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

Gold-bars-plus-nugget.jpg
June 22 2016
Ariana Resources is making good progress with construction at Red Rabbit, and in the meantime is providing some excitement with exploration drill results
Picture of mining drill
August 31 2016
The pair plan to create a new company to hold a number of Hummingbird’s non-core gold exploration permits in Mali plus some of Kola’s in Mali and Senegal.
Gold and dollars
August 12 2016
"Mandalay generated strong revenue and adjusted EBITDA in the second quarter of 2016,” said chief executive Mark Sander.

© 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.