Ariana Resources (AIM: AAU)
Announced the initial results from the 2021-2022 drilling programme at the Salinbas Project and provides an update on the ongoing drilling programme.
The Salinbas Project is operated via Zenit Madencilik San. ve Tic. A.S. in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.
|Production, development, exploration
|£35 million @2.973p
|Turkey, Cyprus, Kosovo
25 January 2023
SUBSTANTIAL DRILLING PROGRESS AT SALINBAS
Ariana Resources plc (“Ariana” or “the Company”), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce the initial results from the 2021-2022 drilling programme at the Salinbas Project and provides an update on the ongoing drilling programme.
The Salinbas Project is operated via Zenit Madencilik San. ve Tic. A.S. (“Zenit”) in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.
· Over 8,000m of diamond drilling has been completed at the Salinbas Project, representing a 350% increase in drilled metres over the original programme.
· Approximately 22,000m of resource and exploration drilling has now been planned to better constrain the mineralisation and to extend its boundaries.
· Significant results of the current programme include:
o 13.7m @ 6.75g/t Au + 1.3g/t Ag
o 8.6m @ 3.90g/t Au + 1.5g/t Ag + 68ppm Mo
o 11.5m @ 1.37g/t Au + 8.5g/t Ag
· Very encouraging results from the initial drilling at Hizarliyayla, displaying extensive silica-carbonate mineralisation containing abundant base-metal sulphides.
· Recent surface sampling at Hizarliyayla (including Au: 1.02 g/t, Ag: 141 g/t, Pb + Zn: c. 20%) has shown the potential for a base-metal rich intermediate sulphidation epithermal system.
Dr. Kerim Sener, Managing Director, commented:
“We are delighted to report the initial results from the drilling programme which has been underway at the Salinbas Project over the past year. These results have demonstrated the continuity of gold and silver mineralisation within part of the AS Zone, between Salinbas and Ardala, and confirmed the presence of significant molybdenum mineralisation in the periphery of the Ardala porphyry. Further confirmatory analytical work is being undertaken on the drill core to understand the distribution of precious and base-metal mineralisation and its associated alteration.
“The drilling programme was originally planned for 2,300m but this was extended at different points throughout the year, particularly following the receipt of critical forestry permits, which will now allow for a total programme of up to 22,000m. The programme continues to be funded through US$8 million in new capital provided to the project by Ozaltin Holding A.S. and is accompanied by various environmental studies and social development work.
“The drilling programme progressed slowly due to very poor weather in the early part of 2022. Drilling conditions have often been problematic, particularly where significant colluvium cover was being penetrated in the AS Zone. These issues, coupled with the high demand on the Kiziltepe Mine Laboratory for analysis and external laboratory QA/QC check assays, have resulted in a delay to the receipt of results from the programme. We are confident that the delivery of samples to the laboratory and the subsequent analytical work is now speeding up, though a backlog of over 2,500 samples remains.
“Drilling is now also well underway at Hizarliyayla using a second drill rig. The initial results from this work and associated detailed field sampling are highly encouraging, demonstrating the potential of this area to host an intermediate sulphidation precious and base-metal system. This is particularly significant given the proximity of the area to the >4Moz Hot Maden Cu-Au deposit just 7km to the south. Accordingly, the Salinbas Project is now shown to comprise several porphyry-related gold-rich mineralised systems over approximately 11km of strike.”
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