Ariana Resources updates resource and reserve; realises long-term strategy
March 28, 2024 at 04:48 am EDT
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Joining Jonathan Jackson in the Proactive studio is Ariana Resources plc (LON:AAU) managing director Kerim Sener, who sits down to discuss the latest resource and reserve update for the Zenit Mining Operations in Western Türkiye. The update encompasses the Kiziltepe and Tavsan sectors, operated by Zenit Madencilik in partnership with Proccea Construction and Ozaltin Holding, with Ariana owning a 23.5% stake.
The update reveals a JORC reserve of 5.3 million tonnes at 1.46 grams per tonne (g/t) of gold and 9.81 g/t of silver, totaling 249,000 ounces of gold and 1.67 million ounces of silver. This indicates a potential for approximately 10 more years of production.
Since 2017, the Kiziltepe Sector has produced 151,000 ounces of gold and 1.68 million ounces of silver. The global JORC resource now stands at 10.9 million tonnes, containing 483,000 ounces of gold and 4.45 million ounces of silver, with identified avenues for further resource growth.
Dr Sener shares insights on the long-term strategy of combining the Kiziltepe and Tavsan sectors for optimised ore processing, reflecting significant progress since the strategy's conceptualization in 2009. With a substantial increase in gold prices, the company is reassessing pit designs and processing options to extend the life and efficiency of the operations.
Investors can look forward to continued exploration efforts aimed at expanding the resource base, with Ariana Resources poised for strategic growth in Western Türkiye's mining sector.
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Ariana Resources plc is a United Kingdom-based mineral exploration and development company. The Company's interests include gold production in Turkiye and copper-gold exploration and development projects in Cyprus and Kosovo. The Company holds an approximately 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkiye. The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects. The Kiziltepe Gold-Silver Mine is located in western Turkiye. The Tavsan Gold Mine is located in western Turkiye and contains a JORC Measured, Indicated and Inferred Resource of approximately 311,000 ounces gold and 1.1 million ounces silver. The Salinbas Gold Project is located in north-eastern Turkiye and contains a JORC Measured, Indicated and Inferred Resource of around 1.5 million ounces of gold. It owns 100% of Asgard Metals Fund; 75% of Western Tethyan Resources Ltd, and 61% of Venus Minerals PLC.