Ariana Resources plc, an AIM-listed exploration and development company operating in Europe, has announced its preliminary production results for the quarter ended 30 September 2020 for the Kiziltepe Mine in Turkey. Kiziltepe is part of the Red Rabbit Joint Venture (JV) with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. (Zenit).
3Q20 preliminary production results*:
- Gold production for the quarter was 5125 oz (2Q20: 4679 oz)*, enabling annual guidance of 18 000 oz to be maintained into Q420.
- Total ore processed for the quarter was 57 302 t (2Q20: 54 862 t) at an average head grade to the plant of 2.63 g/t gold.
- Quarterly opencast ore mined was 86 960 t, at an average mined grade of 2.21 g/t gold, and total material movement for the quarter was 1 190 710 t.
- Average metallurgical recovery of gold for the quarter remains high at 94.2%.
- Planning underway regarding a proposed mill expansion to provide for an increase in throughput to 400 000 to 500 000 tpy.
* All figures are given gross with respect to the JV.
Dr Kerim Sener, Managing Director, commented: “As with the previous quarter, the Kiziltepe operation has continued to perform flawlessly under the somewhat sub-optimal conditions imposed by the COVID-19 pandemic. Material movements remain very high, while process plant throughput remains well above average, setting yet another record for the operation; the mill reached an annualised throughput rate of almost 230 000 tpy which represents an increase of over 53% above the feasibility designed rate.
“Production from our highest-grade pit, Arzu South, came to a close during August and production has shifted entirely to the Arzu North and Derya pits. Meanwhile, the mine continues to maintain a stockpile of over 160 000 t, sufficient to cover about 10 months of mill feed at average throughput rates.
“We now look forward to the next quarter and the further development of the Arzu North area, which is yielding substantially more ore tonnage than modelled previously. We are confident that despite the expected reduction in grade, this increased tonnage coupled with continued high mill throughput will ensure output is maintained at the highest possible levels.
“In addition, the joint venture team is advancing towards a proposed mill expansion which provides for an increase in throughput to 400 000 to 500 000 tpy. This will help ensure lower unit costs despite the reduction in grade across the satellite pits. We will update the market with further detail on this important development when appropriate.”
Read the article online at: https://www.globalminingreview.com/finance-business/12102020/ariana-resources-announce-3q20-preliminary-production-results/