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 is moving fast towards increasing gold resources- broker
Broker Fairfax says Ariana Resources (LON:AAU) is moving fast towards increasing its gold resources.
The house broker released a note on the gold firm today following the announcement that Ariana had defined multiple drilling targets on its newly acquired Kizilcukur gold prospect in western Turkey.
The broker feels there should be much to come from the company for investors.
The drill targets at Kizilcukur were identified after a geophysical programme on the property and further underpin the prospectivity of the entire project area within the Sindirgi gold corridor - a mineralised trend which extends through Ariana’s flagship Red Rabbit gold project, said the company today.
The Kizilcukur area lies within 20km of the production JV licences on Red Rabbit - held between Ariana Resources and Proccea Construction.
This could enable the trucking of higher grade gold ores to a plant within the JV license, said Fairfax.
"Drilling and defining vein deposits takes time and effort but is proving highly rewarding for many miners in the current gold price environment.
"If Ariana’s inference is correct then Kizilcukur could reward investors with the addition of meaningful ounces outside the production JV but within easy reach of the gold plant if agreement can be reached," said the broker, which recently visited the firm's licences in Turkey.
Ariana said today that with additional exploration work, it hopes to establish a resource for the Kizilcukur prospect. This resource may then be integrated into Red Rabbit’s development, which will enhance the economic fundamentals of the project, for which production is scheduled in late 2012.
The Red Rabbit resource currently stands at 448,000 ounces of gold equivalent.
