Drilling Programme - Kiziltepe sector

RNS Number : 6058C

Ariana Resources PLC

19 October 2015

 

19 October 2015

AIM: AAU

DRILLING PROGRAMME: KIZILTEPE SECTOR

Ariana Resources plc ("Ariana" or "the Company"), the gold exploration and development company focused on Turkey, is pleased to announce that it has commenced a new drilling programme on the Kiziltepe Sector of the Red Rabbit Gold Project ("Red Rabbit").

Highlights:

·   3,500 to 4,000m two-rig drilling programme commenced at Kiziltepe, which is expected to conclude in December.

·    Reverse circulation (RC) and diamond drilling currently focused on several deep holes testing for potential resource extensions along the Arzu South vein at Kiziltepe.

·     Resource drilling planned at Kizilcukur and exploration drilling planned at Kepez Far West. 

·     Several new drilling targets proximal to Kiziltepe have also been defined from recent modelling and these areas will be tested in future drilling programmes. 

Dr. Kerim Sener, Managing Director, commented: 

"We are very excited to get the next phase of exploration and resource drilling underway on several prospects within the Kiziltepe Sector of Red Rabbit.  Our initial targets have been defined along strike and down-dip of the Arzu South vein and we will be testing these areas as a matter of priority.  We will also commence drilling at the Kizilcukur prospect, upon which we have already defined an additional Inferred resource of 16,600 oz gold, and drill-test the Kepez Far West area for the first time. 

This drilling programme forms part of our strategy to increase our resource base across the Kiziltepe Sector, while our partners Proccea Construction Co. continue to make progress on mine construction.  We are now active on several fronts, with construction teams on site working in parallel with our exploration and drilling crews.  We look forward to keeping the market updated on our exploration and development progress in the coming months."

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
Loeb Aron & Company Ltd.	Tel: [phone]
John Beresford-Peirse
IFC Advisory	Tel: [phone]
Tim Metcalfe Graham Herring Heather Armstrong

Editors' note:

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.

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