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Ariana Resources Discovers Further Gold At Turkish Salinbas Project

LONDON (Alliance News) - Mineral exploration and development company Ariana Resources PLC on ...

Alliance News 7 December, 2017 | 11:12AM
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LONDON (Alliance News) - Mineral exploration and development company Ariana Resources PLC on Thursday said it has discovered further gold at its Salinbas Project in Turkey, and has "ample funds" for follow up work next year.

Ariana said it has discovered a significant 550 by 150 meter zone of precious and base-metal anomalism at Salinbas North located in Artvin, Turkey.

Peak results in soils include; 3.83 grammes per tonne of gold and 108 grammes per tonne of silver, as well as 2.97 grammes per tonne of gold and 94 grammes per tonne of silver.

Ariana said that several precious and base-metal enriched extensions of the existing Salinbas resource demonstrate potential for further resource growth.

The company highlighted "outstanding silver grades" of up to 505 grammes per tonne with significant base-metal potential demonstrated in previous drilling at Salinbas. This includes 1.4 meters at 24.9% zinc, 20.0% lead, 0.23% copper and 0.76 grammes per tonne of gold and 505 grammes per tonne of silver.

Following this, Araina said it has "ample funds available for follow-up work during 2018, with other exploration and development spend across the portfolio expected to be supported from cash-flow".

"Salinbas already contains a JORC resource of circa 1 million ounces of gold. The latest exploration has demonstrated opportunities both within and outside of known areas to further grow the resource. The Salinbas Zone extends to the northeast and also to the southwest, with potential for both precious and base-metals," Managing Director Kerim Sener said.

"The new discovery of Salinbas North also demonstrates that Salinbas is not an isolated zone of mineralisation and that considerable potential exists for other 'Salinbas-type' deposits to be discovered in the vicinity along prospective geological horizons. At the Ardala Zone, impressive previous drill intercepts from surface including 135 meters at 2.28 grammes per tonne of gold, with significant copper and molybdenum, demonstrate the importance of this gold-rich porphyry to the development of mineralisation in its periphery," Sener added.

Shares in Ariana Resources were up 0.2% at 1.20 pence on Thursday.

By Gem Sofianos; gemsofianos@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Security Name Price Change (%) Morningstar
Rating
Ariana Resources PLC 1.21 GBX -3.20 -
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