TIDMAAU
RNS Number : 3897H
Ariana Resources PLC
06 April 2022
6 April 2022
AIM: AAU
TAVSAN MINE UPDATE
Ariana Resources plc ("Ariana" or the "Company"), an AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to announce an update to the mine
development programme underway at Tavsan. The project is operated
by Zenit Madencilik San. ve Tic. A.S. ("Zenit") in partnership with
Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5%
owned by Ariana.
Highlights:
-- Tavsan gold and silver mine targeting production of up to
30,000oz of gold per annum over eight years.
-- Over 3,900m of resource drilling completed at Tavsan between December 2021 and March 2022.
-- Land acquisition and access process has been completed;
forestry permits applications remain in process with the
Government.
-- Discussions regarding debt financing of the required
construction capital are continuing between Zenit and potential
lenders.
-- Ariana will be conducting a new mapping and exploration
programme across Tavsan in the next few months, aiming to identify
new zones of mineralisation.
Dr. Kerim Sener, Managing Director, commented:
"The Tavsan mine development programme is advancing at pace, and
activities across the project are ramping up significantly as the
project is progressed towards construction.
"The latest Tavsan drilling programme experienced some delays
due to exceptionally bad weather conditions and the decision to
increase the scope of the programme as it proceeded. As a result,
Zenit has now completed almost double the drilling metres that had
been planned previously and successfully brought the programme to a
close. We are now awaiting the receipt of assays from this 100-hole
programme, following which a revised Resource and Reserve Estimate
will be published as part of the Feasibility Study. All
geotechnical drilling required for the finalisation of the study
has been completed, which is being revised with improved and
updated operating and capital cost estimates.
"Essential freehold land acquisitions have also been concluded
recently, allowing for the construction of mine infrastructure.
Following the Environmental Impact Assessment, the necessary
forestry permit applications were submitted and presently remain
under review with the Government. Mine construction is expected to
commence during Q2 2022, once the required permits are finalised
and bank finance has been approved."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
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) 20 3004 9512
Dominic Barretto / Henry Wilkinson arianaresources@yellowjerseypr.com
Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at February 2022).
The joint venture comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 222,000 ounces gold and 3.8 million ounces silver (as at
February 2022). The mine has been in profitable production since
2017 and is expected to produce at a rate of c.20,000 ounces of
gold per annum to at least the mid-2020s. A Net Smelter Return
("NSR") royalty of 2.5% on production is being paid to
Franco-Nevada Corporation.
The Tavsan Gold Project is located in western Turkey and
contains a JORC Measured, Indicated and Inferred Resource of
253,000 ounces gold and 0.7 million ounces silver (as at June
2020). Following the approval of its Environmental Impact
Assessment, resulting permitting work is ongoing to develop Tavsan
as the second joint venture gold mining operation in Turkey. A NSR
royalty of up to 2% on future production is payable to Sandstorm
Gold.
The Salinbas Gold Project is located in north-eastern Turkey and
contains a JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as at July 2020). It is located within the
multi-million ounce Artvin Goldfield, which contains the "Hot Gold
Corridor" comprising several significant gold-copper projects
including the 4 million ounce Hot Maden project, which lies 16km to
the south of Salinbas. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Ariana owns 100% of Australia-registered Asgard Metals Fund
("Asgard"), as part of the Company's proprietary Project Catalyst
Strategy. The Fund is focused on investments in high-value
potential, discovery-stage mineral exploration companies located
across the Eastern Hemisphere and within easy reach of Ariana's
operational hubs in Australia, Turkey and the UK.
Ariana owns 75% of UK-registered Western Tethyan Resources Ltd
("WTR"), which operates across south-eastern Europe and is based in
Pristina, Republic of Kosovo. The company is targeting its
exploration on major copper-gold deposits across the
porphyry-epithermal transition. WTR is being funded through a
five-year Alliance Agrement with Newmont Corporation
(www.newmont.com).
Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus")
which is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Indicated and
Inferred Resource of 17Mt @ 0.45% to 1.10% copper (excluding
additional gold, silver and zinc), in addition to pursuing a
separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic
SX-EW processing plant and the 11Mt @ 0.25% to 0.69% Cu Apliki mine
development project.
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.
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