Ariana Resources announces 50% increase in Tavsan resource

Highlights

• Global resource increased by 50% over the 2018 resource estimate to 4.49 million t at 1.76 g/t Au and 5.00 g/t Ag for 253 000 oz Au and 723 000 oz Ag.
• Resource estimate further de-risked with 77% of the resource now in Measured and Indicated JORC categories.
• Additional JORC exploration target of up to a further 9 million t at 1.00 - 1.30 g/t Au, updated to reflect the latest estimation.
• The JV has completed a pre-feasibility study for Tasvan and an environmental impact assessment (EIA) is being finalised.
• Discussions with potential lenders are expected to commence imminently in order for the JV to secure funding for the development of the project.

Dr Kerim Sener, Managing Director, commented: “We are extremely pleased with this latest resource update for the Tavsan Project. In conjunction with this work, the Zenit team has continued to make significant progress on the Feasibility Study and associated supporting work on the environmental and social impacts. Mine design and associated capital cost estimations are currently being finalised.

“In addition, we expect to proceed with land acquisitions over the coming months and look forward to commencing discussions with potential lenders to fund the development of the Tavsan Mine. Under ordinary circumstances we expected that Tavsan would have achieved first production by late 2021, although due to the difficulties imposed by COVID-19, we are now expecting some delays to this timeline. In the meantime, however, all capital requirements for the development of Tavsan are being funded from Kiziltepe cashflow.”

Resource estimate

Following the completion of a rock-saw channel sampling programme for a total of 1169 m during the summer of 2019, the geological teams at Ariana and Zenit in conjunction with consultants Coffey, A Tetra Tech Company, undertook a new Mineral Resource Estimate for Tavsan. The recent rock-saw channel sampling coupled with all previous drilling were used for the estimation.

The new Tavsan JORC 2012 compliant Mineral Resource estimate is based on 84 diamond, 87 RC drill holes and 156 rock-saw channels, representing a total of 7048 m of sampling. Ariana completed the wireframe geological modelling of the mineralisation zones in Leapfrog. Several mineralised zones were modelled from the sectional interpretations and represent the most current geological data and understanding.

The updated Mineral Resource estimate is based on an improved understanding of the spatial continuity between samples collected from drill holes, utilising a revised geological model and appropriate application of geostatistical methods. JORC Table 1 provides more detail on sampling techniques and data used in this estimation. This estimate supersedes the earlier published Mineral Resource estimate for Tavsan, which was announced 9 April 2018.

Exploration Target

The mineralised jasperoid units at Tavsan are extensive and have been mapped in detail. There are large areas of prospective mineralisation that have been mapped, and in some cases sampled either by drilling or surface methods. However, these mineralised areas do represent exploration potential for the project.

Assuming a mean thickness of 5 m, derived from the thoroughly interpreted mineralised areas, an additional tonnage in the range of approximately 7 to 9 million t at a density of 2.57 g/cm3 is possible for the exploration target, which have been updated with this resource estimation. It is expected that the grade would range between 1.0 and 1.3 g/t Au across the remaining mineralised areas.

Read the article online at: https://www.globalminingreview.com/mining/11062020/ariana-resources-announces-50-increase-in-tavsan-resource/