18 November 2015
AIM: AAU
ARIANA RESOURCES PLC
KIZILCUKUR PROJECT RECEIVES MINING
PERMIT
Ariana Resources plc ("Ariana" or
"the Company"), is pleased to announce that it has received its
mining permit for the Kizilcukur Project, which is located
approximately 22km to the northeast of its Kiziltepe Mine.
Kizilcukur is located outside of the Red Rabbit joint venture with
Proccea Construction Co. and is 100% owned by
Ariana.
Highlights:
·
51 hectare Mining Permit for gold and silver
secured for the Kizilcukur Project.
·
Mining licence granted expires on the
24th September 2022, with the possibility for
extension.
·
Land access and forestry permits already in place
for exploration.
·
Drilling on the project is now complete and
sampling is ongoing.
Dr. Kerim Sener, Managing Director,
commented:
"We are very pleased to have
received our mining permit for the Kizilcukur Project, particularly
while we have been in the process of completing our recent drilling
and sampling programme. Receipt of this permit will enable
the Company to complete trial mining on the Project, as we look
towards defining a potentially mineable satellite resource for our
Kiziltepe operation. The identification of satellite
resources to the Kiziltepe Mine is an important part of our
strategy to extend the life of mine and to provide options within
our mining schedule."
Details of the Kizilcukur
Project
The Kizilcukur Project consists of
one licence located in the Balikesir Province in Western Turkey
(coordinates: 626150 m E; 4360440 m N). The property lies
22km to the northeast (straight line) and 50km by road from the
Kiziltepe Sector of the Company's Red Rabbit Project. A
royalty will be payable to Dogu Akdeniz Mineralleri San. ve Tic.
Ltd. of 2% Net Smelter Return on commercial production from the
Project.
The Project covers an area containing
a series of sub-parallel quartz veins hosted by ophiolitic units
that trend northwest and extend for at least two kilometres.
The main vein exhibits classic low-sulphidation epithermal
features and attains a maximum true width of 8m. The western
quartz vein extends over a strike length of 800m. Composite
rock chip sampling of 80m strike along this quartz vein returned
encouraging assay results of 6m at 3.3 g/t gold, 2m at 9.6g/t gold
and 1m at 7.2 g/t gold. The peak rock-chip assay result in
this area was 152 g/t gold and 1,320 g/t silver.
A JORC Inferred resource of 162,000
tonnes @ 2.39 g/t gold and 48.5 g/t silver has already been
established at Kizilcukur based on 17 historic drill holes, as
announced by the Company on 29 October 2013. The current
drilling programme was designed to test the near-surface resource
potential along strike of the areas previously tested by
drilling. A total of 1,598m of new Reverse Circulation (RC)
drilling have now been completed in this area and rock-saw channel
sampling is in the process of being completed over the
veins.
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
|
|
|
|
Loeb Aron & Company
Ltd.
|
Tel: +44 (0) 20 7628 1128
|
John Beresford-Peirse
|
|
|
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IFC Advisory Limited
|
Tel: +44 (0) 20 3053 8671
|
Tim Metcalfe
Graham Herring
Heather Armstrong
|
|
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 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 presently being assessed as to their economic
merits and now form part of a Joint Venture with Proccea
Construction Co. The total resource inventory at the Red
Rabbit Project stands at 475,000 ounces of gold
equivalent.
Beaufort Securities Limited and Loeb
Aron & Company Ltd. 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:
"g/t" grams per tonne
"JORC" the Joint Ore Reserves
Committee
"m" Metres
"oz" Ounces
Ends