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Ariana Resources rises following “exceptional” results from Tavsan sampling programme

The company is now planning to work on a revised mineral resource for the project in the second quarter that will be incorporated into its mine plan

Ariana Resources PLC - Ariana Resources rises following “exceptional” results from Tavsan sampling programme

Ariana Resources PLC (LON:AAU) has hailed “exceptional” results from a resources sampling programme at the Tavsan gold project in Turkey, part of its Red Rabbit joint venture.

Kerim Sener, managing director of the AIM-listed firm, said the results demonstrated that the sampled areas of the project were “typically higher grade” than the overall resource, suggesting that there was an opportunity to “identify several rich zones of “structurally-controlled mineralisation within the orebody as a whole”.

READ: Ariana Resources cruises past production target after strong final quarter

Ariana said the significant results, which included 3.5 metres of drilling at 9.28 grams per tonne (g/t) of gold and 30.5 g/t of silver, supported the potential conversion of a JORC exploration target at the Tavsan South are of the project to an inferred resource, and that follow-up drilling is planned for the next phase of project development.

Sener added that the company will be working on a revised mineral resource estimate for the whole project in the second quarter of the year which will then form part of its mine plan for the project once permits are received.

The news sent the shares up 3.2% to 2.9p in early trading on Wednesday

Quick facts: Ariana Resources PLC

Price: 3.15 GBX

AIM:AAU
Market: AIM
Market Cap: £33.38 m
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