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Ariana to accelerate drilling programme at Kiziltepe mine

Ariana has also posted details of the proposed joint venture with Özaltin Holding and with Proccea Construction for which it has already received US$1.5mln in payments

Ariana Resources PLC -

Ariana Resources PLC (LON:AAU) is accelerating plans to complete further resource drilling at its Kiziltepe mine in Turkey.

A new drilling campaign of roughly 5,000 metres is scheduled to start in early 2020 to continue testing vein extensions at Arzu South, Arzu North, Banu and Derya.

The company also told investors it has now published the circular regarding its proposed joint venture (JV) with Özaltin Holding A.Ş and with Proccea Construction. A general meeting to approve the transaction has been convened for December 30, 2020.

READ Ariana completes conditional agreement for joint ventures Zenit and Pontid and boosts resource at Magellan

Advance payments of US$2.75mln under the terms of the agreements have been made, of which US$1.5mln has received US$1.5mln.

"We look forward to completing the transaction, which is subject to shareholder approval and also to the receipt of regulatory approvals in Turkey, and to continue the exploration and development of the new JV as proposed in our announcement of 7 December 2020,” said Kerim Sener, the managing director of Ariana in a statement.

“We are now accelerating plans to further drill-test vein extensions across the Kiziltepe mine area, in order to further expand the resources and reserves. In addition, plans to complete further resource drilling at the Tavsan Project are significantly advanced, the results of which will be integrated into the feasibility study. We are expecting to commence the latter drilling programme from early Q2 2021 once the permitted areas are accessible following the winter," he added.

Sener, along with company chairman Michael de Villiers, will provide an investor webinar on Wednesday, December 16, 2020, at 10.00am.

The webinar is open to all existing and potential investors and will consist of a presentation followed by questions and answers session, held on the Investor Meet Company platform.

Investors can sign up to Investor Meet Company for free and then click "Add to meet" Ariana Resources

 

Quick facts: Ariana Resources PLC

Price: 4.4 GBX

AIM:AAU
Market: AIM
Market Cap: £47.07 m
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