Ariana Resources PLC Ariana Resources Plc : New Vein Extensions Identified At Kiziltepe

 
TIDMAAU 
 
   30 January 2017 
 
   AIM: AAU 
 
   NEW VEIN EXTENSIONS IDENTIFIED AT KIZILTEPE 
 
   Ariana Resources plc ("Ariana" or "the Company"), the gold exploration 
and development company operating in Turkey, is pleased to announce 
further results from its Phase Two drilling programme of 2016, completed 
during early December at the Kiziltepe Project.   Kiziltepe is part of 
the Red Rabbit Joint Venture with Proccea Construction Co. and will be 
50% owned by Ariana once the mine is operational in Q1 2017. 
 
   Highlights: 
 
 
   -- 125m vein extension tested at Banu with several near surface results 
      including 3m @ 3.36 g/t Au + 95.4 g/t Ag, 5m @ 1.88 g/t Au + 41.8 g/t Ag 
      and 4m @ 1.16 g/t Au + 24.9 g/t Ag. 
 
   -- Best individual intercept at Banu is 1m @ 7.95g/t Au + 170g/t Ag, which 
      along with a previous intercept at Fidan of 4.75m @ 4.26 g/t Au + 65.2 
      g/t Ag demonstrates the potential for high grades within the 
      south-eastern end of the Kiziltepe vein system. 
 
   -- New silver-rich vein extension discovered at Arzu Far South, with 
      intercepts including 8m @ 0.82 g/t Au + 60.4 g/t Ag, 2m @ 1.35 g/t Au + 
      64.6g/t Ag and 3m @ 0.72 g/t Au + 41.2 g/t Ag. 
 
   -- Further exploration required on several other zones of mineralisation 
      within the Banu, Fidan and Arzu Far South areas. 
 
 
   Dr. Kerim Sener, Managing Director, commented: 
 
   "Adding a further 125m to the mineralised vein strike at Banu 
potentially represents a meaningful addition to our resource at this 
locality.  The grades encountered over at least 75m of this additional 
vein strike demonstrate the potential for extraction from an extended 
open-pit.  Meanwhile, at Arzu Far South we have discovered a vein array 
which is highly anomalous in gold and particularly silver, which appears 
to represent the top of the system.  Further drilling, targeting greater 
depths, may be warranted in this area. 
 
   In addition, previous high-grade drilling results from the Fidan Vein 
require further investigation in the context of the Arzu Far South 
discovery.  Notably a single shallow intercept of 4.75m @ 4.26 g/t Au 
and 65.2 g/t Ag from 5.7m depth, which occurs between Fidan and Arzu Far 
South must be followed-up as a priority.  Also a 250m long high-grade 
vein system sampled and mapped at Banu West still requires drill 
testing." 
 
   Drilling Programme 
 
   As part of the 2016 Phase Two drilling programme at Kiziltepe, 904 
meters of exploration drilling was undertaken within the Arzu Far South 
area.  A further 260 meters was used to extend the test the southern 
extension of the Banu vein for an additional 125 meters along strike. 
All drilling was conducted by Spektra Jeotek San. ve Tic. A.S. and 
supervised by the Ariana exploration team, and team members from 
Ariana's Turkish subsidiary, Galata Madencilik San. ve Tic. Ltd. 
("Galata"). 
 
   The drilling undertaken on the southern end of Arzu South followed the 
completion of high resolution 1:500 scale geological mapping in and 
around the Kiziltepe mine site.  After top soil removal was completed as 
part of the construction of the Arzu South pit entry ramp, several clay 
alteration corridors containing sporadic vein material were identified 
on the flanks of Arzu South.  This led to the mapping of two new 
alteration trends within the Arzu Far South area. Both trends were 
targeted in drilling for possible mineralised extensions of the Arzu 
South vein system. 
 
   Drilling of these structures provided best intercepts including 8m @ 
0.82g/t Au + 60.4 g/t Ag, 2m @ 1.35 g/t Au + 64.55 g/t Ag and 3m @ 
0.72g/t g/t Au + 41.17 g/t Ag.  The larger of the two structures was 
tested to approximately 100 vertical meters below surface where gold 
results were relatively low but silver grades in several places exceeded 
100 g/t Ag over one meter. 
 
   550 meters west of the Arzu Far South mineralisation, five new RC drill 
holes totalling 260 meters was drilled into the southernmost extents of 
the Banu vein.  All five holes intercepted quartz vein mineralisation, 
testing 125 meters of new vein strike to depths of 55 meters and 25 
meters below the surface.  Best intercepts include 3m @ 3.36 g/t Au + 
95.40 g/t Ag, 5m @ 1.88 g/t Au + 41.80 g/t Ag (including 1m @ 7.95 g/t 
Au + 170 g/t Ag) and 4m @ 1.16 g/t Au + 24.95 g/t Ag. 
 
   Following these results, revisions to the resource estimate for the Banu 
vein will be undertaken.  Banu currently contains a JORC 2004 Measured 
and Indicated Resource of 158,000t @ 2.3 g/t Au + 53 g/t Ag for 11,700 
oz gold + 272,000 oz silver.  Historic drill intercepts at Banu include 
21m @ 1.59 g/t Au + 36.71 g/t Ag, 11m @ 2.07 g/t Au + 43.70 g/t Ag and 
12m @ 1.20g/t Au + 32.58 g/t Ag. 
 
   Surrounding the Banu and Arzu Far South veins are several mineralised 
zones that largely remain untested by drilling.  At Banu West, a 250m 
vein measuring 0.7-2m in width returned significant surface rock-chip 
results including 3.3 g/t Au + 4.8 g/t Ag, 2.1 g/t Au + 20.7 g/t Ag and 
1.6 g/t Au + 2.6 g/t Ag. 
 
   Between the Banu and Arzu Far South veins, a series of 
stockwork-dominant vein zones at Fidan have been mapped and drill tested 
to a maximum depth of 120m below the surface.   Previous drilling 
identified several encouraging intercepts from the Fidan area, including 
4.75m @ 4.26 g/t Au and 65.2 g/t Ag (from 5.7m), 4m @ 2.59 g/t Au + 
38.25 g/t Ag, 4m @ 1.23 g/t Au + 2.9 g/t Ag and 2m @ 2.01 g/t Au + 7.40 
g/t Ag. 
 
   Detailed mapping, sampling and exploration drilling at the Arzu Far 
South, Banu and Fidan veins and several surrounding vein systems is 
demonstrating the potential for new resource targets at Kiziltepe. 
Significant additional work will be required to continue the exploration 
and development of these vein systems and to confirm their resource 
potential. 
 
   Table 1:  Significant RC drilling results from the 2016 programme at 
Arzu Far South and Banu, arranged in order of the gram x metre 
intercepts (down-hole gold equivalent grade multiplied by intercept 
thickness).  The intercepts reported in this table are the down-hole 
lengths.  Intercept grades have been calculated using a 0.5 g/t Au 
minimum cut-off with up to 2m internal waste allowed. 
 
 
 
 
                                                    Grade    Grade 
                         From            Interval    Au       Ag 
  Hole ID       Vein      (m)    To (m)    (m)      (g/t)    (g/t)     Notes 
KTP-RC55-16     Banu         61      64         3     3.36    95.40 
                                                                     Including 
                                                                          1m @ 
                                                                       7.95g/t 
                                                                          Au + 
                                                                        170g/t 
KTP-RC54-16     Banu         32      37         5     1.88    41.80         Ag 
KTP-RC30-16   Arzu FS        79      87         8     0.82    60.40 
KTP-RC56-16     Banu         20      24         4     1.16    24.95 
KTP-RC34-16   Arzu FS        27      29         2     1.35    64.55 
KTP-RC32-16   Arzu FS        29      32         3     0.72    41.17 
KTP-RC30-16   Arzu FS       100     103         3     0.66    16.97 
KTP-RC32-16    Arzu FS       29      31         2     0.90    50.25 
KTP-RC57-16     Banu         30      32         2     0.70    15.35 
KTP-RC31-16    Arzu FS        9      10         1     1.31    49.70 
KTP-RC36-16    Arzu FS       60      61         1     1.00     2.90 
 
 
   Figure 1: See below for map of the SE end of the Kiziltepe vein system, 
showing the limits of the pit outlines at Arzu South and Banu.  The 
positions of all new and historic drill collars are shown, with drill 
traces and intercept locations identified for several recent holes. 
Drill holes identified by a * have been reported previously. 
 
   Sampling and Assaying Procedures 
 
   359 samples were selected based on geological logging of RC chips during 
drilling and sent for assay. All samples from the drilling programme 
undertaken by Ariana Resources plc, were prepared and assayed by 30g 
fire assay, and ICP-MS multi-element analysis, at the ALS Global 
laboratory in Izmir.  Routine re-assaying of all samples assaying 
greater than 10 g/t of gold and 100 g/t of silver has also been 
completed by ALS Global.  Standard, blank and duplicate samples are 
being used in the sample batches, which is in line with the Company's 
quality control procedures.  Laboratory sample preparation, assaying 
procedures and chain of custody are appropriately controlled.  The 
Company maintains an archive of reference RC chip samples, in addition 
to all sample pulps and splits. 
 
   Contacts: 
 
 
 
 
Ariana Resources plc             Tel: [phone] 
Michael de Villiers, Chairman 
Kerim Sener, Managing Director 
 
Beaumont Cornish Limited         Tel: [phone] 
Roland Cornish / Felicity Geidt 
 
Beaufort Securities Limited      Tel: [phone] 
Jon Belliss 
 
Panmure Gordon (UK) Limited      Tel: [phone] 
Adam James / Tom Salvesen 
 
 
 
   Editor's Notes: 
 
   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 construction.  The total resource inventory at the Red 
Rabbit Project and wider project area stands at c. 525,000 ounces of 
gold equivalent.  At Kiziltepe a Net Smelter Return ("NSR") royalty of 
up to 2.5% on future 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" Silver 
 
   "Au" Gold 
 
   "g/t" grams per tonne 
 
   "Indicated resource" a part of a mineral resource for which tonnage, 
densities, shape, physical characteristics, grade and mineral content 
can be estimated with a reasonable level of confidence. It is based on 
exploration, sampling and testing information gathered through 
appropriate techniques from locations such as outcrops, trenches, pits, 
workings and drill holes. The locations are too widely or 
inappropriately spaced to confirm geological and/or grade continuity but 
are spaced closely enough for continuity to be assumed; 
 
   "JORC" the Joint Ore Reserves Committee; 
 
   "JORC 2004" is the previous edition of the JORC Code, which was 
published in 2004. It has been superseded by JORC 2012; 
 
   "m" Metres 
 
   "Measured resource" a part of a Mineral Resource for which tonnage, 
densities, shape, physical characteristics, grade and mineral content 
can be estimated with a high level of confidence. It is based on 
detailed and reliable exploration, sampling and testing information 
gathered through appropriate techniques from locations such as outcrops, 
trenches, pits, workings and drillholes. The locations are spaced 
closely enough to confirm geological and grade continuity. 
 
   "oz" Ounces 
 
   "t" Tonnes 
 
   Ends 
 
   Figure 1: http://hugin.info/138153/R/2074198/779756.pdf 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Ariana Resources plc via Globenewswire 
 
 
  http://www.arianaresources.com/s/Home.asp 
 

(END) Dow Jones Newswires

January 30, 2017 02:00 ET (07:00 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.