17th Oct 2019 11:01
(Alliance News) - London-based Ariana Resources PLC on Thursday said latest drilling results reinforce mineralisation estimates at the Kiziltepe mine in Turkey.
Infill drilling at the Derya vein at Kiziltepe, which is on the Red Rabbit project, included 16 metres at 2.0 grams of gold per tonne of ore, two metres at 9.9 grams of gold, and two metres at 5.8 grams of gold.
This confirms several mineralised structures between Derya and the Arzu North deposit, Ariana said, and it has now started new geological modelling and pit optimisation to revise resources for the two sites.
Managing Director Kerim Sener commented: "The latest drilling results from the Derya area continue to reinforce the continuity of mineralisation at depth and to the east along strike of the currently open-pittable reserve.
"The grades and widths of mineralisation encountered increase our confidence in the current resource model and also demonstrate the potential for a further extension of the open-pit to the east and/or mining by underground methods in the future.
"It is also apparent that the area between Derya and Arzu North contains several other gold-silver mineralised veins, some showing potential to be economic. Mining activities have recently commenced at Derya, so these results represent important and timely additions to our knowledge-base," Sener continued.
Shares were 1.6% higher on Thursday morning in London at a price of 1.93 pence each.
By George Collard; [email protected]
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