Drilling Results
25 June 2008
AIM / PLUS Markets: AAU
ADDITIONAL DRILLING RESULTS: KIZILTEPE
Ariana Resources plc ("Ariana" or "the Company"), the gold
exploration and development company focused on Turkey, announces the
results from 12 drill holes at Arzu North and 5 drill holes on Vein 4
at the Kiziltepe gold prospect. The results confirm that there is
additional potential for an increase in the current JORC resource
estimate to be derived from other veins at the Kiziltepe prospect.
Highlights
* Gold-equivalent intersections of 11.99 g/t over 6.1m, 5.04 g/t
over 6.25m and 2.83g/t Au over 10.6m from Arzu North
* Gold-equivalent intersections of 6.22 g/t over 6.0m, 3.85 g/t
over 8.7m and 5.79g/t Au over 3.0m from Vein 4
* Geophysical programme planned for early August ahead of further
drilling
Dr. Kerim Sener, Managing Director, commented:
"These drilling results have helped to increase our understanding of
the Kiziltepe prospect and its near-term potential. Confidence in
our resource target of 250,000 oz from Kiziltepe and surrounding
areas has increased with each new set of results. However, it is now
clear that further drill-testing will be required in areas of cover
and a new geophysical programme will be undertaken to define targets
ahead of further drilling.
"These results will lead to us updating our existing resource model
in July and will help in the development of our strategy to further
increase the resource towards our stated target. We expect that
drilling in 2008 will bring us even closer to this objective."
Arzu North
The Arzu North vein system has a strike length of 400m. The vein
system is atypical of the veins developed elsewhere on the Kiziltepe
prospect, comprising multiple parallel veins, intervals of stockwork
veins and extensive wall-rock alteration. Whilst there is clearly
one important vein at this location, the hangingwall contains at
least three additional subsidiary veins that can be traced on surface
and in drill core. There is a possibility at this location to define
a lower grade bulk-tonnage resource.
The Arzu North area is interpreted to represent the terminal splay of
an important NW-trending structure that carries the high-grade gold
mineralisation at Arzu South. The northern and southern parts of the
Arzu vein system are obscured for over 650m of strike by rhyodacitic
ignimbrite cover rocks, which are visibly silicified and clay
altered. The company has committed to undertaking a geophysical
programme in August 2008, ahead of drilling with its own drilling-rig
in the covered area.
Vein 4
Vein 4 has a strike length of 500m and has grades up to 6.3 g/t Au
and 486 g/t Ag in drilling. The intersections recorded here derive
from an area to the east of three initial holes drilled in 2007.
There is a marked increase in gold and silver grade in the eastern
extension of the vein towards the rhyodacitic ignimbrite cover rocks
in the Arzu North area. It is apparent that Vein 4 may itself be a
splay from the Arzu vein system. The latest drilling has confirmed
the distribution of gold and silver grades along a greater strike
length than that tested and reported on in 2007.
Details of Programme
A field team from the Company's Turkish operating subsidiary, Galata
Madencilik San. ve Tic. Ltd. Sti., supervised the completion of 24
diamond HQ drill holes on the Arzu North and Vein 4 structures out of
which 17 holes are reported in this announcement. The holes reported
in this release totalled a depth of 900m. They were drilled to
depths of between 37.8 and 70.2 metres and angled between 45 and 75
degrees. Quartz veins, other mineralised structures and stockwork
were located in all 24 holes drilled in the programme. Selected
intersections are given in Table 1 and 2 below.
Table 1: Diamond drill hole intersection data from the Arzu North
Vein:
+-------------------------------------------------------------------+
| | | | | | | Au + |
| | | | | Gold | Silver | Au |
| | From | To | Apparent | (Au | (Ag | equiv. |
| Hole | (m) | (m) | Width (m) | g/t) | g/t) | (g/t) |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D32-08 | 14.1 | 14.6 | 0.50 | 1.63 | 20.90 | 2.05 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 15.0 | 17.8 | 2.80 | 2.50 | 83.34 | 4.17 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D33-08 | 4.0 | 4.8 | 0.80 | 1.43 | 8.10 | 1.59 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 28.4 | 30.5 | 2.10 | 1.32 | 9.32 | 1.51 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 37.0 | 47.6 | 10.60 | 2.27 | 27.57 | 2.83 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D34-08 | 4.0 | 7.1 | 3.10 | 0.98 | 5.44 | 1.09 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 8.0 | 9.5 | 1.45 | 1.06 | 5.46 | 1.17 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 47.7 | 48.8 | 1.10 | 3.12 | 41.48 | 3.95 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 59.7 | 61.7 | 2.00 | 0.98 | 67.46 | 2.33 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D35-08 | 34.4 | 35.0 | 0.65 | 1.76 | 4.40 | 1.84 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 43.0 | 49.1 | 6.10 | 2.27 | 485.63 | 11.99 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D36-08 | 1.8 | 5.7 | 3.90 | 1.52 | 8.93 | 1.69 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 13.0 | 15.6 | 2.60 | 0.87 | 3.74 | 0.95 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 41.1 | 48.4 | 7.25 | 1.74 | 34.05 | 2.43 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D37-08 | 1.9 | 5.7 | 3.75 | 1.14 | 9.30 | 1.32 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 16.3 | 17.2 | 0.90 | 0.95 | 9.20 | 1.14 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 25.2 | 26.6 | 1.45 | 0.97 | 12.21 | 1.21 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 32.8 | 35.6 | 2.80 | 2.40 | 40.44 | 3.20 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 46.6 | 47.2 | 0.60 | 2.01 | 50.80 | 3.02 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D38-08 | 10.8 | 12.3 | 1.50 | 1.33 | 6.70 | 1.46 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 29.0 | 32.5 | 3.50 | 1.00 | 21.75 | 1.43 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 33.3 | 34.0 | 0.75 | 3.34 | 34.70 | 4.03 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 38.5 | 41.9 | 3.40 | 2.97 | 75.32 | 4.47 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D39-08 | 33.3 | 35.0 | 1.70 | 2.08 | 27.89 | 2.64 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 40.7 | 45.4 | 4.65 | 3.16 | 19.60 | 3.55 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D40-08 | 9.4 | 10.0 | 0.60 | 4.78 | 60.80 | 6.00 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 11.3 | 12.0 | 0.70 | 2.27 | 28.00 | 2.83 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 32.8 | 33.8 | 1.00 | 0.92 | 21.20 | 1.34 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 37.6 | 43.8 | 6.25 | 3.65 | 69.64 | 5.04 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D51-08 | 26.2 | 30.4 | 4.20 | 2.62 | 43.27 | 3.49 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 31.7 | 34.3 | 2.60 | 1.40 | 17.65 | 1.75 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D52-08 | 39.4 | 42.6 | 3.20 | 2.55 | 65.83 | 3.86 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 44.6 | 45.6 | 1.00 | 1.85 | 22.70 | 2.30 |
|-------------+-------+-------+------------+------+--------+--------|
| KTP-D59-08 | 55.4 | 56.9 | 1.50 | 6.31 | 79.68 | 7.91 |
|-------------+-------+-------+------------+------+--------+--------|
| and | 59.9 | 61.0 | 1.10 | 1.91 | 38.60 | 2.68 |
|-------------------------------------------------------------------|
| Notes: |
| No top cut has been applied to assay results |
| Intersections based on a 0.5 g/t cut off grade |
| Weighted averages have been calculated for gold/silver grades |
| Au + Au equiv. g/t is the sum of the gold grade and the gold |
| equivalent grade of silver based on a gold/silver price ratio of |
| approximately 50:1 |
| |
+-------------------------------------------------------------------+
Table 2: Diamond drill hole intersection data from Vein 4:
+-------------------------------------------------------------------+
| | | | | | | Au + |
| | | | | Gold | Silver | Au |
| | From | To | Apparent | (Au | (Ag | equiv. |
| Hole | (m) | (m) | Width (m) | g/t) | g/t) | (g/t) |
|--------------+-------+------+-----------+-------+--------+--------|
| KTP-D44-08 | 22.1 | 23.4 | 1.3 | 2.96 | 44.58 | 3.85 |
|--------------+-------+------+-----------+-------+--------+--------|
| and | 33.8 | 35.9 | 2.1 | 6.20 | 74.75 | 7.69 |
|--------------+-------+------+-----------+-------+--------+--------|
| and | 37.0 | 39.8 | 2.8 | 1.64 | 98.57 | 3.61 |
|--------------+-------+------+-----------+-------+--------+--------|
| KTP-D45-08 | 18.5 | 20.0 | 1.5 | 0.62 | 3.39 | 0.69 |
|--------------+-------+------+-----------+-------+--------+--------|
| and | 39.2 | 42.2 | 3.0 | 3.76 | 101.38 | 5.79 |
|--------------+-------+------+-----------+-------+--------+--------|
| KTP-D46-08 | 33.4 | 34.4 | 1.0 | 1.92 | 46.40 | 2.85 |
|--------------+-------+------+-----------+-------+--------+--------|
| and | 39.5 | 41.7 | 2.2 | 1.27 | 14.85 | 1.57 |
|--------------+-------+------+-----------+-------+--------+--------|
| and | 42.7 | 44.5 | 1.8 | 6.16 | 157.48 | 9.31 |
|--------------+-------+------+-----------+-------+--------+--------|
| KTP-D47a-08 | 50.4 | 59.1 | 8.7 | 2.47 | 69.21 | 3.85 |
|--------------+-------+------+-----------+-------+--------+--------|
| and | 61.8 | 62.3 | 0.5 | 21.10 | 50.40 | 22.11 |
|--------------+-------+------+-----------+-------+--------+--------|
| KTP-D47b-08 | 45.0 | 51.0 | 6.0 | 4.81 | 70.39 | 6.22 |
|-------------------------------------------------------------------|
| Notes: |
| No top cut has been applied to assay results |
| Intersections based on a 0.5 g/t cut off grade |
| Weighted averages have been calculated for gold/silver grades |
| Au + Au equiv. g/t is the sum of the gold grade and the gold |
| equivalent grade of silver based on a gold/silver price ratio of |
| approximately 50:1 |
| |
+-------------------------------------------------------------------+
Sampling and Assaying Procedures
624 half core samples from the drilling programme on the Arzu North
and Vein 4 were sent for assay. Of these 428 samples have returned
grades of less than 0.5 g/t Au (68.6% of the total), 69 samples
between 0.5-1 g/t Au (11.1% of total), 112 between 1-5 g/t Au (18.0%
of total), and between 5-10 g/t Au (2.3% of total), with the peak
grade at 21.1 g/t Au (over 0.5m for KTP-D47a-08) and 1,505 g/t Ag
(over 1m in the interval from 43m to 49.1m for KTP-D35-08). Sample
recovery averaged 92.37% in the mineralised zones.
All samples have been prepared by the ALS Chemex preparation facility
in Izmir and assayed by 30g fire assay at the ALS Chemex laboratory
in Romania. Routine re-assaying of all samples assaying greater than
10 g/t Au and 100 g/t Ag has also been completed by ALS Chemex.
Standard, blank and duplicate samples are being used in the sample
batches, which is in line with the Company's quality control
procedures. Quality control checks have determined that all blanks
and standards have passed and duplicate samples have shown excellent
correlations, with 98% correlation for crushed duplicates and 99%
correlation for pulp duplicates. Laboratory sample preparation,
assaying procedures and chain of custody are appropriately
controlled. The Company maintains an archive of half core samples
and all pulps and photographic record of all cores for future
reference.
Contacts:
Ariana Resources plc Tel: 020 7407 3616
Michael Spriggs, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish
Bankside Consultants Tel: 020 7367 8888
Michael Padley / Louise Davis
Loeb Aron & Company Ltd Tel: 020 7628 1128
Peter Freeman / Frank Lucas
City Capital Corporation Limited Tel: 020 7842 5867
Charles Dampney
Alexander David Securities Limited Tel: 020 7448 9800
Nick Bealer / David Scott
Editors' note:
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 Southern Africa and Australia. He
has read and approved the technical disclosure in this regulatory
announcement.
About the Kiziltepe prospect
The Kiziltepe prospect is located within a ten-year renewable
operating licence that forms part of the Company's 100% owned
Sindirgi gold project in Balikesir Province, western Turkey.
Kiziltepe lies approximately 100km east of the one million ounce
vein-hosted Ovacik gold mine and 115km northwest of the five million
ounce Kisladag gold mine. The prospect hosts over 20km in strike
length of gold-silver bearing low-sulphidation epithermal quartz
veins across an area of at least 3km by 1km. Individual veins are
exposed for up to 750m and widths vary between 1m and 14m. The main
veins trend northwest, dip to the northeast and are hosted within
Miocene age dacitic volcanic rocks.
Ariana acquired the Sindirgi Gold Project from Newmont Mining
Corporation (NYSE & ASX: NEM; TSX: NMC) in March 2005. Franco-Nevada
Corporation retains the right to a royalty of up to 2.5% on future
gold production from the Sindirgi gold project.
Ahead of commencing the drilling programme, Ariana obtained all
necessary environmental and forestry approvals from the provincial
government in Balikesir and the State Government in Ankara.
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 exploring a portfolio of prospective licences selected
on the basis of its in-house remote-sensing database.
The Company's flagship asset is the Sindirgi Gold Project, which
targets a series of prospects, within a prolific mineralised district
in western Turkey. The project hosts over 45km of gold-silver
bearing epithermal quartz veins. This project is presently being
assessed as to its economic merits.
Loeb Aron & Company Ltd., City Capital Corporation Limited and
Alexander David Securities 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.
Ends
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