ArianaResources Plc said May 3 that it plans to start a new drill programat the Kiziltepe gold-silver project in Turkey as of July this year.
The new program follows positive results from recentresource development work at the project and will entirely be financed throughexisting cash reserves. It will focus on drilling extensions ofseveral veins in the vicinity of the Kiziltepe mine, totaling up to 4,000 meters.Subject to receipt of permits, the company also plans to drill beneath cover atthe Arzu Central target area. A respective application is alreadyunderway.
Kiziltepe forms part of the Red Rabbit joint venture with ProcceaConstruction Co. and will be 50%-owned by Ariana once mine construction iscompleted in the second half.
Ariana recently said the mineral resource estimate at theKiziltepe project increased to a total of 195,200 ounces of gold and 3.15million ounces of silver contained metal on four main veins.