viewAriana Resources PLC

Ariana up as it secures permits; all set to drill at Salinbas

With production at Red Rabbit in full swing, Ariana is now moving forward with other projects

Ardala is prospective for gold, copper and molybdenum

Ariana Resources PLC (LON:AAU) shares rose on Tuesday following news the firm has been granted forestry permits for its Salinbas gold project in Turkey.

It also has had its licence to operate at Salinbas approved for 10 years.

WATCH: Ariana Resources makes strong start to drilling at Salinbas

Full permission to drill on the Ardala licence has also been secured, and a reverse circulation rig has been mobilised to begin a 2,000 metre campaign.

Trial mining at Ardala has provided for a 10,000 tonne stockpile on site containing evidence of significant mineralisation.

"This is an excellent set of outcomes for the future development of the Salinbas project,” said Ariana’s managing director Kerim Sener.

“Now that we have secured all of the permits required for the drilling of the Ardala licence we have much greater flexibility to drill-test some of the key targets defined in earlier exploration. An initial 2,000m of RC drilling is due to commence on the Ardala licence imminently and is expected to conclude by early June.”

In a note to clients, analysts at City broker Shore Capital said they "look forward to the results with interest". 

In afternoon trading, shares in Ariana were 4% higher at 1.98p.

 -- Adds analyst comment, share price --

Quick facts: Ariana Resources PLC

Price: 4 GBX

Market: AIM
Market Cap: £42.39 m

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