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Ariana Resources provides Tavsan Mine update

Published by
Global Mining Review,


Ariana Resources plc, an AIM-listed mineral exploration and development company with gold mining interests in Europe, has announced an update to the mine development programme underway at Tavsan. The project is operated 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.

Highlights:

  • Tavsan gold and silver mine targeting production of up to 30 000 oz of gold per annum over eight years.
  • Over 3900 m 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 2Q22, once the required permits are finalised and bank finance has been approved.”

Read the article online at: https://www.globalminingreview.com/exploration-development/08042022/ariana-resources-provides-tavsan-mine-update/

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Gold mining news European mining news