Ariana Resources plc (AIM: AAU), the gold exploration company focused on Turkey, announced the first JORC compliant resource estimate for the Kiziltepe gold prospect, which is part of the larger Sindirgi Project in Balikesir Province, western Turkey.
Independent consultants, SRK Consulting, estimated a JORC compliant mineral resource of 135,000 ounces gold equivalent (gold and silver)based on Arzu South and part of Arzu North which comprise of only 5% of the mapped veins at the property.
Mineralisation at Sindirgi consists of dozens of small gold-silver veins, and Arzu South and North are both open at depth and along strike.
The results also included a recommendation for a scoping study to evaluate production options at Kiziltepe including a low-cost heap leach or small scale milling and gravity/cyanidation plant to produce a gold silver dore or concentrate.
Kerim Sener, Managing Director, commented:
"This is the first independent resource statement published by the Company and it confirms the potential of the Kiziltepe prospect. As Arzu South is only one of several identified targets, we consider there to be significant scope to further expand the resource." commented Kerim Sener, Managing Director of Ariana. "We are very encouraged by the results to date and further drilling is planned to define the full potential of the prospect. We aim to proceed with the recommendation of SRK to evaluate our production options at Kiziltepe, and as a first step we have commenced formal test work to define the metallurgical characteristics of the mineralisation. The drilling results from our initial exploration programme have produced positive results on a number of our prospects and we expect to be in a position to increase our mineral resource base in due course."