Ariana Resources PLC (AIM:AAU) managing director Kerim Sener declared himself "extremely pleased" with the updated reserve estimates for its Zenit operations in western Turkey, extending the mine life a further 10 years.
Investors were told the Joint Ore Reserves Committee (JORC) reserves were calculated to be 5.3 million tonnes at 1.46 grams per tonne of gold and 9.81 grams per tonne of silver, amounting to 249,000 ounces of gold and 1.67 million ounces of silver.
Additionally, the global JORC resource stands at 10.9 million tonnes at 1.37 grams per tonne of gold and 12.65 grams per tonne of silver, totalling 483,000 ounces of gold and 4.45 million ounces of silver.
The operation comprises the Kiziltepe and Tavsan landholdings. The two were combined to allow the high-grade ore from Tavsan to be mined and trucked to Kiziltepe for processing. Likewise, high-grade ore from satellite deposits such as Kizilcukur is also expected to be treated similarly.
"This outcome realises the long-term strategy of the company first outlined to shareholders conceptually in 2009, which has developed and been de-risked markedly in the years since with our Turkish partners," said Sener.
"Interestingly, our total resource base was 340,000oz of gold at that time, from which we have produced well over 150,000oz of gold since the commencement of mining in 2017."
The Ariana managing director said further exploration work is planned this year to identify potential areas of further "resource upside" within its landholdings in Turkey.
"With the wealth of drilling and geophysical data now available following over two years of continuous exploration and resource drilling, we are in an advantageous position to take stock and better understand where further opportunities may lie," he added.
Operated by Zenit Madencilik, the mine is a partnership with Proccea Construction with Ariana holding a 23.5% stake.