Overview

The project was discovered by the Ariana exploration team using remote-sensing targeting methods developed by the Company. The prospect is contained by a license that was one of the first acquired by the Company in early 2004.

The Ivrindi Gold Project is located in the Ivrindi District of Balikesir Province in western Turkey. The project comprises two licences, including one with 10-year operational status. The Project area lies approximately 70km from Sindirgi and 70km northeast of the one million ounce vein-hosted Ovacik gold mine and 180km northwest of the five million ounce Kisladag gold mine.

Location

Kinik – Ivrindi – Balikesir

Stage of Development

Resource Drilling

Current resource

11,000 oz Au *

* Inferred
Management Target

25,000 oz Au *

* Inferred
Average Au Grade

1.65 g/t

Total Metres drilled

1,123.6m (10 DDH, 6 RC)

Geology

The prospect contains a 1500m by 500m wide zone of argillically altered Lower Miocene andesitic volcanic rocks, which were initially located in Landsat imagery. The altered and mineralised area has since been defined by geological mapping, channel and rock-chip sampling.

In places, the andesitic units are juxtaposed by steeply dipping normal faults against Permo-Triassic limestones. The contacts between these units are marked by 5-10m wide fault breccias and much of the alteration and mineralisation occurs immediately adjacent to these faults. The mineralisation appears to be disseminated finely within the altered andesitic units.

A formal JORC resource estimate was compiled on the basis of existing drilling following the demonstration of coherent geological continuity across and along the mineralised zone.

Timeline

Click the years below to reveal timeline detail.

  • 2013

    JORC resource established.
  • 2011

    Licence reissued as an operational licence.
  • 2008

    Licence submitted for upgrade to operational status.
  • 2007

    551 m RC drilling (6 holes).
  • 2006

    572.3 m diamond drilling (10 holes).
  • 2005

    Soil sampling across the prospect area defined an extensive and coherent east-west trending gold in soil anomaly of 750m by 50m.
  • 2004

    • Licence acquired following Landsat and ASTER alteration studies defined the presence of a significant hydrothermal system. Reconnaissance rock-chip sampling along a road-cut identified the prospect area with a peak value of 5.32 g/t Au.
    • Channel sampling of in-situ material exposed in a road-cut yielded 3.21 g/t over 10m and 3.09 g/t over 5m and 1.40 g/t over 13m (using a 0.5g/t Au cut-off) and a peak grade of 10.42 g/t.