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Ariana Resources (LSE:AAU) provided an update on Wednesday regarding the Hizarliyayla area within its Salinbas Project in Turkey, showcasing new drilling and geophysical survey results.
The company reported that recent drilling and geophysical surveys have indicated potential mineralization similar to the renowned Hod Maden deposit located to the south. Drilling results at Hizarliyayla, which is wholly owned by Ariana’s joint venture partner Zenit, included notable findings: 0.5 meters at 3.96 grams of gold and 28.65 grams of silver per tonne from a depth of 540.5 meters in hole HZR010, and 0.7 meters at 1.16% copper, 0.72% lead, and 29.39 grams of silver per tonne from 293.3 meters in hole HZR009.
Further results highlighted 1.15 meters at 0.76 grams of gold and 22.09 grams of silver per tonne, and 1.46% zinc, from 300 meters, along with 0.45 meters at 1.59 grams of gold and 47.28 grams of silver per tonne from 644.8 meters, both in hole HZR009. Additionally, hole HZR010 revealed 0.4 meters at 10% zinc, 2.38% lead, and 317.01 grams of silver per tonne from 662.3 meters.
These results, combined with geochemical and geophysical data, suggest the presence of a potentially mineralized porphyry intrusion within a north-south-trending subvertical structure, akin to the Hod Maden deposit. A 12-kilometer induced polarization survey further identified significant chargeability and resistivity anomalies on the western flank of Hizarliyayla, leading to the definition of new exploration targets.
In response, Ariana Resources has decided to extend its drilling program by approximately 3,000 meters, with a focus on the Salinbas and Ardala areas. Dr. Kerim Sener, Managing Director, commented on the promising results, noting that the mineralized system's depth and lateral extent align with predictions from the geological model. He acknowledged the ambitious nature of the exploration program but highlighted the potential for finding mineralization comparable to the nearby Hod Maden deposit.
Despite the positive developments, shares in Ariana Resources experienced a 6.98% decrease, trading at 2p at 1131 BST.
