Business
Acq. of exploration licences
Acq. of exploration licences.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources PLC\n09 August 2006\n\n \n\n ARIANA RESOURCES PLC\n09 August 2006\nAIM: AAU\n\n ACQUISITION OF EXPLORATION LICENCES AT GOLVELI GOLD PROSPECT\n\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration company\nfocused exclusively on Turkey, announces the acquisition of two exploration\nlicences at the Goveli gold prospect in western Turkey from Newmont Altin\nMadencilik Limited Sirketi, a subsidiary of Newmont Mining Corporation (NYSE &\nASX: NEM; TSX: NMC) ('Newmont').\n\n\n •Agreement with Newmont consolidates Ariana's land holding to 100% of the\n known prospect\n •Recent exploration indicates presence of a 4km long and up to 1km wide\n gold system\n •Mapping and rock-chip sampling to define drill targets underway\n\n\nAbout the Goveli Prospect\n\nThe Goveli prospect lies in the Manisa Province of western Turkey, 125km\nnortheast of the costal city of Izmir and 60km southeast of Ariana's Sindirgi\ngold project that was acquired from Newmont in 2005. Ariana secured its\npre-existing 'central' Goveli exploration licence (8km2) in May 2006, through a\ncompetitive auction process. Subject to renewal the licence will expire in June\n2009. The Goveli prospect hosts a 4km long by up to 1km wide northeast striking\ngold mineralised system, as defined by historic soil and rock chip sample data.\nThe mineralisation is hosted within an altered marble unit (mid-Triassic to\nCretaceous age), which lies adjacent to Precambrian age basement rocks. Peak\ngrades reported from historic rock-chip and soil sampling were 2.4 g/t Au and\n0.97 g/t Au respectively.\n\n\nSteven Poulton, Chief Executive, commented:\n\n'This agreement with Newmont consolidates Ariana's land holding across a\npotentially significant bulk tonnage gold target. The acquisition also\ndemonstrates Ariana's commitment to establishing a significant resource base in\nTurkey through the rapid exploration and development of a pipeline of high\nquality gold prospects. In this regard, Ariana has recently signed a contract\nfor the commencement of an initial 2,000m diamond core drilling programme at the\nCompany's Sindirgi vein hosted gold project, with drilling scheduled to commence\nin September. '\n\n\nTerms of the Agreement\n\nAriana has acquired Newmont's semi-contiguous 'northern' (18km2) and 'southern'\n(18.5km2) Goveli exploratio...