Turkey-focused Ariana Resources has announced further results for its phase one drilling programme of 2016, completed during early September at the Kiziltepe project.
The results relate to drilling at the SE end of the Arzu South vein at Kiziltepe.
Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co and will be 50% owned by Ariana once mine construction is completed in Q416.
- 645 metres of reverse circulation drilling for 7 holes was completed on the SE end of Arzu South, to drill-test the southern end of the Arzu South vein to within 15m of surface and targeting the southern extents of the recently discovered Arzu South Parallel vein trend.
- Best intercepts from the southern end of Arzu South include, 5m @ 6.9g/t gold + 138.5g/t silver, 7m @ 4.0g/t gold + 23.9g/t silver and 2m @ 4.1g/t gold + 35.4g/t silver.
- Intercepts testing the ASP vein returned with anomalous grades including, 1m @ 3.7g/t gold + 9.7g/t silver, 1m @ 1.7g/t gold + 85.1g/t silver and 1m @ 0.5g/t gold + 30.5g/t silver.
Managing director Dr. Kerim Sener said: "Although the drilling at the southern end of Arzu South comprised only seven holes, we are especially encouraged to have determined the continuity of high-grade and near-surface mineralisation at the very end of the Arzu South vein.
"The current in-pit resource does not encompass this mineralisation, suggesting that the pit will capture additional ounces which have the potential to form part of the final reserve.
"In addition, this drilling has confirmed the continuity of the ASP vein trend right through to the southern end of Arzu South. It appears that the southern end of the ASP trend disperses in to wider zones of sub-economic stockwork mineralisation than at the northern end of Arzu South.
"Despite this, new work at the far southern end of Arzu South, demonstrates that the main vein structure jogs to the east and continues for perhaps a further 200m - this section of the vein system, referred to as Arzu Far South, remains completely untested by drilling and will now form part of the Phase Two programme."
At 8:14am: (LON:AAU) Ariana Resources PLC share price was +0.05p at 1.73p