Ariana Resources reports positive results at Kiziltepe

Gold exploration and development company Ariana Resources announced further results for its phase one drilling programme of 2016 on Wednesday, completed during early September at the Kiziltepe Project in Turkey.

The AIM-traded firm said the results relate to drilling within the Arzu Central target area at Kiziltepe, which is part of the Red Rabbit Joint Venture with Proccea Construction, which will be 50% owned by Ariana once mine construction is completed in the fourth quarter.

It said the drilling intercepted the widest zone of sulphidic quartz vein mineralisation ever encountered on the Kiziltepe Project, with at least 20m of true width, ending in mineralised quartz.

The best intercepts overall included 10m @ 2.4g/t gold + 28.3g/t silver, 15m @ 1.5g/t gold + 16.4g/t silver, 6m @ 2.3g/t gold + 55.2g/t silver and 5m @ 1.2g/t gold + 34.5g/t silver.

A total of 1,086m of reverse circulation drilling for six initial holes was completed in Arzu Central, in order to improve understanding of the geometry of the mineralisation ahead of phase two drilling.

New mineralisation was identified in the footwall of the Arzu North vein system, which appeared to extend beneath the cap rock sequence and remained otherwise untested.

Preparations for phase two of the 2016 drilling programme were also complete, with at least 3,500m currently planned.

“We are exceptionally pleased with these drilling results, as they collectively and unequivocally demonstrate the continuity of mineralisation within the Arzu Central target area,” said Ariana managing director Dr Kerim Sener.

“The results confirm that the mineralised structure remains consistent for at least a further 200m beyond the northern end of the current Arzu South pit and, most significantly, that the vein system appears to be increasing in width.

“Meanwhile, zones of stockwork mineralisation and alteration have been identified in three further holes along strike, which potentially narrowly missed the vein due to targeting that was based on the original model.”

Sener said the company now knows that the vein is likely to be positioned 10-20 metres to the south of the original target.

“Following a revision of our drill targeting based on these results, we are now well-positioned to execute phase two of our drilling programme in late October for at least 3,500m.

“There is clearly potential for us to start the work on converting the Exploration Target established for Arzu Central into a JORC Inferred resource with substantial new drilling, some of which will be completed as part of the current programme,” Sener explained.