LONDON (Alliance News) - Ariana Resources PLC is pleased with latest results in Turkey, it said Tuesday, which could help extend the life of its Kiziltepe gold mine.
At the Arzu North deposit, Ariana has got results from infill drilling including 44 metres at 1.5 grams of gold per tonne of ore and 17.5 grams of silver, as well as 27.7 metres at 1.4 grams of gold and 13.1 grams of silver.
Arzu North, Ariana said, shows the potential for a large tonnage, lower-grade system at Kiziltepe.
Ariana has started new geological modelling and pit optimisation studies, to revise the resources at both Arzu North and Derya.
Ariana plans to start mining at the two deposits later in 2019, with forestry permissions now received.
Managing Director Kerim Sener said: "These encouraging results suggest there is potential in the Arzu North area to identify a large-tonnage and lower-grade resource, which could extend the life of mine at Kiziltepe."
"We are investigating opportunities with our joint venture team to assess this potential further through future drilling programmes and look forward to commencing mining in these fully permitted areas later this year."
Ariana's Kiziltepe is on the Red Rabbit joint venture with Turkey's Proccea Construction Co, with Ariana having 50% of the partnership.
Shares were 4.4% lower on Tuesday morning at 1.77 pence each.
Ariana (AAU)