Ariana Resources announces 2023 production guidance

Highlights:

• Gold production guidance for 2023 from Kiziltepe is expected to be c. 18 000 ounces of gold, more than twice the production levels estimated in the feasibility plan for this approximate stage of mine life.
• Average monthly production is expected at approximately 29 000 t of ore, with a stockpile of approximately 120 000 t currently maintained onsite.
• Ore throughput to the mill during 2023 is expected to be c. 350 000 t.
• Average grade of gold to be mined during the year is expected to be c. 1.7 g/t Au and gold recovery is expected to exceed 90%.
• Open-pit mining will continue largely at the Arzu North, Derya and Banu pits during 2023.
• Extensive near-mine exploration remains underway.

Dr. Kerim Sener, Managing Director, commented: “Production from the Kiziltepe Mine in 2022 reached all-time highs in terms of gold ounces produced (28 421 ounces gold) and in revenue (US$58 million), marking the most successful period of mining ever and the sixth year of guidance-beating output. This followed on from the timely financing and the introduction of the processing plant expansion which was completed in 2021. This has enabled a marked increase in throughput, to about 440 000 tonnes per annum in 2022.”

“It is notable that Kiziltepe has now produced 50% more gold over its life than projected in our Feasibility Study and has done so within only three-quarters of the time. This is an extraordinary success and all credit is due to our operational team at Zenit and our exploration team's efforts, who have doubled our resources since the commencement of mining in 2017. With the expected incremental growth of our resources following further drilling, we plan on maintaining production until the mid-2020s. Furthermore, recent exploration successes have highlighted the potential to make further discoveries in the area, such as beneath Kiziltepe Hill at Kepez Main, albeit they represent deeper targets.”

“Kiziltepe will be operated in 2023 at a somewhat reduced rate, processing typically lower-grade ore and at a slightly reduced mill throughput, according to the current mine plan. We are also enabling the exploration team to fully assess the targets identified in recent geophysics and to determine the drilling required to test these new opportunities adequately.”

“While Kiziltepe represents our oldest project, we are encouraged that even 18 years since we purchased it from Newmont, it still yields significant exploration upside. We have successfully demonstrated the progression of a project from the greenfields stage with just under 4000 m of drilling when purchased in 2005, to one with over 55 000 m of drilling, delineating a Global Resource of 380 000 ounces of gold and over 6 million ounces of silver, of which perhaps half may be mined economically at this time.”

Read the article online at: https://www.globalminingreview.com/mining/22032023/ariana-resources-announces-2023-production-guidance/