(Alliance News) - Ariana Resources PLC on Thursday said recent work at the Kepez North deposit has confirmed prior work.
Kepez is part of the Red Rabbit joint venture in Turkey, which Ariana shares with Proccea Construction Co, though the two are looking to bring in a partner, with due diligence completed.
New rock-saw channel sampling intercepts include 14 metres at a grade of 10.8 grams of gold per tonne of ore, 10 metres at 11.5 grams of gold, and 4.0 metres at 3.6 grams of gold.
Elsewhere, scree sampling found a larger area of "highly mineralised" broke material at the surface. Results including 36.4 grams of gold per tonne, 35.4 grams per tonne, and 27.0 grams per tonne.
Kepez is being integrated into a 2020 resource estimation for the Kiziltepe mine.
Ariana is now planning a new drilling programme at Kepez and is in the process of making new forestry submissions.
Managing Director Kerim Sener said: "This additional work at Kepez was required in order to confirm our resource estimation at this important, high-grade satellite for the Kiziltepe processing plant.
"The in-situ grades and the widths of mineralisation reported add significant confidence to earlier work and will result in a more robust mineral resource estimate. We envisage this area being developed as a series of shallow open-pits producing ore which will be trucked approximately 14 kilometres to the Kiziltepe plant for processing."
Ariana shares were 2.4% higher on Thursday afternoon in London at a price of 3.02 pence each.
By George Collard; georgecollard@alliancenews.com
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Ariana (AAU)