Ariana Resources upbeat on latest drilling at Kiziltepe

Europe-focussed exploration and development company Ariana Resources announced recent and substantial resource drilling results from the Derya area of the Kiziltepe Mine on Wednesday, which is part of the Zenit joint venture with Proccea and Ozaltin, being 23.5% owned by Ariana.

The AIM-traded firm said the drilling programme tested the central and south-eastern extents of the Derya vein system over 670 metres of strike, to depths of around 130 metres below surface.

It said new significant intercepts within the vein system included 4.2 metres at 6.07 grams of gold and 98.2 grams of silver per tonne, 7.1 meters at 2.23 grams of gold and 11.3 grams of silver per tonne, and 2.5 metres at 6.07 grams of gold and 71.8 grams of silver per tonne.

The results confirmed high-grade continuity to depths of more than 100 metres from the surface within the central part of the Derya vein.

Ariana said the high-grade potential at Derya included the previously-reported ‘Bonanza Zone’ intercept of 12.1 metres at 13.1 grams of gold and 187.6 grams of silver per tonne.

Further pit optimisation would be undertaken in the coming months, to determine the next stage of open-pit development in the area.

“This is yet another substantial set of new drilling results from the Kiziltepe Mine exploration programme,” said managing director Dr Kerim Sener.

“Derya is continuing to yield higher gold grades, particularly in the central part of the vein system and in an area within about 50 metres vertical depth below the current pit bottom.

“As the Derya pit continues to be developed, specifically towards the northwest, the pit is likely to be deepened to enable access to these higher-grade areas.”

Dr Sener said further pit optimisation would be undertaken in the coming months, to determine the next stage of open-pit development in the area.

“It is also apparent that the Derya vein system links up with the Arzu structure, suggesting further potential to extend the limits of known gold and silver mineralisation between the Arzu and Derya open pits, the pit rims of which are only about 300 metres apart based on the current mine plan,” Dr Kerim Sener added.

“In addition, it is now apparent that the vein system, like Arzu North, comprises several sub-parallel vein structures and the gold mineralisation is not confined to a single structure.”

At 1026 BST, shares in Ariana Resources were up 3.87% at 4.83p.