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Ariana Resources boosted by latest finds at Kiziltepe project

Published: 11:05 05 Jun 2015 BST

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Ariana is now set for construction at the Kiziltepe mine

Ariana Resources' (LON:AAU) now to be constructed Kiziltepe mine at the Red Rabbit project has been boosted by latest exploration results, which showed new gold discoveries, which could add to output.

It has the potential to enhance the life of mine and the economics of the group's flagship gold project, the company said.

The results are from geochemical soil work at the Karakavak prospect in Turkey, where five new discoveries were included among 12 geochemically anomalous zones for gold.

Managing director Dr Kerim Sener told investors: "We have now more than doubled the number of drill targets and identified multiple new veins, which bodes well for future exploration of the Kiziltepe Sector.

"With 12 targets identified in this one prospect area, five of them being entirely new, we look forward to initiating a drilling programme once the Kiziltepe Mine at Red Rabbit enters construction. 

"Based on the data collected and interpreted so far, we fully expect additional resources to be defined within a short trucking distance to the planned processing plant. 

"This has the potential to enhance the life of mine and indeed economics of our flagship gold project.

"Our exploration over the past 18 months is clearly bearing fruit and has gained huge significance now that we have received the forestry approvals for Kiziltepe.  We are highly encouraged by the targets that we have generated and are keen to press on with drill-testing."

Earlier this week, Ariana  unveiled long awaited news that it had been granted a forestry permit for the Red Rabbit Gold project.

It means the company and local partner Proccea can now begin construction of the Kiziltepe mine, which will produce 21,000 ounces of the precious metal a year.

The build programme, funded by a US$33mln finance facility, will be outlined “in due course”, Ariana said. Proccea is in the process of compiling a revised timeline.

Shares added 12% to 1.12p.
 

Ariana Resources updates resource and reserve; realises long-term strategy

Joining Jonathan Jackson in the Proactive studio is Ariana Resources PLC (AIM: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...

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