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Ariana Resources announces 2022 half-year production results

Published by
Global Mining Review,

Ariana Resources plc, an AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced its half-year production results for 2022 for the Kiziltepe Mine in Turkey. Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S.

Production update:

  • Gold production guidance for 2022 from Kiziltepe is maintained at approximately 25 000 oz gold (Au); production during 1H22 was 13 378 oz Au, approximately 7% above forecast for the period.
  • Average monthly mine production during 1H22 was approximately 22 600 t of ore and a stockpile of over 270 200 t has been established, representing eight months of enhanced production capacity.
  • Mining operations are continuing across all pits; pit expansion is underway at Arzu South and Arzu North, with ore currently being mined from Derya and Kepez.
  • Construction operations are underway at the Tavsan Mine, with workers' accommodation, office facilities and other key infrastructure due to be installed.
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.

Dr Kerim Sener, Managing Director, commented: “It has been great to see the impressive progress of our operations at Kiziltepe and Tavsan during the past six months. At Kiziltepe, we remain very much on track to meet our guidance of 25 000 oz Au for the year, particularly given our average grade has increased to over 2.5 g/t Au, largely as a result of the high-grade ore currently being blended from Kepez.

“Mining at Kepez is continuing very well and to date approximately 60,000 tonnes of ore at an average grade of 5.04 g/t Au has been extracted. We are expecting mining to continue at Kepez until the end of the year, although there is further potential to expand this operation once further resource evaluation work is completed. It is notable that we have already mined more than twice the gold expected from the reserve established for this area.

“This fortunate situation has not been unique to Kepez. During the past six years of operation, the gold mined from the Kiziltepe Sector has exceeded our reserve forecast substantially. In part this is due to the under-reporting of grade within our drilling results caused by the loss of fines during drilling, in addition to significant additional mineralisation being encountered during mining which occurs along subordinate vein structures.

“Zenit is now advancing a two-rig drilling programme across the Kiziltepe Sector to further test extensions of known vein systems, with the aim of adding to our resource and reserve position. Significantly, we have now mined 22% more gold than was scheduled from our feasibility study and we have at least two more years of reserves to mine. This represents an excellent outcome and we would like to congratulate our exploration and mining teams for enabling this substantial uplift to mine output and mine life at Kiziltepe.

“Meanwhile, construction of our Tavsan Mine has formally commenced and we look forward to seeing this mine in operation within approximately 12 months. Certain project development work is still underway in the background, including a reserve estimate, which will go hand-in-hand with a finance package that Zenit is expecting to conclude for the project.”

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