Demirci Gold Project
Project Summary
The Demirci Gold project is owned 100% by Ariana and encompasses one principle prospect which is summarised below.
Goveli - 5km x 1km alteration zone coupled with anomalous gold and nickel geochemistry occurring in the vicinity of a thrust zone between ophiolite and underlying basement rocks.
Franco-Nevada Corporation (TSX: FNV) retains the right to a royalty of 2% on future gold production from the Demirci Project.
Location and Infrastructure
The Demirci Gold Project is located in the Demirci District of Manisa Province in western Turkey. The project comprises 3 licences, including one which is being upgraded to 10-year operational status. The Project area lies approximately 60km from Sindirgi and 130km east of the one million ounce vein-hosted Ovacik gold mine and 60km northwest of the five million ounce Kisladag gold mine.
The project area is serviced by a high-quality network of sealed district roads and un-sealed village roads.
Exploration Highlights
50m by 50m and more detailed rock-chip sampling on 25m by 25m grids has defined a large area of anomalous geochemistry with a peak gold grade of 4.16 g/t Au. Sixteen samples provided grades >0.5% Ni with peak grades of 1.72% Ni and 0.15% Co.
Rock-saw channel sampling of altered schists gave consistent mineralisation in places with up to 0.49 g/t Au over 23m.
Drill intercepts from six initial holes provided 1.52 g/t Au over 2m and 1.36 g/t Au over 4m from no more than 10m vertical depth from surface.
Follow-up exploration programmes are planned to define new drill targets.
Geological Outline
Goveli: The prospect comprises a 5km by 1km zone of altered Palaeozoic limestone and Upper Cretaceous ophiolitic units which lie adjacent to Palaeozoic schists and gneiss. A discontinuous thrust zone between the ophiolitic sequence and the basement rocks acts as the main regional control for the distribution of mineralisation. Areas showing the most intense alteration in the limestone (characterised by silicification and brecciation) and ophiolite (characterised by iron-oxide alteration) contain network quartz veinlets, some of which show colloform-crustiform and lattice bladed textures.
These observations suggest that the prospect represents an expression of a dispersed low-sulphidation epithermal system (akin to the Tavsan Project), for which the principal structural conduits are yet to be defined. The peak values returned from rock-chip sampling in areas of low-sulphidation type mineralisation include results of 2.23 and 2.17 g/t Au. High nickel anomalism (in places >1% Ni) was also noted in several samples to the south of the gold anomalous area.
Economic Potential
No geological resource model for the Goveli prospect has been compiled. An initial drilling programme of six holes totalling 616m was undertaken in 2007 and defined gold mineralisation in several holes. A geophysical programme will be implemented before any further drilling is undertaken on this prospect. The licence containing the Goveli prospect is currently in the process of being upgraded to 10-year operational status. No further work is planned at this location until the licence becomes operational.
