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.
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"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.
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