Business
Acquisition of Prospect
Acquisition of Prospect.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources PLC\n11 July 2007\n\n \n11 July 2007\nAIM: AAU\n\n\n ACQUISITION OF COPPER-GOLD PROSPECT: EASTERN TURKEY\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration company\nfocused on Turkey, is pleased to announce the acquisition of the Ardala Cu-Au\nProspect in the Artvin area of north-eastern Turkey. The acquisition enhances\nthe portfolio of licences held in eastern Turkey and provides a focus for\nfurther exploration in the region.\n\nHighlights\n\n •Well-developed porphyry Cu-Au (Mo) system with potential for extension\n\n •Other targets, including gold-bearing skarns, are also present\n\n •Ariana undertaking exploration to identify extensions to the porphyry\n system\n\n\nAbout the Ardala Prospect\n\nThe Ardala Prospect is located in the Pontide Metallogenic Province of Turkey\nand lies approximately 80km southeast of the coastal city of Hopa and 20km east\nof Artvin. The prospect is confined within a single exploration licence which\nhas been transferred to our operating subsidiary in Turkey (Galata Madencilik\nSan. ve Tic. Ltd. Sti.). Ariana will make advance royalty payments of US$ 7,000\nper annum to the previous owner, for as long as it holds the licence, in\naddition to which a 1.5% NSR will be payable in the event that the project\nenters production.\n\nThe Ardala Prospect hosts a porphyry copper-gold (plus molybdenum) mineralised\nsystem associated with a series of nested quartz-diorite intrusions of Eocene\nage within an Upper Cretaceous volcano-sedimentary sequence. Previous geological\nmapping, soil, rock-chip and drill sample data, and a ground magnetic survey\noutlined the mineralised porphyry. At surface, exposed parts of the porphyry\nhave dimensions of 600 x 700m and interpretation of magnetic data suggests\nfurther lateral continuity beneath limestone units (Figure 1).\n\nReports and research studies on the Ardala Prospect indicate that 13 holes were\ndrilled into part of the mineralised system in the early 1990's, and one of\nthese (a PhD thesis) states that the drilled area contains '20Mt at an average\ngrade of 0.25 % Cu, 0.45 g/t Au and 65 ppm Mo'. More specific information and\npotentially the drill core are being located. To date no formal mineral resource\nestimate has been undertaken to JORC standard. Previous exploration also focused\nspecifically on the m...