Ariana Resources

  • Ariana announces planned drill at Kizilcukur project in Turkey (AAU)

    Ariana Resources (LSE:AAU) jumped 6.7pc to 1.6p today after announcing ‘imminent’ drilling at its Kizilcukur project in Turkey. A 1,000m diamond drilling programme aims to upgrade existing JORC resources to the measured and indicated categories.

  • Ariana Resources announces Q3 preliminary production results (AAU)

    Ariana Resources (LSE:AAU), the AIM-listed exploration and development company operating in Europe, disclosed better-than-expected preliminary production results for the quarter ended 30 September 2020 for its Kiziltepe project in Turkey. Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction, in which Ariana owns 50% through its shareholding in Zenit Madencilik San. ve Tic. A.S.

    Total gold production in the third-quarter of 2020 reached 5,125 ounces, which is an increase from 4,679 ounces in the previous quarter. The average metallurgical recovery of gold for the quarter remains high at 94.2%. The quarterly production increase reflects increased tons processed that more than offset the impacts of lower average grades.

    As with the previous quarter, the Kiziltepe operation continued to demonstrate stable performance despite disruptions caused by the COVID-19 pandemic. “Material movements remain very high, while process plant throughput remains well above average, setting yet another record for the operation; the mill reached an annualised throughput rate of almost 230,000 tonnes per annum which represents an increase of over 53% above the feasibility designed rate.” Dr. Kerim Sener, Managing Director, said in a statement.

    Notably, the company had to shift some of its operations in the second quarter owing to pandemic induced restrictions. Because production from the company’s highest-grade pit, Arzu South, came to a close during August, production had to shift entirely to the Arzu North and Derya pits. In the meantime, the Kiziltepe operation was able to maintain a stockpile of over 160,000 tonnes, sufficient to cover about ten months of mill feed at average throughput rates.

    As a result of the consistent performance in the past two quarters, the present moment is opportune for a proposed mill expansion. The planned development will provide for an increase in throughput to 400,000 to 500,000 tonnes per annum.

    There are additional plans for further development of the Arzu North area in the next quarter. This project is yielding substantially more ore tonnage than modelled previously. In fact, despite the expected reduction in grade, this increased tonnage coupled with continued high mill throughput will ensure output is maintained at the highest possible levels.

    Ariana Resources’ Q3 production results were in part driven by the increase in demand for gold. Gold prices have gained 25% so far this year, primarily fueled by the global pandemic. Silver prices have also climbed 34% year to date.

    The 100% owned Salinbas Gold Project is located in north-eastern Turkey and has a total resource inventory of c. 1.5 million ounces of gold.  The project comprises three notable licence areas: Salinbas, Ardala and Hizarliyayla, all of which are located within a multi-million ounce Artvin Goldfield.  The "Hot Gold Corridor" contains several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas and 7km south of Hizarliyayla.  A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation on the Salinbas Gold Project.

    Author: Galina Mikova

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Ariana Resources bounces as exploration suggests further Salinbas gold potential (AAU)

    Shares in Ariana Resources (LSE:AAU) enjoyed a 5.4pc lift to 1.5p last week after the Turkey-focused miner revealed that exploration drilling has identified further mineralisation at its Salinbas gold project.

    In an update, the business said a conventional soil sampling programme recorded a substantial increase of gold along the interpreted extents of the project’s Salinbas North target. Salinbas North is one of three potential areas of mineralisation identified by Ariana this year at Salinbas, which itself comprises the Salinbas gold-silver deposit and the Ardala porphyry, among other prospects.

    One soil sample returned with 5.02g/t of gold and 4405g/t of silver as well as 0.49pc copper, 1.45pc lead, and 0.26pc zinc. Ariana said this almost certainly represents mineralisation that surfaces at the eastern flank of Salinbas North and lies exactly where it expected Salinbas-type mineralisation to be.

    Alongside the soil sampling programme, Ariana took 54 composite channel-samples for a total of 155m along a new access road network to the Ardala Porphyry. The firm said these revealed extensive new zones of mineralisation on the periphery of the Ardala Porphyry in the region of Ardala North. These contained considerable grades of gold and silver as well as smaller amounts of lead and zinc.

    Following this work, Ariana plans to carry out 2,000m of reverse circulation drilling across the broader Salinbas project in the second quarter of 2019. It is working to exploit the project’s considerable total resource inventory, which currently sits at c.1MMoz of gold equivalent.

    The 100pc-owned asset sits in Turkey’s ‘Hot Gold Corridor’ and has been compared by Ariana to the country’s highly-prospective Hot Maden gold project. Ariana’s managing director Kerim Sener said today’s results reinforce the firm’s understanding of the distribution of gold mineralisation near the Ardala Porphyry, Ardala North and Salinbas North areas at Salinbas.

    He added: ‘We are confident that the testing of some of these targets with drilling will lead to the identification and definition of further resources within the project area. We have scheduled the drilling programme for Q2 2019 and we envisage undertaking approximately 2,000m of RC drilling on targets that are accessible from existing permit areas and freehold land.’

    Sener provided further details on the progress being made at Salinbas in a recent podcast with MiningMaven, the transcript of which can be read here.

    Today’s news comes just weeks after Ariana said it was on track to exceed production guidance at its flagship, 50pc-owned Kiziltepe project, also based in Turkey. In its operating results for the third quarter of 2018, the business said the mine achieved gross income of $10.12m during the period with sales of 7,588ozs of gold.

    On this, Sener said: ‘These quarterly results have yet again demonstrated record performance for the Kiziltepe Mine and we are now well on track to exceed our production guidance for the year.  Since start-up in 2017 the JV has produced about 30,000 ounces of gold and over 200,000 ounces of silver.’

    Author: Daniel Flynn 

    Disclosure: The author does not own shares in the company mentioned above

  • Ariana Resources gold production exceeds quarterly guidance at Kiziltepe (AAU)

    Ariana Resources (LSE:AAU) released a production update on Tuesday regarding its mining operations at the Kiziltepe Mine in Turkey. Gold production from the mine in the first quarter of this year exceeded the firm’s quarterly guidance by 17pc, and was 67pc higher than the same period in 2018. Silver produced from Kiziltepe has also almost tripled compared with production during Q1 2018.

    Production was slightly lower than last quarters bumper figures, but exceptional wet weather likely had a part to play in that. In fact, despite required pushbacks to facilitate the expansion at Arzu South and issues with the weather, processing levels were maintained during the quarter by way of drawing down stockpiles of ore. Total ore processed in the period was 46,824 tonnes, a little under the 49,717 tonnes moved in Q4 2018.

    Ariana says the average metallurgical plant recovery of gold for the quarter remains high at 93.7pc with an average head grade to the plant of 4.83 grams per tonne of gold. Kiziltepe, alongside the Tavsan gold project is part of the Red Rabbit Joint Venture with Proccea Construction. Ariana owns a 50pc interest in th venture through its shareholding in Zenit Madencilik San. ve Tic. A.S.

    Alongside Zenit, Ariana is shortly undertaking a 600m diamond drilling programme at Tavsan. This will focus on resource infill drilling for 355m within freehold land at the Tavsan North and Far North zones.  Additionally, Ariana and Zenit will conduct 245m of geotechnical drilling at Tavsan this month as part of an internal feasibility study.

    Dr. Kerim Sener, Managing Director, commented:

    "We would like to congratulate the mine management team on an excellent set of first quarter 2019 results, in addition to achieving the scheduled pushbacks which accommodate final-stage pit expansion at Arzu South. Production during the quarter has exceeded our average quarterly guidance by 17%. While movement of ore from the open pit was limited by the pushbacks, output of the process plant was maintained at high levels through the planned drawdown on stockpiles. Activities within the open pit were also impacted during the period due to unusually wet weather, but as we approach the summer period, we are expecting a return to higher ore movements from the pit, particularly towards the latter half of this year."

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana Resources leaps as resource upgrade extend Kiziltepe’s mine life – can the bull-run continue?

    Ariana Resources(LSE:AAU) jumped 9% to 3.4p a share on Monday after pushing the life of its Kiziltepe gold mine out to 2026.

    An updated JORC-compliant mineral resource estimate put the Turkey-based asset’s total undepleted gold at around 321,000 ounces. This represents a 25% jump on Ariana’s previous resource estimate in May 2017, and a 72% increase on the resource used in the Kiziltepe feasibility study.

    Meanwhile, the latest work gave the project an in-situ (depleted) measured and indicated mineral resource of 2.01 million tonnes (“Mt”) at 2.51 grams per tonne (“g/t”) gold for 154,000 ounces, and an in-situ (depleted) inferred mineral resource of a further 1.01 Mt at 2.23 g/t gold for 73,000 ounces.

    Kiziltepe is part of Ariana's 50:50 Red Rabbit joint venture with Proccea Construction. It currently spans four main pits and is expected to deliver an average of 20,000 ounces of gold equivalent per year over an initial eight-year mine life.

    Dr. Kerim Sener, Ariana’s managing director, said the upgraded resource estimates support at least another six years of Kiziltepe mine life. This is based on the assumption 60% of resources are converted to reserves, a conversion rate that has been achieved in the past, and a throughput rate of 200,000 tonnes per annum is maintained.

    Moving forward, this mine life could be extended yet further through the conversion of any inferred gold resources and exploration targets to the measured and indicated resources or reserves categories. “We will continue to work on increasing the life of mine through additional open pit and potential underground extensions,” added Sener.

    In this vein, the company also announced that it has launched into a new diamond drilling programme at Arzu South, an area of Kiziltepe.

    We are also pleased to report that we are just commencing a new diamond drilling programme, which has been designed to follow-up on the results of our recent exploration programme at Arzu South and which had targeted the potential for underground extensions to the current resource,” he said.

    As this programme is being conducted in the midst of a pandemic, safety of our personnel and that of our contractors comes first, and early termination of the programme is consequently possible.  We will keep the market appraised of our progress, as appropriate."

    Ariana announced receipt a watershed £1.6 million dividend from the Kiziltepe project last month. Likewise, earlier in March, the firm announced that 2020 gold production from Kiziltepe is expected to come in at around 18,000 ounces – nearly a third ahead of the project's feasibility plan for this stage of mine life. Meanwhile, ore throughput to the project's mill this year is expected to be c.205,000 tonnes – a 37% higher than estimated – while gold recovery is expected to exceed 90% at an average grade of 2.5 grams per tonne.

    As at writing, these consistent updates have supported an 80% rise in Ariana's share price year-to-date with its market cap sitting at £32.85 million. If the company can continue to maintain the strong momentum of its newsflow, then we see no reason why this bull-run cannot continue.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Ariana Resources plans maiden processing shipment from Kizilcukur (AAU)

    Ariana Resources (LSE:AAU) rose 2.94pc on Monday after laying down development plans for its 100pc-owned Kizilcukur project in Turkey.

    Kizilcukur is based 22km to the northeast of the Kiziltepe mine, which is part of the Red Rabbit joint venture held between Ariana and Proccea. Its mineral resource in the indicated and inferred JORC categories stands at c.308,000 tonnes at 2.11g/t gold and 73.4g/t silver with upside potential.

    In Monday’s update, Ariana revealed strong results in its latest round of drilling at the asset. A bulk sample obtained from the Kizilcukur vein returned c.20ts at 4.22g/t gold and 284g/t silver. This came from the Zeki pit, which is the largest and highest grade of three pits defined at the resource.

    The work aimed to obtain a high-grade bulk sample for test processing at the Kiziltepe processing plant. Ariana is now planning to truck 300ts of this material grading 4.3g/t gold and 239g/t in the summer. It this is successful it plans to transport the remaining 2,500ts of mineralisation ore it currently has stockpiled on site. It believes it could double this through limited additional trial mining in 2019.

    Ariana’s exploration team focused on drilling activities at Kizilcukur since early December 2018. Their work is now around a quarter completed and has continued despite harsh winter weather condition. In Monday’s update, the firm it intends to keep drilling as long as possible through a window of more favourable weather over coming weeks.

    Ariana’s managing director Kerim Sener said the latest bulk sampling results demonstrate that Kizilcukur can act as a source of high-grade satellite feed to the Kiziltepe processing plant. The total resource inventory at the Red Rabbit Project and wider project area stands at c.605,000oz of gold equivalent, as at end-2017.

    ‘We are encouraged by the results of this recent work and the current drilling programme will add confidence to the resource estimate for the Zeki Pit as part of our feasibility work programme,’ added Sener. ‘We are planning to truck a 300 tonne batch of ore to Kiziltepe for test processing during the summer, in order to assess the merits of potentially expanding our operations at Kizilcukur.’

    Author: Daniel Flynn

    Disclaimer: The author does not own shares in the company covered in this piece.

  • Ariana Resources receives landmark £1.6 million Kiziltepe dividend (AAU)

    Ariana Resources(LSE:AAU) enjoyed a 10% lift on Thursday morning after announcing a watershed dividend payment from one of its subsidiaries.

    The Turkey-focused gold firm, which currently has a £28.1 million market cap, said it has been transferred a total of £1.6 million by its operating subsidiary Galata. Since early 2018, Galata has received a total of $7.3 million from another organisation called Zenit, which is in turn a 50:50 joint venture between Ariana and a construction company called Proccea.

    Zenit owns the Kiziltepe gold project in western Turkey, where commercial production began in July 2017. Until its March 2020 AGM, Zenit had paid all its outstanding dividends from profitable operations at Kiziltepe to Galata to cover loans made for the project’s initial exploration and development. These profits are now being repatriated by Galata to its parent company Ariana in the form of dividends.

    Once all loans have been repaid by Zenit – which expects to pay off its remaining $33 million bank loan this month – all Kiziltepe profits will be shared on a 51:49 basis between Ariana and Proccea respectively.

    Ariana’s managing director Dr. Kerim Sener said Thursday’s dividend payment represents the “culmination of many years of effort” at Kiziltepe, adding that Galata is now his company’s “cash-generative engine of growth”.

    Kiziltepe currently spans four main pits and is expected to deliver an average of 20,000 ounces of gold equivalent per year over an initial eight-year mine life. However, Zenit is completing expansion work with the aim of extending this mine life to a minimum of ten years – something that will require the addition of a further 40,000 ounces of gold equivalent. The JV has completed a new resource estimate based on recent drilling and geological interpretation, and technical and economic assessments are scheduled for several satellite vein systems not currently in the mining plan.

    Earlier in March, Ariana announced that 2020 gold production from Kiziltepe is expected to come in at around 18,000 ounces – nearly a third ahead of the project’s feasibility plan for this stage of mine life. Meanwhile, ore throughput to the project’s mill this year is expected to be c.205,000 tonnes – a 37% higher than estimated – while gold recovery is expected to exceed 90% at an average grade of 2.5 grams per tonne.

    Elsewhere, Ariana offered investors some reassuring words in respect of the global market pandemonium currently being driven by crashing oil prices and the spread of COVID-19.

    Sener said weak oil prices will have a positive effect of the firm’s processing costs, also highlighting the benefits of a strong rise in gold prices as investors flee to safe haven assets. Despite a sharp fall in recent days as investors shifted into cash in response to stimulus measure by the US federal reserve, the metal remains close to the £1,300 an ounce mark.

    “These, along with other positive trends including the declining value of the Turkish Lira, reinforce the economics of the Kiziltepe operation,” said Sener.

    Finally, the chief executive said that Ariana is not anticipating disruption to its production schedule as a result of coronavirus. “If this situation changes then we will inform the market," he added.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Ariana Resources recovers bonanza-grade gold and silver mineralisation at Kizilcukur project (AAU)

    Ariana Resources’ (LSE:AAU) strong week continued on Thursday with the ‘highly encouraging’ news that it had encountered bonanza-grade gold and silver mineralisation at Kizilcukur project in Turkey. The business completed a total of 745.8m of diamond drilling across 13 holes within the project’s previous-optimised Zeki open pit in the first quarter of the year. In Thursday’s update, Ariana said this work has confirmed the presence of high-grade mineralisation in the Zeki vein to a depth of approximately 40m below surface.

    Indeed, one hole yielded 0.9m at 30.27g/t gold and 184g/t silver in a footwall vein not previously drill-tested – a level classified at ‘bonanza-grade’ mineralisation. Elsewhere, near-surface in-fill resource drilling results from the vein include 6m at 4.21g/t gold and 205.9g/t silver, 5.3m at 4.04g/t gold and 171.9g/t silver and 6.4m at 3.44g/t gold and 89.3g/t silver. Ariana added that the majority of its high-grade results occur over around 130m of strike to a depth of at least 40m.

    Meanwhile, a new access road has been constructed to the trial mining area at Kizilcukur. This can be used for future haulage to the nearby Kiziltepe processing plant. The project is based 22km to the northeast of Kiziltepe, which is held within Ariana’s Red Rabbit joint venture with Proccea Construction.

    Kizilcukur, which is not part of Red Rabbit, covers an area containing a series of sub-parallel quartz veins hosted by ophiolitic units that trend northwest and extend for about two kilometres A mineral resource estimate prepared in 2016 identified the potential for the development of three open pits within the asset, of which Zeki is the largest and highest grade. The asset’s total mineral resource in the indicated and inferred categories is c.308,000ts at 2.11g/t gold and 73.4g/t silver with upside potential. Ariana’s target for future exploration at Kizilcukur is currently 500,000 tonnes at more than 2 g/t gold and more than 70g/t silver.

    Ariana’s managing director Kerim Sener said Thursday’s results were ‘highly encouraging’ and confirmed the potential for Kizilcukur to be established as a satellite source of high-grade ore for Kiziltepe.

    ‘The mineralisation encountered within the top 40m of the Zeki vein system shows sufficiently high grades and widths to support an open pit operation,’ he added. ‘During Q3 2019 we are expecting to conclude our assessments on the feasibility of hauling ore from Kizilcukur to the Kiziltepe processing plant as part of a bulk processing trial. 

    ‘In anticipation of this, we have already completed the construction of a low-gradient haulage road connecting the trial mining area to the existing road network, enabling excellent access to the site. In addition, we will prepare a revised Mineral Resource estimate upon which we can make appropriate decisions about the future of the project. We expect that Kizilcukur will be an attractive addition to the JV operations, due to the high grades and gold recoveries that have been demonstrated in recent work.’

    Thursday’s update follows a strong start to the week for Ariana. On Wednesday, the company enjoyed an 8.6pc boost to 2.1p after releasing a robust set of 2018 results.  It revealed that gold output from Kiziltepe reached more than 27,100oz over the period, 36pc ahead of guidance. What’s more, the mine achieved an average cash cost of $415/oz, placing it within the lowest cash-cost quartile for mines globally. This helped to push its profit before tax up to £2.2m from £400,000 in 2017.

    Elsewhere, Ariana said that the Red Rabbit JV’s financial strength had allowed it to progress its Tavsan project to the next stage of development. The JV is on track to complete a formal environmental impact assessment submission to the authorities for the asset in late 2019. This will precede the conclusion of a feasibility study in line with the requirements of project financing and final permitting. According to Ariana, getting Tavsan to this stage will enable Red Rabbit to increase its annual gold production rate from 25,000oz – where it currently stands – to 50,000oz. The company believes this will, in turn, influence a positive re-rating of its market valuation.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana Resources renews Ivrindi gold project licence in Turkey (AAU)

    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

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Ariana Resources reports ‘excellent’ performance from Kiziltepe gold Mine (AAU)

    Ariana Resources (LSE:AAU) had a positive end to the year continuing a strong run of production from its Turkish gold mine. Gross income for the final quarter was $10.62m from production and sale of 7,417 ounces of gold.  These figures were in line with what Ariana’s Managing Director, Dt. Kerim Sener described as ‘excellent performance’ during the previous two quarters.

    In a quarterly update released on Friday, Ariana said final year gross income totalled $37.8m from the production of 27,110 ounces of gold. This saw the company substantially exceed its yearly production forecast with year-on-year increase of gold production of around 166pc.

    Operating costs have also come down since 2017, averaging $349 per ounce in 2018, compared with $585 per ounce in the previous year. With the gold price appearing to have put in a base since its lows of $1161 last August, Ariana appears poised to capitalise on a much-improved margin as we continue into 2019. 

    Earlier this month, Ariana said it will receive up to £3.79m worth of capital from its subsidiary Galata Madencilik. Galata, Ariana’s wholly-owned Turkish operating company, has transferred around £1m to date as a result of the repayment of loans by its JV company, Zenit Madencilik.

    The company is currently undertaking a drilling campaign in Western Turkey at Kizilcukur, which lies around 22km to the northeast of the Kiziltepe Mine. Drilling to date has indicated that Kizilcukur has the capacity to act as a high-grade satellite source for Kiziltepe 

    Dr. Kerim Sener, Managing Director, commented: 

    "These final results for Q4 2018 are fully in line with the excellent performance of the Kiziltepe Mine achieved during the prior two quarters. Operating cash cost per ounce remains low, mainly due to the maintenance of significant by-product silver credit and increased grades through the plant during the period. 

    "As at the end of the quarter, 50% of the JV construction capital loan of US$33 million has been repaid, with the remaining balance to be repaid largely during 2019. Monthly intercompany loan repayments from the JV to our wholly owned subsidiary, Galata Madencilik San. ve Tic. Ltd., reached approximately US$2.1 million by the end of 2018." 

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.
    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana Resources reveals ‘solid start’ to 2019 as costs remain low at Kiziltepe (AAU)

    Ariana Resources (LSE:AAU) sat at 1.97p on Monday morning after revealing that low operating cash costs at its Kiziltepe mine have continued into 2019. In a quarterly update for the Turkey-based asset, Ariana said operating cash costs for the period came in at just c.$399/oz of gold, a slight increase on the $349/oz achieved in Q4 2018.

    Managing director Kerim Sener said this figure remains low in spite of the high strip ratios incurred during the pushback of the southern pit wall at an area of Kiziltepe called Arzu South. ‘This was helped by the planned draw down on stockpiles, maintenance of significant by-product silver credit and high grades through the plant during the period,’ he added.

    Elsewhere, Ariana revealed that its gross income from the asset came in at $10.86m for the quarter based on an average realised gold price of $1,311/oz. This represents a slight increase of the $10.62m turnover generated by the mine in the previous quarter. Finally, gold production came in a 7,296oz over the period while silver output reached 84,109oz.

    Looking forward, Ariana said that ore production from Kiziltepe’s open pit will remain restricted during Q2 and Q3 due to the continuation of work on the pushback of the southern wall of the Arzu South pit. However, the firm said this is not expected to impact output significantly. 

    Alongside a project called Tavsan, Kiziltepe is part of Ariana’s 50:50 Red Rabbit JV with Proccea Construction. Both sites contain a series of prospects within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional Province of western Turkey.  This province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits.  The total resource inventory of the Red Rabbit Project and wider project area stands at c.605,000oz of gold equivalent.

    On the operational side, Ariana said the JV has continued to make gross capital repayments on a $33m construction capital loan on their scheduled basis.  As at the end of March, these payments totalled $19.6m, with $3.2m repaid over the first three months of the year.

    ‘These first quarter results for the Kiziltepe Mine reflects a solid start to 2019 and continues to demonstrate the efficiency of our JV operations,’ added Sener on Monday. ‘As at the end of the quarter, 60pc of the JV construction capital loan of $33 million had been repaid, and by the end of the June quarter we are expecting to be almost 70pc repaid. Monthly intercompany loan repayments and dividends from the JV to our wholly owned subsidiary, Galata Madencilik San. ve Tic. Ltd., reached approximately $2.7m by the end of Q1 2019.’

    Monday’s update comes just days after Ariana said infill resource drilling had demonstrated the potential for a large-tonnage, lower-grade system at the Arzu North area of Kiziltepe. Drilling completed at the site in December to provide Red Rabbit with additional infill resource data encountered encouraging intersections.  Highlights included 44m at 1.5g/t gold and 17.5g/t silver and 27.7m at 1.37g/t gold and 13.1g/t silver.

    The drilling was planned to test the theory that the Arzu North vein system – which had not been tested thoroughly – broadens out into a more extensive array of vein mineralisation spanning a series of structures. According to Ariana, the results confirm the presence of at least three broad mineralised structures within the Arzu North pit.

    New geological modelling and pit optimisation studies are now underway to revise the resources for Arzu North alongside another area called Derya.  Ariana said it is also looking at the potential of merging Arzu North and Derya into a single pit following re-interpretation of the Aybor vein, located in a 30m-wide zone between the two areas. Regardless, mining is scheduled to begin at both areas simultaneously in the final quarter of this year now that the Red Rabbit partners have received all necessary forestry permissions.

    Elsewhere, last week saw Ariana announce that it had received approval for a 10-year renewal of its Salinbas license from the Turkish General Directorate of Mining and Petroleum Affairs.  The organisation is about to commence a 2,000m Reverse Circulation drilling programme, for which a drill rig has now been mobilised.

    The gold, silver, and base-metal project contains three notable licence areas called Salinbas, Ardala and Hizarliyayla. The licenses are located within the multi-million-ounce Artvin Goldfield in Turkey’s “Hot Gold Corridor”.  The corridor contains several significant gold-copper projects including the 4Moz Hot Maden project which lies 16km to the south of Salinbas. Also to the south lies the Hizarliyayla prospect which is partially hosted within the same stratigraphic sequence as the Hot Maden discovery.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana Resources reveals 25pc jump in Kiziltepe gold production guidance (AAU)

    Shares in Ariana Resources (LSE:AAU) enjoyed a 1.13pc boost to 1.9p on Tuesday after the firm announced a 25pc year-on-year increase in the gold production guidance for its key mine in Turkey. The business expects to produce around 25,000oz of the precious metal from the Kiziltepe mine. This is a quarter higher than its 20,000oz gold production guidance for 2018, and around 21pc above than feasibility plan for Kiziltepe’s third year of operations.

    Kiziltepe commenced commercial production in 2017 and is part of Ariana’s 50pc-held Red Rabbit Joint Venture with Proccea Construction. It is currently expected to deliver an average of 20,000 oz gold equivalent per annum over eight years of initial mine life for a total of up to 160,000 oz gold equivalent.

    Ariana is currently targeting a minimum ten-year mine life, which will require the addition of a further 40,000oz gold equivalent in reserves outside of the four main pits. In Tuesday’s update, Ariana said preparations are being made to start mining on satellite pits from early next year. For the meantime, however, open-mining at Kiziltepe will continue to focus on the Arzu South pit in 2019.

    Ariana’s managing director Kerim Sener said the 25pc increase in production guidance reflects the firm’s expectations of higher grades as it continues to mine deeper at Arzu South. Indeed, the average grade of mined gold during the year is expected to be 5g/t, and recoveries are forecast to exceed 90pc.

    Meanwhile, full-year ore throughput to the mill is planned to reach 195,000ts, representing a 30pc increase over Kiziltepe’s feasibility plan. Ariana also said that it forecasts average monthly production of around 13,000ts of ore, peaking in the final quarter of the year.

    On this, Sener said: ‘Although ore output from Arzu South will be variable through the year due to the pushbacks required to accommodate the final stage of mining, current stockpiles are expected to provide for any shortfalls in output such that mill throughput can be maintained at the highest levels through the year.’

    ‘As a low-cost open pit operator, ranked in the lowest quartile of cash costs globally, the JV continues to target increases in production and life of mine. We are pleased to note that our plans for advancing production from some of our satellite pits are at an advanced stage and we look forward to commencing work in these areas towards the end of this year.’

    Sener added that Kiziltepe has continued to perform ‘exceptionally well’ despite difficult weather conditions following a strong end to 2018. In January, Ariana revealed that Kiziltepe production had come in at 27,110oz for 2018, exceeding forecasts by 36pc. A month later, it announced that this had translated into gross annual income for 2018 of $37.8m, with operating cash costs coming in at just $349/oz,

    Elsewhere in Tuesday’s update, Sener said the Red Rabbit JV expects to have mostly paid off the balance of a $33m JV construction capital loan for Kiziltepe by the end of the year. This comes after the firm announced that the venture had paid off half of the debt as at the end of Q4 2018.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana Resources reveals extension to JV discussions as Turkish gold portfolio review completes (AAU)

    Wednesday saw Ariana Resources(LSE:AAU) reveal that a detailed assessment of its portfolio of Turkey-based gold assets has now completed with respect to a potential joint venture (“JV”). The £26.7 million explorer and developer said technical consultants to its proposed partner have completed an initial draft due diligence report covering its Kiziltepe, Tavsan, and Salinbas projects.

    A memorandum of understanding (“MoU”) for the JV has now been extended to 30 April to enable the firm – currently identified as a “major Turkish construction and engineering company" – to review the information. Elsewhere, Ariana said that draft definitive legal agreements for the partnership are being reviewed by all parties involved.

    Joint venture discussions for the project began last November when Ariana revealed the terms of the non-binding MoU, prompting a 30% increase in its share price at the time.  If the JV goes ahead, the firm will sell a 17% stake in Salinbas to its proposed partner for $5 million.  The third-party will then inject a further $8 million of equity into the asset via an earn-in arrangement and organise the bank finance to enable it to be brought into production. This would take its total position to 53%.

    Alongside the Salinbas deal, the MoU also lays out some transactions for the Kiziltepe and Tavsan projects – currently held in a 50:50 JV called Red Rabbit between Ariana and Proccea Construction. Specifically, the partner would take on 53% of the JV in exchange for a $50 million payment that would be split between the Red Rabbit firms.

    On Wednesday, Ariana’s managing director Dr. Kerim Sener said:

    "We are pleased to report the completion of the due diligence work of the technical consultants.  A period of internal review will now be conducted by the Proposed Partner and Proccea.  In addition, draft definitive legal documentation has been prepared and is being reviewed by the Parties.  We look forward to reporting further on the proposed deal in due course."

    The Salinbas gold project is based in north-east Turkey and has a total resource inventory of around 1 million ounces of gold equivalent. The asset is made up of three licence areas - Salinbas, Ardala and Hizarliyayla – and is based in an area known as the "Hot Gold Corridor". This contains several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16 kilometres to the south of Salinbas.

    Meanwhile the Kiziltepe Sector of the Red Rabbit Project is fully permitted and is currently in production. The total resource inventory at the project and its wider area is around 605,000 ounces of gold equivalent.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

  • Ariana Resources reveals progress in Salinbas JV discussions (AAU)

    Friday saw Ariana Resources (LSE:AAU) reveal positive progress in joint venture (“JV”) discussions for its Salinbas project in Turkey.

    The firm said that its proposed, as-yet-un-named partner for the asset has completed 600 metres of reverse circulation drilling at the asset to twin four holes previously drilled by Ariana. Following the receipt of assay results from the work, “good correlations”have been found between the two sets of holes. As such, the parties involved in the potential JV have completed an extension agreement that will enable due diligence work to be completed up to the end of next month.

    Wholly-owned by Ariana, Salinbas is located in north-east Turkey where it spans three highly-prospective licence areas called Salinbas, Ardala, and Hizarliyayla.

    The Salinbas deposit (which lies within both the Salinbas and Ardala licences) contains an Indicated and Inferred JORC resource of c.10Mt at an average grade of 2g/t gold and 10.2g/t silver for approximately 650,000oz and 3.2Moz of the metals respectively.

    Ardala, meanwhile, hosts a porphyry system with an Inferred JORC resource of 16Mt. This grades 0.6g/t gold for 323,000oz of the precious metal while also containing domains with up to 0.2pc copper and 0.01pc molybdenum.

    Finally, Hizarliyayla, the least advanced of the three licence areas, is an epithermal prospect with a c.3km2 alteration zone prospective for both gold and base-metal mineralisation.

    Joint venture discussions for the project began last November when Ariana enter a non-binding memorandum of understanding for the project with a ‘major Turkish construction and engineering company’. The agreement – which prompted a 30% increase in Ariana’s share price – proposes the sale of a 17% stake in Salinbas to the unnamed partner for $5 million.  The third-party will then inject a further $8 million of equity into the asset via an earn-in arrangement and organise the bank finance to enable it to be brought into production. This would take its total position to 53%.

    Alongside the Salinbas deal, the MoU also lays out some transactions for the Kiziltepe and Tavsan projects – currently held in a 50:50 JV called Red Rabbit between Ariana and Proccea Construction. Specifically, the partner would take on 53% of the JV in exchange for a $50 million payment that would be split between the Red Rabbit firms.

    Ariana’s managing director Kerim Sener provided further details on these discussions in Friday’s release:

    "We are pleased to confirm that the due diligence confirmatory drilling programme at Salinbas has been concluded and can now be factored into the independent review. The efforts of the independent due diligence team are currently focusing on the Kiziltepe mining operations and, in order to provide sufficient time for the completion of this work, the proposed JV parties have extended the exclusivity period to the end of March.

    Meanwhile, the necessary definitive legal documentation is being prepared for review by the proposed JV parties from the second half of February. We look forward to working closely with the proposed JV parties in order to conclude the proposed agreement and advancing our project development plans for Salinbas in particular."

    To download and read our recent, in-depth report on the Salinbas project – please click here

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

     

     

  • Ariana Resources reveals strong gold drilling results at Kiziltepe’s Arzu North area (AAU)

    Ariana Resources (LSE:AAU) sat at 1.77p on Tuesday after revealing that it may have found a way to extend the life of its Kiziltepe mine in Turkey. The business said infill resource drilling has demonstrated the potential for a large-tonnage, lower-grade system at the Arzu North area of Kiziltepe – which is part of Ariana’s 50:50 Red Rabbit JV with Proccea Construction.

    Drilling completed at the site in December to provide Red Rabbit with additional infill resource data encountered encouraging intersections. Highlights included 44m at 1.5g/t gold and 17.5g/t silver and 27.7m at 1.37g/t gold and 13.1g/t silver.

    The drilling was planned to test the theory that the Arzu North vein system – which had not been tested thoroughly – broadens out into a more extensive array of vein mineralisation spanning a series of structures. According to Ariana, Tuesday’s results confirm the presence of at least three broad mineralised structures within the Arzu North pit.

    New geological modelling and pit optimisation studies are now underway to revise the resources for Arzu North alongside another area called Derya. Ariana said it is also looking at the potential of merging Arzu North and Derya into a single pit following re-interpretation of the Aybor vein, located in a 30m-wide zone between the two areas. Regardless, mining is scheduled to begin at both areas simultaneously in the final quarter of this year now that the Red Rabbit partners have received all necessary forestry permissions.

    Ariana’s managing director Kerim Sener said the results suggest that there is potential in the Arzu North area to identify a large-tonnage and lower-grade resource that could extend Kiziltepe life of mine.

    ‘We are investigating opportunities with our JV team to assess this potential further through future drilling programmes and look forward to commencing mining in these fully permitted areas later this year,’ he added. ‘From the results of this work, we can conclude that the Arzu North vein system broadens out into a series of sub-parallel mineralised structures hosted within a halo of mineralised and altered volcanic rocks. This is apparent from the wide zones (>20m) gold and silver mineralisation encountered particularly towards the NW end of Arzu North.’

    Kiziltepe, which is fully-permitted and is currently in production, is accompanied by another gold project called Tavsan in the Red Rabbit JV. Both sites contain a series of prospects within two prolific mineralised districts in the Western Anatolian Volcanic and Extensional Province of western Turkey. This province hosts the largest operating gold mines in Turkey and remains highly prospective for new porphyry and epithermal deposits. The total resource inventory of the Red Rabbit Project and wider project area stands at c.605,000oz of gold equivalent.

    Last month, Ariana revealed that gold production at Kiziltepe for Q1 2019 was 7,296 ounces, exceeding average annualised quarterly guidance by 17pc in spite of wet weather. This figure was also 67pc higher than in the same period in 2018. Meanwhile, the average metallurgical plant recovery of gold for the quarter remained high at 93.7pc.

    Beyond Red Rabbit, Ariana also owns 100pc of the Salinbas Gold Project in north-eastern Turkey, which has a total resource inventory of c.1MMoz of gold equivalent.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • 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.

    To read our recent report on Salinbas, please click here.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

     

  • Ariana Resources secures landmark deal for Turkish gold assets (AAU)

    Ariana Resources (LSE:AAU)re-captured its multi-year highs on Wednesday, rising by more than 7% to 4.2p on news of a potential transformational deal for its Turkish assets.

    Ariana revealed that construction conglomerate Özaltin Holding has formally committed to purchasing 53% of its Salinbas gold project.

    The firm will also take a 53% stake in Ariana’s 50:50 Red Rabbit joint venture with Proccea Construction, which holds the producing Kizilitepe gold project and the Tavsan asset in western Turkey.

    Ariana, which currently has a £44.3 million market cap, will receive $50 million for the Red Rabbit stake, to be shared with Proccea.

    Meanwhile, Özaltin has committed to injecting $8 million of equity into Salinbas with a view to ultimately acquiring the asset in full.

    Özaltin’s recent large scale construction projects include hydroelectric dams with installed annual power production capacity of 5.5 billion KWh.

    It is also a 22-year consortium partner in the Gebze-Orhangazi-İzmir Motorway Build-Operate-Transfer Project.

    Ariana’s managing director Dr. Kerim Sener said he was “very pleased” with the construction firm’s decision, which followed months of due diligence.

    "Ariana, Özaltin and Proccea are now working through the necessary steps, including seeking Ministerial approval, in order to complete the transaction.

    “This will lay the foundations for the completion of our transaction, substantially as proposed in the MoU, but including various minor modifications to ensure robust legal documentation, structural changes in the type of company and practical outcomes in the context of Turkish Law.  In addition, at the earliest possible opportunity, Ariana will make the necessary arrangements to seek shareholder approval for the transaction via a General Meeting.”

    Sener added that the transaction would “crystallise significant value” for Ariana’s shareholders.

    In particular, it provides much-needed financial backing to Salinbas, which is now approaching the “decision-to-mine” stage.

    “Accordingly, we fully expect shareholders to support the transaction, definitive agreements for which are expected to be concluded by the end of August 2020,” added Sener.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Ariana Resources shines with 50% resource upgrade at Tavsan (AAU)

    AIM-listed gold-silver explorer Ariana Resources (LSE:AAU) has reported 50% higher resource indicated at its Tavsan project in Turkey. 

    Estimates now sit at 4.49 million tonnes at 1.76g/t gold and 5g/t silver. 

    At these levels Ariana said it would have access to 253,000oz gold and 723,000oz silver. 

    77% of the resource is now in JORC-compliant measured and indicated categories, the company said. An additional JORC exploration target of 9 million tonnes at 1 to 1.3g/t gold has been updated to reflect the latest information.

    Talks with potential lenders are expected to commence imminently, Ariana said, so the JV can secure funding to exploit the project.

    Ariana has 50% ownership of Tavsan as part of the Red Rabbit joint venture with Ankara-based engineering firm Proccea Construction. The JV has completed a pre-feasibility study for Tavsan and environmental impact studies are now being arranged.  

    AAU shares climbed 8% to 4.05p in Thursday trading. 

    Managing Director Dr Kerim Sener said: “We are extremely pleased with this latest resource update for the Tavsan Project. Mine design and associated capital cost estimations are currently being finalised. 

    “We expect to proceed with land acquisitions over the coming months and look forward to commencing discussions with potential lenders to fund the development of Tavsan mine.”

    Sener added that while initial estimates put first production at Tavsan starting in late 2021, the process had been delayed by Covid-19. Further updates are expected in due course.

    Author: Mark Sheridan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

  • Ariana Resources smashes 2018 gold production forecasts by more than a third (AAU)

    Ariana Resources (LSE:AAU) rose 2.2pc this morning after announcing that production from its flagship project in Turkey beat expectations by more than a third in 2018. Production from the Kiziltepe mine came in at 27,110ozs of gold over the 12 months. This output surpasses initial full-year production guidance of 20,000oz by around 36pc.

    Gold production for the final three months of 2018 came in at 7,517oz, slightly below the 7,556oz it produced in the last quarter of 2017. Meanwhile, total ore processed for the quarter was 49,717ts at an average head grade to the plant of 5.23g/t gold, and average metallurgical plant recovery of gold remained high at 91.6pc.

    Kiziltepe is part of Ariana’s 50pc-held Red Rabbit joint venture with Proccea Construction in Turkey. It is fully permitted and, as it stands, the company’s chief producing asset. A net smelter return royalty of up to 2.5pc on production is payable to the Franco-Nevada Corporation.

    Last month, Ariana announced plans to carry out an imminent 1,00m diamond drilling programme at a licence called Kizilcukur, 22km northeast of Kiziltepe. The programme is expected to upgrade Kizilcukur’s existing indicated and inferred resource of c.308,000 tonnes at 2.11g/t gold and 73.4g/t silver. Ariana plans to truck ore from the licence and process it at Kiziltepe in the future, further boosting the latter’s upside.

    The Red Rabbit project also contains the Tavsan gold project, where a royalty of up to 2pc on future production is payable to Sandstorm gold.

    Kiziltepe and Tavsan host a series of prospects and span two prolific mineralised districts in the Western Anatolian Volcanic and Extensional province of western Turkey. This area hosts the most significant operating gold mines in Turkey. According to Ariana, it remains highly prospective for new porphyry and epithermal deposits. All-in-all, the total resource inventory at Red Rabbit and its wider project area stands at c.605,000ozs of gold equivalent.

    Ariana’s managing director Kerim Sener said that beating production expectations was a ‘significant milestone’ for the business. He added that it coincides with the repayment of 50pc of a $33m redevelopment loan. It will repay the majority of the remaining balance throughout 2019, he said.

    ‘The past year has seen the Joint Venture achieve several successes, quarter on quarter, including an annualised increase in mill throughput to 200,000 tonnes per annum. We look forward to the continuation of these very positive developments. We take this opportunity to thank both our dedicated JV team and our partners, Proccea Construction Co., for their diligence and focus during the year,’ said Sener. ‘We begin 2019 on firm-footing, and we are very excited about the year ahead.  We are expecting to publish 2019 production guidance in due course.’

    Alongside its stake in Red Rabbit, Ariana owns 100pc of the Salinbas Gold Project in north-eastern Turkey. This contains numerous prospects, the most notable of which are the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry. The project’s total resource inventory comes in at c.1MMoz of gold equivalent. A royalty of 2pc on future production is also payable to Eldorado Gold Corporation.

    Author: Daniel Flynn

    Disclosure: The author does not own shares in the company mentioned in this article

  • Ariana Resources spikes after revealing record level of project progress in Turkey (AAU)

    Ariana Resources (LSE:AAU) jumped 8.5pc on Friday after revealing strong exploration and development progress across its assets in Turkey.

    The business, which currently has a £20.4m market cap, revealed that it has now completed 746m of infill resource diamond-drilling at its 100pc-owned Kizilcukur project. The programme, which began in December, saw it drill 13 diamond drill holes to increase its understanding of the site’ Zeki pit.

    The drilling work was also designed to increase Ariana’s confidence in the classification of Kizilcukur’s inferred and indicated resources. Currently, these stand at c.308,000ts at 2.11g/t gold and 73.4g/t silver, for 33,000oz of gold equivalent.

    Now drilling has finished, Ariana has begun constructing a new 1.7km haul road at the project. This is being built to accommodate trucks that will move mineralised material from the Kizilcukur trial mining area to a road that connects to a processing plant at Kiziltepe.

    Kiziltepe is one of Ariana’s flagship assets and, alongside the Tavsan gold project, forms part of its 50:50-owned Red Rabbit Gold Project joint venture with Proccea Construction. The total resource inventory at the Red Rabbit Project and wider project area stood at c.605,000oz of gold equivalent as at the end of 2017.

    On Friday, Ariana also said it also expects to begin further trial mining and stockpiling at Kizilcukur in Q3 2019. Meanwhile, it added that the development of new infrastructure and infill drilling will supplement its internal feasibility study over the project.

    Elsewhere in Friday’s update, Ariana said a 600m diamond drilling programme is due to begin shortly at Tavsan alongside the Zenit project team. This will focus on resource infill drilling for 355m within freehold land at the Tavsan North and Far North zones. Here, historic intercepts include drill hole ODX100, which encountered 14m at 1.23g/t gold, and hole ODX102A, which hit 7m at 1.06g/t gold.

    Alongside this, Ariana and Zenit will conduct 245m of geotechnical drilling at Tavsan in April as part of an internal feasibility study. Finally, the business expects to carry out a further 1,300m of resource drilling and 1,600m of exploration drilling, once its recent application to the Ministry of Agriculture and Forestry have been approved.

    Friday’s release also saw Ariana update investors on work at its Salinbas project. The asset comprises the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry in north-eastern Turkey/ among other prospects. The total resource inventory of the Salinbas project area is c.1MMoz of gold equivalent.

    Here, the company is making final preparations for a 2,000m RC drilling programme, which is slated to begin in May once work at Tavsan has completed. A further 8,000m of drilling has also been planned in and around the Ardala porphyry and Salinbas zones. However, this work is dependent on the completion of forestry permitting - a process that is now drawing to a successful close. 

    Ariana’s managing director Kerim Sener said the firm was ‘very pleased’ with its current pace of progress, adding: ‘Our field team is currently active across all of our sites simultaneously; the highest level of exploration and development activity undertaken in the history of the Company. In western Turkey, project development work is continuing at the Kizilcukur, Ivrindi and Tavsan sites which are located in close proximity to our flagship Kiziltepe gold mine. 

    ‘Furthermore, additional resource-focused work is being directed towards extending the life of mine at Kiziltepe. In eastern Turkey, work at Salinbas, our large gold and base-metal deposit with over 1Moz of gold already defined, has started early in the field season in order to ensure we are in a position to commence a 2,000m RC drilling programme during May 2019.’

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana Resources strong in the face of falling markets as Kiziltepe gold guidance beats forecasts (AAU)

    Ariana Resources(LSE:AAU) treated investors to an across-the-board positive update on Thursday.

    The AIM-listed firm revealed that 2020 gold production from its Kiziltepe mine in Turkey is expected to come in at around 18,000 ounces – nearly a third ahead of the project’s feasibility plan for this stage of mine life. Meanwhile, ore throughput to the project’s mill this year is expected to be c.205,000 tonnes – a 37% higher than estimated – while gold recovery is expected to exceed 90% at an average grade of 2.5 grams per tonne.

    Kiziltepe is jointly owned by Ariana and a construction company called Proccea as part of a joint venture called Red Rabbit. The project is expected to produce a total of 160,000 ounces over an eight-year mine life across four main pits -  Arzu South, Arzu North, Banu, and Derya. Work is also ongoing on several satellite vein systems currently absent from the Kiziltepe mining place, with the goal of bringing these into action in future years.

    In Thursday’s update, Ariana said that open-pit mining will be completed in the Arzu South by the third quarter of the year. At this point, work will move entirely to the Arzu North and Derya areas.

    The company’s managing director Kerim Sener said the strong guidance comes off the back of a particularly fruitful beginning to 2020 and a record-breaking end to 2019. “With the addition of lower grade ore and higher mining rates required from the satellite pits, such as Arzu North, we are expecting output to reach 18,000 ounces in 2020,” he added.

    Critically, Sener also said the Red Rabbit JV will have paid off 99% of its $33 million capital loan from Turkiye Finans Katilim Bankasi by the end of this month. The imminent absence of repayment obligations should allow Ariana and Proccea to enhance Kiziltepe’s total production and life of mine, he said:

    “Strategies have included planning associated with expanding mill throughput, investigating opportunities for expansion of our open pits and examining preliminary planning and design work required for potential underground operations.  Associated resource estimation and optimisation work has yielded encouraging results, which we will expand upon in due course.”

    Elsewhere, Ariana offered investors some reassuring words in respect of the global market pandemonium currently being driven by crashing oil prices and the spread of COVID-19.

    Sener said weak oil prices will have a positive effect of the firm’s processing costs, also highlighting the benefits of a strong rise in gold prices as investors flee to safe haven assets. Despite a sharp fall in recent days as investors shifted into cash in response to stimulus measure by the US federal reserve, the metal remains close to the £1,300 an ounce mark.

    These, along with other positive trends including the declining value of the Turkish Lira, reinforce the economics of the Kiziltepe operation,” said Sener.

    Finally, the chief executive said that Ariana is not anticipating disruption to its production schedule as a result of coronavirus. “If this situation changes then we will inform the market,"he added.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article’s content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

     

  • Ariana Resources targeting a 1Moz gold JORC Resource at Salinbas (AAU)

    It’s been a good year for shareholders in Arian Resources (LSE:AAU). The recent rally in the gold price has helped bolster the company’s share price, which is now up 50% this year at 2.25p per share. Gold production at the low cost Kiziltepe mine in western Turkey continues to increase and the firm has embarked on exploration campaigns at its other assets. Of these perhaps the project that holds the most potential is at Salinbas and on Thursday the firm announced positive preliminary drill results here.

    Ariana originally acquired Salinbas from Eldorado Gold Corporation (NYSE:EGO), which retains a 2% net smelter royalty over future revenue. The project is located in north-eastern Turkey and already hosts a 650,000oz (Indicated and Inferred) JORC Resource. Ariana’s exploration target here is 1.4M to 2.7M ounces of gold and the company ultimately aims to be able to prove up a final JORC of 1Moz.

    Ariana’s licenses in north-eastern Turkey

    In mid-May, Ariana secured an upgrade to part of the Salinbas licence, which was re-designated as a 10-year operational licence by the Turkish General Directorate of Mining and Petroleum Affairs. Specifically this upgrade covered the area of Salinbas, which hosts the Indicated ounces of gold in the Salinbas JORC Resource. In the company’s words, this made Salinbas “one of its most important licences”.

    Following on from this and Ariana has sought to increase the value of Salinbas by drilling at the company’s Ardala licence, immediately to the north. Here Ariana began a 2,000m Reverse Circulation (RC) drilling campaign just over six ago and one of the primary objectives of this was to establish whether Salinbas and Ardala are physically connected. Since Ariana owns 100% of Salinbas and with the recent license upgrade, if the company can prove this hypothesis then the upside is clear.

    So far, the initial results are encouraging.

    The diagram below shows four distinct intrusive phases, where the Salinbas and Ardala mineralisation systems intersect. According to Ariana, at least two of the intrusive phases are “significantly mineralised” and provide the company with a high degree of confidence to continue pursuing this lead in future exploration activity.

     

     

     

    Diagram of the Salinbas and Ardala mineralised systems, with positions of recent drilling

    Quoted at the end of Thursday’s RNS and Ariana’s Managing Director, Kerim Sener, succinctly summed up the position.

    "We are very pleased to report our preliminary drilling results from the Salinbas Gold Project, since it became 100% held by Ariana.  These results, while only partial at this stage, demonstrate the development of a major magmatic-hydrothermal system in the vicinity of the Ardala Cu-Au-Mo porphyry.  The latest data confirms that the mineralised part of the Ardala porphyry, which is enriched in precious and base-metals, does connect intimately with the Salinbas gold-silver zone and that the two systems should in fact be treated as one.  This was a prediction from our earlier geological modelling and is a finding that bodes exceptionally well for the discovery of further mineralisation in the vicinity, particularly in the immediate surrounds of the Ardala porphyry.  This is an area, which to date, has been poorly explored.  Consequently we continue to remain excited by the exploration upside of the project and look forward to commencing our follow-up work programmes."

    So far the market response to this news has been somewhat muted. The RNS was on the heavy side, with a lot of technical detail. Ariana was also very careful to caveat the announcement, warning that the results are only preliminary at this stage.

    However, what is heartening is that so far the company has received a degree of confirmation to its original theory about the potential for extending Salinbas to the north. If Ariana can build on these initial results and further demonstrate the geological connection between the two sites, this could well set the firm on a course to realising its ambition for identifying a +1Moz gold JORC Resource here.

     

    Author: Ben Turney

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • Ariana uninterrupted by Covid-19 as it posts record quarter at Kiziltepe (AAU)

    Ariana Resources (LSE:AAU) said its operations in Turkey had not been affected by the spread of coronavirus on Wednesday. In its first-quarter figures, the company said that it has "implemented all necessary precautionary measures" at its Kiziltepe mine and "continued to operate without interruption during these trying conditions".

    Meanwhile, managing director Dr. Kerim Sener said that the Turkish industry, and in turn Ariana, has not been impacted by restrictions on movement introduced by the Turkish government to limit the spread of Covid-19. "We wish the team and their families well during this time and look forward to maintaining production for the foreseeable future," he added.

    Kiziltepe is part of Ariana's 50:50 Red Rabbit joint venture with Proccea Construction. It currently spans four main pits and is expected to deliver an average of 20,000 ounces of gold equivalent per year over an initial eight-year mine life.  However, Ariana believes that using the asset's facilities to process ore from additional deposits like Kepez can enhance these figures greatly.

    In Wednesday's release, Ariana announced gold production of 5,419 ounces ("oz") across the first quarter of 2020 at Kiziltepe.  This is 14% higher than the guidance it issued earlier.

    The company also managed to post new record-breaking open pit ore mining numbers at 92,482 tonnes.  Meanwhile, the preliminary results also show silver production of 67,459oz.

    Elsewhere, average head grade of gold to the Kiziltepe plant was 3.22 grams per tonne, with metallurgic recovery 0.3% higher than Q4 2019 at 92.5%. Finally, the mine has built up a stockpile of 130,000 tonnes of ore, which Ariana says is enough to cover eight months of mill feed.

    Despite a 6.5% drop on Wednesday, Ariana's share price continues to sit its eight-year peak of 3.6p at 3.38p with a £38 million market cap.

    The latest results at Kiziltepe come just weeks after Ariana announced receipt a watershed £1.6 million dividend from the Kiziltepe project.  Likewise, earlier in March, the firm announced that 2020 gold production from Kiziltepe is expected to come in at around 18,000 ounces – nearly a third ahead of the project's feasibility plan for this stage of mine life. Meanwhile, ore throughput to the project's mill this year is expected to be c.205,000 tonnes – a 37% higher than estimated – while gold recovery is expected to exceed 90% at an average grade of 2.5 grams per tonne.

    Author: Daniel Flynn

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, does not a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    MiningMaven Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and MiningMaven Ltd are not responsible for the article's content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance

     

  • Drilling imminent as Ariana secures all permits for Ardala License at Salinbas Gold Project (AAU)

    On Tuesday, Ariana Resources (LSE:AAU) updated the market on developments at its Salinbas Gold Project in Turkey. The firm has received approval for a 10-year renewal of the Salinbas license from the Turkish General Directorate of Mining and Petroleum Affairs. Ariana is about to commence a 2,000-metre Reverse Circulation (RC) drilling programme, reporting the drill rig has now been mobilised.

    Having received the required Ardala licence forestry permits, site preparation is underway. This includes some road-building and existing roads have been readied for further drilling in the trial mining area. To date, over 10,000 tonnes of mineralised material has been extracted from the trial mining area and stockpiled on site.

    Map of the Salinbas Gold Project

     The gold, silver, and base-metal project contains three notable licence areas called Salinbas, Ardala and Hizarliyayla. The licenses are located within the multi-million ounce Artvin Goldfield in Turkey’s “Hot Gold Corridor”. The corridor contains a number of significant gold-copper projects including the 4 Million Ounce (Moz) Hot Maden project which lies 16km to the south of Salinbas. Also to the south lies the Hizarliyayla prospect which is partially hosted within the same stratigraphic sequence as the Hot Maden discovery.

    Dr. Kerim Sener, Managing Director, commented:

    "This is an excellent set of outcomes for the future development of the Salinbas Project, which have converged simultaneously.  Now that we have secured all of the permits required for the drilling of the Ardala licence we have much greater flexibility to drill-test some of the key targets defined in earlier exploration.  An initial 2,000m of RC drilling is due to commence on the Ardala licence imminently and is expected to conclude by early June.  In addition, achieving the upgrade of the Salinbas licence to operational status is a particularly important development, as it will secure our rights to that property for 10 years."

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

     

  • Kerim Sener talks progress as Ariana Resources reveals £3.79m payment from Kiziltepe subsidiary (AAU)

    Ariana Resources (LSE: AAU) climbed 8% on Tuesday on news that it will receive up to £3.79m worth of capital from its subsidiary Galata Madencilik. Galata, Ariana’s wholly-owned Turkish operating company, has transferred around £1m to date as a result of the repayment of loans by its JV company, Zenit Madencilik.

    Galata made the loans to cover the exploration and development of its Kiziltepe Mine, which achieved first gold production in March 2017. The mine is part of the Red Rabbit Gold Project, a joint venture between Galata and Proccea Construction (incorporated as Zenit Madencilik). Now that production has ramped up, cashflow from the mine has reduced capital requirements, allowing Zenit to make repayments back to Galata.

    Speaking with Mining Maven, Ariana’s Managing Director, Dr. Kerim Sener explains:

    "We’ve been building up a strong position of funds within our subsidiary as a result of the transfers that were coming from our joint venture with Proccea.  Those funds were derived from cashflow in repayment of loans we previously made to the joint venture. We have been receiving loan repayments pretty much every month since February of last year.’"

    The return of funds will obviously be very beneficial to Ariana, which will now be able to redistribute additional capital to its other assets in Turkey.  The company is currently undertaking a drilling campaign in Western Turkey at Kizilcukur, which lies around 22km to the northeast of the Kiziltepe Mine. Sener told us some of its new funds will be redirected here. Sener commented on progress at the Kizilcukur Project in a January update to investors, saying:

    “We are encouraged by the results of this recent work and the current drilling programme will add confidence to the resource estimate for the Zeki Pit as part of our feasibility work programme.”

    Drilling to date has indicated that Kizilcukur has the capacity to act as a high-grade satellite source for Kiziltepe. More will be known in the summer when the joint venture plans to truck 300ts of ore to Kiziltepe for test processing. 2,800ts of material has already been stockpiled on site and has been subjected to successful initial testing. Ariana will truck the remaining 2500ts for processing if the first batch of 300ts is successful.

    The repatriation of funds back to Ariana is expected to pick up again after this year. In line with this, Sener tells us that repayments of loans to the Turkish bank that provided the finance for the development of Kiziltepe are marginally higher this year: 

    "Once we’re through this year, the free cashflow will be directed to the partners – ourselves and Proccea Construction. But we first need to bring those funds into Ariana PLC. The most efficient way to do this is to pursue a reduction in capital. The reduction of capital allows us to repatriate that capital to the UK, without incurring tax.’"

    With the Kiziltepe Mine in full swing and generating cashflow, Ariana is now in a strong position to continue the expansion of its operations.

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.
    Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.
    MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy and do not share the views of the author.  News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • MiningMaven Podcast 111 - with Kerim Sener of Ariana Resources (AAU)

    Today’s guest on the MiningMaven podcast is Kerim Sener, Managing Director of Ariana Resources, which is listed in London with the ticker AAU. Ariana is focussed on a range of exploration, development and producing gold projects in Turkey. These include the Kiziltepe Mine, the 1 million ounce Salinbas Gold Project, and the Tavsan joint venture project. This month, Ariana reported significant high-grade intercepts at the Kizilcukur project, which the firm is hoping will be a satellite resource for Kiziltepe. In the interview, Kerim discusses these results, talks about current and future operations at the Kiziltepe Mine and talks about progress at Salinbas.

    This interview was recorded on 13th Jun 2019.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate. MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG).

    Author: Stuart Langelaan

    The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    The Author has been paid to produce this piece by the company or companies mentioned above.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

    Catalyst Information Systems Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

    MiningMaven.com and Catalyst Information Systems Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

  • MiningMaven Podcast No 33 with Gervaise Heddle covering Greatland Gold, Thor Mining, Ariana Resources, MOD + Metal Tiger

    Gervaise Heddle joins us for todays podcast and we discuss, amongst other topics, Greatland Gold (LON:GGP) news today regarding the commencement of drilling at their Bromus Nickel sulphide project in Australia. Gervaise recently became an Executive Director of the Greatland, having previously performed a Non Executive role with the company.

    https://www.investegate.co.uk/greatland-gold-plc--ggp-/rns/bromus-project---commencement-of-drilling/201607261126142576F/

    Gervaise also recently joined the board of THOR Mining (LON:THR) so we discuss the significance of this as we take a look at the potential value drivers for this Australian tungsten focused explorer/resource developer.

    We then move on to talk about the current gold price drivers and the broader resource market, before covering the latest news and activities from some of the other companies where we are invested, namely Ariana Resources, MOD Resources and Metal Tiger.

    We hope you enjoy listening.

    #gold#silver#copper#nickel#MTR#AAU#THR#GGP#AIM#mining#investing

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advise or a recommendation to buy shares in any featured Company.

    From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker, as they deem appropriate.

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  • MiningMaven Podcast No 75 with Dr Kerim Sener Managing Director, Ariana Resources #AAU

    Our guest on today's podcast is Ariana Resources MD, Dr Kerim Sener.

    Kerim was in celebratory mood at the Master Investor Show yesterday, and rightly so after the company announced on Friday first gold pour at its JV gold mine at Kiziltepe , Turkey. A momentous occasion and the culmination of 13 years work!

    https://arianaresources.com/2017/1090-gold-and-silver-production-commences

    Guess the value of the dore bar

    If you would like to take part in the competition to guess the approximate value of the dore bar Kerim is holding, listen to the question in the interview and email your answer to This email address is being protected from spambots. You need JavaScript enabled to view it.

    The Power of Gold: The History of an Obsession by Peter L. Bernstein

    https://www.amazon.co.uk/gp/product/111827010X/ref=oh_aui_detailpage_o00_s00?ie=UTF8&psc=1

    We hope you enjoy listening.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company.

    From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk.

    Investors should also seek the advice of a qualified investment adviser or stockbroker, as they deem appropriate.

    This interview was recorded on Saturday 25th March 2017.

    MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG

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  • MiningMaven Podcast No 79 with Dr Kerim Sener Managing Director, Ariana Resources #AAU

    Our guest on today's podcast is Ariana Resources MD, Dr Kerim Sener.

    On 6th June the Company released an operational update from its Kiziltepe Mine. Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co and is 50% owned by Ariana.

    On 13th June the Company announced the completion of resource-focused target assessments for the Tavsan Gold Project . Tavsan is also part of the Red Rabbit Joint Venture with Proccea Construction . You can read both announcements here:

    https://arianaresources.com/2017/1101-ariana-resources-plc-ariana-resources-plc-kiziltepe-operational-update-2017-06-06-070012

    https://arianaresources.com/2017/1103-ariana-resources-plc-ariana-resources-plc-extensive-resource-targets-at-tavsan-gold-project-2017-06-13-070011

    We took the opportunity to catch up with Kerim and get his take on both these updates. We hope you enjoy listening.

    All opinions expressed are those of MiningMaven and the respective guests, unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company.

    From time to time MiningMaven principals may take equity positions in companies featured. Listeners are advised to do their own extensive research before buying shares which, as with all small cap exploration stocks, should be viewed as high risk.

    Investors should also seek the advice of a qualified investment adviser or stockbroker, as they deem appropriate.

    This interview was recorded on Thursday 15th June 2017.

    MiningMaven.com is a trading division of Catalyst Information Services Limited. Registered in England no. 06537074 (Registered Office Address 3rd Floor Ivy Mill, Crown Street, Manchester, M35 9BG

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  • REPORT: Ariana Resources- Transforming Salinbas into Turkey’s next major gold mine

    Ariana Resources (LSE:AAU) opened up a world of new opportunity at the Salinbas gold project in north-east Turkey when it took over full ownership of the asset towards the end of 2016. After developing a new approach, which recognises the prospectivity presented by Turkey’s world-class Hot Gold Corridor, Ariana is confident that the project’s potential extends far beyond its current JORC-resource of one million Indicated and Inferred ounces (“1Moz”) of gold equivalent.

    In November 2019, Ariana signed a potentially game-changing deal with a major Turkish construction and engineering firm for a joint venture on Salinbas that will accelerate the company’s vision of developing the project into a gold mine. Here, we take a deep dive into the Salinbas project, its history, and its prospectivity, and look at what this latest development could mean for Ariana’s growth potential.

    To read our report in full, please click here.