Ariana Resources plc, the AIM-listed exploration and development company operating in Europe, is pleased to announce the receipt of due diligence drilling results by Proccea Construction Co. ("Proccea") and the Proposed Partner on the Salinbas Gold Project in Turkey. A detailed independent review of the Kiziltepe, Tavsan and Salinbas projects by international consultants of the Proposed Partner remains underway following completion of the Memorandum of Understanding ("MoU"), announced on 25 November 2019.
- 600m of Reverse Circulation ("RC") drilling was undertaken to twin four holes previously drilled by Ariana: ARD019, 20, 22 and 23.
- Assay results from the independent laboratory, ALS Global in Izmir, have been received and good correlations are confirmed between Ariana’s drilling results and the due diligence drilling results.
- The Proposed Partner, Proccea and Ariana have completed an extension agreement to enable the conclusion of the due diligence work up to 31 March 2020.
Dr. Kerim Sener, Managing Director, commented:
“We are pleased to confirm that the due diligence confirmatory drilling programme at Salinbas has been concluded and can now be factored into the independent review. The efforts of the independent due diligence team are currently focusing on the Kiziltepe mining operations and, in order to provide sufficient time for the completion of this work, the proposed JV parties have extended the exclusivity period to the end of March. Meanwhile, the necessary definitive legal documentation is being prepared for review by the proposed JV parties from the second half of February.
“We look forward to working closely with the proposed JV parties in order to conclude the proposed agreement and advancing our project development plans for Salinbas in particular.”