Ariana Resources PLC (LON:AAU) said the resources estimate for the Kepez North area of the Kiziltepe gold-silver mine in western Turkey has doubled.
The Kepez North resource is now estimated to contain about 36,400 ounces of gold and 329,400 ounces of silver, resulting in a 97% increase in contained gold ounces over the previous resource estimate in 2020. Most of the revised resource estimate, about 86%, is now in the improved 'measured' category.
The exploration and development company also announced a significant increase in average grade to 7.14 grammes a tonne (g/t) gold and 64.65g/t silver.
"This is a great outcome from the recent drilling undertaken in the Kepez area,” said managing director Dr. Kerim Sener. “We remain highly encouraged by this area as a potential source of very high-grade mineralisation, which can complement the mill-feed of the Kiziltepe processing plant, which is located only 14km away by road.
Kiziltepe is part of the Zenit Madencilik San. ve Tic. A.S. joint venture with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.
“Based on the significant increase in the resource at Kepez and the potential for identifying further extensions of this high-grade mineralisation down plunge, the JV has taken the decision to bring the drill rig back to this area to complete further drilling,” said Sener.
“This work, in addition to further mining studies and associated permitting is being expedited in order to bring this area forward in the mining schedule.”