TIDMAAU
RNS Number : 3775W
Ariana Resources PLC
14 November 2017
14 November 2017
AIM: AAU
EXCELLENT RESULTS FROM SALINBAS PROJECT: ARDALA AREA
Ariana Resources plc ("Ariana" or "the Company"), the
exploration and development company operating in Turkey, is pleased
to announce the completion of recent exploration across the Hot
Gold Corridor and within its wholly-owned 1Moz Salinbas Gold
Project ("Salinbas" or "the Project"). The Hot Gold Corridor is
named after the 4 Moz Hot Maden Au-Cu deposit, located
approximately 4 km south of the Project licences (Figure 1).
Highlights:
-- Significantly anomalous zone 1.4 km long and 0.2 km wide of
gold, silver, copper, lead and zinc geochemistry identified at
Ardala North.
-- Potential for sizable multi-element mineral systems to occur
in the vicinity of the Ardala Porphyry, in particular along certain
geological horizons.
-- The scale and complexity of the mineral system identified
strongly indicates the potential to host multi-million ounce gold
deposits and significant base-metal systems:
o Exceptional rock-chip assay results include 11.20 g/t Au + 131
g/t Ag + 3.26% Cu + 0.24% Pb; 4.21 g/t Au + 815 g/t Ag + 3.80% Cu +
10.26% Pb and 4.35 g/t Au + 64 g/t Ag + 1.15% Cu + 0.25% Pb.
o Previous drilling of the Ardala Porphyry demonstrated
significant enrichment in gold and base-metals, highlighted by an
intercept from surface of 135m @ 2.28g/t Au + 0.29% Cu + 113g/t
Mo.
o Old workings mapped and sampled near the Ardala Porphyry
returned several encouraging results, including significant gold,
silver, copper, lead and zinc.
o Mapping coupled with previous drilling at Ardala South
confirms the extents of a rhenium and molybdenum (plus minor
copper) enriched porphyry located south of the Ardala Porphyry.
Dr. Kerim Sener, Managing Director, commented:
"The exploration team are very excited by these results and are
continuing to appraise large amounts of incoming data from site,
which will lead towards a further important announcement concerning
the Salinbas area. Based on our improved understanding, the Ardala
multiphase porphyry system is clearly the locus of various styles
of mineralisation throughout the northern part of the Hot Gold
Corridor. This is demonstrated in particular by the Salinbas
gold-silver deposit, which indicates that the range of
mineralisation propagating from the Ardala Porphyry source exceeded
1.5 km. This suggests that several other geologically favourable
sites in the periphery of the porphyry must be considered highly
prospective targets.
This scale and complexity of the mineral system, comprising a
large nested porphyry complex significantly enriched in gold,
silver, copper and molybdenum, with the associated gold-silver
deposit at Salinbas, underscores our view that this region has the
potential to host multi-million ounce gold deposits and significant
base-metal systems."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Exploration Programme
In June 2017, the Ariana exploration team commenced a
comprehensive exploration programme to better understand the
prospectivity of the Hot Gold Corridor and the Company's Salinbas
Project, in order to define new high priority targets. Since this
time, an area of approximately 170 km(2) has been sampled and
mapped, including the collection of 5,234 surface geochemical
samples. Mapping of over 2,000 geological outcrops and the
acquisition of 600 structural measurements has advanced the
geological understanding of the area and aided in the definition of
new targets. Evaluation of new and historic data identified over
twenty significantly anomalous targets including an area
immediately to the north of the Ardala Porphyry, referred to as
Ardala North.
In addition to the mapping and sampling programme, it was
important to establish an improved understanding of the
relationships between the Ardala Porphyry and surrounding styles of
mineralisation such as Salinbas. The relationship of such
mineralisation with the geometry of various geological features was
also investigated (Figure 1 & 2). The new 1:2,000 scale
geological mapping has identified several important features within
the local geology, which will assist with future targeting and
exploration drilling both at Ardala and at Salinbas. In particular,
a circular intrusive feature, that appears to enclose the Ardala
Porphyry and related prospects, is considered to be a potential
regional control on the mineralisation (Figure 1).
http://www.rns-pdf.londonstockexchange.com/rns/3775W_-2017-11-13.pdf
Figure 1: Simplified interpretive geological map of the Ardala
Porphyry and surrounding area, identifying Ardala Main as the core
of a nested multiphase intrusive complex, part of which is
significantly enriched in gold, copper and molybdenum. A circular
'ring' feature comprising intrusive rocks of broadly the same age
as Ardala Main, encircle all of the prospects and deposits defined
at the northern end of the Hot Gold Corridor. At least two
geological horizons are identified, which host additional potential
for gold and base-metal mineralisation.
http://www.rns-pdf.londonstockexchange.com/rns/3775W_1-2017-11-13.pdf
Figure 2: Simplified geological cross-section through the
Salinbas and Ardala areas, showing the key features influencing the
distribution of mineralisation in the vicinity. The Ardala North
style mineralisation (shown in red) is seen to extend along a lower
stratigraphic contact to the Salinbas style mineralisation. Other
stockwork and replacement type mineralisation occurs in the
vicinity of the Ardala Porphyry and extends in to the limestone
units (shown in blue).
Ardala North
Soil samples analysed by portable X-ray fluorescence ("pXRF")
identified a target at Ardala North, with highly elevated Ag, As,
Cu, Pb, S and Zn. Follow-up 50 m x 50 m spaced infill pXRF soil
sampling was initiated in September 2017. A total of 607 infill
samples were collected over a 1.5 x 0.5 km area. Fifty rock chip
samples were also collected for assay and obtained primarily from
various limestone-porphyry contact zones, limestone breccia
exposures, mineralised fractures/veins and from over twenty
previously unmapped historic workings, where accessible.
Anomalous geochemical results over an area 1.4km long and 0.2km
wide highlighted at least one Au, Ag, Cu, Pb and Zn mineralised
zone, which defines the primary Ardala Porphyry host-rock contact
boundary region (Figure 3 & 4). Proximal to the contact zone,
where the porphyry makes contact with the limestone host-rocks, the
limestone is highly brecciated and variably mineralised. At the
contact itself, the porphyry is bleached, textureless and locally
enriched with malachite, chalcocite and other intensely sulphidic
zones. Distal to the contact, the limestone becomes less
brecciated, locally crystallised and occasionally veined with
malachite and azurite. Rock-chip assay samples from the various
contact zones returned significant multi-element results, with
high-grade gold, including:
Limestone-porphyry contact: 11.20 g/t Au + 131 g/t Ag + 3.26% Cu
+ 0.24% Pb
Limestone breccia with intense iron-oxides: 4.21 g/t Au + 815
g/t Ag + 3.80% Cu + 10.26% Pb
Intensely manganese-rich limestone breccia: 4.35 g/t Au + 64 g/t
Ag + 1.15% Cu + 0.25% Pb
http://www.rns-pdf.londonstockexchange.com/rns/3775W_2-2017-11-13.pdf
Figure 3: Summary geological map of the Ardala area superimposed
on satellite imagery, showing the location of key geological
features, in addition to rock-chip samples and drilling data
referred to here.
Ardala Main
Some holes drilled in 1993 in to the Ardala Porphyry (Ardala
Main) highlight the importance of the intrusion in the development
of mineralisation at its periphery (GMS prefixed holes). The
following intercepts provide some understanding of the fertility of
this intrusion at Ardala Main (at a 0.2 Au g/t cut-off):
GMS24: 355 m @ 0.57 g/t Au + 0.31% Cu + 150 g/t Mo (no analysis
for Ag)
GMS26: 135 m @ 2.28 g/t Au + 0.29% Cu + 113 g/t Mo (no analysis
for Ag)
Other historical drilling undertaken on the northern flank of
Ardala Main in 1993 (GMS prefixed holes) and 2005 (DURU prefixed
holes), in part tested the southern extensions of the zones of
mineralisation identified at Ardala North and include (variable
cut-offs depending on lead element):
DURU002: 7.8 m @ 1.77 g/t Au + 54 g/t Ag + 0.85% Zn
GMS21: 10 m @ 0.75 g/t Au + 0.30% Cu + 0.37% Pb + 4.55% Zn (no
analysis for Ag)
GMS28: 165.7 m @ 0.28 g/t Au + 0.19% Cu + 98 g/t Mo (no analysis
for Ag)
However, the majority of these holes were designed primarily to
test the porphyry, rather than the mineralised contact between the
porphyry and the adjacent limestone units. These drill holes did
not specifically test zones which correlate with high-grade gold,
silver and base-metal rock-chip samples discussed above or areas
containing extensive historic workings. Rock-chip samples obtained
from old slag heaps and entrances of historic workings, where
accessible, also returned with significant results, such as:
Adit entrance: 1.28 g/t Au + 19 g/t Ag + 3.33% Cu + 12.85%
Zn
Historic slag heap: 0.68 g/t Au + 108 g/t Ag + 1.25% Cu + 132
g/t Mo + 2.45% Pb + 4.76% Zn
Float sample in old working: 0.80 g/t Au + 33.6 g/t Ag + 1.19%
Cu
Only half of the known workings have been adequately sampled to
date due to problems with accessibility. The majority of workings
are concentrated in areas where the black brecciated limestone
zones occur, which are typically proximal to the limestone-porphyry
contact (Figure 3). These areas of brecciation and mineralisation
define the Ardala North target and will be investigated further. It
is notable that the samples obtained from the old workings
typically contain lower gold grades than those obtained from
mineralised outcrops in the vicinity, suggesting that the old
workings were either focused on dominantly base-metal rich horizons
or that higher-grade gold ore was preferentially extracted.
http://www.rns-pdf.londonstockexchange.com/rns/3775W_3-2017-11-13.pdf
Figure 4: pXRF copper geochemistry map of the Ardala area,
showing the concentration of copper and associated base metals
(e.g. lead and zinc) at the Ardala North target. Note that the
Salinbas orebody is clearly not associated with the copper
enrichment in proximity to the Ardala Main porphyry. The Re-Mo
porphyry to the south is also not particularly enriched in
copper.
Ardala South
On the southern periphery of Ardala Main, approximately 700m
south of the Ardala North target, a separate intrusive suite
containing a rhenium-molybdenum enriched porphyry has been defined
(Figure 5). In 2010, six holes tested part of the target, of which
two holes reported unusual rhenium values, with best intercepts
including (at a 0.5 g/t Re cut-off):
ARD007: 6m @ 1.99 g/t Re + 422 g/t Mo + 0.19% Cu
ARD007: 10m @ 0.72 g/t Re + 310 g/t Mo + 0.34% Cu
ARD003: 2m @ 1.22 g/t Re + 171 g/t Mo + 0.19% Cu
The Ardala South zone remains significantly underexplored, with
one clear target having not yet been drilled to the south and east.
This area will become subject to further exploration programmes in
the future.
http://www.rns-pdf.londonstockexchange.com/rns/3775W_4-2017-11-13.pdf
Figure 5: Total Magnetic Intensity (TMI) map of the Ardala area.
The Ardala North target is located entirely within a low magnetic
zone, which appears to wrap around the porphyry at Ardala Main.
This suggests that the mineralisation is located proximal to the
contact zone of Ardala Main, though is cut off by the Re-Mo
porphyry (which shows a choppy magnetic signature) to the south.
This indicates that the Re-Mo porphyry likely represents a later
phase of intrusion and associated mineralisation. The high
concentration of Mo in parts of the Salinbas orebody may need to be
understood in this context.
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' Note:
Dr Kerim Sener, BSc (Hons), MSc, PhD, is the Managing Director
of Ariana Resources plc. A graduate of the University of
Southampton in Geology, he also holds a Master's degree from the
Royal School of Mines (Imperial College, London) in Mineral
Exploration and a doctorate from the University of Western
Australia. He is a Fellow of The Geological Society of London and
has worked in geological research and mineral consultancy in
Africa, Australia and Europe. He has read and approved the
technical disclosure in this regulatory announcement.
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
originally selected on the basis of its in-house geological and
remote-sensing database.
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, form part of a 50:50 Joint Venture with Proccea
Construction Co. The Kiziltepe Sector of the Red Rabbit Project is
fully-permitted and is currently in production. The total resource
inventory at the Red Rabbit Project and wider project area stands
at c. 605,000 ounces of gold equivalent. At Kiziltepe a Net Smelter
Return ("NSR") royalty of up to 2.5% on production is payable to
Franco-Nevada Corporation. At Tavsan an NSR royalty of up to 2% on
future production is payable to Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold
Project, comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million
ounces of gold equivalent. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
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.
Glossary of Technical Terms:
"Ag" the chemical symbol for silver;
"As" the chemical symbol for arsenic;
"Au" the chemical symbol for gold;
"azurite" a copper carbonate hydroxide mineral;
"chalcocite" a copper sulphide mineral;
"Cu" the chemical symbol for copper;
"g/t" grams per tonne;
"Pb" the chemical symbol for lead;
"pXRF" portable X-ray Fluorescence handheld device that uses
X-rays to excite matter at the atomic level. A built in CPU and
display on the back of the unit provide live geochemical results
within seconds for elements ranging from magnesium through to the
heaviest metals such as uranium. A three filter 50 second sample
scan is typical. Taking multiple readings across a sample grid
allows the user to very rapidly build up a geochemical map,
outlining potential pathfinder elements associated with
mineralisation, lithological boundaries and intensity or zoning of
mineralised areas;
"m" Metres;
"malachite" a copper carbonate hydroxide mineral;
"Mo" the chemical symbol for molybdenum;
"oz" Ounces;
"Re" the chemical symbol for rhenium;
"S" the chemical symbol for sulphur;
"t" Tonnes;
"Zn" the chemical symbol for zinc.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
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