Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Ariana Resources PLC doubles resource at Turkey satellite

A mining permit is already in place, while Ariana sees significant exploration upside along strike and on sub-parallel vein splays.
Ariana Resources PLC doubles resource at Turkey satellite
Kizilcukur can add 18 months to mine life of nearby Kiziltepe

Ariana Resources plc (LON:AAU) has doubled the resources at Kizilcukur in Turkey, one of the potential satellites for the Kiziltepe mine currently under construction.

The Kizilcukur resource is now estimated at 33,000 ounces gold equivalent, which would be sufficient for an additional 18 months of operations at Kiziltepe.

A mining permit is already in place, while Ariana sees significant exploration upside along strike and on sub-parallel vein splays.

Kizilcukur is currently not part of the joint venture with Turkish firm Proccea constructing the Kiziltepe mine, but Kerim Sener, Ariana’s managing director, said because of the higher grades it would try to bring it forward in the mining schedule.

He added the drilling so far had been very encouraging.

“For only 1,598m drilled we have been able to expand the Mineral Resource by approximately 100%.

 “This represents an exploration discovery cost of approximately US$7 per ounce, which has again emphasised how cost-effectively we are able to deliver on our exploration programmes.”

Kiziltepe is expected to produce around 20,000 ounces of gold per year, although there is some scalability in the plant and the precise numbers may vary depending on the grade and the gold price.

 

 

PhilW.jpg
Why Invest In Ariana Resources plc? Read More Here

Register here to be notified of future AAU Company articles
View full AAU profile

Ariana Resources plc Timeline

Related Articles

shutterstock_249210421-(1).jpg
August 09 2016
Shares in Galantas are up over 63% since the beginning of January
picture of gold mine
September 08 2016
Bradbury agrees that at the current gold price of $1,350 per ounce, Shanta is a highly profitable cash generative business.
picture of someone mining
October 31 2016
Full leaching capacity was realised within the first three weeks of operation, with metal recovery in line with forecasts

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.