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Ariana Resources rises after revealing major Tavsan gold project progress (AAU)
Ariana Resources (LSE:AAU) climbed to a multi-month high of 2.95p a share on Wednesday morning after locating several high-grade gold zones at its Tavsan project in Turkey.
The exploration and development company said an “extremely positive” resource sampling programme encountered many significant results across its 50%-owned asset. Highlights included 18.2 metres at 5.04 grams per tonne (“g/t”) gold and 2.1 g/t silver, 9.9 metres at 6.08 g/t gold and 2.4 g/t silver, and 31.3 metres at 1.85 g/t gold and 0.9 g/t silver.
Meanwhile, Ariana said several results in the Tavsan South region of the project support the conversion of its current exploration target to inferred resources.
Across the asset as a whole, more than 60 outcrop locations were sampled and will be incorporated into Ariana’s next resource estimation for Tavsan. This is scheduled to complete in the next quarter. In the meantime, the organisation will carry out a follow-up resource drilling programme to aid it in the next phase of project development.
Ariana’s managing director Dr. Kerim Sener said the latest results show that sampled areas of outcropping mineralisation at Tavsan are typically higher-grade than the overall project resource. He added that this could provide an opportunity for the company to identify “several rich zones of structurally-controlled mineralisation within the orebody as a whole”. These segments are expected to be encountered from surface to a depth of 10-20 metres below surface – making them easily accessible for low-cost drilling.
"These results reflect extremely positively on the resource-focused work we have been undertaking at Tavsan,” added Sener. “We will be working on a revised mineral resource estimate for Tavsan during Q2 2020 which will form part of our mine plan for the Project, once final permits are received."
Tavsan forms part of a joint venture called Red Rabbit, which Ariana owns alongside Proccea Construction. Red Rabbit also includes the Kiziltepe mine in Western Turkey, which is fully permitted and currently in production. The total resource inventory for Kiziltepe and its wider area is around 605,000 ounces of gold equivalent.
Wednesday’s news comes as Ariana continues to work on a potential joint venture over its Salinbas project with a major Turkish construction and engineering company. Salinbas is located in Turkey’s world-class Hot Gold Corridor, and Ariana believes that the asset’s potential extends far beyond its current one million Indicated and Inferred ounces of gold equivalent resource estimate.
Author: Daniel Flynn
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