Ariana Resources PLC (AIM:AAU) has released an update to the gold and silver resource at the Kiziltepe Sector in Turkey, including the satellite projects of Kepez, Kizilcukur and Ivrindi.
Kiziltepe is owned by Zenit Madencilik in partnership with Proccea Construction and Ozaltin Holding, and is 23.5% owned by Ariana.
The new resource stands at just over 380,000 ounces of gold and 6.1mln ounces of silver.
There’s also a reserve, amounting to 80,500 ounces of gold and 1.4mln ounces of silver.
On current work rates, that amounts to around three years of production.
As at the end of December 2021, over 1.33mln tonnes of ore had been mined from the open pits at Kiziltepe.
Dr. Kerim Sener, Managing Director, commented:
"This updated resource Estimate, demonstrating a 19% increase in total resources compared with our 2020 estimate, is an excellent result and represents the culmination of a full year of work at Kiziltepe, involving over 15,000 metres of drilling and other detailed technical studies by the Zenit and Ariana teams,” said Ariana managing director Kerim Sener.
“This work highlights the resource upside remaining at Kiziltepe, as operations proceed successfully into their sixth year. Our total depleted resource is broadly equal to the undepleted resource before mining commenced, inclusive of the satellite prospects. This highlights the value of the exploration undertaken over recent years, with approximately 125,000 ounces of gold having been added to the resource base since start-up.”
Kiziltepe has now produced more gold than was envisaged in the feasibility study.