17th Sep 2018 12:44
LONDON (Alliance News) - Ariana Resources PLC on Monday said recent exploration and development work at its Ivrindi gold project has the potential to substantially grow its resource.
A 1.3 kilometre long extension of the mineralised zone at Ivrindi, in Turkey, has been identified with gold mineralisation at the surface at between two and 10 grams of gold per tonne of ore.
"The discovery of a new zone of mineralisation outside of the areas previously tested with soil geochemistry or drilling, indicates the potential to grow the resource at Ivrindi substantially," said Ariana Managing Director Kerim Sener.
Shares in Ariana were up 2.9% at 1.34 pence on Monday.
The exploration company, which operates in Turkey, intends to implement a 1,500 metre reverse circulation drilling programme at Ivrindi in order to test the full strike-length of the structure.
Ariana has a stockpile of approximately 13,000 tonnes of gold mineralised material on site at Ivrindi. Ultimately, it expects Ivrindi to be developed as a satellite operation, with stockpiling and processing ultimately moved to its Kiziltepe mine 70 kilometres away.
"We are very pleased with these recent developments at Ivrindi and we are keen to demonstrate that this resource has the potential to be mined and trucked to the Kiziltepe processing plant in the future. A drilling programme and metallurgical testwork are being planned in order to de-risk this project even further," said Sener.
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