11th Jul 2007 07:00
Ariana Resources PLC11 July 2007 11 July 2007AIM: AAU ACQUISITION OF COPPER-GOLD PROSPECT: EASTERN TURKEY Ariana Resources plc ("Ariana" or "the Company"), the gold exploration companyfocused on Turkey, is pleased to announce the acquisition of the Ardala Cu-AuProspect in the Artvin area of north-eastern Turkey. The acquisition enhancesthe portfolio of licences held in eastern Turkey and provides a focus forfurther exploration in the region. Highlights •Well-developed porphyry Cu-Au (Mo) system with potential for extension •Other targets, including gold-bearing skarns, are also present •Ariana undertaking exploration to identify extensions to the porphyry system About the Ardala Prospect The Ardala Prospect is located in the Pontide Metallogenic Province of Turkeyand lies approximately 80km southeast of the coastal city of Hopa and 20km eastof Artvin. The prospect is confined within a single exploration licence whichhas been transferred to our operating subsidiary in Turkey (Galata MadencilikSan. ve Tic. Ltd. Sti.). Ariana will make advance royalty payments of US$ 7,000per annum to the previous owner, for as long as it holds the licence, inaddition to which a 1.5% NSR will be payable in the event that the projectenters production. The Ardala Prospect hosts a porphyry copper-gold (plus molybdenum) mineralisedsystem associated with a series of nested quartz-diorite intrusions of Eoceneage within an Upper Cretaceous volcano-sedimentary sequence. Previous geologicalmapping, soil, rock-chip and drill sample data, and a ground magnetic surveyoutlined the mineralised porphyry. At surface, exposed parts of the porphyryhave dimensions of 600 x 700m and interpretation of magnetic data suggestsfurther lateral continuity beneath limestone units (Figure 1). Reports and research studies on the Ardala Prospect indicate that 13 holes weredrilled into part of the mineralised system in the early 1990's, and one ofthese (a PhD thesis) states that the drilled area contains "20Mt at an averagegrade of 0.25 % Cu, 0.45 g/t Au and 65 ppm Mo". More specific information andpotentially the drill core are being located. To date no formal mineral resourceestimate has been undertaken to JORC standard. Previous exploration also focusedspecifically on the mineralised intrusions, while surrounding gold-bearingskarns (peak grade 5.16 g/t Au and 0.2% Cu in rock-chips) remain undrilled. Ariana Exploration Programme A field team from Ariana's operating subsidiary has already started a programmeof detailed mapping and systematic rock-chip sampling, initially focused overzones of mineralisation and alteration defined during earlier exploration. Newdrill targets will be defined in advance of a potential drilling programmescheduled to begin in north eastern Turkey in 2008. Kerim Sener, Managing Director, commented: "Based on a review of available technical data and on the dimensions of thealteration system, the Ardala Prospect shows potential to host around 100 million tonnes of mineralised rock. Numerous old workings in the vicinity indicate that the system contains several higher-grade zones of mineralisation, which remain to be tested." "This acquisition enhances our ground holding in the most prospective zone ofthe north-eastern Turkey porphyry belt. We are in discussions with a number ofpotential joint venture partners to help advance these projects, enabling Arianato participate in their success without detracting from our resource developmentstrategy in western Turkey." Contacts: Ariana Resources plcMichael Spriggs, Executive ChairmanKerim Sener, Managing Director Tel: 0207 407 [email protected] Cornish Limited Tel: 0207 628 3396 Roland CornishBankside ConsultantsMichael Padley / Louise Davis Tel: 0207 367 8888 Editors' note: About Ariana Resources Ariana is a dynamic exploration company focused on the discovery and developmentof epithermal gold-silver and porphyry copper-gold deposits with multi-millionounce potential within the Tethyan metallogenic belt of Turkey. The Company hasa portfolio of prospective licences covering 1,820km2, selected on the basis ofits advanced in-house remote sensing database. The Company's flagship asset is the 235km2 Sindirgi Gold Project, which targetsa series of prospects, within a prolific mineralised district in western Turkey.The project hosts over 45km of gold-silver bearing epithermal quartz veins. Ambrian Partners Limited and King & Shaxson Capital Limited are joint brokers tothe Company and Beaumont Cornish Limited is the Company's nominated adviser. For further information on Ariana you are invited to visit the Company's websiteat www.arianaresources.com. Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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