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Ariana Resources is advancing gold opportunities in Turkey

Last updated: 23:13 27 Mar 2024 EDT, First published: 09:30 16 Dec 2020 EST

Snapshot

  • Ariana Resources "extremely pleased" with latest reserve and resource update
  • How Ariana Resources turned a £5 idea into £50 million
  • Ariana underlines Tavsan potential with latest drill results, says WHI
  • Ariana Resources updates resource and reserve; realises long-term strategy
gold

About the company

Ariana Resources PLC is an exploration, development and production company focused on precious and technology metals.

The company aims to advance mineral resource opportunities towards production and commercialisation in the globally significant Tethyan Metallogenic Belt, extending through Europe and Asia, which hosts some of the world’s largest gold, copper and silver deposits.

The demand for mineral resources is ever-increasing and as such Ariana aims to contribute via its projects towards technological development, energy efficiency and the global decarbonisation agenda.

How it is doing

26 Mar 2024

Ariana Resources PLC (AIM:AAU) managing director Kerim Sener declared himself "extremely pleased" with the updated reserve estimates for its Zenit operations in western Turkey, extending the mine life a further 10 years.

Investors were told the Joint Ore Reserves Committee (JORC) reserves were calculated to be 5.3 million tonnes at 1.46 grams per tonne of gold and 9.81 grams per tonne of silver, amounting to 249,000 ounces of gold and 1.67 million ounces of silver.

Additionally, the global JORC resource stands at 10.9 million tonnes at 1.37 grams per tonne of gold and 12.65 grams per tonne of silver, totalling 483,000 ounces of gold and 4.45 million ounces of silver.

12 Mar 2024

Ariana Resources PLC (AIM:AAU) said the final stages of drilling at Tavsan in Turkey had produced some of the "most exciting" results of the programme.

According to managing director Kerim Sener: “High-grade mineralisation not only occurs on extensions of the North Zone near surface but most intriguingly is now identified in the deep drilling on the project."

22 Feb 2024

Ariana Resources said final drilling from the 2023 programme at the Kizilcukur deposit in Turkey showed two high-grade veins that underline its potential as an ore feed to the existing Kiziltepe mine.

One intersection contained gold grading at 1.99 g/t and silver at 153 g/t over a width of 17 metres, with another returning 30 g/t gold over 1.9m.

Insight: How Ariana Resources turned a £5 idea into £50 million

18 Feb 2021

“Figuring out how to turn a £5 idea into a company worth about £50mln” – this is how Kerim Sener describes the process of transforming Ariana Resources (LON:AAU) from an upstart explorer into a gold producer over the last eighteen years.

There’s been little stopping Ariana after it kicked off production at its first gold mine, Kiziltepe in western Turkey, four years ago.

What the brokers say

12 Mar 2024

Ariana Resources PLC (AIM:AAU) results from the final drilling programme at its Tavsan mine project – to be its second operating mine in Turkey - highlight the potential for an increase in resource size and grad, suggests stockbroker WH Ireland.

High-grade ore (more than 3g/t gold) is already being stacked from the commissioning of the mine in preparation for first production and Ariana expects to put out an announcement about the plans for 2024 before the end of March.

“Tavsan will be an important new plant for Ariana in our view and essentially turns the company from a single-mine to multi-operational organisation which reduces risks and provides for production and cash flow growth,” said the broker.

What management says

27 Mar 2024

Joining Jonathan Jackson in the Proactive studio is Ariana Resources PLC (AIM:AAU) managing director Kerim Sener, who sits down to discuss the latest resource and reserve update for the Zenit Mining Operations in Western Türkiye. The update encompasses the Kiziltepe and Tavsan sectors, operated by Zenit Madencilik in partnership with Proccea Construction and Ozaltin Holding, with Ariana owning a 23.5% stake. The update reveals a JORC reserve of 5.3 million tonnes at 1.46 grams per tonne (g/t) of gold and 9.81 g/t of silver, totaling 249,000 ounces of gold and 1.67 million ounces of silver. This indicates a potential for approximately 10 more years of production. Since 2017, the Kiziltepe Sector has produced 151,000 ounces of gold and 1.68 million ounces of silver. The global JORC resource now stands at 10.9 million tonnes, containing 483,000 ounces of gold and 4.45 million ounces of silver, with identified avenues for further resource growth. Dr Sener shares insights on the long-term strategy of combining the Kiziltepe and Tavsan sectors for optimised ore processing, reflecting significant progress since the strategy's conceptualization in 2009. With a substantial increase in gold prices, the company is reassessing pit designs and processing options to extend the life and efficiency of the operations. Investors can look forward to continued exploration efforts aimed at expanding the resource base, with Ariana Resources poised for strategic growth in Western Türkiye's mining sector.

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on 21/2/20