Ariana Resources PLC (LON:AAU) has renewed its operating licence on the Ivrindi gold project, which is 100% held by the company and based outside of the Red Rabbit joint venture in Western Turkey.
The operational licence has been extended for 10 years, expiring on June 3, 2030, with the possibility for an extension.
In addition, a 45 hectare mining permit for gold has been secured on the same terms.
"Exploration and development activities at our Ivrindi project were slowed down last year while we went through the process of renewing of our operating licence, which we have now secured successfully for a further 10 years,” Ariana’s managing director Dr Kerim Sener said in a statement.
“Prior to this, the company had demonstrated significant upside and had indicated our objective to mine and truck material from Ivrindi to the Kiziltepe processing plant. Accordingly, metallurgical testwork for Ivrindi was completed last year, along with additional trial mining. We currently maintain a stockpile of ore at Ivrindi which is expected to be trucked to Kiziltepe for trial processing in the future.
"Meanwhile a 1,500-metre reverse circulation drilling programme is planned to test the full strike length of the mineralised structure at Ivrindi once new forestry permits are secured and we look forward to updating the market on this in due course," he added.