Vein 4 1st Drilling Results
Ariana Resources PLC
08 February 2007
8 February 2007
AIM: AAU
FIRST DRILLING RESULTS FROM VEIN 4, KIZILTEPE PROSPECT
Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration company
focused on Turkey, announces the results from the first three drill holes
completed on Vein 4, which is located 800m northwest from the Arzu South and
900m north of the Banu veins at the Kiziltepe gold prospect. This represents the
sixth successive set of positive results on different veins within the Kiziltepe
project, which is located within the Company's 100%-owned 235km2 Sindirgi gold
project in western Turkey. Ariana is continuing to develop a detailed and
positive framework for understanding and potentially developing this extensive
mineralised system.
•Previously untested vein providing intersections of 1.42 g/t Au over
6.0m, 1.26 g/t Au over 7.10m and 1.56 g/t Au over 5.0m
•Silver grades in these intersections range from 19 to 49 g/t Ag
•First three drill holes completed along 100m of vein strike length
•The continuity of grade at surface and at depth indicate that further
drilling on this vein is warranted
A field team from the Company's Turkish operating subsidiary, Galata Madencilik
San. ve Tic. Ltd. Sti., supervised the completion of an initial three-hole HQ
size (63.5 mm wide) diamond core drilling programme on Vein 4. The holes D18,
D19 and D20 reported in this release totalled 232.80m. They were drilled to
depths of between 65 and 93 metres and angled at 60 degrees along a 100m section
of vein strike length. Collars were located at approximately 50 metre spaced
centres. Quartz veins, other mineralised structures and stock work were located
in all three holes drilled in this exploratory programme. Selected intersections
are given in Table 1 below.
Kerim Sener, Exploration Director, commented:
'The results of this drilling confirm the validity of our strategy to test all
previously undrilled veins at the Kiziltepe prospect. While the grade of
mineralisation at Vein 4 is low, the vein widths are significant and there is
sufficient geological evidence to conclude that these initial intercepts are
positioned high in the epithermal system. We predict that this vein is one of
the least eroded veins on the Kiziltepe prospect and that deeper drilling on
this vein will yield better grades. Further drilling at this location is
scheduled for later this year.'
Table 1: Drill hole intersection data from the Vein 4 drilling programme:
Hole From To (m) Recovery Apparent Gold (Au Silver Au + Ag
(m) (%) Width (m) g/t) (Ag g/t) equiv. (g
/t)
KTP-D18-06 38.0 44.0 97 6.0 1.42 34.60 2.11
KTP-D19-06 44.3 51.4 91 7.1 1.26 48.96 2.24
KTP-D20-06 61.8 66.8 94 5.0 1.56 19.46 1.95
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 core recovery and gold/silver
grades
Au + Ag 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 1:50
Vein 4
In 2006, Vein 4 (strike length 615m) was tested at surface by rock-saw channel
sampling for 325m of strike. The average grade of gold from this sampling was
0.73 g/t Au with a best grade of 8.56 g/t Au, proving that the mineralisation
within the vein achieves significant concentrations in places. The vein is
located only 200m south of the Arzu North multiple-parallel vein system, which
has shown potential at surface from rock-saw channel sampling conducted in 2006.
Surface vein textures are characteristic of deposition at shallow crustal
levels, showing development of massive chalcedonic to opaline quartz and rarely
show textures indicative of boiling. This is unusual in comparison to other
veins at the Kiziltepe prospect, which are typically eroded to deeper levels to
expose the boiling level of the epithermal system (boiling is a critical factor
in gold deposition). These data indicate collectively that Vein 4 is one of the
least eroded and therefore most well-preserved vein systems within the Kiziltepe
prospect.
The drilling programme was designed to test the down-dip potential of the vein
system and to identify continuity of the grades encountered at surface. The
results of the drilling programme demonstrate that the vein carries fairly
consistent grades of about 1-2 g/t Au at shallow depths, mirroring the grades
determined by surface sampling. Follow-up drilling to locate the boiling level
within the system and to test the possibility of grade improvement at this level
is deemed essential.
Contacts:
Ariana Resources plc
Steven Poulton, Chief Executive Tel: 01235 511 767
s.j.poulton@arianaresources.cominfo@arianaresources.com Mobile: 0797 408 6712
Bankside Consultants
Michael Padley / Susan Scott Tel: 020 7367 8888
Beaumont Cornish Limited
Roland Cornish Tel: 020 7628 3396
Editors' note:
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 235km2 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 19km 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 700m 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. Newmont 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, Galata obtained all necessary
environmental and forestry approvals from the provincial government in Balikesir
and the State Government in Ankara.
Sampling and Assaying Procedures
To date 94 HQ size drill-core samples from the drilling programme on the Hale
vein, ranging from 0.18m to 1.17m in length have been cut in half by a diamond
saw and sent for assay. Of these, 64 samples have returned grades of less than
0.5 g/t Au (68% of the total), 14 samples between 0.5-1 g/t Au (15% of total)
and 16 between 1-5 g/t Au (17% of total), with a peak grade of 4.18g/t Au.
Sample recovery has averaged 94% 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 (no samples) and 100
g/t Ag (1 sample) has also been completed by ALS Chemex. Standard, blank and
duplicate samples are being used in the sample batches 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 99.9% correlation for crushed duplicates and 99.8%
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 a photographic record of all cores
for future reference.
Dr Kerim Sener, BSc (Hons), MSc, PhD, is Ariana's Exploration Director. 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 the Northern Territory of
Australia. He has read and approved the technical disclosure in this regulatory
announcement.
About Ariana Resources
Ariana is a dynamic exploration company focused on the discovery of epithermal
gold-silver and porphyry copper-gold deposits with multi-million ounce potential
within the Tethyan metallogenic belt of Turkey. The Company has a portfolio of
prospective licences covering 1,755km2, selected on the basis of its advanced
in-house remote sensing database.
The Company's flagship asset is the 235km2 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. A
two rig drilling programme is currently focussed on defining gold resources (in
compliance with the JORC code) at the prospects of Kiziltepe and Kepez.
Ambrian Partners Limited and King & Shaxson Capital 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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