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Kiziltepe Drilling Underway
Kiziltepe Drilling Underway.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources PLC\n23 August 2006\n\n \n\n23 August 2006\n\nAIM: AAU\nDRILLING UNDERWAY AT KIZILTEPE GOLD PROSPECT\n\nAriana Resources plc ('Ariana' or 'the Company'), the gold exploration company\nfocused exclusively on Turkey, announces the commencement of a 3,700m diamond\ndrilling programme at the Kiziltepe prospect within the Company's 100% owned\nSindirgi gold project in western Turkey.\n\n • Drill rig mobilised and phase one of a 3,700m diamond core programme\n underway\n • Previous intersections include 6.29 g/t Au over 13.5m from channel\n sampling at surface\n • Kiziltepe prospect hosts at least 19km in strike length of gold-silver\n bearing quartz veins\n\nA total of 37 drill holes are planned at the Kiziltepe prospect to depths of up\nto 150m. The programme has been designed to test the depth and grade\ncontinuation of five principal gold-silver bearing epithermal quartz veins,\nnamely, Arzu South, Arzu North, Banu, Hale and Vein 5. A key objective of the\ncurrent programme is to define an initial gold resource for the Arzu South vein\nin compliance with the JORC code. Drilling on the Arzu South vein is expected to\nbe completed by late November 2006 and initial results announced thereafter.\n\nAriana acquired the Kiziltepe prospect as part of the Sindirgi gold project from\nNewmont Altin Madencilik Limited Sirketi, a subsidiary of Newmont Mining\nCorporation (NYSE & ASX: NEM; TSX: NMC) ('Newmont') in January 2005. Newmont\nretains a Net Smelter Returns royalty of up to 2.5% on future gold production\nfrom the Sindirgi project.\n\nIndependent technical consultants SRK (UK) Limited have previously prepared a\ngeological model of 150,000 ounces at Arzu South (not a resource as defined by\nthe JORC code), representing approximately 5% of the known vein system at\nKiziltepe, based on an average gold grade of 4.2 g/t to an approximate depth of\n150m.\n\n\nSteven Poulton, Chief Executive, commented:\n\n'The start of drilling at the Kiziltepe prospect, which hosts over 19km in\nstrike length of gold-silver bearing epithermal quartz veins, represents a\nsignificant milestone towards defining an initial resource estimate. Our\ndecision to focus on the Arzu South vein is based on encouraging drilled\nintersections reported by previous operators including 7.23 g/t over 10m and\nextensive channel sampling by Aria...