www.arianaresources.com
Ariana is an AIM-listed and PLUS-traded gold exploration and development company which aims to develop new gold mines in Turkey. Ariana is lead by an experienced board and is spearheaded by a focused Turkish management team. Current resources stand at approximately 400,000 ounces of gold in western Turkey, with two key projects under development: the high-grade Kiziltepe prospect and the heap-leachable Tavsan prospect. An exploration joint venture with European Goldfields (20% shareholders in Ariana) in northeastern Turkey is focused on the Ardala copper-gold porphyry and surrounding areas. Ariana holds a large and prospective licence portfolio from which a pipeline of new exploration targets is being generated for drill-testing utilizing an ‘in-house’ drilling team. Exploration and development success is being delivered via a strategy which integrates geoscientific knowledge and new technologies to identify and advance prospects for drill-testing. Ariana aims to develop a portfolio of licences in western Turkey which contain an aggregate of one million ounces of gold; a target which it is already on the way to achieving.
Ariana Resources drilling to commence at Kiziltepe gold deposit
Ariana Resources PLC (AIM: AAU) the gold exploration and development company focused on Turkey, said a 2,000 metres reverse circulation resource drilling programme is to commence immediately on the Banu and Derya veins of the Kiziltepe deposit, part of the Red Rabbit project.
The programme has been devised to enable conversion of current resources on these veins from the Inferred to Indicated category. This programme is being initiated in advance of formal joint venture completion to ensure project development remains on schedule.
It is expected that this programme will run for approximately two weeks, following which the results of this programme will be integrated with a new mineral resource estimate which is already underway.
Ariana has been working alongside Procea, a Turkish turn-key construction firm, to finalise their proposed Red Rabbit joint venture. In October 2009, the companies agreed the terms of the 50-50 joint venture, whereby it is envisaged that Procea will earn into Ariana’s Red Rabbit project to develop a long term gold mining operation in Turkey. Red Rabbit combines Ariana’s flagship properties Sindirgi and Tavsan. Sindirgi comprises the Kiziltepe, Kepez and Karakavak deposits, while Tavsan encompasses the Evciler, Caldibi and Tavsan prospects.
Ariana also announced initial results of the Rotary Air Blast (RAB) drilling programme which tested probable buried vein extensions of the Arzu structure. The RAB programme has now defined buried veins in two out of three target areas and the group considers these results to be highly significant for the further growth of the Kiziltepe resource. Intercepts included 4 metres at 2.88 grammes per tonne of gold equivalent and 19 metres at 1.44 g/t Au equivalent.
The RAB drilling programme was cut short due to mechanical issues with the contract rig and the full programme was not implemented.
However, these initial results do point to the presence of continuous gold mineralisation in an area with poor to non-existent vein outcrop. Although the magnitude of gold anomalism detected in these holes is typically low - 1-2.5 g/t Au equivalent - the fact that gold mineralisation has been intercepted is a highly significant result and proves the continuity of mineralisation beneath cover and the integrity of the geophysical anomalies tested, Ariana said.
Ariana is focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey. The company is exploring a portfolio of prospective licences selected on the basis of its in-house geological and remote-sensing database, on its own in western Turkey and in joint venture with European Goldfields Ltd (AIM, TSX: EGU) in north-eastern Turkey.
The core Sindirgi and Tavsan projects are separated by a distance of 75 kilometres. The total resource inventory of the company stands at 401,000 ounces of gold equivalent.
