Ariana Resources PLC (AIM:AAU) said “significant” progress is being made across the company's gold projects in Europe.
“Most notably, we are advancing into the construction stage of the Tavsan project and associated development activities are being ramped up,” said managing director Dr Kerim Sener.
The Tavsan gold project in western Turkey will transition into the construction stage next month and a revised resource estimate and feasibility study are also underway.
The project is operated by Zenit Madencilik San. ve Tic. AS in partnership with Proccea Construction Co and Ozaltin Holding AS and is 23.5% owned by Ariana.
The team are working on securing a finance package in Turkey for the development of the project, said AIM-traded Ariana.
In a general update on its projects, the company said that new and extended exploration and resource drilling programmes are continuing at both the Kiziltepe gold-silver project and Salinbas gold project and that Kiziltepe remains on track to deliver its production target of about 25,000 ounces of gold for the year.
“The company is also advancing a strategy to secure 100%-owned exploration projects in eastern Turkey,” said Sener.
While in Kosovo, its 75%-owned subsidiary, Western Tethyan Resources, is progressing its exploration programmes and evaluating a number of other projects in south-eastern Europe in conjunction with Newmont Mining Corp.
“Having access to the Newmont exploration databases across the region has provided us with enhanced targeting capabilities,” said Sener. “The grant of our first exploration licences marks a major milestone in this region and we look forward to the grant of several other licences during 2022.”
Ariana said Venus Minerals Ltd, in which it holds a 50% interest, is continuing its exploration and development work in Cyprus and that preparations for its initial public offering are continuing, although Ariana noted that the current volatility in global capital markets has proven challenging.
Ariana also said it has opened its new office facilities in Ankara which will be the head office for its core administrative and geoscientific teams.