Turkey-focused gold explorer Ariana Resources toasted gains Wednesday as it announced the start of drilling at the Kiziltepe prospect within its 100% owned Sindirgi gold project, western Turkey.
A total of 37 drill holes are planned as part of the 3,700m diamond drilling programme to depths of up to 150m.
A key objective of the current programme is to define an initial gold resource for the Arzu South vein in compliance with the JORC code.
Drilling on Arzu South is expected to be completed by late November 2006 and initial results announced thereafter.
Independent technical consultants have previously prepared a geological model of 150,000 ounces at Arzu South, representing around 5% of the known vein system at Kiziltepe, based on an average gold grade of 4.2 g/t to an approximate depth of 150m.
“The start of drilling at the Kiziltepe prospect, which hosts over 19km in strike length of gold-silver bearing epithermal quartz veins, represents a significant milestone towards defining an initial resource estimate,” said chief executive Steven Poulton.
“With a strong balance sheet from our successful £2m financing in May 2006, a portfolio of prospective projects and a strong technical team on the ground, Ariana is extremely well placed to deliver value for its shareholders,” he added.
Ariana bought the Kiziltepe prospect as part of the Sindirgi gold project from Newmont Mining in January 2005.