http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 14 Dec 2017 09:55:09 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ariana Resources unearths another new gold discovery at Salinbas project ]]> http://www.proactiveinvestors.co.uk/companies/news/188418/ariana-resources-unearths-another-new-gold-discovery-at-salinbas-project-188418.html Ariana Resources plc (LON:AAU) has announced its latest new gold discovery at the Salinbas project in Turkey.

The exploration company told investors it has unearthed a significant anomaly, a 500x150 metre zone of precious metal and base metal, in the Salinbas North area.

READ: Ariana Resources' Salinbas exploration 'a project with legs', says Kerim Sener

Soil tests returned material gold and silver grades – up to 3.83 grams per tonne gold, and 108 grams per tonne silver.

These initial results show the potential at the project for further resource growth, according to Ariana, which also noted it has ‘ample funds’ for follow up exploration work in 2018.

"Salinbas already contains a JORC resource of c. 1 Moz gold.  The latest exploration has demonstrated opportunities both within and outside of known areas to further grow the resource. 

WATCH: Ariana Resources enjoys excellent first quarter of commercial production

“The Salinbas Zone extends to the northeast and also to the southwest, with potential for both precious and base-metals. 

“The new discovery of Salinbas North also demonstrates that Salinbas is not an isolated zone of mineralisation and that considerable potential exists for other "Salinbas-type" deposits to be discovered in the vicinity along prospective geological horizons.”  

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Thu, 07 Dec 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188418/ariana-resources-unearths-another-new-gold-discovery-at-salinbas-project-188418.html
<![CDATA[RNS press release - Further Gold Discovery at Salinbas ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171207070003_13456737/ Thu, 07 Dec 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171207070003_13456737/ <![CDATA[Media files - Ariana Resources' Salinbas exploration 'a project with legs', says Kerim Sener ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8431/ariana-resources-salinbas-exploration-a-project-with-legs-says-kerim-sener-8431.html Tue, 28 Nov 2017 20:20:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8431/ariana-resources-salinbas-exploration-a-project-with-legs-says-kerim-sener-8431.html <![CDATA[News - Ariana’s Salinbas project could host multi-million ounce gold and significant base metal deposits ]]> http://www.proactiveinvestors.co.uk/companies/news/187217/arianas-salinbas-project-could-host-multi-million-ounce-gold-and-significant-base-metal-deposits-187217.html Ariana Resources plc (LON:AAU) has completed its latest round of exploration across the Hot Gold Corridor within its wholly-owned Salinbas gold project, already known to contain one million ounces of gold.

The Hot Gold Corridor is named after the four-million-ounce Hot Maden gold-copper deposit, located approximately 4 km south.

WATCH: Ariana Resources enjoys excellent first quarter of commercial production

The programme has revealed a significantly anomalous zone 1.4 km long and 0.2 km wide, comprising gold, silver, copper, lead and zinc geochemistry, now identified at Ardala North.

The company now believes there is potential for sizable multi-element mineral systems to occur in the vicinity of the Ardala porphyry, in particular along certain geological horizons.

Indeed, the scale and complexity of the mineral system identified strongly indicates the potential to host multi-million ounce gold deposits and significant base-metal systems.

Among the highlighted rock chip assay results were 11.20 grams per tonne gold plus 131 grams silver, 3.26% copper, and 0.24% lead.

READ: Ariana continues to build its production profile at Kiziltepe

"The exploration team are very excited by these results and are continuing to appraise large amounts of incoming data from site, which will lead towards a further important announcement concerning the Salinbas area,” said managing director Dr Kerim Sener. 

“Based on our improved understanding, the Ardala multiphase porphyry system is clearly the locus of various styles of mineralisation throughout the northern part of the Hot Gold Corridor. This is demonstrated in particular by the Salinbas gold-silver deposit, which indicates that the range of mineralisation propagating from the Ardala Porphyry source exceeded 1.5 km.  This suggests that several other geologically favourable sites in the periphery of the porphyry must be considered highly prospective targets. 

“This scale and complexity of the mineral system, comprising a large nested porphyry complex significantly enriched in gold, silver, copper and molybdenum, with the associated gold-silver deposit at Salinbas, underscores our view that this region has the potential to host multi-million ounce gold deposits and significant base-metal systems."

 

 

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Tue, 14 Nov 2017 08:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187217/arianas-salinbas-project-could-host-multi-million-ounce-gold-and-significant-base-metal-deposits-187217.html
<![CDATA[RNS press release - Excellent Results from Ardala Area, Salinbas ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171114070003_13430118/ Tue, 14 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171114070003_13430118/ <![CDATA[Media files - Ariana Resources enjoys excellent first quarter of commercial production ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8279/ariana-resources-enjoys-excellent-first-quarter-of-commercial-production-8279.html Tue, 24 Oct 2017 10:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8279/ariana-resources-enjoys-excellent-first-quarter-of-commercial-production-8279.html <![CDATA[News - Ariana continues to build its production profile at Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/news/186016/ariana-continues-to-build-its-production-profile-at-kiziltepe-186016.html Ariana Resources PLC (LON:AAU) produced and sold 3,762 ounces of gold and 15,985 ounces of silver from its Kiziltepe mine in Turkey during the quarter ended 30 September 2017, exceeding forecasts by around 6%.

Operating cash cost for the quarter was US$570 per ounce.

WATCH: Ariana Resources enjoys excellent first quarter of commercial production READ: Ariana Resources pleased with Kiziltepe ramp-up

The quarterly figures take total production to date up to 5,691 ounces of gold and 30,504 ounces of silver, the company said in a statement.

Gross income for the quarter came in at US$5.05mln on an average realised gold equivalent price of US$1,342 per ounce. 

The weighted average grade of ore mined in the period was 3.12 grams per tonne gold and 43.7 grams silver, matching overall reserve expectations. Higher grade ore is expected during the fourth quarter as mining progresses deeper into the Arzu South orebody.

WATCH: Ariana Resources batting away interest in Salinbas while exploration work continues

"This is an excellent result from our first quarter of commercial production,” said managing director Kerim Sener.

“We have successfully increased our peak production rate from the open pit at Arzu South to over 22,000 tonnes of ore per month during the quarter.

"The process plant, in particular the mill, has also been tested successfully at its highest rates and work is progressing on achieving higher sustainable rates. To date this work has demonstrated that the operation has the capacity to achieve throughput rates substantially higher than feasibility parameters.”

 

 

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Mon, 23 Oct 2017 09:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186016/ariana-continues-to-build-its-production-profile-at-kiziltepe-186016.html
<![CDATA[RNS press release - Kiziltepe quarterly operational update ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171023070003_13404695/ Mon, 23 Oct 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20171023070003_13404695/ <![CDATA[News - Ariana Resources pleased with Kiziltepe ramp-up ]]> http://www.proactiveinvestors.co.uk/companies/news/184835/ariana-resources-pleased-with-kiziltepe-ramp-up-184835.html Gold miner Ariana Resources plc (LON:AAU) will recognise results from its new Kiziltepe mine in Turkey from this quarter, following the declaration of commercial production in July.

Ariana posted a loss of £663,000 in the half year to June, which included £153,000 for its 50% share of the costs incurred by the joint venture that built and will run Kiziltepe.

READ: Ariana Resources batting away interest in Salinbas while exploration work continues

First gold-silver was poured in March, with commissioning and production ramp-up ongoing since then.

Gold and silver production during this phase amounted to 1,929oz and 14,519oz respectively. 

READ: Ariana Resources has strength in Turkish gold portfolio

“The mine has been operational for over two full quarters and production remains in line with management forecasts; reporting of the Q3 2017 operational results will occur during October,” said Michael Villiers, the company’s chairman.

Cash at the period end was £565,000.

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Fri, 29 Sep 2017 12:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184835/ariana-resources-pleased-with-kiziltepe-ramp-up-184835.html
<![CDATA[Media files - Ariana Resources batting away interest in Salinbas while exploration work continues ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8036/ariana-resources-batting-away-interest-in-salinbas-while-exploration-work-continues-8036.html Wed, 06 Sep 2017 08:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/8036/ariana-resources-batting-away-interest-in-salinbas-while-exploration-work-continues-8036.html <![CDATA[News - Ariana encouraged by initial exploration success at Hot Gold Corridor ]]> http://www.proactiveinvestors.co.uk/companies/news/183439/ariana-encouraged-by-initial-exploration-success-at-hot-gold-corridor-183439.html Ariana Resources plc (LON:AAU) has completed an initial exploration programme across the Hot Gold Corridor within its wholly-owned Salinbas gold project in Turkey.

The Hot Gold Corridor is named after the 4 mln ounce Hot Maden deposit located approximately four kilometres south of the project licences.

WATCH: Ariana Resources batting away interest in Salinbas while exploration work continues

Several high-priority geochemical targets have now been identified which show potential for further "Salinbas-type" epithermal mineralisation and/or systems related to copper-gold porphyries. 

Within those, Ardala North target has been prioritised for immediate work as it demonstrates significant multi-element anomalism and the potential for gold-silver mineralisation.

But there is also potential for additional zones of mineralisation on zones between Hizarliyayla and Salinbas. 

READ: Ariana exceeds production forecast at Kiziltepe

Project-scale geological mapping and Phase Two pXRF geochemical sampling has now commenced, with several new target zones already confirmed.

"These exciting initial results confirm our understanding of the potential of the Hot Gold Corridor to contain significant gold and base-metal dominant mineralised systems,” said Ariana managing director Dr Kerim Sener. 

“In particular, the Ardala North target, covering an area of 1.5 x 0.5 km, now represents one of the most strongly and consistently anomalous areas for copper, lead and zinc within the project, with significant potential for coincident gold and silver.” 

 

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Tue, 05 Sep 2017 08:38:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183439/ariana-encouraged-by-initial-exploration-success-at-hot-gold-corridor-183439.html
<![CDATA[RNS press release - Exciting Results Across Hot Gold Corridor ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170905070003_13351582/ Tue, 05 Sep 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170905070003_13351582/ <![CDATA[News - Ariana exceeds production forecast at Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/news/181681/ariana-exceeds-production-forecast-at-kiziltepe-181681.html Production at the Kiziltepe gold project in Turkey owned by Ariana Resources plc (LON:AAU) has come in at around 1,370 ounces of gold and 6,780 ounces of silver during July, exceeding expectations.

Total production since start-up now amounts to around 3,300 ounces of gold and 21,300 ounces of silver.

READ: Ariana Resources says Kiziltepe mine ramp-up exceeds expectations

Recoveries of gold and silver remain significantly higher than expected, running respectively at 94% and 79%, against feasibility study expectations of 86% and 64%.  

The grade of ore mined in July has run at around 4 grammes per tonne gold and 40 grammes silver, which is higher than forecast. It’s now expected that grades will be maintained at this level over the next 6 months.

As a result of all this, loan repayments to Turkiye Katilim Finans Bankasi A.S. have been made on the scheduled basis and have amounted to over US$4.2mln as at the end of July 2017.

Calendar year 2017 production guidance lies within a range 10,100 to 11,900 ounces of gold and 103,500 to 106,500 ounces of silver. 

“We remain very encouraged by the performance of all aspects of the operation, especially during July when doré output considerably exceeded forecast,” said managing director Dr Kerim Sener. 

“Following sustained high-rate mill throughput, we have now achieved a production rate above our feasibility plan and the transition in to commercial production is complete.”

 

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Mon, 31 Jul 2017 07:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181681/ariana-exceeds-production-forecast-at-kiziltepe-181681.html
<![CDATA[News - Ariana Resources says Kiziltepe mine ramp-up exceeds expectations ]]> http://www.proactiveinvestors.co.uk/companies/news/180122/ariana-resources-says-kiziltepe-mine-ramp-up-exceeds-expectations-180122.html Ariana Resources plc (LON:AAU) updated on the ramp up of its Kiziltepe Mine in Turkey, where commercial production is expected shortly.

The grade of ore from the open pit is continuing to increase with target grades of more than 3 g/t gold and over 40 g/t silver expected to be met from July 2017 onwards.

The processing plant is now operating as specified, with mill availability having increased to over 97% during this month.

Approximately 1,930 ounces of  gold and 14,520 ounces of silver have been sold by the refinery so far, gold and silver sales during the period to end June 2017 realised prices ranging between US$1,295 and 1,225 per ounce and US$18.2 to 16.2 per ounce respectively.

Dr Kerim Sener, managing director, said: "The operation continues to deliver at or beyond our expectations and we are encouraged by the continuation of several positive factors which remain substantially above feasibility design parameters. 

"In particular, the higher than expected recoveries and lower leach times, will contribute towards enhanced operational efficiencies.  In time, this may enable other aspects of the operation, such as mill throughput, to be further improved."

Sener added: "The ramp-up period has proceeded smoothly and to a significant degree has met our internal production estimates. 

"We have encountered some issues with the clay content of the ore at times, particularly during periods of heavy rainfall, as such material has a tendency of decreasing the feed rate to the mill.  However, we are investigating ways to mitigate this and in any case we are not expecting this to remain a concern over the very dry summer months ahead of us."

Ariana shares were unchanged at 1.325p 

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Fri, 30 Jun 2017 10:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180122/ariana-resources-says-kiziltepe-mine-ramp-up-exceeds-expectations-180122.html
<![CDATA[RNS press release - Kiziltepe Operational Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170630084412_13279266/ Fri, 30 Jun 2017 08:44:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170630084412_13279266/ <![CDATA[News - Ariana Resources raises £2 mln in new money ]]> http://www.proactiveinvestors.co.uk/companies/news/179518/ariana-resources-raises-2-mln-in-new-money-179518.html Ariana Resources plc (LON:AAU) is raising £2 mln in new money via a placing and subscription of shares at 1.3p a share.

The initial raise of £1.87 mln has already been completed with the help of ubiquitous mining broker Beaufort and by Panmure Gordon.

Ariana’s directors intend to subscribe for a further £180,000 and an announcement on that will follow shortly.

The money will be used for working capital support of Ariana’s joint venture in Turkey, which is now within an ace of commercial production at Kiziltepe.

Gold and silver pours are now occurring on a weekly basis, and as at 6 June the company had already sold 7,000 ounces of silver and 1,000 ounces of gold.

In addition, the proceeds will also be directed towards the continued exploration and development of the company's portfolio of advanced assets in Turkey, including Salinbas and Tavsan.

 

 

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Tue, 20 Jun 2017 08:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179518/ariana-resources-raises-2-mln-in-new-money-179518.html
<![CDATA[RNS press release - Placing and Subscription to raise £2 million ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170620070003_13265870/ Tue, 20 Jun 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170620070003_13265870/ <![CDATA[News - Ariana Resources zeroes in on Tavsan gold project, with reassessment of resource ]]> http://www.proactiveinvestors.co.uk/companies/news/179130/ariana-resources-zeroes-in-on-tavsan-gold-project-with-reassessment-of-resource-179130.html Ariana Resources plc (LON:AAU) has completed its resource-focused target assessments for the Tavsan gold project on the 50%-owned Red Rabbit joint venture with Proccea Construction.

Extensive new geochemical target areas have been identified, demonstrating clear potential for resource growth.

In particular, six significant target areas have been confirmed, with some containing significant drill intercepts including six metres at 3.37 grams per tonne gold and 3.67 grams silver and nine metres at 1.30 grams gold and 4.32 grams silver within around 20 metres from surface.

In addition, a new discovery, referred to as the South Zone, appears to represent a structural repeat of the Main Zone resource area, though it is partly obscured by cover rocks.

The company is now reassessing the resource estimate for Tavsan, which currently stands at 215,000 ounces of gold equivalent.

"The Tavsan Gold Project has continued to demonstrate substantial opportunity for further resource growth,” said Ariana’s managing director Kerim Sener.

“This new soil geochemical survey has identified a number of areas that require drill testing for the first time or which specifically require resource drilling.  Some of these areas are known to contain mineralised jasperoid and are dotted with old antimony workings.  We are confident that such areas will also host high-grade gold and silver mineralisation.”

 

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Tue, 13 Jun 2017 08:13:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179130/ariana-resources-zeroes-in-on-tavsan-gold-project-with-reassessment-of-resource-179130.html
<![CDATA[News - Ariana making “solid progress” Kiziltepe as operational ramp-up nears completion ]]> http://www.proactiveinvestors.co.uk/companies/news/178848/ariana-making-solid-progress-kiziltepe-as-operational-ramp-up-nears-completion-178848.html Ariana Resources plc (LON:AAU) has told investors it is making “solid progress” with the operational ramp-up at its Kiziltepe gold mine in Turkey, which is now largely complete.

The processing plant is currently operating to design specifications, but Ariana is considering various operational enhancements to increase mill throughout from 150,000 tonnes per annum (tpa) to 180,000 tpa.

More gold, more quickly

As well as that, the company is recovering more gold and silver than the feasibility study had projected, while leach times are also faster than expected.

The average ore grade has also increased during the ramp-up to around 2.5 grams per tonne (g/t) gold and 24 g/t silver, with further increases expected during the second half of the year.

Ariana added that doré pours are now happening on almost a weekly basis, with around 1,000oz of gold and 7,000oz of silver having been sold to the refinery during the period to May 2017 at prices ranging from US$1,275-US$1,225/oz and US$18.20-US$16.20/oz respectively.

CEO Sener ‘very pleased’

"We are very pleased to provide this interim report on the solid progress of operational ramp-up at the Kiziltepe Mine,” said chief executive Kerim Sener.

“The considerably better than expected performance of the processing plant has ensured that production is currently occurring at a rate which will meet our operational expectations during ramp-up.”

What’s to come over the next few months?

Looking ahead, the construction of the second stage of the tailings dam is set is set to begin shortly.

That will be supported by the introduction of a night shift at the project which will help to increase production from the open pit to 20,000m3 (ore and waste) a week.

On top of that, Ariana said it has identified additional ore zones that sit outside of the resource block model and will now be scheduled for production.

Ariana shares gained 2% in morning trade to sit at 1.74p.

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Tue, 06 Jun 2017 11:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178848/ariana-making-solid-progress-kiziltepe-as-operational-ramp-up-nears-completion-178848.html
<![CDATA[News - Ariana Resources swings to profit in 2016 after transformational year ]]> http://www.proactiveinvestors.co.uk/companies/news/178718/ariana-resources-swings-to-profit-in-2016-after-transformational-year-178718.html Ariana Resources Ltd (LON:AAU) charted a 'transformational' 2016 in its full year results, which saw it transition from explorer to producer and post a profit.

For the 12 months to December 31, Ariana reported a pre-tax profit of £13.7mln compared to a loss of £1.4mln a year earlier.

The team successfully built the Kiziltepe Mine with jv partner Proccea and the first gold pour was in March this year.

"We are now in the process of realigning Ariana to take advantage of our evolving position as an exploration junior backed by cash-flow from our joint venture operation at the Kiziltepe Mine, in addition to our significant investments in three listed junior companies," Ariana said today.

The group has enhanced the long-term economics of the Red Rabbit gold project by expanding the resource at Kiziltepe,  including an important and timely reappraisal of the Tavşan sector.

A scoping study in November underlined the potential for strong financial returns at Tavşan.

The net present value (NPV)  was put at US$41.9mln, with payback secured within 1.1 years over an initial 4 year mine life at a gold price of US$1,250 per ounce.

Bringing the Tavşan sector of the project on stream would enable the firm to lift  production from around 20,000 ounces to 50,000 ounces a year of gold equivalent between the two operations.

The firm had cash of £440,000 at the end of the year, versus £319,000 at the end of 2015.

Ariana shares are down 2.86% to 1.70p at the time of writing.

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Fri, 02 Jun 2017 14:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178718/ariana-resources-swings-to-profit-in-2016-after-transformational-year-178718.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170602110419_13247534/ Fri, 02 Jun 2017 11:04:19 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170602110419_13247534/ <![CDATA[Media files - Interest in Ariana Resources' Salinbas target grows after deal next door ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7476/interest-in-ariana-resources-salinbas-target-grows-after-deal-next-door-7476.html Wed, 17 May 2017 16:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7476/interest-in-ariana-resources-salinbas-target-grows-after-deal-next-door-7476.html <![CDATA[News - Ariana Resources has strength in depth in Turkish gold portfolio ]]> http://www.proactiveinvestors.co.uk/companies/news/177939/ariana-resources-has-strength-in-depth-in-turkish-gold-portfolio-177939.html Ariana Resources Ltd (LON:AAU) has already seen interest in its Salinbas project following the takeover of Mariana Resources by mining royalty group Sandstorm, its managing director Kerim Sener has told Proactive.

Mariana Resources’ (LON:MARL) key asset is the keenly awaited Hot Maden gold project that it is developing with Turkish partner Lidya.

Ariana has acreage at Hizarliyayla on its Salinbas licence, that is just 8km from Hot Maden while other parts lie in what is fast becoming a substantial gold mining district in the country, says Sener.

WATCH: Kerim Sener on Salinbas and Kiziltepe

He wants the company to do more work itself at Salinbas to see what’s there and exploration is now underway to test how much gold the licence may hold, but he adds the Sandstorm move highlights the opportunity.

“It is an area that, along with Hot Maden, is proving to be an exceptionally prospective goldfield with multi-million ounce potential." 

Hot Gold corridor

The Salinbas prospect already contains a JORC resource of 1mln oz gold equivalent, but remains only partially explored, said Sener, especially along the ‘Hot Gold’ corridor.  

 Some 37 target areas have been identified within the project area, mostly around the Salinbas gold/silver deposit, Ardala gold and copper porphyry and Hizarliyayla.

“There are several drilling results, rock-chip, soil and geophysical and geological targets that have not yet been tested to any significant degree,” he said. 

“These targets are mainly defined within and around the Salinbas and Ardala resource areas but several additional targets lie elsewhere within the 16km long Hot Gold Corridor.

And the latest results released to market in early September, only give grounds for further encouragement. Several high priority geochemical targets have now been identified and Ardala North will be prioritised.

Salinbas icing on a very solid base

It is further evidence of the momentum that is building at Ariana since the end of 2016 when its first mine in Turkey, at Kiziletepe, came on stream.

Kiziltepe is part of the wider Red Rabbit licence that Ariana owns jointly with local partner Proccea Construction.

At full tilt, the mine will churn out 20,000 ounces of the yellow metal a year but Ariana is already taking steps to increase that through exploration of the surrounding area.

A scoping study has already come back very favourably at Tavsan for example, 75km away.

If numbers continue to impress it may add a further 30,000 ounces a year to the 20,000 oz expected from Kiziltepe.

The study at Tavsan showed production at that level would cost between US$559-630/oz over the expected four-year mine life and generate a net present value of US$41.9mln at a gold price of US$1,250.

This is a return of 80% on the expected US$20mln build cost plus operating expenses.

Sener will look at fast-tracking further exploration and development work with completion of a more detailed pre-feasibility study (PFS) in 2017 the aim. 

Resource  grows at Kiziltepe

But closer to Kiziltepe, exploration has also been proving fruitful.

A resource update in March indicated an estimated 257,500 oz of gold and 4.87Moz silver to make 338,500oz gold equivalent overall. That is an increase of 100,000 oz on the previous JORC estimate.

Ore tonnage meanwhile has risen to 3.8Mt following the inclusion of all subsidiary veins drill tested to date, while there is a further 1.25Mt at 1.8g/t gold and 31 g/t silver in vein extensions across Kiziltepe that have not yet been drill tested.

For example, extensions to the west of Kiziltepe for about 4km have shown a low-grade and high-tonnage style of stockwork mineralisation in alteration zones between some of the veins.

More drill testing is required but Sener said the presence of antimony suggests it is high in an epithermal system, which is a very encouraging sign.  

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Wed, 17 May 2017 15:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177939/ariana-resources-has-strength-in-depth-in-turkish-gold-portfolio-177939.html
<![CDATA[News - Ariana Resources identifies another potential gold zone at Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/news/177908/ariana-resources-identifies-another-potential-gold-zone-at-kiziltepe-177908.html Ariana Resources plc (LON:AAU) has received more indications that the gold resource at Kiziltepe is larger than thought with assay results from a site to the west of the mine.

Kiziltepe started production in March and the new site, Kiziltepe West, is 4km away by road. 

Ariana and its joint venture partner Proccea have been exploring the surrounding areas to increase the mine life and the Kiziltepe West deposit has the potential to do just that, it said.

The early stage exploration suggests a low-grade and high-tonnage style of stockwork mineralisation in alteration zones between some of the veins already identified at Kiziltepe, it said.

Last week, Ariana published a substantial increase to the life of the Kiziltepe gold mine, which is now estimated to contain 257,500 oz of gold and 4.87Moz silver to make 338,500oz gold equivalent overall. That was an increase of 100,000 oz on the previous JORC estimate.

Kerim Sener, managing director, said this resource encompassed all of the veins drill tested to date, but as Kiziltepe West illustrates there are more opportunities in areas yet to be drilled.

“In summary, the recent work at Kiziltepe West further reinforces the long-term potential of the Red Rabbit JV area. 

“The company recognises that additional exploration of the JV area will likely further increase the resource-base and guide our future mine planning strategy."

 

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Wed, 17 May 2017 08:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177908/ariana-resources-identifies-another-potential-gold-zone-at-kiziltepe-177908.html
<![CDATA[Media files - Ariana Resources' Kerim Sener on 'significant' Kiziltepe resource increase ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7394/ariana-resources-kerim-sener-on-significant-kiziltepe-resource-increase-7394.html Thu, 04 May 2017 15:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7394/ariana-resources-kerim-sener-on-significant-kiziltepe-resource-increase-7394.html <![CDATA[News - Ariana Resources eyes long life at Kiziltepe gold mine after 40% resource hike ]]> http://www.proactiveinvestors.co.uk/companies/news/177224/ariana-resources-eyes-long-life-at-kiziltepe-gold-mine-after-40-resource-hike-177224.html Ariana Resources plc (LON:AAU) is eyeing a substantial increase the life of its Kiziltepe gold mine in Turkey after a big resource hike.

The mine is now estimated to contain 257,500 oz of gold and 4.87Moz silver to make 338,500oz gold equivalent overall.

That is an increase of 100,000 oz on the previous JORC estimate.

Ore tonnage meanwhile has risen to 3.8Mt following the inclusion of all subsidiary veins drill tested to date, while there is a further 1.25Mt at 1.8g/t gold and 31 g/t silver in vein extensions across Kiziltepe that have not yet been drill tested.

WATCH: Ariana Resources' boss on 'significant' Kiziltepe resource increase CLICK HERE: For a daily round-up of all the Proactive news

Kerim Sener, Ariana’s managing director, said this exploration target can add a further 90,000 oz in addition to the 100,000 oz gold equivalent resources from today’s upgrade.

“At a 60% exploration target and resource to reserve conversion rate, which has historically held for this project, such increases in the resource could provide up to 12 years of mine life at current throughput rates,” he said.

Overall, the total resource within the Red Rabbit Project Area and surrounding projects now stands at 605,000 oz gold equivalent.

Red Rabbit includes Kiziltepe and is a joint venture between Turkish group Proccea and Ariana.

"Completion of our drilling programmes late last year confirmed for the first time that the Arzu vein system extends for a further 650m beneath cover rocks, which separate the Arzu South and North pits,” he added. 

These revisions also encompass several subsidiary veins at Kiziltepe outside of the four main veins to be mined as part of the current mine plan.

Sener added that one month since it started production Kiziltepe is into its ramp-up phase and operations are proceeding well.  

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Wed, 03 May 2017 09:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177224/ariana-resources-eyes-long-life-at-kiziltepe-gold-mine-after-40-resource-hike-177224.html
<![CDATA[RNS press release - Major increase in Kiziltepe Resource ]]> http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170503070009_13211808/ Wed, 03 May 2017 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/76/LSE20170503070009_13211808/ <![CDATA[News - Ariana Resources hails first production from gold and silver mine in Turkey ]]> http://www.proactiveinvestors.co.uk/companies/news/175342/ariana-resources-hails-first-production-from-gold-and-silver-mine-in-turkey-175342.html Ariana Resources plc (LON:AAU) managing director Kerim Sener described as a “momentous achievement” the first production from the Kiziltepe Mine in Turkey.

The 5.25kg gold-silver doré pour represents the culmination of years of hard exploration work followed by permitting and building the operation.

Kiziltepe is part of the wider Red Rabbit area that Ariana owns with local partner Proccea Construction.

At full tilt the mine will churn out 20,000 ounces of the yellow metal a year.

“As a company, we will remain focused on enhancing our resource base, adding value through further exploration and development work and growing our long-term production profile,” said Sener.

“Our seven-year partnership with Proccea and our proven ability to deliver successfully on our joint goals provides a springboard for our future strategy.

“We look forward to providing shareholders with further updates on our progress during the coming months." 

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Fri, 24 Mar 2017 07:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/175342/ariana-resources-hails-first-production-from-gold-and-silver-mine-in-turkey-175342.html
<![CDATA[News - Ariana Resources more bullish on Tavsan potential ]]> http://www.proactiveinvestors.co.uk/companies/news/173513/ariana-resources-more-bullish-on-tavsan-potential-173513.html Ariana Resources plc (LON:AAU) is now regarding its Tavsan gold deposit in Turkey as more of a standalone heap leach mining operation after analysing the latest exploration programme.

Once seen as a potential satellite ore supplier to the newly built Kiziltepe mine, Tavsan would still share facilities with the neighbouring operation but is looking an extremely attractive low-cost and high-margin mining opportunity in its own right said Kerim Sener, Ariana’s managing director.

A scoping study in December indicated production of a potential 30,000 ounces a year of gold over four years at a cost of US$559-630/oz but drilling has identified sixteen possible targets to follow up.

Sener believes that finding further resources can enhance Tavsan’s numbers substantially.

“Our management resource target at Tavsan is 300,000 oz gold of which at least 200,000 oz gold is targeted to be accessible via open pit mining methods.

“This would result in an increase in potential mine life by a further c.3 years to a total life of c.7 years, producing at a rate of approximately 30,000 oz gold per annum.”

He added more work is need to fully explore the options, but at this stage  Tavsan is now seen as a semi-autonomous satellite operation to the Kiziltepe Mine. 

“It would share much of the management and operational infrastructure as Kiziltepe yet be developed as a heap-leach operation with possibly only the carbon elution and regeneration, electro-winning and gold room being shared between the two operations. 

“This would require limited additional capital expenditure at Kiziltepe, though substantially less than developing such facilities independently at Tavsan.”

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Wed, 22 Feb 2017 07:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173513/ariana-resources-more-bullish-on-tavsan-potential-173513.html
<![CDATA[News - Ariana completes tailings facility at Kiziltepe and is now ready for switch-on ]]> http://www.proactiveinvestors.co.uk/companies/news/173112/ariana-completes-tailings-facility-at-kiziltepe-and-is-now-ready-for-switch-on-173112.html Ariana Resources plc (LON:AAU) has completed the interim tailings storage facility that it will use to store mine waste from its Kiziltepe gold project in Turkey.

Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co. and is 50% owned by Ariana.

The completion of the tailings storage facility was a pre-requisite ahead of an application for a routine operations permit, and the company is now preparing to apply for this permit.

Perhaps more significantly though, operationally the mine and the processing plant are now ready to go, and formal production is expected to commence in the coming weeks.

"As expected, a suitable weather window opened during the beginning of February, enabling the installation of the remaining geomembrane for the interim Stage One tailings storage facility,” said Ariana chief executive Kerim Sener.

“With the TSF now ready for initial start-up, construction of the mine is effectively 100% complete for production to commence.  Production will formally commence once we have received our Operations Permit, for which an application to the authorities is in the process of being prepared, and while we await technical approvals for the TSF installation.”

 

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Tue, 14 Feb 2017 08:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173112/ariana-completes-tailings-facility-at-kiziltepe-and-is-now-ready-for-switch-on-173112.html
<![CDATA[Media files - Ariana Resources 'just weeks out' from start-up at Kiziltepe ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6909/ariana-resources-just-weeks-out-from-start-up-at-kiziltepe-6909.html Tue, 14 Feb 2017 05:48:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6909/ariana-resources-just-weeks-out-from-start-up-at-kiziltepe-6909.html <![CDATA[News - Panmure Gordon thinks Ariana will fly when production starts ]]> http://www.proactiveinvestors.co.uk/companies/news/172565/panmure-gordon-thinks-ariana-will-fly-when-production-starts-172565.html Panmure Gordon sees the potential for share price appreciation at Ariana Resources plc (LON:AAU) as the minerals firm commences production at Kiziltepe.

This year has seen a flurry of announcements from Ariana, which Panmure thinks may have made it difficult for investors to work out just how much progress has been made at the Kiziltepe prospect in Turkey.

In summary, “it is a lot”, Panmure’s Kieron Hodgson said. Nevertheless, Hodgson thinks the catalyst for share price appreciation will be when the company formally announces the start of production. At the moment, the weather in Turkey is being less than helpful.

“We now assume revenues in Q2FY2017, following recent weather delays. Updates, such as the forestry permit for Kizilcukur are positive. These will provide production flexibility and could extend operations at the flagship Kiziltepe Mine whilst underpinning our thesis that Kiziltepe, fed by multiple sources, can sustain materially higher rates of low cost production beyond the current mine plan. The drilling programme of 2016 will also, we believe, result in a notable increase in resources,” Hodgson said, as he increased his target price from 2.46p to 3.02p.

Ariana shares currently trade at around 1.69p.

Following the recovery in precious metals prices, the broker has recently revised its assumptions for gold and silver prices, and this has resulted in a change to Ariana’s estimated net asset value per share (NAV).

Using an 8% discount rate, Panmure calculates that the current share price is only around 53% of the NAV, down from 85% in its previous estimate.

“As Ariana moves towards long term production, improved efficiencies and a subsequent reduction in costs should be seen, underpinning the investment case. Marked to spot, and using our 8% cost of capital, the long term price of gold needed to justify the current equity valuation is around $1,100/oz,” Hodgson said.

Gold currently trades at around US$1,220 an ounce.

The price target is derived from a simple sum of the parts calculation and “offers almost 80% upside to the current market price, although the risk of further equity dilution, a common theme with small cap mining stocks, should remain a consideration”.

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Thu, 02 Feb 2017 12:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172565/panmure-gordon-thinks-ariana-will-fly-when-production-starts-172565.html
<![CDATA[News - Ariana Resources gets forestry permit for Kiziltepe satellite ]]> http://www.proactiveinvestors.co.uk/companies/news/172488/ariana-resources-gets-forestry-permit-for-kiziltepe-satellite-172488.html Ariana Resources plc (LON:AAU) has received a forestry permit for Kizilcukur, one of its wholly-owned projects in Turkey and a likely high grade satellite deposit for the soon to open Kiziltepe mine.

The junior believes there is potential for 18 months of add-on mine life for Kiziltepe from three shallow open-pits at Kizilcukur.

Kizilcukur is 22km to the northeast of the Kiziltepe mine site, with a resource of 308,000 tonnes at 2.11g/t gold and 73.4g/t silver.

The forestry permit will enable production from the Kizilcukur project until 2022.  

Ariana also has an option to sell Kizilcukur to its joint venture company at three times the exploration cost.

Kerim Sener, Ariana’s managing director, said that with the permit it would be able to commence trial mining at the Kizilcukur site during 2017 and enable the stockpiling of material for future processing at Kiziltepe. 

“This trial mining exercise will fast-track this project through an internal feasibility study, with the aim of it becoming a satellite source of high-grade material for the Kiziltepe operations.”

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Wed, 01 Feb 2017 08:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172488/ariana-resources-gets-forestry-permit-for-kiziltepe-satellite-172488.html
<![CDATA[News - Ariana expects Kiziltepe to become formally operational within next ten days ]]> http://www.proactiveinvestors.co.uk/companies/news/172415/ariana-expects-kiziltepe-to-become-formally-operational-within-next-ten-days-172415.html Ariana Resources plc (LON:AAU) has told investors it expects the tailings storage facility (TSF) at its Kiziltepe mine in Turkey to be completed within the next ten days.

Extremely cold temperatures – as low as -7ºC – and heavy snow over the past month or so have delayed the final laying of a geomembrane at Kiziltepe’s tailings storage facility (TSF).

And while this is a simple, seven-to-ten day job, completion of the TSF is a critical element of the project.

“While much of the Kiziltepe mine site is effectively operational, the below average temperature conditions and rainfall experienced through much of January has inhibited the completion of the tailings dam,” said managing director Kerim Sener.

“However, we are pleased to note that the weather forecasts for the next ten days are looking more favourable.  At this stage, the Joint Venture team is expecting to be in a position to complete the remaining work at the tailings dam within this better weather window.” 

During this frustrating period, Ariana has been working hard to demonstrate the potential for an enhanced operation at Kiziltepe.

Recent drill results are to be incorporated into a new resource and reserve estimate, while an improved mining plan and schedule are also in the works.

“These results are sufficiently encouraging to warrant integration in to a longer-term developmental plan for the project involving larger and/or additional open pits,” added Sener.

“The company remains focused on increasing its production profile once Kiziltepe enters production, through several practical development strategies across its projects.”

Kiziltepe sits within the Red Rabbit gold-silver project in Western Turkey and is part of a joint venture between Ariana and Proccea Construction Co.

Shares were down 2% to 1.66p.

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Tue, 31 Jan 2017 11:52:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172415/ariana-expects-kiziltepe-to-become-formally-operational-within-next-ten-days-172415.html
<![CDATA[News - Ariana Resources extends gold mineralisation at Red Rabbit ]]> http://www.proactiveinvestors.co.uk/companies/news/172341/ariana-resources-extends-gold-mineralisation-at-red-rabbit-172341.html Ariana Resources plc (LON:AAU) has unearthed another potential mineable gold deposit from additional exploration at the Red Rabbit prospect in Turkey.

The gold junior is set to start production soon at Kiziltepe and has been exploring possible satellite deposits in nearby areas.

This latest find was at Banu and comprised a 125m vein with a best intercept of 1m at 7.95g/t.

Previous exploration at another satellite, Fidan, also produced a high grade intercept (4.75m at 4.26 g/t gold), which Ariana  said will be further explored as a priority as it highlights the potential for high grades at the south-eastern end of the Kiziltepe vein system.

Kerim Sener, managing director, said: "Adding a further 125m to the mineralised vein strike at Banu potentially represents a meaningful addition to our resource at this locality. 

“The grades encountered over at least 75m of this additional vein strike demonstrate the potential for extraction from an extended open-pit. 

“Meanwhile, at Arzu Far South we have discovered a vein array which is highly anomalous in gold and particularly silver, which appears to represent the top of the system.  Further drilling, targeting greater depths, may be warranted in this area.

Red Rabbit is a joint venture between Ariana and Turkish firm Proccea Construction.

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Mon, 30 Jan 2017 07:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172341/ariana-resources-extends-gold-mineralisation-at-red-rabbit-172341.html
<![CDATA[News - Ariana Resources identifies more gold at Arzu Central ]]> http://www.proactiveinvestors.co.uk/companies/news/172082/ariana-resources-identifies-more-gold-at-arzu-central-172082.html Ariana Resources plc (LON:AAU) has identified extensive new vein mineralisation at its Arzu Central gold project in Turkey.

In a programme which hit mineralisation in every hole, among the best intercepts were seven metres at 4 grams per tonne gold and 27.51 grams silver, 12 metres at 1.96 grams gold and 34.45 grams silver and 11 metres at 1.83 grams gold and 45.07 grams silver.

"We are very excited to have confirmed the continuity of mineralisation beneath the cap rocks at Arzu Centra,” said Ariana chief executive Kerim Sener.

“These initial results demonstrate for the first time that an extensive and still only partially tested vein system is developed over 650m of strike connecting Arzu South with Arzu North.  Future work will be directed towards the further expansion of the planned open pits at Arzu South, Arzu North and Derya in order to capture as much economic mineralisation as possible in this area.”

However, if enough high grade material is found, it’s also  possible that an underground scenario a Arzu Central might be considered.

 

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Tue, 24 Jan 2017 07:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172082/ariana-resources-identifies-more-gold-at-arzu-central-172082.html
<![CDATA[News - Ariana focuses exploration on 'Hot Gold' corridor in Turkey ]]> http://www.proactiveinvestors.co.uk/companies/news/171791/ariana-focuses-exploration-on-hot-gold-corridor-in-turkey-171791.html Ariana Resources plc (LON:AAU)  has been quick to remind investors that it owns a huge chunk of land in Turkey close to the Hot Maden project being developed by Mariana Resources (LON:MARL) and Lidya.

A scoping study for Hot Maden released yesterday suggested a net present value of around US$1.4bn for the project.

Ariana’s acreage at Hizarliyayla is 8km from Hot Maden.

Kerim Sener, Ariana’s managing director, said it is planning an exploration drive to test whether gold mineralisation runs from Hizarliyayla to the other parts of its Salinbas licence.

“We are looking forward to continuing the exploration within an area that, along with Hot Maden, is proving to be an exceptionally prospective goldfield with multi-million ounce potential."

The Salinbas prospect already contains a JORC resource of 1Mln oz gold equivalent, but remains only partially explored said Sener especially along the ‘Hot Gold’ corridor.  

 Some 37 target areas have been identified within the project area, mostly around the Salinbas gold/silver deposit, Ardala gold and copper porphyry and Hizarliyayla.

“There are several drilling results, rock-chip, soil and geophysical and geological targets that have not yet been tested to any significant degree,” he said. 

“These targets are mainly defined within and around the Salinbas and Ardala resource areas but several additional targets lie elsewhere within the 16km long Hot Gold Corridor.

“Beyond the main Salinbas deposit, several well defined target areas at Ardala South East and South West, Hizarliyayla and Incesu South, among others, will become the focus of generative soil and rock-chip sampling work during 2017. “ 

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Wed, 18 Jan 2017 08:08:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171791/ariana-focuses-exploration-on-hot-gold-corridor-in-turkey-171791.html
<![CDATA[News - Ariana raises £900,000 in oversubscribed placing ]]> http://www.proactiveinvestors.co.uk/companies/news/171587/ariana-raises-900000-in-oversubscribed-placing-171587.html Metals explorer Ariana Resources plc (LON:AAU) has raised £900,000 in an oversubscribed placing as it looks to advance its other projects away from its flagship Kiziltepe gold mine in Turkey.

Kiziltepe is now “largely operational” the firm reported yesterday after unprecedented weather conditions slowed progress at the end of 2016.

With that mine up-and-running, Ariana wants to move forward with some of its others – in particular its Salinbas and Tavsan gold projects.

“Both projects require additional value additive work that it is important that we conduct during the winter months and immediately ahead of the exploration field season,” said chief executive Kerim Sener.

“Completing this work while Kiziltepe is in the process of entering production will contribute significantly towards our strategy to enhance our production profile towards 50,000oz gold per annum.”

To raise the funds, Ariana will issue 56.3mln shares to both new and existing investors at 1.6p a pop – a slight discount to yesterday’s close of 1.87p.

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Fri, 13 Jan 2017 07:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171587/ariana-raises-900000-in-oversubscribed-placing-171587.html
<![CDATA[Media files - "Not much work left to do" at Kiziltepe mine after weather delays, Ariana chief points out ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6708/-not-much-work-left-to-do-at-kiziltepe-mine-after-weather-delays-ariana-chief-points-out-6708.html Wed, 11 Jan 2017 11:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6708/-not-much-work-left-to-do-at-kiziltepe-mine-after-weather-delays-ariana-chief-points-out-6708.html <![CDATA[News - Ariana's progress slowed by unprecedented weather conditions ]]> http://www.proactiveinvestors.co.uk/companies/news/171455/ariana-s-progress-slowed-by-unprecedented-weather-conditions-171455.html Ariana Resources PLC said its Kiziltepe Mine in Turkey is “now largely operational”, although delays have been caused by the unprecedented weather conditions this month and last.

The country was hit by very wet weather in December followed by the heavy snow and freezing conditions currently gripping eastern and southern Europe.

This has meant the company hasn’t completed the final laying of a geomembrane at Kiziltepe’s tailings storage facility (TSF).

WATCH: CEO sketches in the detail on the latest update  READ: Arian Big Picture READ: Today's announcement in detail

And while this is a simple, two-week job, completion of the TSF is a critical element of the project.

“Previous guidance provided by the company had indicated that Kiziltepe was likely to become operational in late December but the timing of start-up has now been necessarily postponed due to the conditions at site,” said Ariana chief executive Kerim Sener.

“As the TSF completion is a critical path component, we cannot provide further guidance on formal start-up until the weather clears and the conditions for laying geomembrane improve. 

“In particular, the temperatures for laying geomembrane must exceed five degrees centigrade.

“In the meantime, our teams are working on all other operational aspects to ensure a smooth transition in to production once the TSF is able to be completed. 

“We will provide a further update on project progress before the end of January.”

Ariana reported that dry and wet commissioning of the process plant, including the carbon in leach tanks and thickeners, is almost complete.

At the same time around 7,000 tonnes of ore, or two weeks’ feedstock, has been stockpiled.

Kiziltepe, which is jointly owned with local partner Proccea, is part of the pair’s Red Rabbit Project in western Turkey.

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Wed, 11 Jan 2017 08:04:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171455/ariana-s-progress-slowed-by-unprecedented-weather-conditions-171455.html
<![CDATA[News - Ariana takes full ownership of Salinbas as it eyes next development ]]> http://www.proactiveinvestors.co.uk/companies/news/170782/ariana-takes-full-ownership-of-salinbas-as-it-eyes-next-development-170782.html Junior miner Ariana Resources plc  (LON:AAZ) has taken 100% ownership of the Salinbas gold project in Turkey, sending its share price shooting higher.

Salinbas is adjacent to the highly regarded 4 mln oz Hot Maden development being undertaken by Mariana Resources (LON:MARL) and the whole area is growing in significance as a gold producing address.

Exiting partner Eldorado Gold will receive a 2% net smelter royalty on any gold produced in return for its 51% stake.

The two companies have been in partnership since 2012 at the property, which contains three deposits.

Salinbas has an 10Mt Indicated and Inferred JORC resource of 650,000 oz gold and 3.2Moz.

A scoping-study for an operation producing 50,000 oz of gold and 100,000 oz of silver annually over 10 years indicated a net present value of more than US$100mln.

The licence also contains the Ardala prospect that contains approximately 323,000 oz gold and copper and molybdenum credits and Hizarliyayla (gold and silver).

Kerim Sener, Ariana’s managing director, said that with the Kiziltepe mine to come onstream soon it wants to strengthen its pipeline.

“The Salinbas Project represents a major opportunity for the future growth of Ariana, coming with approximately 1Moz in JORC Indicated and Inferred resources in its own right and in a region with significant exploration upside, as underscored by the recent discovery of the approximately 4Moz Hot Maden project just 16 kilometres to the south.”

Kieron Hodgson at Panmure Gordon added that the multiple targets contained in the overall project area provide a high probability of significantly increasing the Ariana production profile well beyond the current 50koz per annum target.

Hodgson adds his 2.71p target price and ‘buy’ stance is largely reliant upon a conservative base case target of 22koz/pa gold equivalent from the existing Kiziltepe project.

Shares rose 17% to 1.78p.

 

-- update for broker comment, share price --

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Wed, 21 Dec 2016 08:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170782/ariana-takes-full-ownership-of-salinbas-as-it-eyes-next-development-170782.html
<![CDATA[Media files - Finances 'in good shape' for Ariana as the miner fast approaches first gold pour ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6513/finances-in-good-shape-for-ariana-as-the-miner-fast-approaches-first-gold-pour-6513.html Wed, 30 Nov 2016 21:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6513/finances-in-good-shape-for-ariana-as-the-miner-fast-approaches-first-gold-pour-6513.html <![CDATA[News - Ariana Resources on brink of Kiziltepe production ]]> http://www.proactiveinvestors.co.uk/companies/news/169660/ariana-resources-on-brink-of-kiziltepe-production-169660.html Ariana Resources plc (LON:AAU) is just weeks away from its Kiziltepe mine in Turkey becoming operational.

Dry commissioning at the  Red Rabbit project site is now in progress, with crushing and milling, while wet commissioning (adding liquids and load) is beginning.

Production is expected to kick off once the TSF (tailings storage facility) installation has been approved and a routine operations permit has been issued.

Dr Kerim Sener, Ariana's managing director, said: "As Kiziltepe approaches its first gold pour, we remain focused on further enhancing the project through the drilling of potential resource extensions and in developing several satellite prospects aiming to add to our production profile and to provide increased optionality on our resource base. 

"This will require further drilling programmes and project development work, including additional feasibility studies, particularly at Kepez, Kizilcukur and ultimately at Tavsan."

He said Ariana was focused on reaching a production target of 50,000 ounces a year, particularly once Tavsan was developed. 

"We are also aiming to increase overall mine life across the Kiziltepe sector and to leverage the use of the Kiziltepe infrastructure as we consider the development of Tavsan."

Kiziltepe is a 50:50 joint venture with the group's Turkish partner Proccea Construction Co.

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Tue, 29 Nov 2016 07:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/169660/ariana-resources-on-brink-of-kiziltepe-production-169660.html
<![CDATA[News - Scoping study highlights Ariana Resources' Turkish potential ]]> http://www.proactiveinvestors.co.uk/companies/news/168814/scoping-study-highlights-ariana-resources-turkish-potential-168814.html Ariana Resources plc (LON:AAU) already has one gold mine in Turkey due to come on stream around the end of 2016, but it may not be too long before it has two.

A scoping study at Tavsan has just come back very favourably and if numbers continue to impress will add a further 30,000 ounces a year to the 20,000 oz expected from the first mine at Kiziltepe.

The scoping study at Tavsan showed production at that level would cost between US$559-630/oz over the expected four-year mine life and generate a net present value of US$41.9mln at a gold price of US$1,250.

That is a return of 80% on the expected US$20mln build cost plus operating expenses.

 

First mine at Kiziltepe 75km away

Kiziltepe is just 75km away and the plan will be for Tavsan to use a lot of its infrastructure for processing.

Kerim Sener, Ariana’s managing director, said it will look at fast-tracking further exploration and development work with completion of a more detailed ore-feasibility study (PFS) in 2017 the aim. 

"This is an excellent result which reinforces our view that the Tavsan Sector will become a valuable additional source of revenue

''We've got a very robust project ... we have a very good internal rate of return across the model range varying from 23% at the very bottom end, all the way up to 80% at the top of the range, with very fast payback within 1-2 years'', Sener said.

Kiziltepe, meanwhile, is at the commissioning stage with first gold scheduled for this quarter, as mining has already begun and low-grade ore is now being stockpiled.

Turkey's unpredictable weather has been the undoing of more than one development schedule but most of Ariana’s work is now done.

In October, it said 95% of the tailings landscaping was complete, the dam wall and concrete drainage channel under construction, the mine-site laboratory near completion; testing of leach tanks and thickeners done; and back-up tailings pumps are on site ready for installation.

Brokers impressed by progress

Even before today’s announcement, brokers said Ariana was looking undervalued.

Panmure Gordon notes Ariana is operating within the Western Anatolian Volcanic and Extensional (WAVE) Province in western Turkey, which contains some of the country’s largest operating gold mines and is a region renowned for porphyry and epithermal deposits.

An original target to produce 20,000 oz of gold and 100,000 oz of silver from the Kiziltepe mine over eight years also looks conservative, the broker said in September, with 22,000 oz of gold and 150,000 oz for at least ten years likely.

At that time, the broker had a price target of 2.71p per share but that reflected nothing for grade increment and little for the potentially highly prospective Salinbas project.

Shares were 1.74p in November.

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Thu, 10 Nov 2016 12:59:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168814/scoping-study-highlights-ariana-resources-turkish-potential-168814.html
<![CDATA[News - Ariana Resources eyes second mine in Turkey after favourable study ]]> http://www.proactiveinvestors.co.uk/companies/news/168794/ariana-resources-eyes-second-mine-in-turkey-after-favourable-study-168794.html Ariana Resources plc (LON:AAU) is eyeing a second mine at its Red Rabbit project in Turkey after a scoping study at Tavsan came back very favourably.

Gold production from Red Rabbit is expected to get underway this year from the new Kiziltepe mine.

Tavsan would add a further 30,000 ounces a year to the 20,000 expected from Kiziltepe.

The scoping study showed production at that level would cost between US$559-630/oz over the expected four-year mine life and generate a net present value of US$41.9mln at a gold price of US$1,250.

That is a return of 80% on the expected US$20mln build cost plus operating expenses.

Kiziletepe is just 75km away and the plan will be for Tavsan to use a lot of its infrastructure for processing.

Kerim Sener, Ariana’s managing director, said that following the numbers in the scoping study it will  look at fast-tracking further exploration and development work at Tavsan.

Completion of a more detailed ore-feasibility study (PFS) in 2017 will be an aim. 

"This is an excellent result which reinforces our view that the Tavsan Sector will become a valuable additional source of revenue.”

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Thu, 10 Nov 2016 07:40:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168794/ariana-resources-eyes-second-mine-in-turkey-after-favourable-study-168794.html
<![CDATA[Media files - Ariana Resources PLC 'very excited' by scoping study results at Tavsan Project ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6362/ariana-resources-plc-very-excited-by-scoping-study-results-at-tavsan-project-6362.html Thu, 10 Nov 2016 05:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6362/ariana-resources-plc-very-excited-by-scoping-study-results-at-tavsan-project-6362.html <![CDATA[News - Ariana Resources sees reserves boost from Kiziltepe drilling ]]> http://www.proactiveinvestors.co.uk/companies/news/167631/ariana-resources-sees-reserves-boost-from-kiziltepe-drilling-167631.html Ariana Resources plc’s (LON:AAU) drilling at the southern end of its planned open pit at Kiziltepe in Turkey has identified  potential new reserves and possible vein extension.

Seven holes were drilled to test the Arzu South vein at the southern end of the Kiziltepe mine and recently discovered Arzu South Parallel (ASP) vein trend.

Kerim Sener, Ariana’s managing director, said the continuity of high-grade and near-surface mineralisation at the very end of the Arzu South vein was encouraging.

“The current in-pit resource does not encompass this mineralisation, suggesting that the pit will capture additional ounces which have the potential to form part of the final reserve.“

In addition, this drilling has confirmed the continuity of the ASP vein trend right through to the southern end of Arzu South and perhaps a further 200m to the east, he said.

“This section of the vein system, referred to as Arzu Far South, remains completely untested by drilling and will now form part of the Phase Two programme."

First gold is expected at Kiziltepe in the final quarter of the year.

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Wed, 19 Oct 2016 08:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167631/ariana-resources-sees-reserves-boost-from-kiziltepe-drilling-167631.html
<![CDATA[News - Ariana Resources exceptionally pleased with latest Kiziltepe drilling ]]> http://www.proactiveinvestors.co.uk/companies/news/167274/ariana-resources-exceptionally-pleased-with-latest-kiziltepe-drilling-167274.html Ariana Resources plc's (LON:AAU)  managing director Dr Kerim Sener described himself "exceptionally pleased" with latest drill results from the Kiziltepe project in Turkey, which  have expanded mineralisation at the Arzu Central target.

The finds include the widest zone of quartz vein mineralisation ever encountered at Kiziltepe, with at least 20 metres of true width, ending in mineralised quartz.

It means the firm could now start converting what is an exploration target at Arzu Central into a JORC compliant inferred resource.

Phase one drilling has now been completed with 1,086 metres in six holes in the Arzu Central area.  A further 3,500 meters of drilling is planned for the second phase of the 2016 programme,  which is scheduled to start later this month (October).

Sener told investors: "The results confirm that the mineralised structure remains consistent for at least a further 200m beyond the northern end of the current Arzu South pit and, most significantly, that the vein system appears to be increasing in width. 

"Meanwhile, zones of stockwork mineralisation and alteration have been identified in three further holes along strike, which potentially narrowly missed the vein due to targeting that was based on the original model."

Highlights of the results included 10 metres (m) at 2.4 grams per tonne (g/t) gold and 28.3 g/t silver.

There was also 15 metres (m) at 1.5 grams per tonne (g/t) gold and 16.4 grams per tonne (g/t) silver, and 5m at 1.2 grams per tonne (g/t) gold and 34.5 grams per tonne (g/t) silver.

Last week, Ariana Resources plc (LON:AAU) said it had now begun commissioning work at the Kiziltepe gold mine as final stages of construction near completion.

Kiziltepe is part of the Red Rabbit joint venture with local partner Proccea Construction Co. and will be 50% owned by Ariana once the mine is built.

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Wed, 12 Oct 2016 07:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167274/ariana-resources-exceptionally-pleased-with-latest-kiziltepe-drilling-167274.html
<![CDATA[Media files - Ariana Resources' Sener eyeing first Kiziltepe gold pour towards year end ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6113/ariana-resources-sener-eyeing-first-kiziltepe-gold-pour-towards-year-end-6113.html Tue, 04 Oct 2016 15:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6113/ariana-resources-sener-eyeing-first-kiziltepe-gold-pour-towards-year-end-6113.html <![CDATA[News - Ariana Resources on track for first gold production this quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/166884/ariana-resources-on-track-for-first-gold-production-this-quarter-166884.html Ariana Resources plc (LON:AAU) has now commenced commissioning work at its Kiziltepe gold project in Turkey, as the final stages of construction near completion.

The company confirmed that it remains on track to produce its first gold this quarter, as mining has already begun and low-grade ore is now being stockpiled, although it did add a rider: “weather permitting.”

Weather has been the undoing of development schedules in Turkey before – Stratex was put back by heavy rains earlier this year.

But most of Ariana’s work is now done. 95% of the tailings landscaping is complete, the dam wall and concrete drainage channel are under construction; the mine-site laboratory set up is nearing completion; testing of leach tanks and thickeners is done; and back-up tailings pumps are on site ready for installation.

It all bodes well for the completion of what’s so far been a relatively smooth build process. In that light, and given the strength of the gold price this year, it’s perhaps not surprising that Ariana’s share price has doubled since February to current levels of around 1.8p.

 

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Tue, 04 Oct 2016 07:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166884/ariana-resources-on-track-for-first-gold-production-this-quarter-166884.html