Arian Resources Corp. announces drill program at gold property in Albania
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TSX Venture Exchange
Trading Symbol: ARC
VANCOUVER, Oct. 10, 2013 /CNW/ -
Arian Resources Corp. ("Arian") - ARC: TSX-V.
Mr. Zahir (Zip) Dhanani, President and CEO of Arian, is pleased to announce that in association with Sinomine International Exploration (Hong Kong) Holding Co. Limited ("Sinomine") a drill program has been planned for the Kacinar gold project located in Albania. As announced on September 19, 2013 Sinomine has optioned the Kacinar project from Arian and has the ability to earn up to a 60% interest in Arian's wholly owned subsidiary Jab Resources Shpk ("Jab") which holds the project.
Two thousand meters of drilling are planned to test six priority targets. The drill and associated equipment were shipped from China on Oct 5th and expected to arrive in Albania mid November. Drilling is expected to commence in late 2013 and anticipated to take four months to complete. A six person Sinomine Team is expected to arrive at the end of this month to start preparation of the work program.
The drill program is budgeted to cost approximately $1,000,000 and upon the spending of $1,000,000 on the project, Sinomine will have earned a 10% interest in Jab.
Kacinar Gold Project
Based on the geological, geochemical and geophysical results obtained to date, the company has unearthed what appears to be a new gold-bearing greenstone belt. Where suitable tectonic and intrusive activity has occurred greenstone belts can contain substantial gold deposits. Greenstone-hosted gold deposits currently provide over 13 per cent of global gold production, with examples such as the Kirkland Lake, Malartic and Detour Lake mines within the Abitibi belt in Canada, the Tasiast mine in Mauritania, and the Fimiston mine in Kalgoorlie, Australia. Within the Kacinar licence, there appears to be potential for two styles of mineralization. The first is quartz carbonate-sulphide shear-hosted veins as discovered in the company's drill testing program. The second is porphyry copper-gold mineralization associated with emergent core complexes as interpreted from the company's geophysical survey. Within the outlined greenstone belt, historic Albanian Geological Survey work defined six areas that contain stream sediments anomalous in gold. Drill testing of a small area (400 metres by 200 metres) associated with one of these geochemical anomalies by the company outlined nine steeply dipping quartz carbonate-sulphide shear-hosted veins, averaging four metres in width and averaging 2.7 grams per tonne gold. These veins are open along strike and at depth, and are consistent with the type of mineralization found in established greenstone-hosted gold deposits and collectively offer significant potential.
Analysis of drill core and surface trench samples from this area has resulted in 61 samples with grades greater than one gram per ton gold. Of these, 8 samples have between five and ten grams per tonne gold and 12 samples have greater than ten grams per tonne gold. The highest assay was 39.4 grams per tonne gold over one metre on drill hole GZJ1017. Significant intersections include 1.51 grams per tonne gold over 14 metres thickness on drill hole GZJ1012 and 7.01 grams per tonne gold over six metres on drill hole GZJ1011. Note that these thicknesses are not necessarily true widths. Preliminary metallurgical test work indicates that 94 per cent of the gold can be separated into a sulphide concentrate using standard floatation processes. The gold occurs as separate grains associated with the sulphides. Following the completion of the drilling program an induced polarization geophysical survey was undertaken in the Gjazuj area. This survey reveals the presence of numerous high-priority resistivity and chargeability anomalies. These are interpreted to represent both the shear-zone-hosted sulphide mineralization identified in the drilling and large sulphide-bearing intrusives lying immediately adjacent to and below the shear zones. The intrusives are further interpreted to represent porphyry copper-gold mineralization associated with the emergent core complexes. A number of high-priority targets have been identified for drill testing (target depths ranging from 50 metres to 250 metres). The potential presence of a zone of emergent core complexes that runs north-south through the Gjazuj area is significant. Such zones can be associated with porphyry copper-gold instrusive systems that contain both considerable gold (multimillion ounce) and copper resources. Mineralization of this type has been identified in two sub-parallel belts located to the east of Albania (within Serbia-Macadonia-Greece and within Serbia-Bulgaria). As virtually no modern-day exploration has been undertaken on the identified Albanian zone, it is considered to offer considerable potential.
Chad Ulansky, PGeo, is the qualified person under National Instrument 43-101 who has reviewed the technical disclosure in this news release and is responsible for the technical information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Zahir Dhanani, President & CEO
About Arian Resources Corp.
Arian Resources Corp. is a junior mineral exploration company with a focus on the exploration of prospective gold properties in Albania.
About Sinomine International Exploration (Hong Kong) Holding Co. Limited
Sinomine is a wholly-owned subsidiary of Sinomine Resource Exploration Co., Ltd., the top resource exploration company in the People's Republic of China that is to be listed on the Shenzhen Stock Exchange.
This news release may contain forward-looking statements including but not limited to comments regarding the closing the transactions contemplated by the Option Agreement, subscription of Units, resignation and appointment of directors of the Board and the timing of the Completion Date. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Arian undertakes no obligation to update such statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Arian Resources Corp.For further information:
For further information, contact Zahir Dhanani at 604.248.5175 or via email at firstname.lastname@example.org.