Ariana reports positive results from Kiziltepe survey

Mineral explorer and developer Ariana Resources announced positive results from a geophysical survey conducted at the Kiziltepe Project on Wednesday.

The AIM-traded company conducted the survey at Kiziltepe, which is operated in partnership with Proccea Construction and Ozaltin Holding, and is 23.5% owned by Ariana.

It said the survey, completed in late 2022, covered the Sindirgi Gold Corridor.

The induced polarisation (IP) and resistivity survey confirmed the presence of extensions to several mined vein systems, which had led to the confirmation of new near-surface drill targets at the far northwest extensions of Arzu North and Arzu South, as well as towards the southeast of the mined vein systems.

Ariana said the targets defined in the survey were now being integrated into a revision of its JORC-compliant exploration target, which would define priorities for future exploration and resource drilling.

“Several geophysical programmes were conducted at Kiziltepe and nearby prospects during the later part of 2022,” said chief executive officer Kerim Sener.

“We are very pleased to report the results from the programme completed at Kiziltepe itself, which was designed to test near-mine zones of vein mineralisation.

“It may become subject to future drill-testing, as we go about building on the potential for resource extensions.”

Dr Sener said the firm was “pleased” that several pronounced geophysical anomalies existed along strike of previously-mapped and drilled veins, suggesting the potential for further discoveries, particularly in the southeast part of the prospect.

“This signals a new area to us which has not previously received much attention from drilling in the past.

“Beyond the area covered in the survey outlined here, work was also undertaken at Kepez and at Kizilcukur, the results of which will become the subject of future announcements.”

At 1137 GMT, shares in Ariana Resources were down 0.89% at 2.78p.

Reporting by Josh White for Sharecast.com.