Update: Ariana Resources encouraged by winter drilling at Ardala
Shares in Ariana Resources (LON:AAU) climbed as drilling during the winter pointed to another potentially sizeable deposit in Turkey. The programme identified further quantities of gold and base metals at its Ardala joint venture in the north-east of the country. Mineralisation was found on the eastern margins of the Salinbas area and within a corridor trending away from Ardala, the other winter drilling target. Kerim Sener, Ariana's managing director, said the results pointed to the Salinbas gold/silver system being related to the Ardala porphyry gold/copper system.
The results also suggest that the gold and silver grades generally increased towards Salinbas with base-metal grades increasing towards Ardala, he added. "The latest drilling in the area between Salinbas and Ardala indicate the continuity of mineralisation occurring within a 1.5km long zone which trends towards the porphyry, suggesting a genetic link and representing an area of significant future resource upside. " Best intercepts at Salinbas were gold grades of between 1.38g/t to 2.25g/t, while at Ardala the best holes were: 81.5m at 1.28 g/t Au and 10.5 g/t Ag; 34.5m at 2.21 g/t Au and 10.7 g/t Ag; and 18.2m at 2.20 g/t Au and 25.6 g/t Ag. Further drilling will be undertaken in 2013, said Ariana, with the objective to compile an initial mineral resource estimate. The Ardala Project, a joint venture with Eldorado Gold, 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. Eldorado has a 51% stake in the venture and is funding the current exploration with US$1.77mln committed in 2012-2013.
Broker Fox-Davies said the results showed good grades over decent lengths.
"The key, however, is that the results suggest the mineralisation is continuous between the two areas and covers what is now a 1.5km long zone."
Ariana's flagship project is the gold mine development at Red Rabbit, located in western Turkey.
