Ariana Resources (LSE:AAU) has renewed its holding over the Ivrindi gold project in western Turkey.
On Monday, the company revealed that its operational licence for the 100%-owned asset has been extended by ten years, while a 45-hectare mining permit for gold has also been secured on the same terms.
Meanwhile, land access and initial forestry permits are in place for development while new permit applications are in process.
Ivrindi lies 70 kilometres to the northwest and 100 kilometres by road from Kiziltepe – a producing gold asset held by Ariana in a 50:50 joint venture called Red Rabbit.
Mineralisation occurs on the project within the Kinik prospect, and a mineral resource estimate for the site stands at 207,000 tonnes at 1.65 grams per tonne gold (11,000 ounces) in the inferred category.
Metallurgical testwork at Ivrindi has yielded a strong average gold recovery of 88.5%, and the project also boasts around 16,000 tonnes of gold mineralised material.
Ariana plans to truck this to Kiziltepe, where it will be processed.
Managing director Dr. Kerim Sener said: "Exploration and development activities at our Ivrindi Project were slowed down last year while we went through the process of renewing of our operating licence, which we have now secured successfully for a further 10 years. Prior to this, the Company had demonstrated significant upside and had indicated our objective to mine and truck material from Ivrindi to the Kiziltepe processing plant.
“Accordingly, metallurgical testwork for Ivrindi was completed last year, along with additional trial mining. We currently maintain a stockpile of ore at Ivrindi which is expected to be trucked to Kiziltepe for trial processing in the future. Meanwhile a 1,500m Reverse Circulation drilling programme is planned to test the full strike-length of the mineralised structure at Ivrindi once new forestry permits are secured and we look forward to updating the market on this in due course. "
Author: Daniel Flynn
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