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(AAU) Ariana Resources Share Chat

Discussion in 'General Share Chat (AAU)' started by Inspiration, Jan 27, 2016.

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    14 November 2019

    AIM: AAU


    CORPORATE EVENTS


    Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company with gold mining operations in Turkey, is pleased to announce that it will be hosting two corporate events in London on Monday 25 November 2019 and will be delivering a presentation at the Mining Capital Conference on Thursday 28 November 2019.


    An Analyst and Investor Day will take place on Monday 25 November from 9.00am - 6.00pm, followed by a Shareholder Evening, Presentation and Q&A Session at 6.00pm.


    The events will be hosted by members of the Company's management team including Dr. Kerim Sener, Managing Director, and Michael de Villiers, Chairman, and will serve as an opportunity for interested parties to learn more about Ariana Resources' operations in Turkey, its growth strategy and investment opportunity the Company presents.


    Analyst / Investor Day - 25 November 2019


    The Company welcomes analysts and investors to meet with the Board and Management Team at the Hilton, Angel Islington, 53 Upper Street, London, N1 0UY, between 9:00am and 6:00pm on 25 November 2019. To book a 1:1 meeting with the Company please email mining@yellowjerseypr.com.


    In addition, the Company will give a corporate presentation at 3:00pm and showcase a virtual reality tour of its joint venture Kiziltepe Gold-Silver Mine in Turkey.


    Shareholder Evening Presentation and Q&A Session - 25 November 2019


    The Board will also be hosting a shareholder update meeting and presentation followed by a Q&A session on 25 November 2019, at 6:00pm, at the Hilton, Angel Islington, 53 Upper Street, London, N1 0UY. The event will conclude by 8:00pm at the latest.


    Pre-registration is required for attendance to this meeting. To confirm attendance please email mining@yellowjerseypr.com quoting 'Shareholder Evening'.


    No new material information will be released during these investor events.


    Mining Capital Conference - 28 November 2019


    The Company will also be delivering a corporate presentation at the Mining Capital Conference, at The Brewery, 52 Chiswell Street, EC1Y 4SD, at 12.30pm. For further information on the event and how to attend: https://www.miningcapital.com.
     
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  9. Groucho

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    18 November 2019

    AIM: AAU


    ARZU NORTH DRILLING RESULTS


    Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company with gold mining operations in Turkey, is pleased to announce recent resource drilling results obtained from the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").


    Highlights:

    · Infill resource drilling results from the Arzu North Vein include 7m @ 3.34 g/t Au + 54 g/t Ag, 9m @ 2.44 g/t Au + 41 g/t Ag, and 8m @ 2.88 g/t Au + 156 g/t Ag.

    · Significant mineralisation confirmed at far NW end of Arzu North, which sits outside of the current resource with the potential to extend further by several hundred metres.

    · Mining activities at Arzu North and Derya are fully underway, and grade control results obtained to date from Arzu North include: 2m @ 17.90 g/t Au + 147 g/t Ag, 3m @ 7.74g/t Au + 60 g/t Ag and 8m @ 2.05 g/t Au + 20 g/t Ag.


    Dr. Kerim Sener, Managing Director, commented:

    "The drilling results from Arzu North demonstrate that the vein system contains significant opportunities to identify further mineralised parallel structures which sit outside of the zones modelled to date. Most importantly, we now have confirmation that the Arzu North vein system is not limited on its NW end and that significant mineralisation occurs in this area, which is not currently captured by the designed pit. We will be working on ensuring we obtain forestry access to this area such that the full strike length of a further 470m can be tested all the way to Arzu Far North. If further economic mineralisation is determined along this trend it will have a significant positive impact on the life of mine and the future economics of the operation.

    "The Company is working on a new mineral resource estimate for the Kiziltepe Mine to include all of the new drilling results. This work will be completed once the results for the Arzu South deep drilling programme are obtained during December."


    Drilling Programme

    During the summer of 2019, the Ariana exploration team completed a Reverse Circulation (RC) programme of resource infill drilling over the Arzu South, Derya and Arzu North vein systems within the Kiziltepe Sector of the Red Rabbit Project area. An earlier phase of the 2019 drilling programme focused on Arzu North, and concluded in December 2018, with results announced on 7 May 2019.


    The current phase of the programme focused on progressively increasing the resources at Kiziltepe. This programme was initiated in July, aiming to achieve three primary objectives:

    1) Complete infill drilling at the eastern end of the Derya resource prior to the commencement of mining in Q4 2019.

    2) Complete additional drilling at Arzu North, following the results from May 2019, to test for probable extensions to the NW and to the SE.

    3) Conduct initial testing for any underground potential at Arzu South to support an underground resource estimation.
    A total of 3,162 meters of RC drilling for 25 holes was completed during this latest phase of drilling (Figure 1). Samples from the programme were submitted to the mine site laboratory for fire assay analysis for gold and silver only.


    Results from Objective 1 were announced on the 17 October 2019. To date, all results for Objective 2, Arzu North, have been processed by the Zenit laboratory and checked by the Ariana team. A total of 1,847 meters for 15 holes have now been assayed at the onsite laboratory (Table 1). A further 1,315 meters of additional drilling for 10 holes is still currently being processed at the mine laboratory for the Arzu South area.


    Drilling at Arzu North was designed to: 1) add confidence to poorly outlined mineralisation in the hanging wall of the proposed open pit, 2) better define mineralisation expected at the base of the planned Arzu North open-pit, and 3) test mineralisation extensions NW and SE along strike of the area currently defined for mining at Arzu North. The results of each of these components of the drilling programme are discussed in turn below.


    Historic drilling (pre-2010) and detailed geological mapping (2013) has highlighted several subsidiary veins on the periphery of the Arzu North hanging wall. This mineralisation was classified, where possible, as Inferred and included in previous resource estimations. However, the true extents of this mineralisation had not been tested until now. New intercepts to define near surface and down dip extents of the Arzu North hangingwall veins include:


    • KTP-RC19-19: 2m @ 2.43 g/t Au + 51 g/t Ag

    • KTP-RC19-19: 1m @ 2.20 g/t Au + 27 g/t Ag

    • KTP-RC25-19: 2m @ 1.16 g/t Au + 18 g/t Ag


    These near surface results correspond well with recent channel sample data obtained from grade-control sampling largely in the hangingwall of the Arzu North vein system (Table 2).


    Resource infill drilling towards the base of the Arzu North planned pit intercepted excellent mineralisation as expected:


    • KTP-RC23-19: 9m @ 2.44 g/t Au + 41 g/t Ag

    • KTP-RC20-19: 8m @ 2.14 g/t Au + 11 g/t Ag

    • KTP-RC19-19: 6m @ 1.91 g/t Au + 32 g/t Ag


    Deeper drilling, exceeding the depth of the current proposed pit, will be considered in future to define any underground potential.


    The most significant results from this phase of drilling at Arzu North, are those which were obtained from the testing of the NW and SE extents of the vein system beyond the proposed limits of the developing open pit. Particularly in the NW end of the currently defined vein system, the mineralised extension of Arzu North appears to increase both in grade and width. Results from these exploration holes on the northwestern limits of Arzu North include:


    • KTP-RC22-19: 7m @ 3.34 g/t Au + 54 g/t Ag

    • KTP-RC21-19: 8m @ 2.28 g/t Au + 156 g/t Ag

    • KTP-RC21-19: 1m @ 5.70 g/t Au + 90 g/t Ag


    Two major vein structures were intercepted during the drilling completed on the northwestern limits of Arzu North (Figure 2). These structures typically range in true thickness from 2.8-3.2m, representing high-grade veins and 1.2-2m wide lower-grade stockwork associated zones, both of which are bound within a mineralisation and alteration envelope containing significant stockwork zones of low grade (0.2-1g/t Au) mineralisation, ranging in true thickness from 40m (at depth of 80m) to 60m (at surface). This mineralisation is currently not part of the Arzu North resource, or proposed mining plans, representing significant growth potential. It is highly probable that the Arzu North open pit will be expanded further to the northwest to capture this mineralisation, as projected on section in Figure 2.


    Figure 1: Plan of the Arzu North Vein, showing certain recent drilling results, the projection of the Arzu North orebody to surface and the outline of the optimised pit.


    Figure 2: Schematic cross-section of the far northwest end of Arzu North. Holes KTP-RC21 and 22 intercepted mineralisation outside of the pit shell, which itself is projected on to the section from 150m away to the southeast.

    Ariana Resources PLC - ARZU NORTH DRILLING RESULTS @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/4394f9a5-84fe-4557-84b6-ffe13e8fa6a9
     
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  17. Groucho

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    22 November 2019

    AIM: AAU


    KIZILTEPE QUARTERLY OPERATIONAL UPDATE


    Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company operating in Turkey, is pleased to announce its operating results for the quarter ended 30 September 2019 for the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").


    Operational Highlights*:

    · Record gross quarterly income of US$11.76 million at the average realised gold price of US$1,476 per ounce, against an average revenue per gold ounce of US$1,696 (due to silver credit).

    · Production of 6,933 ounces of gold during the quarter ending 30 September 2019.

    · 2019 gold production to the end of Q3 2019 totals 20,667 ounces of gold; on track to achieve annual production guidance of 25,000 ounces of gold.

    · Operating cash costs for the quarter are estimated at US$540 per ounce#.

    · Operational mill availability running at 99.6% and utilisation at 99.4% for the period.

    · 55,174 tonnes ore milled during the period ending 30 September 2019 at an average head grade of 4.47 g/t Au.

    · Process recoveries of gold remain high at 93.6% by the end of the quarter.

    · 78% of the US$33 million capital loan for Kiziltepe has been repaid as at quarter ending 30 September 2019; on track to fully repay loan by April 2020.

    * All figures are given gross with respect to the JV.


    Dr. Kerim Sener, Managing Director, commented:

    "The third quarter results from the Kiziltepe Mine continue to build on a very successful year of operations. Operating cash costs per ounce for the period are estimated at US$540 per ounce, reflecting in part the pushback on the southern boundary of the Arzu South pit and the commencement of pre-stripping at Arzu North and Derya, in addition to a build-up of process plant consumables inventory and increased maintenance.

    "The gold price continued to remain very favourable throughout the period, averaging US$1,474 per ounce - 13% above our feasibility base-case. This pricing environment is now reflected in our Q3 results, which demonstrates record quarterly revenue for the mine to date."


    Current Developments:

    · Production of ore from the open-pit was 47,933 tonnes over the period, with a peak rate of over 17,444 tonnes achieved in August.

    · Gross capital loan repayments by Zenit to Turkiye Finans Katilim Bankasi A.S. have been made on their scheduled basis and have amounted to US$25.8 million in aggregate as at the end of September 2019 (c. US$7.2 million remaining); c. US$3.1 million was repaid in Q3 2019.

    · Mining operations have commenced in the Arzu North and Derya areas, supplementing production from the Arzu South pit, which is nearing the end of its operational life.

    * All production figures are quoted gross with respect to the JV in this announcement.

    # Operating cash costs are inclusive of on-site costs and off-site charges and royalties specific to the project. It also includes adjustments for stockpile balances at the end of each quarter, in addition to an adjustment for by-product silver. They exclude finance costs, taxes and development capital. The definition used to derive the cash costs is essentially the same as that used within the feasibility study. This cash cost was calculated based on unaudited figures obtained from Zenit.


    Table 1: Production statistics for the Kiziltepe Mine in Q3 2019 and for the period mid-March 2017 to end-September 2019 (life of mine to date).
    C0381BE8-9631-4D71-A2B6-6EF313D496AD.jpeg

    Summary of Project

    The Kiziltepe operation is currently expected to deliver approximately 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 based on current resources. The operating company, Zenit Madencilik San. ve Tic. A.S. (50:50 JV between Ariana and Proccea) will continue to make repayments against its loan from Turkiye Finans Katilim Bankasi A.S. based on a contractual schedule. Construction capital loan repayments will have been completed by April 2020 and, during this time, excess cash-flow from the operation is being used to make proportional repayments of loans provided by Ariana and Proccea jointly to the JV for exploration and development respectively. After the repayment of all loans, profits from the operation will be shared on a 51:49 basis between Ariana and Proccea respectively.

    Commercial production was initiated at Kiziltepe during July 2017 and formal quarterly production reporting commenced. The Company also completed a new resource estimate for the project based on recent drilling and geological interpretation. Detailed technical and economic assessments will be completed on several satellite vein systems which are not currently in the mining plan, in anticipation of these being developed in future years. The Company is currently targeting a minimum ten-year mine life, which will require the addition of a further 40,000 oz gold equivalent in reserves outside of the four main pits (Arzu South, Arzu North, Banu and Derya) that are currently scheduled to be mined. Management is confident that this can be achieved assuming the conversion of existing resources to reserves.
     
    Last edited: Nov 22, 2019
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