LONDON (Alliance News) - Ariana Resources PLC said Monday results from the final phase of drilling at its Kiziltepe joint venture in Turkey show mine life could be extended beyond the current eight years it has planned.
Three new exploration holes into the Arzu Central formation confirms the potential of a 600 meter extension to the known mineralised strike length of the Arzu vein system, Ariana said.
"This is an extremely exciting development in the exploration of the Kiziltepe Mine area. We have now confirmed the potential for Arzu Central to contain mineralisation of the same calibre as the rest of the Arzu vein system," said Managing Director Kerim Sener in a statement.
"The results are fully in line with our expectations following the establishment an Exploration Target in this area, which has the potential to double the current resources at Kiziltepe and will become a key focus for further exploration efforts. In time, such additions to the resource base may further increase the mine life of Kiziltepe well beyond the eight years currently planned," Sener added.
Shares in Ariana were up 1.9% at 0.800 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Ariana (AAU)