Ariana Resources PLC
11 July 2007
11 July 2007
AIM: AAU
ACQUISITION OF COPPER-GOLD PROSPECT: EASTERN TURKEY
Ariana Resources plc ('Ariana' or 'the Company'), the gold exploration company
focused on Turkey, is pleased to announce the acquisition of the Ardala Cu-Au
Prospect in the Artvin area of north-eastern Turkey. The acquisition enhances
the portfolio of licences held in eastern Turkey and provides a focus for
further exploration in the region.
Highlights
•Well-developed porphyry Cu-Au (Mo) system with potential for extension
•Other targets, including gold-bearing skarns, are also present
•Ariana undertaking exploration to identify extensions to the porphyry
system
About the Ardala Prospect
The Ardala Prospect is located in the Pontide Metallogenic Province of Turkey
and lies approximately 80km southeast of the coastal city of Hopa and 20km east
of Artvin. The prospect is confined within a single exploration licence which
has been transferred to our operating subsidiary in Turkey (Galata Madencilik
San. ve Tic. Ltd. Sti.). Ariana will make advance royalty payments of US$ 7,000
per annum to the previous owner, for as long as it holds the licence, in
addition to which a 1.5% NSR will be payable in the event that the project
enters production.
The Ardala Prospect hosts a porphyry copper-gold (plus molybdenum) mineralised
system associated with a series of nested quartz-diorite intrusions of Eocene
age within an Upper Cretaceous volcano-sedimentary sequence. Previous geological
mapping, soil, rock-chip and drill sample data, and a ground magnetic survey
outlined the mineralised porphyry. At surface, exposed parts of the porphyry
have dimensions of 600 x 700m and interpretation of magnetic data suggests
further lateral continuity beneath limestone units (Figure 1).
Reports and research studies on the Ardala Prospect indicate that 13 holes were
drilled into part of the mineralised system in the early 1990's, and one of
these (a PhD thesis) states that the drilled area contains '20Mt at an average
grade of 0.25 % Cu, 0.45 g/t Au and 65 ppm Mo'. More specific information and
potentially the drill core are being located. To date no formal mineral resource
estimate has been undertaken to JORC standard. Previous exploration also focused
specifically on the mineralised intrusions, while surrounding gold-bearing
skarns (peak grade 5.16 g/t Au and 0.2% Cu in rock-chips) remain undrilled.
Ariana Exploration Programme
A field team from Ariana's operating subsidiary has already started a programme
of detailed mapping and systematic rock-chip sampling, initially focused over
zones of mineralisation and alteration defined during earlier exploration. New
drill targets will be defined in advance of a potential drilling programme
scheduled to begin in north eastern Turkey in 2008.
Kerim Sener, Managing Director, commented:
'Based on a review of available technical data and on the dimensions of the
alteration system, the Ardala Prospect shows potential to host around
100 million tonnes of mineralised rock. Numerous old workings in the vicinity
indicate that the system contains several higher-grade zones of mineralisation,
which remain to be tested.'
'This acquisition enhances our ground holding in the most prospective zone of
the north-eastern Turkey porphyry belt. We are in discussions with a number of
potential joint venture partners to help advance these projects, enabling Ariana
to participate in their success without detracting from our resource development
strategy in western Turkey.'
Contacts:
Ariana Resources plc
Michael Spriggs, Executive Chairman
Kerim Sener, Managing Director Tel: 0207 407 3616
info@arianaresources.com
Beaumont Cornish Limited Tel: 0207 628 3396
Roland Cornish
Bankside Consultants
Michael Padley / Louise Davis Tel: 0207 367 8888
Editors' note:
About Ariana Resources
Ariana is a dynamic exploration company focused on the discovery and development
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 1,820km2, 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.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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