Ariana Resources PLC Drilling Programme Commencement (3926E)
July 18 2016 - 2:00AM
UK Regulatory
TIDMAAU
RNS Number : 3926E
Ariana Resources PLC
18 July 2016
18 July 2016
AIM: AAU
DRILLING PROGRAMME COMMENCEMENT
Ariana Resources plc ("Ariana" or "the Company"), is pleased to
announce that its Summer drilling programme will be commencing this
week on the Kiziltepe Project. Kiziltepe is part of the Red Rabbit
Joint Venture with Proccea Construction Co. and will be 50% owned
by Ariana once mine construction is completed in Q4 2016.
Highlights:
-- Reverse Circulation ("RC") drilling to focus on drilling the
extensions of several veins in the vicinity of the Kiziltepe Mine,
totalling up to 4,000m.
-- Multi-purpose rig being mobilised to site, providing capacity
to drill some diamond holes if necessary.
-- Drilling will be focused on drilling the Arzu Central target
area beneath cover (Figure 1), following receipt of relevant
permissions.
-- Additional targets have been defined at Kiziltepe and at the
Karakavak prospect, which may be drill-tested towards the end of
the current programme.
Dr. Kerim Sener, Managing Director, commented:
"We are very pleased to report that our Summer drilling campaign
will commence this week. Following a very successful drilling
programme late last year, we are now well positioned to drill-test
the extension of the Arzu structure beneath cover. In recent months
we have also defined several additional target areas at Kiziltepe
which we are looking forward to drilling. In addition, we are
considering our first holes on the Karakavak prospect, now that we
have secured permits in that area too. Our operations remain
unaffected by recent events in Turkey, which were resolved swiftly
and effectively."
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/3926E_1-2016-7-17.pdf
Figure 1: Three-dimensional model of the Kiziltepe vein system
(in yellow) looking north, showing the modelled ore zones and
current drilling. The Arzu Central target area is shown in
grey.
Contacts:
Ariana Resources plc Tel: +44 (0) 20
7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20
7628 3396
Roland Cornish / Felicity
Geidt
Beaufort Securities Limited Tel: +44 (0) 20
7382 8300
Jon Belliss
Panmure Gordon (UK) Limited Tel: +44 (0) 20
7886 2500
Adam James / Tom Salvesen
Editors' Notes:
About Ariana Resources:
Ariana is an exploration and development company focused on
epithermal gold-silver and porphyry copper-gold deposits in Turkey.
The Company is developing a portfolio of prospective licences
selected on the basis of its in-house geological and remote-sensing
database, on its own in western Turkey and in Joint Venture with
Eldorado Gold Corporation in north-eastern Turkey. Eldorado owns
51% of this joint venture and are fully funding all exploration
work on the JV properties, while Ariana owns 49%. The total
resource inventory within this JV is 1.09 million ounces of
gold.
The Company's flagship assets are its Kiziltepe and Tavsan gold
projects which form the Red Rabbit Gold Project. Both contain a
series of prospects, within two prolific mineralised districts in
the Western Anatolian Volcanic and Extensional (WAVE) Province in
western Turkey. This Province hosts the largest operating gold
mines in Turkey and remains highly prospective for new porphyry and
epithermal deposits. These core projects, which are separated by a
distance of 75km, are being assessed as to their economic merits
and now form part of a Joint Venture with Proccea Construction Co.
The Kiziltepe Sector of the Red Rabbit Project is fully-permitted
and is currently in construction. The total resource inventory at
the Red Rabbit Project and wider project area stands at c. 525,000
ounces of gold equivalent.
Beaufort Securities Limited and Panmure Gordon (UK) Limited are
joint brokers to the Company and Beaumont Cornish Limited is the
Company's Nominated Adviser.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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