Turkey-based gold mining company Ariana Resources plc (LON: AUU) today announced the results from its Salinbas Gold Project.
The Company holds a 100% interest in Salinbas via its shareholding in Greater Pontides Exploration B.V. In the recent testing, ‘Salinbas-type’ mineralisation was identified in several holes within c.120m from the surface, in the area connecting Salinbas and Ardala.
At 39 metres, the Company encountered 1.01 g/t of gold in a 12 metre inertsection; at 89 metres it discovered 2.29 g/t of gold in a 6 metre inetrsection; and at 111 metres, an 11 metre intersection yielded 5.33 g/t of gold.
The Company noted the results as displaying ‘significant’ mineralisation, with further results from the laboratory pending.
Ariana Resources comments
The Company’s Managing Director, Dr. Kerim Sener, added to the update,
“We are very pleased to report our preliminary drilling results from the Salinbas Gold Project, since it became 100% held by Ariana. These results, while only partial at this stage, demonstrate the development of a major magmatic-hydrothermal system in the vicinity of the Ardala Cu-Au-Mo porphyry. The latest data confirms that the mineralised part of the Ardala porphyry, which is enriched in precious and base-metals, does connect intimately with the Salinbas gold-silver zone and that the two systems should in fact be treated as one. This was a prediction from our earlier geological modelling and is a finding that bodes exceptionally well for the discovery of further mineralisation in the vicinity, particularly in the immediate surrounds of the Ardala porphyry. This is an area, which to date, has been poorly explored. Consequently we continue to remain excited by the exploration upside of the project and look forward to commencing our follow-up work programmes.”
Investor notes
The Company’s shares dipped during Thursday morning trading, down 1.01% or 0.024p to 2.35p a share 11/07/19 11:35 GMT. Panmure Gordon retains their ‘Buy’ stance on Ariana Resources stock.
Elsewhere in the mining and minerals sector, recent updates have come from; Caledonia Mining Corporation Plc (TSE: CAL), Regency Mines Plc (LON: RGM), Acacia Mining PLC (LON: ACA) Arc Minerals Ltd (LON: ARCM) Thor Mining PLC (LON: THR) Premier African Minerals (LON: PREM), Pathfinder Minerals (LON: PFP) and AfriTin Mining Ltd (LON: ATM).