Ariana Resources plc, an AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced a resource update for the Kiziltepe Sector, including the satellite projects of Kepez, Kizilcukur and Ivrindi. Kiziltepe is owned by Zenit Madencilik San. ve Tic. A.S. in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.
- Increase in global (undepleted) mineral resource estimate to over 380 000 oz gold (Au) and 6.1 million oz silver Ag contained metal.
- Ore reserves of 1.1 million t at 2.38 g/t Au and 43.16 g/t Ag for over 80 500 oz Au and 1.4 million oz Ag, equivalent to approximately three years of production.
- Resource update represents an approximate 19% increase over the previous (2020) undepleted global resource estimate (announced in April 2020) on a gold ounce only basis.
- Over 1.33 million t of ore has been mined from the open pits at Kiziltepe to the end of December 2021, of which approximately 1.03 million t has been processed (quoted as dry tonnes).
Dr Kerim Sener, Managing Director, commented: “This updated resource estimate, demonstrating a 19% increase in total resources compared with our 2020 estimate, is an excellent result and represents the culmination of a full year of work at Kiziltepe, involving over 15 000 m of drilling and other detailed technical studies by the Zenit and Ariana teams. This work highlights the resource upside remaining at Kiziltepe, as operations proceed successfully into their sixth year. Our total depleted resource is broadly equal to the undepleted resource before mining commenced, inclusive of the satellite prospects. This highlights the value of the exploration undertaken over recent years, with approximately 125 000 oz Au having been added to the resource base since start-up.
“For the first time since our feasibility study, we are also reporting a major update to our Reserves since operations commenced in 2017. This is particularly relevant given we have now produced more gold from Kiziltepe than envisaged in the feasibility study, despite having only mined for five years out of a projected eight-year mine life. Significantly our remaining resources and reserves include the remaining parts of Arzu South, Arzu North, Derya and possible future mining areas at Banu, Kepez West, Karakavak, Kizilcukur and Ivrindi. Late last year we commenced mining and haulage of high-grade ore (7 – 8 g/t Au) from Kepez North, and this is likely to be followed by many other satellite operations in the coming years.
“The increase in reserves is an outstanding success, with our current reserve tonnage of 1.1 million t being equal to that of our pre-operational reserves in early 2017. This revised reserve is expected to support at least three years of additional higher-throughput production at a conceptual rate of approximately 25 000 oz Au/yr, and enable the doubling of total life of mine output, as compared to the feasibility study. With the additional conversion of resources to reserves in the coming years, we are currently expecting operations at Kiziltepe to continue through to 2026 and are planning accordingly. In addition, several significant exploration target areas, which are not included in current conceptual planning, could be converted to resources and reserves with further exploration and resource development work within the next few years.”
Read the article online at: https://www.globalminingreview.com/exploration-development/01022022/ariana-resources-announces-kiziltepe-sector-resource-update/