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Ariana Resources Plc
Summary
| Project: | Red Rabbit | |
|---|---|---|
| Deposit: | Tavsan | |
| Location: | Turkey | |
| Commodities: | Gold-Silver | |
| Date: | 11/10/2016 | |
| Report Code: | (no code) | |
| Report Type: | Scoping Study | |
| Project Stage: | Mine Development | |
| Report details: | 10-11-2016: Ariana Resources Plc announces a Scoping Study report for its Tavsan deposit at the Red Rabbit project. JV - Tavsan scoping study results incl. NPV (8%) of US$41.9M, IRR of 80%. Ariana Resources plc ("Ariana" or "the Company"), the exploration | |
| Resources: | (Resource): 1.7Mt @ 1.6g/t Au, 4.2g/t Ag (Ind.), 3.2Mt @ 1.1g/t Au, 3.7g/t Ag (Inf.) at Tavsan | |
| CP/QP: | [Resources]: Mr. Alfred Gillman (Odessa Resources Pty Ltd.) | |
| ABSTRACT: | Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company operating in Turkey, is pleased to announce the completion of a scoping-level assessment for the Tavsan Project* ("Tavsan" or "the Project") undertaken by independent geological, metallurgical and mining consultants. Tavsan is part of the Red Rabbit Joint Venture with Proccea Construction Co. and will be 50% owned by Ariana once mine construction at the Kiziltepe Sector is completed in Q416. Ariana and its consultants have completed a scoping-level assessment for the development of the Company's JV project at Tavsan, in Kutahya Province, western Turkey. The scoping study provides initial estimates for costs and financial returns, based on the current Mineral Resource, which includes JORC 2004 classified Indicated and Inferred material as per the SRK Consulting (UK) Ltd Mineral Resource estimate, completed in 2008 (Table 1). Project scoping was conducted independently by mining consultancy Auralia Mining Consulting Pty. Ltd. ("Auralia"), which has extensive experience in gold mining project development and assessment worldwide. For more information visit www.auralia.net.au. Major parameters for the scoping study were derived from previous work undertaken for the Company, completed in 2008, by SRK and SGS on Mineral Resource estimation and metallurgical test-work respectively. For the purposes of the Whittle optimisations, a revised block model was prepared independently for a sub-set of the original Mineral Resource by Odessa Resources Pty. Ltd. New topographic data and certain corrections to drill hole collar coordinates were also taken in to account for the revised block model. A base-case and set of range runs were carried out on the Tavsan project utilising the Whittle optimisation software package. | |
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