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(Sharecast News) - Europe-focussed mineral exploration and development company Ariana Resources announced recent and substantial resource drilling results from the Arzu South area of the Kiziltepe Mine on Tuesday, which is part of the Zenit joint venture with Proccea Construction and Ozaltin, 23.5% owned by Ariana.
The AIM-traded firm said new, "significant" intercepts within the Arzu South area included 13.9 metres at 1.67 grams of gold and 17.5 grams of silver per tonne.
It also highlighted 8.2 metres at 2.49 grams of gold and 43.5 grams of silver per tonne, and five metres at 2.7 grams of gold and 27.6 grams of silver per tonne.
The full Kiziltepe mineral resource estimate update study, based on the drilling completed up to the end of June, was now underway.
Ariana said the remaining Arzu South resource would be assessed for extraction via an expanded open-pit along strike and to greater depth.
"These drilling results have confirmed the opportunity to expand the open-pit at Arzu South, particularly at the north west end and also at further depth," said managing director Dr Kerim Sener.
"Some of the deeper drilling undertaken at Arzu South this year aimed to provide further definition to some higher-grade mineralised shoots, though the continuity to depth of these is now considered less likely.
"We are, however, very encouraged to see the opportunities for pit expansion and to bring Arzu South back into operation."
Dr Sener said being the highest-grade vein system overall at Kiziltepe, it was an "important" development.
"Further work, including engineering, will be undertaken following the completion of an updated Mineral Resource Estimate.
"Encouragingly, we have both identified and confirmed the presence of additional narrow but potentially higher-grade veins in both the hanging wall and footwall of the main Arzu South vein, which furthers the opportunity to build an enhanced resource."
After having received additional permits at Kiziltepe, Dr Sener said the joint venture had determined to further extend its drilling programme.
"The drill rig is currently completing an expanded programme of drilling at Kepez, following which it will be returned to Kiziltepe to continue drilling at Arzu North and Derya, within the newly named 'Parallelogram' target area."
At 1100 BST, shares in Ariana Resources were down 4.4% at 4.35p.
9 May 2024 16:33
IN BRIEF: Ariana Resources gets Dokwe revised pre-feasibility study
Ariana Resources PLC - Precious metals exploration company focused on the Eurasian Tethyan metallogenic belt - Gets revised pre-feasibility study for the Dokwe project in Zimbabwe. Says Dokwe PFS shows post-tax net present value of USD160 million and a 13-year mine life at 60,000 ounces of gold per year. Dokwe project is part of Rockover acquisition, it adds. Managing Director Kerim Sener says: "This substantial update to the Dokwe Project PFS further underscores our assessment that the project represents a major value-accretive opportunity for the proposed enlarged Company once we complete our merger with Rockover. Notably, the revised PFS only includes the Dokwe North area and there is significant scope to enhance the economics further if Dokwe Central is included...We anticipate positive developments through further project optimisation studies of the Dokwe project, which require ongoing assessment, along with similar studies being undertaken across the rest of our project portfolio."
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