Ariana Resources is advancing gold opportunities in Turkey
- Ariana Resources says new drilling confirms Kepez North as 'unusually high grade zone'
- How Ariana Resources turned a £5 idea into £50 million
- Ariana Resources completes Zenit and Pontid agreements, boosts Magellan resource
Quick facts: Ariana Resources PLC
Price: 4.595 GBX
Market Cap: £50.16 m
About the company
Ariana Resources plc is an AIM-listed gold-silver exploration and development company with operations in Turkey. It has a proven strategy of identifying and developing mineral resources and advancing them to production through joint ventures.
How it is doing
Best results included gold grades of 11.2 g/t and 3.06 g/t in new intercepts and 6.23 g/t from in-fill drilling. There were also notable silver credits.
"These additional drilling results from the Kepez North area have further reinforced our understanding of this unusually high-grade zone of gold and silver mineralisation," Kerim Sener, Ariana’s managing director, said.
“The joint venture is looking to expedite the addition of this mining area into the production schedule.
Kerim Sener, managing director, added: “Since the end of last week, the SAG mill has been supplied with ore and during September we are expecting that the full impact of the plant expansion will begin to be seen.
Ariana Resources PLC (AIM:AAU, FRA:4A6) (AIM:AAU) reported drilling results from the Karakavak area, northeast of the Kiziltepe gold-silver mine in western Turkey, and said a resource estimate and the definition of an exploration target was underway.
The drilling results include 3.0 meters at 2.40 grammes a tonne (g/t) gold and 1.7g/t silver; 4.6 metres at 1.36g/t gold and 2.2g/t silver; and 5.1 metres at 1.10g/t gold and 1.4g/t silver. Only 14% of the Karakavak vein has been drilled so far.
Insight: How Ariana Resources turned a £5 idea into £50 million
“Figuring out how to turn a £5 idea into a company worth about £50mln” – this is how Kerim Sener describes the process of transforming Ariana Resources (LON:AAU) from an upstart explorer into a gold producer over the last eighteen years.
There’s been little stopping Ariana after it kicked off production at its first gold mine, Kiziltepe in western Turkey, four years ago.
What management says
Ariana Resources PLC's (LON:AAU) Kerim Sener talks to Proactive London's Katie Pilbeam about the completed conditional agreements on its joint venture with Özaltin Holding A.Ş and with Proccea Construction.
He says this new "powerful" joint venture partner will "support our strategy associated with western Turkey assets".
Under the terms of this agreement, Özaltin will be acquiring 53% of both Pontid Madencilik Sanayi ve Ticaret A.Ş, the owner of the Salinbas project, and the existing Zenit Madencilik San. ve Tic. A.Ş. joint venture, which is currently owned by Ariana in a 50:50 partnership with Proccea.
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