19th Oct 2015 07:43
LONDON (Alliance News) - Ariana Resources PLC Monday said it has started a new drilling programme on the Kiziltepe sector of the Red Rabbit gold project in Turkey.
Using two rigs, the company plans to conduct 3,500 to 4,000 metres of drilling on Kiziltepe, which is expected to conclude in December. Reverse circulation and diamond drilling is currently focused on several deep holes testing the potential extension of mineralisation along the Arzu South vein, it said.
"We are very excited to get the next phase of exploration and resource drilling underway on several prospects within the Kiziltepe sector of Red Rabbit. Our initial targets have been defined along strike and down-dip of the Arzu South vein and we will be testing these areas as a matter of priority," said Managing Director Kerim Sener.
It plans to conduct further resource drilling at the Kizilcukur area and exploration drilling at the Kepez Far West area. Ariana has also identified several new drilling targets near Kiziltepe which will be tested in future drilling programmes.
"This drilling programme forms part of our strategy to increase our resource base across the Kiziltepe Sector, while our partners Proccea Construction Co continue to make progress on mine construction," said Sener.
"We are now active on several fronts, with construction teams on site working in parallel with our exploration and drilling crews. We look forward to keeping the market updated on our exploration and development progress in the coming months," he added.
Ariana shares were trading up 0.6% to 0.81 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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