StockMarketWire.com - Ariana Resources said recent exploration at Kiziltepe West had further reinforced the long-term potential of the Red Rabbit joint venture area.

Kiziltepe is part of the Red Rabbit JV with Proccea Construction Co and is 50% owned by Ariana.

It said new portable X-Ray Fluorescence data reinforced the potential for near surface mineralisation across Kiziltepe West.

Highlights:

- Ipek Vein mapped following pXRF sampling, with a re-evaluation of historic exploration drilling and rock-chip sampling determining down-dip potential.

- Rock-chip sampling from Ipek yielded 2.36g/t Au + 27.2g/t Ag, 1.94g/t Au + 13.3g/t Ag and 1.07g/t Au + 20.6g/t Ag.

- Potential exists for a low-grade and high-tonnage style of stockwork mineralisation in alteration zones between the Ceylan and Derya veins and trending towards Ipek.

Managing director Dr. Kerim Sener said: "These results confirm our understanding that the Kiziltepe vein system extends across a further 4km from the areas currently being developed as part of the Kiziltepe mine operations.

"The company recently announced a revision of its mineral resource estimate for Kiziltepe which encompassed all veins drill tested to date and established an additional and immediate JORC exploration target.

"There are clearly opportunities for the discovery of additional resources beyond the veins previously drill tested and further work by the Joint Venture will be required in these areas.

"In summary, the recent work at Kiziltepe West further reinforces the long-term potential of the Red Rabbit JV area.

"The company recognises that additional exploration of the JV area will likely further increase the resource-base and guide our future mine planning strategy."


At 9:51am: [LON:AAU] Ariana Resources PLC share price was +0.03p at 1.75p



Story provided by StockMarketWire.com