TIDMAAU
RNS Number : 6924B
Ariana Resources PLC
12 October 2020
12 October 2020
AIM: AAU
Q3 2020 PRELIMINARY PRODUCTION RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
exploration and development company operating in Europe, is pleased
to announce its preliminary production results for the quarter
ended 30 September 2020 for the Kiziltepe Mine ("Kiziltepe" or "the
Project") in 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. ("Zenit").
Third Quarter Preliminary Production Results*:
-- Gold production for the quarter was 5,125 ounces (Q2 2020:
4,679 ounces)*, enabling annual guidance of 18,000 ounces to be
maintained into Q4 2020.
-- Total ore processed for the quarter was 57,302 tonnes (Q2
2020: 54,862 tonnes) at an average head grade to the plant of 2.63
g/t gold.
-- Quarterly open-pit ore mined was 86,960 tonnes, at an average
mined grade of 2.21 g/t gold, and total material movement for the
quarter was 1,190,710 tonnes.
-- Average metallurgical recovery of gold for the quarter remains high at 94.2%.
-- Planning underway regarding a proposed mill expansion to
provide for an increase in throughput to 400,000 to 500,000 tonnes
per annum.
* All figures are given gross with respect to the JV.
Dr. Kerim Sener, Managing Director, commented:
"As with the previous quarter, the Kiziltepe operation has
continued to perform flawlessly under the somewhat sub-optimal
conditions imposed by the COVID-19 pandemic. Material movements
remain very high, while process plant throughput remains well above
average, setting yet another record for the operation; the mill
reached an annualised throughput rate of almost 230,000 tonnes per
annum which represents an increase of over 53% above the
feasibility designed rate.
"Production from our highest-grade pit, Arzu South, came to a
close during August and production has shifted entirely to the Arzu
North and Derya pits. Meanwhile, the mine continues to maintain a
stockpile of over 160,000 tonnes, sufficient to cover about ten
months of mill feed at average throughput rates.
"We now look forward to the next quarter and the further
development of the Arzu North area, which is yielding substantially
more ore tonnage than modelled previously. We are confident that
despite the expected reduction in grade, this increased tonnage
coupled with continued high mill throughput will ensure output is
maintained at the highest possible levels.
"In addition, the joint venture team is advancing towards a
proposed mill expansion which provides for an increase in
throughput to 400,000 to 500,000 tonnes per annum. This will help
ensure lower unit costs despite the reduction in grade across the
satellite pits. We will update the market with further detail on
this important development when appropriate."
Q3 2020 Preliminary Production Results
Unit Q3 2020 Q2 2020 Q3 2019
Open Pit - material
moved (wet) Tonnes 1,190,710 973,603 1,068,404
--------- ---------- -------- ----------
Open Pit - ore mined
(wet) Tonnes 86,960 77,179 47,933
--------- ---------- -------- ----------
Open Pit - mined
grade g/t Au 2.21 2.79 4.95
--------- ---------- -------- ----------
Process plant throughput Tonnes 57,302 54,862 55,174
--------- ---------- -------- ----------
Plant feed grade g/t Au 2.63 3.02 4.47
--------- ---------- -------- ----------
Metallurgical recovery % 94.2 91.8 93.7
--------- ---------- -------- ----------
Troy
Gold produced Ounces 5,125 4,679 6,933
--------- ---------- -------- ----------
Troy
Silver produced Ounces 63,339 61,986 89,478
--------- ---------- -------- ----------
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407
3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628
3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
John Prior / Hugh Rich / Atholl Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 7951 402
336
Dom Barretto / Joe Burgess / Henry arianaresources@yellowjerseypr.com
Wilkinson
Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company operating in Europe. It has interests in gold production in
Turkey and copper-gold assets in Cyprus. The Company is developing
a portfolio of prospective licences in Turkey, which contain a
depleted total of c. 2.1 million ounces of gold and other metals
(as at July 2020).
The Red Rabbit Project is comprised of the Company's flagship
assets, the Kiziltepe and Tavsan gold projects, and is part of a
50:50 Joint Venture with Proccea Construction Co. Both assets are
located in western Turkey, which hosts some of the largest
operating gold mines in the country and remains highly prospective
for new porphyry and epithermal deposits. The Kiziltepe Sector of
the Red Rabbit Project is fully permitted and is currently in
production. The total depleted resource inventory at the Project
and its wider area is c. 500,000 ounces of gold equivalent (as at
April 2020). At Kiziltepe a Net Smelter Return ("NSR") royalty of
up to 2.5% on production is payable to Franco-Nevada Corporation.
At Tavsan an NSR royalty of up to 2% on future production is
payable to Sandstorm Gold.
The 100% owned Salinbas Gold Project is located in north-eastern
Turkey and has a total resource inventory of c. 1.5 million ounces
of gold. The project comprises three notable licence areas:
Salinbas, Ardala and Hizarliyayla, all of which are located within
a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor"
contains several significant gold-copper projects including the 4
million ounce Hot Maden project, which lies 16km to the south of
Salinbas and 7km south of Hizarliyayla. A NSR royalty of up to 2%
on future production is payable to Eldorado Gold Corporation on the
Salinbas Gold Project.
Ariana is also earning-in to 50% of UK-registered Venus Minerals
Ltd ("Venus") and has to date earned into an entitlement to 12%.
Venus is focused on the exploration and development of copper-gold
assets in Cyprus.
Panmure Gordon (UK) Limited is broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser and
Broker.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com.
--Ends--
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLEASENEADEFFA
(END) Dow Jones Newswires
October 12, 2020 02:00 ET (06:00 GMT)
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Jan 2025 to Feb 2025
Ariana (AQSE:AAU.GB)
Historical Stock Chart
From Feb 2024 to Feb 2025
