Ariana Resources identifies new gold mineralisation in Turkey

Ariana Resources, a gold exploration and development company focused on Turkey, saw its shares leap by more than a fifth on Monday after announcing that drilling at its Salinbas and Ardala project has identified additional gold mineralisation.

Ariana Resources, a gold exploration and development company focused on Turkey, saw its shares leap by more than a fifth on Monday after announcing that drilling at its Salinbas and Ardala project has identified additional gold mineralisation.

The project is contained within its joint venture with Eldorado Gold Corp. in north-eastern Turkey.

The best intercepts in the Salinbas area include 31.10m at 1.38g per tonne of gold, 17.90m at 2.09g per tonne of gold and 2.25g per tonne of gold, while the best intercepts in the Ardala area include 81.5m at 1.28g per tonne of gold, plus 10.5g per tonne silver.

Dr. Kerim Sener, the group's Managing Director, said: "These latest results from the Salinbas and Ardala prospects further highlight the potential of this underexplored region of Turkey - an area where we continue to utilise our exploration expertise and regional knowledge to identify new potentially multi-million ounce deposits.

"The results reinforce our understanding of the geological potential of the area and suggest that the Salinbas Au-Ag system is related to the Ardala porphyry Au-Cu-Mo system, with gold and silver grades generally increasing towards Salinbas and base-metal grades increasing towards Ardala.

"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.

"This concept will be further investigated during drilling in 2013 as we remain focused on compiling an initial mineral resource estimate for the project and continue to advance it up the value curve."

The share price rose 22.22% to 1.65p by 08:45.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020