest phase of drilling programme, Ariana said, adding that two major vein structures were intercepted during the drilling on the northwestern limits of Arzu North.
The two new structures range in true thickness from 2.8 metres to 3.2 metres, representing high-grade veins and 1.2 metre to 2 metre wide lower-grade stockwork associated zone.
"The drilling results from Arzu North demonstrate that the vein system contains significant opportunities to identify further mineralised parallel structures which sit outside of the zones modelled to date. Most importantly, we now have confirmation that the Arzu North vein system is not limited on its NW end and that significant mineralisation occurs in this area, which is not currently captured by the designed pit," Ariana Managing Director Kerim Sener said.
"We will be working on ensuring we obtain forestry access to this area such that the full strike length of a further 470m can be tested all the way to Arzu Far North. If further economic mineralisation is determined along this trend it will have a significant positive impact on the life of mine and the future economics of the operation," Sener added.
Ariana shares in London were up 5.3% at 2.08 pence each on Monday afternoon.
By Tapan Panchal; [email protected]
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