Ariana Resources plc (LON:AAU) has boosted its resource base at the Tavsan project in Turkey to 3.98mln tonnes grading 1.32 grams per tonne gold. There’s also 4.46 grams per tonne silver.
That gives a total of 168,900 ounces of gold and 571,000 ounces of silver, all within established pit shapes.
READ: Ariana expects 20,000 ounces of gold production in 2018
More than 71% of the resource is now counted in the measured and indicated categories, under the JORC guidelines.
In addition, Ariana has identified a target that could contain as much as 9.70mln tonnes of extra ore, which would amount to around 400,000 ounces of gold, assuming grades of 1.3 grams.
The new resource allows Ariana to proceed with a feasibility for Tavsan without additional drilling.
The property is part of the wider Red Rabbit joint venture, which is already in production.
"This is an exceptionally pleasing and robust resource update for the Tavsan project,” said Ariana managing director Kerim Sener.
“We are increasingly confident in the potential for Tavsan to be developed in the medium-term and that planned mine life can be increased beyond four years, as previously defined in the scoping study of 2016. The JV is targeting the development of Tavsan as a semi-autonomous project with the Kiziltepe mine, within the broader context of the Red Rabbit Joint Venture with Proccea Construction Co.”