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Project: | Red Rabbit | |
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Deposit: | Kiziltepe | |
Location: | Turkey | |
Commodities: | Gold-Silver | |
Date: | 5/3/2017 | |
Report Code: | JORC | |
Report Type: | Resource Estimation | |
Project Stage: | Mine Development | |
Report details: | 3-5-2017: Ariana Resources Plc announces a Resource Estimation report for its Kiziltepe deposit at the Red Rabbit project. JV with Proccea Construction Co. - Updated mineral resource estimate for Kiziltepe. Ariana Resources plc ("Ariana" or "the Company") | |
Resources: | (Resource, Total): 3.813Mt @ 2.10g/t Au, 39.7g/t Ag at Kiziltepe | |
CP/QP: | [Resources]: Alfred Gillman (Odessa Resources Pty Ltd.) | |
ABSTRACT: | Ariana Resources plc ("Ariana" or "the Company"), is pleased to announce an increase and update of its JORC compliant Mineral Resource estimate for the Kiziltepe Project following its recent drilling programme in Turkey. Kiziltepe is a producing gold-silver mine that is part of the Red Rabbit Joint Venture with Proccea Construction Co. and is 50% owned by Ariana. Dr. Kerim Sener, Managing Director, commented: "Completion of our drilling programmes late last year confirmed for the first time that the Arzu vein system extends for a further 650m beneath cover rocks, which separate the Arzu South and North pits. Following this work, the Company commenced revisions to its resource estimate for Kiziltepe to include the results of these recent drilling programmes. These revisions also encompass several subsidiary veins at Kiziltepe outside of the four main veins to be mined as part of our current mine plan.We are very pleased with this latest resource update, which has added approximately 100,000 oz gold equivalent to our resource base, in addition to establishing a new JORC Exploration Target of a further c. 90,000 oz gold equivalent. At a c. 60% exploration target and resource to reserve conversion rate, which has historically held for this project, such increases in the resource could provide up to 12 years of mine life at current throughput rates. Now that Kiziltepe is in production and is one month in to the ramp-up phase of its development, we are very pleased to report that operations are proceeding well. We will be reporting our gold and silver production and additional operational details on a quarterly basis, commencing from the end of June 2017." | |
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