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Ariana Resources provides Salinbas project update

Published by
Global Mining Review,


Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, is pleased to announce a Joint Ore Reserves Committee (JORC) Resource update for the Salinbas Project in Turkey. Salinbas is 100% held by the company via its wholly-owned subsidiary, Pontid Madencilik San. ve Tic. Ltd.

Dr Kerim Sener, Managing Director of Ariana Resources, commented: "This new Resource Estimate represents a major increase in the resource, confirming the Project as having multi-million ounce, multi-commodity potential and indicates further growth opportunities. The prospectivity of this region is attested by the presence of several other major copper-gold systems in the immediate vicinity, such as the >4 million oz Hot Maden deposit, located just to the south of our project licences, and the scale of the alteration systems encountered within our property in the vicinity of the porphyry centres at Ardala and Hizarliyayla. We are well-positioned right at the heart of a major copper-gold province, which already shows potential for >10 million oz across the circa 100 km long and 10 km wide Artvin-Yusufeli Gold Trend.

"We look forward to further exploring this exciting project in the months ahead in the format of our proposed new partnership with Özaltin Holding and Proccea Construction."

Highlights:

  • Global resource for the Salinbas Project increased to 1.5 million oz (up from 1 million oz as previously reported), split between the high-grade Salinbas Deposit and the low-grade, high-tonnage Ardala Porphyry Complex.
  • Salinbas Deposit comprises 8.4 million t at 2.21 g/t Au and 16.9 g/t Ag for 0.6 million oz gold and 4.6 million oz silver.
  • Ardala Porphyry comprises 66.4 million t at 0.44 g/t Au for 0.9 million oz, plus 3.3 million oz silver, 110 000 t copper and 4200 t molybdenum, which includes a higher grade core of 32.5 million t at 0.51 g/t Au, 0.21% Cu, 0.01% Mo.
  • Material improvement in the resource classification of the Salinbas Deposit, with 35% of the resource now in Measured (11%) and Indicated (24%) categories.
  • Environmental Impact Assessment (EIA) scoping study, being undertaken across all project licences by SRK Consulting, is nearing completion.
  • Drill planning underway for testing of further areas across the Ardala, Salinbas and Hizarliyaya licences.

Read the article online at: https://www.globalminingreview.com/exploration-development/03082020/ariana-resources-provides-salinbas-project-update/

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