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(Alliance News) - Ariana Resources PLC on Tuesday said recent drilling results from the Kiziltepe mine in Turkey have confirmed the continuity of the Arzu South mineralised structure at depth.
Kiziltepe is part of the Red Rabbit joint venture Proccea Construction Co and is 50% owned by Ariana. Recent drilling, which was seeking deeper extensions of Arzu South, included 16 metres at 3.04 grammes or gold per tonne of ore plus 67 grammes per tonne of silver.
Results also included 3 metres at 6.25 grammes per tonne of gold and 129 grammes per tonne of silver.
A revised resource estimate for Kiziltepe is due to complete in the first quarter of 2020.
Ariana Managing Director Kerim Sener said: "These drilling results demonstrate the continuity of the Arzu South mineralised structure at depth which may form the basis for establishing an underground mineral resource. The structure clearly extends to a depth of about 50 to 100 metres beneath the bottom of the current open pit. Grades and widths of gold mineralisation encountered suggest that this structure has the potential to be developed via underground mining methods, although additional drill-testing is now warranted to determine the extent of this opportunity.
"We look forward to planning this follow-up drilling and also to undertake a new resource estimate for the Kiziltepe mine, encompassing areas drill-tested in the past year and including all known veins. We are expecting to conclude this resource estimation work during Q1 2020, with a view to identifying opportunities to extend mine life beyond the eight years determined in the feasibility study."
Shares in Ariana were flat at 2.30 pence in London on Tuesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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