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Ariana Resources PLC - exploration firm with interests in Turkey - Says recent drilling results from the Klirou sector of its Magellan project in Cyprus confirmed the presence of "significant" gold.
Notes that the results are preliminary and have tested only one part of the deposit.
States that the results show that gold is "clearly" a major component of the mineralisation system and that it is generally present throughout the deposit including gold-only areas, but mostly noted in higher concentrations in association with zinc.
"The results further suggest that future exploration needs to focus on the gold-rich zones, which have also been identified recently in several surface outcrops," Managing Director Kerim Sener comments.
The Magellan project is fully owned by exploration company Venus Minerals Ltd. Ariana owns 50% of Venus.
Current stock price: 3.70 pence, up 7.3% on Thursday
12-month change: down 22%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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