LONDON (Alliance News) - Ariana Resources PLC on Thursday said results from drilling at the Kizilcukur project in Turkey confirm its potential as a satellite source of high-grade ore for the Kiziltepe plant.
Shares in Ariana were up 4.2% at 2.14 pence in mid day trade.
Near surface results from the Zeki vein at Kizilcukur include 6.0 metres at 4.21 grammes of gold and 205.9 grammes of silver per tonne of ore, and 5.3 metres at 4.04 grammes of gold plus 171.9 grammes of silver per tonne of ore.
The exploration and resource company noted that a "bonanza grade mineralisation" was found at one hole, with 0.9 metres at 30.27 grammes of gold and 184.0 grammes of silver per tonne of ore in a previously untested vein.
Ariana Managing Director Kerim Sener said: "The latest drilling results from Kizilcukur confirm the potential to establish a satellite source of high-grade ore for the Kiziltepe processing plant. The mineralisation encountered within the top 40 metres of the Zeki vein system shows sufficiently high grades and widths to support an open pit operation. The occurrence of coarse gold and bonanza grade gold and silver mineralisation in places is highly encouraging."
The company expects to finish its assessment on the feasibility of hauling ore to the Kiziltepe processing plant from Kizilcukur, as part of a bulk processing trial, the third quarter of the year.
Sener said the company has already constructed a haulage road which connects the trial mining area to the existing road network to give access to the site.
"In addition, we will prepare a revised mineral resource estimate upon which we can make appropriate decisions about the future of the project. We expect that Kizilcukur will be an attractive addition to the [joint venture] operations, due to the high grades and gold recoveries that have been demonstrated in recent work," Sener added.
Ariana (AAU)