Ariana pleased with recent drilling at Karakavak

Europe-focussed exploration and development company Ariana Resources announced recent drilling results obtained from the Karakavak area of the Kiziltepe sector on Thursday.

The AIM-traded firm said Karakavak is part of the Zenit joint venture with Proccea Construction and Ozaltin, 23.5% owned by Ariana.

It said drilling results from the Karakavak vein included three metres at 2.4 grams of gold and 1.7 grams of silver per tonne, including one metre at 4.98 grams of gold and two grams of silver per tonne.

The company also highlighted 4.6 metres at 1.36 grams of gold and 2.2 grams of silver per tonne, including 0.7 metres at 3.65 grams of gold and four grams of silver per tonne, and 5.1 metres at 1.1 grams of gold and 1.4 grams of silver per tonne, including 1.1 metres at 2.27 grams of gold and two grams of silver per tonne.

Resource estimation and the definition of a JORC exploration target was now underway.

“The Karakavak vein system occurs over a total area of 3.8 square kilometres, comprising 3,735 metres of outcropping veins with only 14% of the veins having been drill tested so far,” said managing director Dr Kerim Sener.

“These results build on the initial drilling programme announced in 2017 and have confirmed the expected geometry of the main vein.

“Unlike the very steeply dipping veins at Kiziltepe, the veins at Karakavak appear to be moderately dipping to the south.”

Dr Sener said the geometry was “more favourable” for the development of potential open-pits, especially given the general southward slope of the topography in the area.

“A resource estimate will be completed on the basis of the limited area drill tested to date, in addition to defining a JORC exploration target for certain prospective vein extensions.

“This work will help guide further resource definition work across this important satellite prospect area.”

At 1056 BST, shares in Ariana Resources were up 3.76% at 4.83p.