Ariana Resources sees the potential for a one million-ounce deposit at its Salinbas/Ardala joint venture in north-east Turkey.
The joint venture with Eldorado Gold Corporation identified 180,000 ounces of gold plus 820,000 ounces of silver at Salinbas with a further 590,000 oz of gold and 3.3mln oz of silver in the inferred category.
An additional 323,000 ounces of inferred resources were identified at Ardala.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This maiden resource is an important step forward in our understanding of the Salinbas-Ardala system," said Managing Director Kerim Sener.
"Although we are still in the early stages and much exploration work remains to be done, we are now talking about the potential for the area to host a deposit that is in the one million ounce range and perhaps beyond."
However, further drilling will be required to confirm the potential.
Shares rose 1.92% to 1.32p at 13:59 on Wednesday.
RD
-
December 2023 NS&I Premium Bond winners - check now to see what you’ve wonIf you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
-
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
