(Alliance News) - Ariana Resources PLC on Tuesday said recent drilling at the Kiziltepe project in Turkey has defined the likely economic limits of the known vein systems.
The London-based mineral exploration and development company, with gold mining interests in Turkey, Cyprus and Kosovo, said drilling remains underway at Karakavak, with progression onto Kepez and with a separate programme ongoing at Kizilcukur.
Targets have been defined following a recent induced polarisation/resistivity survey, Ariana Resources said, which will become the focus of further drilling across the Kiziltepe sector.
Ariana Resources also noted opportunities to further extend mine life to nine years to 2025, and potentially beyond, are being assessed.
"Kiziltepe currently remains our most important mining operation pending the successful commissioning of Tavsan which is currently under construction. Meanwhile, we have been working with the Zenit team to define further resource upside in the vicinity of the Kiziltepe operation," said Managing Director Kerim Sener.
"Successive drilling programmes conducted in recent years have already yielded success, extending mine life at a time when milling capacity was doubled. We are now looking to identify additional resources in the wider area and at several satellite locations such as Kizilcukur and Ivrindi."
Sener continued: "Once the drilling programmes across the Kiziltepe sector are completed, including the active programmes in the Karakavak and Kepez areas and the programme recently started at Kizilcukur, we will be undertaking a further review and reassessment of our resources and reserves."
Shares in Ariana Resources were up 2.1% to 2.55 pence each in London on Tuesday late morning.
By Greg Rosenvinge, Alliance News reporter
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Ariana (AAU)