Ariana Resources PLC (AIM: AAU) has announced a large upgrade to its JORC compliant Mineral Resource Estimate for the Kiziltepe Mine in Western Turkey.
Kiziltepe is part of the Red Rabbit Joint Venture (JV) with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S.
- Increase in global (undepleted) Mineral Resource Estimate to c. 321,000 oz gold (Au) and 5.03 Moz silver (Ag) contained metal on six main veins, including Kepez North and West.
- Resource update represents a c. 25% increase over the previous resource estimate (announced in May 2017) and a c. 72% increase over the Feasibility Study resource, on an undepleted gold only basis.
- In-situ (depleted) Measured and Indicated Mineral Resource is 2.01Mt @ 2.51 g/t Au and 43.49 g/t Ag for 154,000 oz Au and 2.73 Moz Ag
- In-situ (depleted) Inferred Mineral Resource of a further 1.01Mt @ 2.23 g/t Au and 29.58 g/t Ag for 73,000 oz Au and 0.96 Moz Ag.
- Depletion to date includes 70,684 oz Au and 738,320 oz Ag produced from the Kiziltepe Mine to the end of Q1 2020, in addition to stockpiled ore (c. 130,000 t) awaiting processing.
- Several subsidiary veins comprise a substantial JORC Exploration Target which will be drill-tested in the future with the aim of converting to resources.
Managing Directot, Dr Kerim Sener, said the resource increase continues to support the potential for significantly extended mine life at Kiziltepe based on current throughput rates, should Resources be converted to Reserves.