Ariana posts positive drilling results from Kizilcukur

22nd Feb 2024 16:10

(Sharecast News) - Minerals explorer and developer Ariana Resources reported positive outcomes from its fourth quarter drilling initiative at the Kizilcukur Project in the Kiziltepe Sector on Thursday.

The AIM-traded firm holds 23.5% of the project, which is operated by Zenit in partnership with Proccea Construction and Ozaltin Holding.

It said the drilling encompassed resource infill and extension testing across all three primary mineralisation zones, uncovering potential extension areas.

Key highlights included 1.9 metres at 30.56 grams of gold and 37.7 grams of silver per tonne, 17.2 metres at 1.99 grams of gold and 153.4 grams of silver per tonne, and 2.9 metres at 9.62 grams of gold and 25.3 grams of silver per tonne.

Additionally, the implementation of BoxScan core-scanning technology in crucial drill holes was ongoing, aiming to enhance the development of a more refined geological model.

Looking ahead, Ariana said it was planning a new drilling campaign for 2024.

The initiative aimed to explore vein extensions and conduct broader exploration within the Kizilcukur project area.

"We are very pleased with this set of final results from the 2023 Kizilcukur drilling programme, as it bodes well for the work currently underway on our revisions to the geological model and ultimately the updated resource," said managing director Dr Kerim Sener.

"We particularly note several very high-grade gold and silver intercepts at depth on the Zeki Vein which suggest that the mineralisation does have further depth potential.

"The most interesting result is the 17 metre intercept at almost two grams of gold and 150 grams of silver per tonne from 14 metres downhole depth on the Zafer Vein."

Dr Sener said that was a vein that was not particularly well drill-tested previously, and represented part of the inferred resource.

"We are now confident that this vein demonstrates further potential along strike and at depth.

"We are now planning a further drilling programme of up to 3,500 metres to continue to test the strike and depth extents of the Zafer and Ziya veins, in particular.

"With over 1,200 metres strike length of veins now tested with drilling at Kizilcukur, and with gold and silver mineralisation recorded to a maximum vertical depth from surface of over 100 metres, Kizilcukur is continuing to shape up very well as a potential source of satellite feedstock for the Kiziltepe Sector."

Drill spacing had already been reduced to an average of 20 metres laterally and 25 metres vertically, Kerim Sener added, which was sufficient for conversion of most of the resource to the measured category.

"Looking ahead, Zenit are currently working on a plan to mine and truck ore from the Zeki Vein at Kizilcukur for processing at Kiziltepe within the next 18 months, based on the current measured part of the mineral resource.

"We look forward to updating the market on those developments and the 2024 drilling programme for Kizilcukur."

At 1527 GMT, shares in Ariana Resources were down 4.41% at 1.65p.

Reporting by Josh White for Sharecast.com.