ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

AAU Ariana Resources Plc

2.05
0.00 (0.00%)
19 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ariana Resources Plc LSE:AAU London Ordinary Share GB00B085SD50 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.05 1.90 2.20 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 4.03M 0.0035 5.86 23.5M

Ariana Resources PLC Ariana Resources Plc : First Drilling Results From Karakavak

06/02/2017 7:00am

UK Regulatory


 
TIDMAAU 
 
   6 February 2017 
 
   AIM: AAU 
 
   FIRST DRILLING RESULTS FROM KARAKAVAK 
 
   Ariana Resources plc ("Ariana" or "the Company"), the gold exploration 
and development company operating in Turkey, is pleased to announce 
results for its first drilling programme conducted at the Karakavak 
prospect, which is part of the Kiziltepe Sector.   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: 
 
 
   -- Initial drilling at the Karakavak prospect demonstrates potential for a 
      low strip-ratio open-pittable resource based on only 8% of the vein 
      system tested to date. 
 
   -- A total strike of 180m of outcropping veins were tested with best 
      intercepts including 4m @ 1.72g/t Au, 3m @ 1.11g/t Au and 3m @ 1.06g/t Au 
      all from within about 10m from surface. 
 
   -- Vein orientation and geochemistry suggests development high in the 
      epithermal system; potential to identify more steeply-dipping feeder 
      structures. 
 
   -- A further 2,150m of gold-bearing outcropping veins still remain untested 
      by drilling. 
 
 
   Dr. Kerim Sener, Managing Director, commented: 
 
   "These encouraging initial results from the Karakavak prospect confirm 
the potential in this area for several shallow open-pittable resources 
as satellites to the Kiziltepe Mine operations.  The drilling has 
demonstrated that the vein systems have unusual orientations, dipping at 
approximately 35-45 degrees to the south and that they likely developed 
very high in the epithermal system.  In particular, this is demonstrated 
by the lack of silver and the occurrence in this area of higher 
concentrations of metals typically associated with the uppermost parts 
of such systems. 
 
   Trial mining at this location will proceed on the basis of this new data 
and we will aim to permit several other areas across the Karakavak 
prospect in order to conduct further work.  An open-pittable resource 
target has been established in this area to guide our strategy for 
further exploration and development.  We are confident that, in time, 
Karakavak will meaningfully add to the mineable resources within the 
Kiziltepe Sector." 
 
   Drilling Programme 
 
   The Karakavak prospect was drill tested as part of the 2016 Phase Two 
drilling programme, which was initiated in late October.  The drilling 
was carried out by Spektra Jeotek San. ve Tic. A.S. supervised by the 
Ariana exploration team and team members from Ariana's Turkish 
subsidiary, Galata Madencilik San. ve Tic. Ltd. ("Galata").  One 
objective for the Phase Two programme was to drill test two easily 
accessible and previously permitted locations on the Karakavak Main and 
Karakavak South vein systems.  A total of 464m of Reverse Circulation 
(RC) drilling was completed within the Karakavak prospect of the 
Kiziltepe Sector (Table 1). 
 
   The Karakavak prospect is located approximately 10km northeast of the 
Kiziltepe mine site, which is accessed by 27km of well-maintained 
asphalt and forestry roads (Figure 1).  Drilling commenced at Karakavak 
Main in late October 2016 and a total of 362m was drilled for 10 RC 
holes. All drilling was undertaken at easily accessible locations where 
the Company had previously completed trial mining of surface material. 
Historic channel samples of exposed vein from the trail mining area of 
Karakavak Main returned grades including 1m @ 1.94 g/t Au, 1m @ 1.48 g/t 
Au and 1m @ 1.22m g/t Au. 
 
   Sectional and scissor orientated drill holes at Karakavak Main revealed 
that the vein system dips gently at about 35 degrees to the south, which 
is very different to the vein orientations at Kiziltepe, which are near 
vertical.  This geometry made it difficult for the team to position the 
drill rig within current permit areas to target the vein system at 
greater depths.  The gentle dip to the south of the veins is 
sub-parallel to the topography on the southern flank of Ulus Mountain, 
which bodes well for a low strip-ratio open pittable resource at this 
location. Permitting for future work is now being planned to further 
test anomalous strike extensions of the Karakavak Main vein. 
 
   The next area tested was Karakavak South, approximately 3km southwest of 
Karakavak Main. At this location the team drilled tested a further 100m 
of outcropping vein strike for a total of 102m over four holes, testing 
a relatively continuous 3m wide massive crystalline and colloform banded 
vein at 50 to 25m collar separation. Historic surface rock-chip results 
from the Karakavak South vein system include 20.80 g/t Au + 33.5 g/t Ag, 
2.45 g/t Au + 22.1 g/t Ag and 2.26 g/t Au + 1.9 g/t Ag. 
 
   Drilling results from Karakavak South identified a dip of 45 degrees to 
the south on the vein system.  Difficulties in positioning the drill rig 
to intercept the mineralisation at an appropriate angle resulted in the 
programme ending early at Karakavak South. One successful drill hole 
(KRK-RC12-16), was able intercept mineralisation and reported 3m @ 
1.11g/t Au. 
 
   The results of the Karakavak drilling has allowed the Ariana team to 
better understand the geometry of mineralisation at both Karakavak Main 
and Karakavak South.  The Company will now assess and permit new 
locations to better access the vein system for future drilling 
programmes.  To date, a total 180m out of 2,330m (<8%), of geochemically 
anomalous quartz veins at Karakavak have been drill tested. 
 
   Table 1:  Significant RC drilling results from the 2016 programme at 
Karakavak, 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. 
 
 
 
 
  Hole ID           Vein        From (m)  To (m)  Interval (m)  Grade Au (g/t) 
KRK-RC10-16    Karakavak Main          3       7             4            1.72 
KRK-RC09-16    Karakavak Main          3       6             3            1.06 
KRK-RC12-16   Karakavak South          9      12             3            1.11 
KRK-RC10-16    Karakavak Main          9      13             4            0.72 
KRK-RC08-16    Karakavak Main          2       5             3            0.80 
KRK-RC04-16    Karakavak Main          4       9             5            0.33 
KRK-RC02-16    Karakavak Main          2       4             2            0.62 
KRK-RC03-16    Karakavak Main          4       5             1            1.09 
KRK-RC07-16    Karakavak Main          1       2             1            0.76 
 
 
 
   Figure 1 below: shows map of the Kiziltepe Sector of the Red Rabbit JV 
showing the position of major gold-silver prospects and proposed 
trucking routes from satellite mines to the primary Kiziltepe Mine 
operations.  The Karakavak area has been drill-tested only partially 
between Karakavak Main and South. 
 
   Sampling and Assaying Procedures 
 
   139 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: +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 
 
 
 
   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 
 
   "m" Metres 
 
   "oz" Ounces 
 
   Ends 
 
   Figure 1: http://hugin.info/138153/R/2075992/780668.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

February 06, 2017 02:00 ET (07:00 GMT)

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

1 Year Ariana Resources Chart

1 Year Ariana Resources Chart

1 Month Ariana Resources Chart

1 Month Ariana Resources Chart

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com