TIDMAAU
RNS Number : 4006J
Ariana Resources PLC
16 August 2023
16 August 2023
AIM: AAU
2023 HALF-YEAR PRODUCTION RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to announce its half-year
production results for 2023 for the Kiziltepe Mine ("Kiziltepe" or
"the Project") in Turkey. Kiziltepe is 23.5% owned by Ariana
through its shareholding in Zenit Madencilik San. ve Tic. A.S.
("Zenit").
Production Update*:
-- Gold production guidance for 2023 from Kiziltepe is
maintained at c.18,000 ounces of gold*; production during H1 2023
was 9,646 ounces of gold.
-- Average monthly mine production during H1 2023 was c.20,600
tonnes of ore and a stockpile of over 104,000 tonnes is being
maintained, representing 3 months of production capacity.
-- Mining operations are primarily continuing across Arzu North
and Banu, with pushbacks planned across all previously mined pits
(Figure 1 & 2).
-- Construction operations are continuing at the Tavsan Mine;
several process plant components have arrived at site and are due
to be installed over the coming months (Figure 3).
* Silver production guidance is not provided, as silver is
treated as a by-product credit. All figures are stated gross to the
Project unless otherwise stated.
To read a pdf version of the release, please click
here:http://www.rns-pdf.londonstockexchange.com/rns/4006J_1-2023-8-15.pdf
Dr. Kerim Sener, Managing Director, commented:
"Kiziltepe continues to perform well, in line with our
expectations, and we are pursuing opportunities to further extend
the life of mine, through further exploration drilling campaigns.
The drilling is ongoing at a number of satellite project areas,
such as Kizilcukur, and a new drilling plan based in part on new
geophysical targets encompassing the whole of the Kiziltepe Sector
is currently under review.
Our most recent drilling programme at Kiziltepe has identified
some opportunities to build on the resource base in the immediate
vicinity of known veins, as announced recently. Further work on
optimisation of the resource will be undertaken to determine the
potential for further pushbacks of the current open pits. Several
pushbacks are already underway at Arzu North and Derya, while a
potential major pushback on Arzu South is scheduled towards the end
of mine life as it will impact current haulage roads.
Construction operations at Tavsan are proceeding at pace and we
are currently expecting the first gold pour to occur during H1
2024. Most components of the crushing plant have now arrived at
site and steelwork for the ADR plant is due to be installed during
September 2023."
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").
Summary of Project
The Kiziltepe gold-silver mine is expected to deliver a total of
up to 200,000 oz of gold, with operations currently projected to
conclude during 2025, based on current reserves. The operating
company, Zenit Madencilik San. ve Tic. A.S., is a partnership
between Ariana (23.5%), Proccea (23.5%) and Ozaltin (53%). The
management control of the partnership lies with Proccea, where
commercial production was initiated at Kiziltepe in July 2017 and
has continued without interruption to the present, with production
consistently being delivered above plan.
The latest resource estimate for Kiziltepe was based on recent
drilling and geological interpretation in February 2022. There are
detailed technical and economic assessments underway on several
satellite vein systems, which are not currently in the mining plan,
in anticipation of these being developed in future years. The
Kiziltepe operation is currently targeting an increase in mine life
at an enhanced processing rate of 400,000 tonnes of ore per annum.
The Company is confident that increases in mine life can be
achieved following the success of recent exploration and assuming
the conversion of existing resources to reserves.
Figure 1: Arzu North pit, with pushbacks underway on the
northern and southern walls, extending to the southeast. A
significant opportunity to further extend the pit towards the
northwest end (contained by fenceline on the horizon) is also under
further investigation.
Figure 2: Derya pit, with pushbacks underway on the southern
wall, extending to the east. Some of the best grades ever
encountered at Derya are going to be accessed following the
completion of this pushback.
Figure 3: Construction management office at the Tavsan Mine
site.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited (Nominated Tel: +44 (0) 20 7628 3396
Adviser)
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
John Prior / Hugh Rich / Atholl
Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George
Krokos Tel: +44 (0) 7983 521 488
Yellow Jersey PR Limited (Financial
PR)
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
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 partnership 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 partnership 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 pro table 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 Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million ounces silver (as at November 2022). Following
the approval of its Environmental Impact Assessment and associated
permitting, Tavsan is being developed as the second gold mining
operation in Turkey and is currently in construction. 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 Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant 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
ve-year Alliance Agreement with Newmont Corporation
(www.newmont.com) and is separately earning-in to 85% of the
Slivova Gold Project which contains Measured, Indicated and
Inferred Resource of 176,000 oz gold and 646,000 oz silver (as at
July 2023).
Ariana owns 58% 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.
Panmure Gordon (UK) Limited and WH Ireland Limited are brokers
to the Company and Beaumont Cornish Limited is the Company's
Nominated Adviser.
For further information on Ariana, you are invited to visit the
Company's website at www.arianaresources.com .
Ends.
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