TIDMAAU
RNS Number : 9713S
Ariana Resources PLC
15 March 2023
15 March 2023
AIM: AAU
2023 PRODUCTION GUIDANCE
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed
mineral exploration and development company with gold mining
interests in Europe, is pleased to announce the production guidance
for 2023 for its interests in the Kiziltepe Mine ("Kiziltepe" or
"the Project"). Kiziltepe is 23.5% owned by Ariana through its
shareholding in Zenit Madencilik San. ve Tic. A.S.
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 tonnes of ore, with a stockpile of approximately 120,000
tonnes currently maintained on site.
-- Ore throughput to the mill during 2023 is expected to be c. 350,000 tonnes.
-- 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 4,000m of drilling when purchased in 2005, to
one with over 55,000m 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."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
* Silver production guidance is not provided, as silver is
treated as a by-product credit. All figures are stated gross to the
Project unless otherwise stated.
Summary of Project
The Kiziltepe gold-silver mine was expected to deliver up to
20,000 oz gold per annum over eight years of initial mine life from
2017 to 2024. Expansion of the Global Reserves to 175,000 ounces of
gold enables the mine life to be extended further. The operating
company, Zenit Madencilik San. ve Tic. A.S., is a partnership
between Ariana (23.5%), Proccea (23.5%) and Ozaltin (53%), with
management control being with Proccea. The commercial production
was initiated at Kiziltepe during July 2017 and has continued
without interruption, with production consistently being delivered
above plan. Kiziltepe has now produced approximately 50% more gold
than expected from its total life of mine plan and has done so in
three-quarters of the projected time.
The latest Resource and Reserve estimate for Kiziltepe was based
on recent drilling and geological interpretation in February 2022.
Detailed technical and economic assessments are underway on several
satellite vein systems not currently in the mining plan, in
anticipation of these being developed in future years. The
Kiziltepe operation is currently targeting a minimum ten-year mine
life, which will require the addition of a further 25,000 oz gold
in Reserves outside of the five main pits (Arzu South, Arzu North,
Banu, Derya and Kepez) that are currently scheduled to be mined.
The joint venture is confident that this can be achieved assuming
the conversion of existing Resources to Reserves and parts of the
Exploration Target being converted as well.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
John Prior / Hugh Rich / Atholl
Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 7983 521 488
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
Editors' Note:
The information in this announcement that relates to exploration
results is based on information compiled by Dr. Kerim Sener BSc
(Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr.
Sener is a Fellow of The Geological Society of London and a Member
of The Institute of Materials, Minerals and Mining and has
sufficient experience relevant to the styles of mineralisation and
type of deposit under consideration and to the activity that has
been undertaken to qualify as a Competent Person as defined by the
2012 edition of the Australasian Code for the Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
and under the AIM Rules - Note for Mining and Oil & Gas
Companies. Dr. Sener consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at February 2022).
The joint venture comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 222,000 ounces gold and 3.8 million ounces silver (as at
February 2022). The mine has been in pro table production since
2017 and is expected to produce at a rate of c.20,000 ounces of
gold per annum to at least the mid-2020s. A Net Smelter Return
("NSR") royalty of 2.5% on production is being paid to
Franco-Nevada Corporation.
The Tavsan Gold Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million million ounces silver (as at November 2022).
Following the approval of its Environmental Impact Assessment and
associated permitting, Tavsan is being developed as the second gold
mining operation in Turkey. Construction progress is temporarily
suspended pending the outcome of a local court decision pertaining
to the EIA. A NSR royalty of up to 2% on future production is
payable to Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Turkey and
contains a JORC Measured, Indicated and Inferred Resource of 1.5
million ounces of gold (as at July 2020). It is located within the
multi-million ounce Artvin Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant gold- copper projects
including the 4 million ounce Hot Maden project, which lies 16km to
the south of Salinbas. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Ariana owns 100% of Australia-registered Asgard Metals Fund
("Asgard"), as part of the Company's proprietary Project Catalyst
Strategy. The Fund is focused on investments in high-value
potential, discovery-stage mineral exploration companies located
across the Eastern Hemisphere and within easy reach of Ariana's
operational hubs in Australia, Turkey and the UK.
Ariana owns 75% of UK-registered Western Tethyan Resources Ltd
("WTR"), which operates across south-eastern Europe and is based in
Pristina, Republic of Kosovo. The company is targeting its
exploration on major copper-gold deposits across the
porphyry-epithermal transition. WTR is being funded through a
ve-year Alliance Agreement with Newmont Corporation (
www.newmont.com ).
Ariana owns 50% (increasing to 58%) of UK-registered Venus
Minerals Ltd ("Venus") which is focused on the exploration and
development of copper-gold assets in Cyprus which contain a
combined JORC Indicated and Inferred Resource of 17Mt @ 0.45% to
1.10% copper (excluding additional gold, silver and zinc.
Panmure Gordon (UK) Limited is broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser and
Broker.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com .
Glossary of Technical Terms:
"Au" chemical symbol for gold;
"g/t" grams per tonne;
"JORC" the Joint Ore Reserves Committee;
"oz" Troy ounces;
Ends.
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END
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