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."