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Ariana Resources receives due diligence drilling results for Salinbas project

Ariana and its proposed partner, Proccea Construction, are also preparing legal documentation for a joint venture at the site

Ariana Resources PLC - Ariana Resources receives due diligence drilling results for Salinbas project

Ariana Resources PLC (LON:AAU) has received results of due diligence drilling at the Salinbas gold project in Turkey carried out by its proposed partner at the site, Proccea Construction.

The AIM-listed explorer said assay results from 600 metres of due diligence drilling had shown “good correlations” with its own drilling results at the site.

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

Both companies have also signed an extension agreement to enable the due diligence work to complete before the end of March.

Kerim Sener, Ariana’s managing director, said the results of the drilling will be factored into an independent review, while legal documentation for a joint venture was being prepared for review in the second half of February.

"We look forward to working closely with the proposed JV parties in order to conclude the proposed agreement and advancing our project development plans for Salinbas in particular", the MD added.

The shares were 3.3% lower at 3p in early deals.

--Adds share price--

Quick facts: Ariana Resources PLC

Price: 5.2 GBX

Market: AIM
Market Cap: £55.1 m

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